Approximately 300 people attended the event held by the Housing Opportunities Collaborative and the Legal Aid Society of San Diego.
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National Association of Realtors reported for the sixth consecutive month that we experienced a decline in sales in August. The association also expects to see similar results when the numbers come in for September. However there is some good news amid the sales slump.
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Bank of America announced today that they would layoff about 2,500 employees in Illinois and about 1,500 in Michigan over the next two years.
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CNBC this morning had an interview with Robert Steel to discuss the credit crunch. Robert stated that “That we’ve been through a period of pricing and readjustment, and the good news is that there are signs of improvement.”
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After climbing for three straight weeks in a row, US home loan purchase applications dropped 2.8% in the week ending September 21st according to the Mortgage Bankers Association.
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According to the Standard & Poor’s Case-Shiller national home price index, that was released today, the annual decline in the 10 largest cities was the sharpest since 1991.
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According to an American housing official the default rate on US mortgages is starting to stabilize. Assistant Secretary Darlene Williams of the US Housing and Urban Development department said that the US Federal Reserve’s bigger than expected half-percent rate cut last week signaled that authorities were taking action to support the economy.
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It’s the start of a wave of Baby Boomers retiring abroad. This has been made an easier choice by the ease of long-distance travel, internet communications, well-trained doctors and surging US prices that have made traditional retirement sites like Florida less attractive.
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“We’re heading towards a slowdown” states Allen Greenspan, former Fed Chief, on a Meet the Press interview today.
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A survey released today showed that 26% of US homeowners say that the value of their home has fallen over the last year. This number is above the previous peak of 24% that was released in a previous survey done in 1992.
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