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.
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We all know credit is tight, but now we’re seeing it seize in some very uncomfortable places, namely, literally, your wallets. The July 2008 Senior Loan Officer Opinion Survey on Bank Lending Practice, out today, says "About 65 percent of domestic banks indicated that they had tightened their lending standards on credit card loans."
I guess I didn’t need the CEO of Fannie Mae to tell me that his company’s dismal second quarter results, “reflect challenging conditions in the housing and mortgage markets that began in 2006 and have deepened through 2007 and 2008.” No kidding.
Of course Fannie and Freddie are the elephants in the rooms of today's housing markets. If the two giants that own or guarantee so many of or loans falter any more, that will only put yet another roadblock in the road to recovery.
I came away from the Freddie Mac conference call feeling a little, shall we say nicely, confused. The CEO, Richard Syron, warned of the troubled times in housing, even revised his forecast for home price drops, peak to trough, from 15 percent to 18-20 percent. He said we’re only halfway through the correction.
The losses stem mostly from inventory impairments and land write-offs. In English, that means the value of their properties are falling and they’re having to walk away from land that they can’t use because nobody is going to buy the house they would put on it.
A home featured on the popular ABC series, “Extreme Makeover: Home Edition” is in danger of foreclosure. It seems that the Harper family took more advantage of the home than just its spacious boudoirs. According to the AP, they took $450,000 out of it to start a construction business. The business went bust, and now they can’t pay for the home.
A curious report this morning from the U.S. Dept. of Commerce: New homes sales fell 0.6% in June from the month before. Why curious? Because all the numbers in the game changed.
While everyone busies themselves today parsing the existing homes data from the National Association of Realtors: sales down 2.6 percent in June, inventories spiking up again to an 11.1 month supply, and prices falling 6.1 percent, I need to focus on something that wasn’t in the table of this particular report.
First I have to apologize. I honestly thought this was something of a stunt. I got a press release from the Neighborhood Assistance Coalition of America (NACA) last week about a 5 day event they would be holding in DC to help troubled borrowers restructure their loans.