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.
The short answer is: not today. I realize the CNBC audience doesn't need an explanation of why a Fed rate cut doesn't mean that you're suddenly saving hundreds of dollars a month on your 30-year fixed. Yes, it may slightly affect adjustable rate mortgage interest rates, and certainly some home equity lines, but the troubles in the housing market are far too vast right now to respond suddenly to a little ol' rate cut.
Since we’re all "Fed, Fed, Fed," it behooves me to weigh in on how a Fed rate cut would affect mortgage interest rates, not to mention the current mortgage despair spiral, as lenders run for cover and investors turn up their collective noses. From everything I hear, it’s not going to do much in the short term, but rather than hear it from me...
I don’t have any real numbers from Hovnanian yet, but the spin abounds. The head of PR for the homebuilder’s Northeast region claims it was a huge success, thousands of people visited homes and one area at least sold out. Again, I have no real numbers, and Hovnanian says they’re not releasing any numbers until tomorrow earliest.
Ok well I guess the jury is in and the court finds in favor of Hovnanian Enterprises. The company issued a press release this afternoon saying they had gross sales of 2100 homes over the weekend: that's 1,700 contracts with 400 deposit.
I'm at a Hovnanian community in Woodbridge, VA today, covering the story of an incredible three-day sale, where the beleaguered builder is slashing prices over 100 thousand dollars. This area is new home central; bulldozers on steroids and the sound of nail guns coming at you like a bad day in Iraq.
I have to admit I don’t know much about our nation’s Treasury Secretary. I do know that he followed orders from his boss today, and met with some of the country’s largest mortgage lenders. It’s all part of President Bush’s “Foreclosure Avoidance Initiative,” that he announced less than two weeks ago.
I can’t let this one go, sleazy as it is. Here I am today, working on this report that Countrywide is looking to make another deal, possibly Citigroup or JP Morgan Chase, to get more money after it just got a two billion dollar infusion from Bank of America, when I get an email from a fellow blogger at www.housingpanic.com.
During the recent housing boom, which is broadly defined as starting in January of 2003 and taking a turn for the worst in April of 2006, the economy added 1.29 million housing-related jobs (according to Moody’s Economy.com). Since that April, the sector has so far lost about 300,000 jobs, but many fear the worst is yet to come.
We reported some pretty nasty numbers from the Mortgage Bankers Association yesterday: A 51% rise in new foreclosures nationwide to the highest rate in the history of the MBA survey. And it’s a big bad number like that that is going to add more fuel to the fire in Washington among all those folks who have been bandying about the idea of some kind of government...
Sorry for being a little late on posting the blog today, but these numbers from the Mortgage Bankers Association are dense, and I’m also working on a piece for NBC Nightly News tonight (that’s my plug to get you all to watch it).