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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I spent the morning canvassing my real estate agent contacts to see how the Fannie/Freddie takeover and the news over the weekend of two major investment banks ceasing to exist affected potential buyers at open houses.
So Lehman Brothers is getting out of the commercial real estate investment business by ridding itself of $25-$30 billion worth of CRE assets.
I realize that what happened over the weekend is truly unprecedented and mostly surreal, and therefore it really behooves every American to have an opinion as to what the effect will be on the housing market and the greater economy.
Now that the government is in charge of the GSE's (can I call them Government "Sponsored" Entities or should that change to something else??), analysts are looking for the builders to reap the rewards, long term in sales and short term in the stocks.
The big numbers are big, no question. A full nine percent of all loans in this country are either delinquent or in some state of foreclosure. That’s a big number.
Day to day the news is still bad. Lousy earnings today from Toll Brothers after lousy earnings from Hovnanian yesterday after lousy housing starts data for July (starts at a 17-year low). Yet the S&P Homebuilding index shows the group up 20% over the last two months.
Some interesting intelligence from one of the ground zeroes of the housing market: Florida. Paul Miller of FBR published some financial “ramblings” (his word not mine) on a recent trip to Florida’s West Coast.
It’s not over, and it’s not really getting that much better, but for the past few weeks I’ve been seeing that word pop up in an awful lot of different reports and indicators: “moderating.” In a Tuesday report from The Warren Group, which tracks foreclosure data in New England and thereabouts, it came up again.