Sorry about the late post today. I have 2 kids at home sick and I am on a full day of daddy duty. I still have a good post in me today, nonetheless.
The headlines today are almost too numerous. As someone said on CNBC yesterday, we've had about 10 years of headlines in the past 3 weeks.
Most important is that the Fed, in an action coordinated with the Brits, the ECB, and several other countries, have cut both the discount rate and fed funds rate by half a point. We can only hope that eventually one of the fed's actions over the past several months will work. We also hope that this has some impact on mortgage rates. Lower mortgage rates are key to reviving the slumping national housing market.
Fed And Major Central Banks Cut Rates In Concert (Marketwatch)
August Housing Sales Up 7.4% (AP)
Bank Deals Could Leave Empty Spaces (NY Times)
Manhattan High End Inventory Doubles (Observer)
Housing Recession Approaches Manhattan As Prices Fall Nearby (Bloomberg)
Dubai's Property Market Defies World's Woes (Int'l Herald Tribune)