Sunday, January 10, 2010
Saturday, January 9, 2010
Horizon Bank is the first to fail in 2010
NEW YORK (CNNMoney.com) -- The first bank to fail in 2010 is Horizon Bank, based in Bellingham, Washington.
State regulators seized the bank's 18 branches on Friday. But Horizon customers are protected. The Federal Deposit Insurance Corporation, which has insured bank deposits since the Great Depression, currently covers accounts up to $250,000.
The FDIC said customers of the failed bank can access their money over the weekend by writing checks or using ATMs or debit cards. Checks will continue to be processed, and borrowers should make mortgage and loan payments as usual.
Authorities said that Seattle, Washington-based Washington Federal Savings and Loan Association, will assume all of Horizon's deposits, which totaled $1.1 billion as of Sept. 30, 2009. Additionally, Washington Federal Savings agreed to purchase essentially all of Horizon's $1.3 billion in assets.
Every Horizon branch will reopen Saturday during their normal business hours as branches of Washington Federal Savings and Loan Association. The closure will cost the FDIC approximately $539.1 million
Beginning Monday, customers with deposits exceeding $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?"
A total of 140 banks failed in 2009 -- the highest number since 1992, when 181 banks failed. But that tally is far from 1989's record high of 534 closures which took place during the savings and loan crisis.
The spike in failures has raised concerns about the FDIC's deposit insurance fund, which has slipped into the red for the first time since 1991.
The fund was $8.2 billion in the hole as of the end of September. But that includes $21.7 billion the agency has earmarked for future bank failures.
Thursday, December 24, 2009
Tax Credit Gets Buyers Off the Fence
The new $6,500 move-up Homebuyer Tax Credit is apparently motivating buyers, according to a Campbell Communications survey of 1,500 real estate practitioners.
Existing home owners accounted for 41 percent of home purchases in November, up from 38 percent in October, the survey found.
“Current home owners jumped at the credit,” says survey research director Thomas Popik.
Source: Housing Wire, Austin Kilgore (12/22/2009)
Economy Improving in 4th Quarter
Economy Improving in 4th Quarter
The economy grew 2.2 percent in the third quarter. The U.S. Commerce Department had previously estimated a 2.8 percent growth rate. Officials attributed the discrepancy to consumer caution, saying that consumers simply didn’t spend as much.
Many analysts still believe the economy is likely to improve in the current quarter, growing at an estimated 4 percent, or perhaps, even 5 percent. Fourth quarter results will be released Jan. 29.
Companies stocking depleted inventories will drive fourth-quarter growth, but the results will continue to reflect consumer caution. "We expect a better performance in the fourth quarter, but the core problems for the economy – bust banks and a massively overleveraged consumer – have not gone away," says Ian Shepherdson, chief economist at High Frequency Economics.
Source: Associated Press, Jeannine Aversa (12/22/2009)
The economy grew 2.2 percent in the third quarter. The U.S. Commerce Department had previously estimated a 2.8 percent growth rate. Officials attributed the discrepancy to consumer caution, saying that consumers simply didn’t spend as much.
Many analysts still believe the economy is likely to improve in the current quarter, growing at an estimated 4 percent, or perhaps, even 5 percent. Fourth quarter results will be released Jan. 29.
Companies stocking depleted inventories will drive fourth-quarter growth, but the results will continue to reflect consumer caution. "We expect a better performance in the fourth quarter, but the core problems for the economy – bust banks and a massively overleveraged consumer – have not gone away," says Ian Shepherdson, chief economist at High Frequency Economics.
Source: Associated Press, Jeannine Aversa (12/22/2009)
Saturday, December 19, 2009
Coming Soon: More Foreclosures
More than 1.7 million homeowners were verging on foreclosure this fall, making it likely that these houses will soon end up on the market one way or the other, driving down overall housing values.
"We're going to be dealing with high levels of distressed (sales) in the marketplace for at least a couple of years," says Mark Fleming, chief economist of researcher First American CoreLogic, which has been studying the problem.
Some real estate practitioners say they fear that this onslaught is coming.
"We've been in recovery mode for most of the year. How many foreclosures do they have to dump on the market to affect that? I don't know," says Deborah Farmer, owner of StarLight Realty in Tampa, Fla. "Any house priced under $225,000 will be affected by a large increase in foreclosures in this market."
Source: Associated Press, Alan Zibel (12/17/2009)
Tuesday, December 15, 2009
For Sale: 3BR/2+1BA Single Family House in Roslyn, NY, $699,000
For Sale: 3BR/2+1BA Single Family House in Roslyn, NY, $699,000
Imagine Living in this three bedroom home on Main Street in Historic Village of Roslyn on over a quarter acre of land. While you enter the front door you walk threw the dining room which leads you to through the Living room to the eat in kitchen where there is a powder room. There are two staircases that bring you to the second floor which features three nice sized bedrooms with two full bathrooms. Since there are three working fireplaces you will not need to use the heat, which is Gas with a separate Hot Water Heater. This property is Walking distance to the LIRR and the immaculate town of Roslyn Village where there is plenty of transportation. Roslyn School district, 1.5 Car garage, plenty of storage.
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