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. She also contributes her real estate expertise to NBC's "Today" and "NBC Nightly News with Brian Williams."
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.
A new report from a commercial real estate tracking firm, shows apartment vacancies nationwide rose to the highest level since 1986. This as rents plunge accordingly, down 2.7 percent from a year ago. Asking rents are down 1.8 percent from last year. Why? Jobs.
According to the Treasury Department, by the end of August, 314,000 home buyers had filed tax returns taking advantage of the $8000 first-time home buyer tax credit. That's at a cost of around $154,000,000. The Treasury estimates that as the credit stands, expiring Nov. 30th, 2009, 1.5 million buyers will use the credit.
It's that time of the quarter again, when monied Manhattanites bemoan the continued loss of their net worth, thanks to their previously sky-high real estate values falling down the airshaft to around the 8th floor. Pick a report, Halstead, Brown Harris Stevens, Prudential Douglas Elliman. They all tell the tale of bereft bankers and tres triste trophy wives.
I realize I'm not making friends with the Realtors by trouncing their index today, but I have to say honestly: I've read an awful lot of National Association of Realtor reports in my time on the housing beat (five years+), and never before have I seen them express so much skepticism in such a positive report.
Back in July the Federal Reserve agreed on a new set of consumer protections in the home mortgage market. The new rules apply to all lenders and add four key protections for a "newly defined category" of higher priced mortgage loans. These are loans with interest rates 1.5 percent higher than the going rate.
Today's headlines from the folks at S&P/Case Shiller are not untrue, they're just not the whole picture. Yes, home prices, in most areas (and by no means everywhere) are no longer in freefall. Some local markets have hit bottom, others are falling less precipitously, and still others are showing some strength.
Before you build something, you get an architect. House, school, office building, apartment building, whatever, and that's why I find the Architectural Billings Index, from the American Institute of Architects, so very interesting. This index measures billings from AIA member-owned firms and reflects the approximate nine to twelve month lag time between billings and construction spending.