Thursday October 25 Housing and Economic stories

Thursday October 25 2007 – Housing and Financial News

Foreclosures 'like a cancer' for some communities – (twincities.com)
http://www.twincities.com/business/ci_7272200 – (twincities.com)
Merrill Lynch Swings to Loss on Huge Mortgage Hit – (Bullnotbull.com/bull)
Countrywide Financial REO's Off the Charts! – (Bullnotbull.com/bull)
Junk Bonds Getting Junkier – (Bullnotbull.com/bull)
U.S. Economy: Existing Home Sales Tumble 8 Percent - Bloomberg (10/24/2007 11:27 AM)
Finished vacant homes abound across Atlanta region - AJC.com (10/24/2007 09:06 AM)
Schwarzenegger Discipline Shattered by Subprime Slump - Bloomberg (10/24/2007 11:32 AM)
Q3 OC auto sales plunge 15% - Orange County (10/24/2007 05:17 AM)
SIV Situation: Will Rescuers Arrive in Time? - WSJ ($) (10/24/2007 05:18 AM)
Investors blinded by derivatives boom - TheStreet.com , Kass, (10/24/2007 09:04 AM)
Hedge funds are still a draw - LA Times (10/24/2007 04:57 AM)
Insurance claims could haunt houses - LA Times (10/24/2007 05:13 AM)
Merrill swings to loss on huge mortgage hit - Market Watch from Dow Jones (10/24/2007 07:02 AM)
Countrywide's New Scare - WSJ ($) (10/24/2007 05:04 AM)
Merrill Lynch Ratings Cut by S&P, Outlook Negative - Bloomberg (10/24/2007 11:16 AM)
Ambac Posts First Loss as Subprime Bond Prices Drop - Bloomberg (10/24/2007 11:17 AM)
Bank of America Cuts 3,000 Jobs, Shakes Up Management - Bloomberg (10/24/2007 06:50 PM)
Pulte Reports Loss on Writedowns, Tumbling Home Sales - Bloomberg (10/24/2007 06:51 PM)
Countrywide to Help Restructure Loans: Morgenson - NY Times (10/24/2007 04:51 AM)
Wal-Mart Says Sales Growth Will Slow - Chicago Tribune (10/24/2007 05:04 AM)
Centex loss deepened to $644 million in first quarter - Dallas Morning News (10/24/2007 05:07 AM)
American Airlines' pilots union seeks 53% pay raise - AJC.com (10/24/2007 09:07 AM)
Merrill Lynch to Report $2.5 Billion in Added Loss - NY Times (10/24/2007 04:50 AM)
Amazon.com Shares Decline on Fourth-Quarter Profit Forecast - Bloomberg (10/24/2007 05:04 AM)
Citigroup SIV Accounting Looks Tough to Defend: Jonathan Weil - Bloomberg (10/24/2007 05:08 AM)
A Record Year for Layoffs in Finance - Business Week (10/24/2007 05:11 AM)
Housing woes take toll on USG - Chicago Tribune (10/24/2007 05:01 AM)

From Patrick.net
Housing horror could hang around for years (articles.moneycentral.msn.com)
House builders: Worst is yet to come (money.cnn.com)
When will housing hit bottom? (marketwatch.com)
No end in sight to US housing slump (business.guardian.co.uk)
Merrill takes $7.9B mortgage writedown in third quarter (money.cnn.com)
Phone Sex and Mortgage Servicing (tpmcafe.com)
Why Mortgage Rates Will Rise Despite Fed Rates Cuts (Charles Hugh Smith)
Roots of credit crisis found at the Fed's door (marketwatch.com)
Used house sales crash 29% versus last month (housingpanic.blogspot.com)
Sales of existing US houses crashes (theage.com.au)
Tampa Area's Existing-House Sales Slide (tbo.com)
Housing slump has South Florida condo investors heading for the exits (sun-sentinel.com)
4,800 subprime Bay Area loans at risk of foreclosure by 2008 (sfgate.com)
California House Sale Activity by City Chart (dqnews.com)
Monthy Mortgage Rate Resets (bignose.org)
Reverse Mortgages in a Housing Downturn (efinancedirectory.com)
The Real Estate Bubble Myth (Old but Good) (breakingbubble.com)
Doll-Housing Crisis Set To Worsen, Mean Older Brother Says (theonion.com)