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.
The hallmark of the American labor market, and consequently the wider economy, has long been the mobility of our work force. From "going West" to "teleworking," we go where the jobs are. Unfortunately the uniquely disastrous state of the current housing market is changing all that.
Keeping your fingers crossed for the housing market is just the tip of the iceberg. Prices have now fallen, on the S&P/Case Shiller Index, more than they did during the Great Depression.
As mortgage rates continue to fall, so too are home sales. That wouldn't make sense in a normal housing market, but these are very unique times.
Earlier this week, when we got the report of a bump up in sales of newly constructed homes, I cautioned that the home builders are still facing huge competition from distressed properties. Today we have some new numbers showing just how big and how widespread that competition is.
Too many foreclosures and too little time. That was the impetus behind the so-called "rocket docket" in Florida, where judges could blow through a thousand cases a day. And they had to, given a backlog of close to 40,000 foreclosures. It was an experiment that began at the very end of December of 2008 in Lee County, Florida, the hardest hit county in the state.
Not to sound like a broken record, but only when we work through the vast inventory and shadow inventory of foreclosed properties, can home prices bottom and housing overall recovery. Obviously certain states/markets are more burdened by the distress than others, but it's a universal truth.
Existing home sales were basically flat in April, down close to one percent month to month and down nearly 13 percent year over year, but you have to remember last year we were heavily under the influence of the home buyer tax credit. Now we are heavily under the influence of the mortgage market, or lack thereof.
Despite the lowest interest rate on the 30 year fixed in six months, mortgage applications to purchase a new home fell last week, over 3 percent. In fact, purchase application volume has been falling, on average, for the past four weeks, which is particularly troubling in this, the supposedly busiest season of the year for home buying.