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Nationwide Bankruptcies Up

August 28, 2008

It may not make you feel better while pumping gas, but another sign of Houston’s economic strength can be found in that barometer of financial weakness: bankruptcies. The Houston Chronicle reports, while the rest of the country is experiencing a nearly one-third increase in personal and business bankruptcies, Houston’s numbers remain stable. Nationwide, the number of bankruptcies nearly reached 1 million for the 12-month period...

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KB Home, one of the nation’s largest homebuilders, reported a larger second-quarter loss Friday, as weak sales and falling home prices led to a 55% drop in revenue. The San Antonio News also reported that the company also booked charges to lower the value of unsold homes, joint venture deals and land option contracts. The Los Angeles-based company reported a loss of $255.9 million, or...

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Dip in Home Prices

June 25, 2008

This morning The Dallas Morning News Reported, home prices took another dip in the latest measure of the U.S. housing market. Local home prices fell 3.4 percent in April from a year earlier in the Standard & Poor’s/Case-Shiller home price index released Tuesday. Also Online Map: Dallas-Fort Worth home sales and prices The local decline is much lower than the 15.3 percent falloff in prices...

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Vacant Homes in U.S.

April 29, 2008

The Dallas Morning News Reported, The percentage of vacant homes for sale in the U.S. set a new record high in the first quarter of this year, the government said Monday. The Census Bureau report shows that 2.9 percent of U.S. homes – excluding rental properties – were vacant and up for sale, compared with 2.8 percent in the fourth quarter of 2007. It was...

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San Antonio News Reported, Countrywide Financial Corp., the mortgage company being bought out by Bank of America Corp., is working with New Vista Asset Management to sell real-estate owned (REO) homes in San Antonio. These are homes that have been foreclosed on by the lender. Countrywide is in the process of working with New Vista’s network real estate professionals to sell these properties. The two...

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Dallas Morning News Reports, An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression and bailouts will be needed so millions don’t lose their homes. Yale University economist Robert Shiller, pioneer of the widely watched Standard & Poor’s/Case-Shiller home price index, said...

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Tarrant Foreclosures Up

April 18, 2008

Fort Worth News stated , Home foreclosures in Tarrant County are up 39 percent for May, with 1,380 homes posted for foreclosure at the May 6 auction, according to figures released Thursday by Foreclosure Listing Service. For the year, there have been 6,971 postings in Tarrant County, 29 percent more than a year earlier. Tarrant, Dallas, Denton and Collin counties combined had 4,426 postings for...

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Merrill Lynch to Cut Jobs

April 17, 2008

Merrill Lynch & Co (MER.N: Quote, Profile, Research) on Thursday posted a quarterly loss of $2 billion and said it planned to cut 2,900 jobs after recording more than $9.5 billion in write-downs and losses on subprime mortgages and other risky assets. The results were worse than analysts’ gloomy expectations, and shares of the world’s largest brokerage fell more than 2 percent in premarket trading....

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Dallas News Reported – Denver-based Frontier Airlines Inc. became the fourth U.S. airline in less than a month to file Chapter 11 bankruptcy papers Friday, joining Aloha Airlines Inc., ATA Airlines Inc. and Skybus Airlines Inc. However, Frontier will continue flying its airplanes, the carrier said, unlike the other three which have grounded their aircraft and ceased operations. Frontier blamed an unnamed credit card company...

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WaMu Cuts Jobs

April 8, 2008

Washington Mutual Inc, the largest U.S. savings and loan, said on Tuesday it obtained a $7 billion capital injection from private equity firm TPG Inc and other investors, but that mortgage problems will lead to a $1.1 billion quarterly loss and the elimination of 3,000 jobs. The thrift also plans to close its 186 stand-alone home loan offices and stop offering home loans through brokers....

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Senate leaders announced an agreement Wednesday on legislation to ease the slumping housing market and help millions of families threatened by foreclosure. The scaled-back proposal released by Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky contains an amalgam of ideas aimed at boosting demand for housing and helping homeowners saddled with subprime mortgages avoid foreclosure. For instance, the plan contains $4...

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Jobless Rates Hit 5.1%

April 4, 2008

According to The Houston Chronicle, employers slashed 80,000 jobs in March, the most in five years and the third straight month of losses. At the same time, the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking. The new snapshot of the job market, released by the Labor Department today, underscored the damage...

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When she was laid off in February, Patricia Guerrero was making $70,000 a year. Weeks later, with bills piling up and in need of food for her family, this middle-class mother did something she never thought she would do: She went to a food bank.  It was Good Friday, and a woman helping her offered to pay her utility bill. “It brought tears to my...

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According to the Houston Chronicle, after falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported today. The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted...

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