Diana Olick is an Emmy Award-winning journalist, currently serving as CNBC's real estate correspondent as well as the author of the Realty Check section on CNBC.com, which won the Gracie Award for "Outstanding Blog" in 2015. She also contributes her real estate expertise to NBC's "Today" and "NBC Nightly News."
Prior to joining CNBC in 2002, Olick spent seven years as a correspondent for CBS News.
Olick began her career as a local news reporter at WABI-TV in Bangor, Maine; WZZM-TV in Grand Rapids, Mich.; and KIRO-TV in Seattle. She joined CBS in 1994 as a New York-based correspondent for the "CBS Evening News with Dan Rather" and "The Early Show." She also contributed pieces to "48 Hours" and "Sunday Morning." During that time, she covered such stories as the World Trade Center conspiracy trial and the Boston abortion clinic shooting.
In 1995, Olick was assigned to cover the Midwest as a Dallas bureau correspondent. In the three years she was there, she covered all forms of natural disaster, including the crash of TWA Flight 800, the JonBenet Ramsey murder mystery and was the exclusive correspondent for the trial of Oklahoma City bomber Terry Nichols. During that time, she also took a temporary assignment in CBS' Moscow bureau, where she chronicled the brief presidential campaign of Mikhail Gorbachev.
In 1998, Olick was reassigned to the New York bureau and then immediately posted to Bahrain for the buildup to a possible second Gulf War. A year later, she went to Albania to cover the U.S. military buildup during the conflict in Kosovo.
Upon her return, Olick was reassigned to CBS' Washington bureau and the Capitol Hill beat. During Campaign 2000, Olick covered the Senate campaign of First Lady Hillary Rodham Clinton and later joined the Bush campaign as a special correspondent for "The Early Show." That fall, she was named Supreme Court correspondent; her first case was Bush v. Gore.
Olick has a B.A. in comparative literature with a minor in soviet studies from Columbia College in New York and a master's degree in journalism from Northwestern's Medill School of Journalism.
Follow Diana Olick on Twitter @Diana_olick.
Today the Obama administration released its monthly "scorecard" for the Making Home Affordable Program, a.k.a. the federal mortgage bailout. The Home Affordable Modification Program, which is part of MHA, continues to add trial modifications at about 29,000 per month and permanent modifications, a bit less, at 26,000.
At the end of a day-long negotiation session over the foreclosure paperwork mess at the Department of Justice, Iowa Attorney General Tom Miller and Associate Attorney General Thomas Perrelli came out for a brief chat with reporters. They essentially said nothing.
Yesterday morning I attended the FDIC's background press briefing before the vote on proposed risk retention rules. While the rules covered a vast ground, I was of course most interested in those that focus on the "Qualified Residential Mortgage." The QRM would be the exemption from risk retention, and therefore banks would want most borrowers to fall under the QRM standard.
This week state attorneys general from Virginia, Texas, Florida and South Carolina sent a letter to their colleague in Iowa, Attorney General Tom Miller. He is leading the 50 state investigation into the so-called "robo-signing" foreclosure paperwork scandal and the four AGs say they are concerned.
The sales pace of newly built homes is now at the lowest on record. Sales dropped nearly 17 percent in February after a big drop in January. Put that on top of the nearly 10 percent February drop in existing home sales reported earlier this week and the incredibly low level of mortgage purchase applications, and you get a clear case for a double dip in housing.
You might think gas prices are a lame excuse for another dip in housing, but they're not. In the Spring market, historically, families are looking to move out and up to a larger home. Those homes are usually further from the city center. Transportation costs are most definitely a factor, especially for low to middle income buyers, who happen to make up the bulk of the market.
Call me crazy, but I thought a near 10 percent monthly drop in existing home sales might affect the markets today. If not the sales, then maybe the 5.2 percent annual price drop, or the rise in inventories to an 8.6 month supply. Nope. Apparently that's not bad news to financials today.