Word: bankes
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Dates: during 2000-2009
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Faced with troubling signs of a stalling recovery, investors sent the U.S. stock market down sharply on June 15. At the day's close, the Standard & Poor's 500 Index was off 2.4%, with the steepest drops suffered by major banks and commodity producers. Bank of America, the most actively traded stock during the day, saw its price shed nearly 2.8%. The Dow fell 2.1% to close...
...market mood on June 15 was further darkened by newly released data from the Federal Reserve Bank of New York. The bank's Empire State Manufacturing Survey showed a sharp decline for May, reflecting further weakness in new orders. That news came on the heels of grim tidings from the head of the International Monetary Fund, which noted on June 15 that the worst phase of the global recession may be yet to come...
...York City-area homeowners are in just that spot. After the region suffered the brunt of financial-industry cutbacks, the next big wave of woe could be a nor'easter of collapsing home prices. That's the forecast of an extensive new report on residential real estate by Deutsche Bank, which calls for home prices in metropolitan New York City (which includes Westchester, northern New Jersey and other nearby areas) to fall 40.6% from the prices that prevailed in March...
...Ironically, that dire forecast is wrapped in an improving forecast for nationwide home prices. Back in March, Deutsche Bank analysts had expected national home prices to decline 16.5%; now they foresee just a 14% decline. That mildly upbeat news does not hold true for the New York City area, however, which is expected to see a 40.6% drop. While that is also a slight improvement from the March forecast, it is dire nonetheless. (See photos of the global financial crisis...
...arrive at their forecasts, the Deutsche Bank analysts, led by Karen Weaver, assessed several leading variables, with affordability being a key driver. The pronounced decline in home prices across the nation, coupled with a downward drift in interest rates, has greatly improved nationwide affordability, the report noted. Indeed, in some famously overpriced regions that have since corrected, such as Los Angeles and the Riverside-San Bernardino areas of California, affordability is as good now as it has been in decades. That's a big reason that many California areas may see prices fall only an additional 10% or so, despite...