Interesting Housing News Links (February 26, 2009)

* Orders for big-ticket goods weaker than expected (Jeannine Aversa-)

Manufacturers saw orders for big-ticket goods plunge a bigger-than-expected 5.2 percent in January as global economic troubles cut into demand from customers in the United States and abroad.

* Charge filed against ultralight pilot (James A. Kimble, Eagle-Tribune)

WINDHAM The pilot of an ultralight plane that crashed into a house last week has been charged with reckless conduct.

* Complaints pile up along with illegal Ike debris-dumping (Harvey Rice, Houston Chronicle)

GALVESTON The pile of trash dumped in front of Jeff Chasalows storm-damaged home added another headache to his already long list of irritations since Hurricane Ike struck more than five months ago.

* RBC Bank losses hurt Canadian parent (David Ranii, News & Observer)

Losses at RBC Bank are once again being blamed for declining profit at corporate parent Royal Bank of Canada, that country’s largest bank.

* New-Home Sales Tumble to Record Low Pace (Jeannine Aversa-)

New-home sales tumbled to a record-low annual pace in January and there’s no relief in sight as mounting damage from the collapsed housing market pushes the country deeper into recession.

* West pushes new home sales to record low (Business First-Gtr. Louisville)

New home sales tumbled to a record-low pace in January led by a big slowdown in the West, according to the U.S. Department of Commerce.

* Chase to cut 14,000 jobs as it braces for losses (Boston Business Journal)

JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December.

* New home sales drop sharply

WASHINGTON – New-home sales tumbled to a record-low annual pace in January and there’s no relief in sight as mounting damage from the collapsed housing market pushes the country deeper into recession.

* Economy likely suffered deeper contraction (Jeannine Aversa-)

WASHINGTON — The economy’s downhill slide at the end of last year was likely much steeper than the government initially thought and it is probably doing just as poorly now – if not worse – as a relentless slew of negative forces feed on each other, pushing the country deeper into recession.

* Setting Up War Games for the Banking System (Agence France-Presse)

The latest way for the government to decide what it should do with troubled banks is to put them though what it calls a “stress test”. The criteria that will be used, among others, is how a bank will do if unemployment rises to 10% and housing prices drop another 25%. Those conducting the tests don’t think the economy will get that bad, but they plan to set the bar as high as possible.

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