“There’s
so much inventory out there that the buyer can pick and choose,” said
Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The
stuff that’s almost free is almost free because it’s going to cost you an
arm and a leg to put it back together. It’s not buyer beware as much as buyer
be smart.”
found at chicagotribune.com.
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This week on Wall Street, all eyes on subprime
housing data, Fed
The stock market proved again last week
that it's vulnerable to bad news relating to U.S. subprime mortgage lenders.
This week should give investors a clearer view of the housing market's health,
and whether it's stable enough to stave off an overflow of that sector's
troubles into the wider economy.
In addition to housing data, investors will be digesting the Federal Reserve's
take on inflation and trying to figure out if the central bank is leaning toward
a rate hike -- a move that could put even more of a drag on the housing market
and consumer spending.
Last Tuesday, the Dow Jones industrials dropped more than 240 points when the
New York Stock Exchange said it was moving to delist New Century Financial
Corp., Accredited Home Lenders Holding Co. said it was low on cash, and the home
loan units of GMAC Financial Services and H&R Block indicated they're
struggling. The subprime mortgage industry isn't a huge portion of the U.S.
economy, but some market sages (including former Fed Chairman Alan Greenspan)
are saying troubles could escalate and spill into other sectors if home prices
drop off significantly, making mortgages impossible to refinance.
On Friday, the markets will find out if homes lost value in February, when the
National Association of Realtors reports last month's median home price.
January's report -- which came out Feb. 27, when the Dow Jones industrials
plummeted more than 400 points -- showed that the median home price fell for the
sixth straight month. The data will also include existing home sales and
inventories; economists are expecting February sales to slip to 6.35 million,
after jumping to 6.46 million in January.
Investors this week should also get a better idea of how the sluggish housing
market is affecting the industries that depend on it. On Monday, the National
Association of Home Builders will release its index on builders' perceptions of
new single-family home sales and near-term sales prospects. And Tuesday, the
Commerce Department reports on February housing starts and building permits; the
market is expecting housing starts to have risen to 1.450 million from 1.408
million in January, and building permits to have slipped to 1.56 million from
1.57 million.
Also Tuesday, Fed policy makers begin their two-day meeting to discuss whether
to adjust short-term interest rates. Market watchers are forecasting that the
central bank will leave rates unchanged for the sixth straight time, but the
statement it releases Wednesday could provide some insight into whether it sees
rising inflation as a bigger threat than the flagging economy.
Disappointing news related to the housing market or lenders, as well as a harsh
warning from the Fed or signs of weakness in overseas markets, could convince
Wall Street that the market's downturn isn't over yet.
The Dow finished down 0.41 percent last week; the Standard & Poor's 500
index declined 0.38 percent; and the Nasdaq Composite Index fell 0.25 percent.
MORE ECONOMIC DATA
On Monday, the Chicago Fed is expected to report that its manufacturing index
rose 0.3 percent in February.
On Thursday, the Conference Board will release its index of leading indicators,
a widely followed economic forecast gauge, for February. The market expects a
decline of 0.5 percent, compared to an increase of 0.1 percent the previous
month.
Friday will bring speeches from Philadelphia Fed President Charles Plosser and
New York Fed President Timothy Geithner.
EARNINGS
On Tuesday, investors will be watching for Oracle Corp.'s fiscal third-quarter
earnings, which are expected to come in at 23 cents per share. The database and
software maker closed last Friday at $16.70, in the middle of its 52-week range
of $13.07 to $19.75.
Also Tuesday, the next big financial company to report first-quarter financial
results will be Morgan Stanley, which closed at $74.41 last Friday, in the
middle of its 52-week range of $54.52 to $84.66. It's expected to post earnings
of $1.88 a share.
On Thursday, KB Home will report its first-quarter earnings, which are forecast
to come in at 27 cents a share. The homebuilder closed Friday at $45.38, in the
lower end of its 52-week range of $37.89 to $69.10.
On Friday, one of the biggest U.S. mortgage lenders, Freddie Mac, is expected to
post fiscal fourth-quarter earnings of $1.33 a share. It closed at $59.52 last
Friday, at the lower end of its 52-week range of $55.64 to $71.92.
economic crisis
hyperinflation nation What when top economists like Mark Faber, Jim
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coming" See these video, quite interesting material with usable tips to
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when it's to late, go into agricultural, gold and silver ,etc..
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Is
it possible to buy a home with no credit ? The
foreclosure crisis has not hit hard enough. In the US it is still possible
to get $1.5 Million in Real Estate with No
Credit Checks: Controlling Real Estate without credit checks -- the painless way
to secure your dream home or first investment property seems guaranteed! Don't
forget to cover your back... Click
here for free details
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News :
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
