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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There’s been a lot of talk in the last few days about what you should do if you’re looking to play the real estate market today. Jim Cramer said on the "Today" Show Wednesday, “Don’t you buy now. Don’t you dare buy a home now. You will lose money.”
Forgive me for posting a little bit late today, but I’ve been waiting for a call back from the press contact at D.R. Horton all morning, and now that it’s afternoon, I’ve decided to give up. I called the company (three times) to ask for a bit more information regarding an auction of 53 new D.R. Horton-built homes in San Diego this weekend.
I’m about to infuriate my bosses. Here goes: I’m sick and tired of all the anchors on all the shows on CNBC today being told to ask all the housing “experts,” including me, if we’ve hit bottom yet in this particular housing recession. It’s a ridiculous question because there is no legitimate answer.
I was waiting to see who did it first. I figured it was between California and Florida, and I was right. California wins. Last Thursday, Gov. Arnold Schwarzenegger wrote a letter to Congressional leaders asking for a state exception to the GSE conforming loan limit ($417,000).
A new survey out today from Reuters/University of Michigan looks at homeowners’ perceptions of their own homes’ values. When the survey flashed over the wires this morning, my email lit up with all the “Alert” desk folks at CNBC saying, “Omigod, this is huge.” I don’t agree. I say it’s not huge enough.
There's a lot of talk on the Hill today about raising the conforming loan limit for Fannie and Freddie from its current $417,000. Treasury Secretary Henry Paulson said, "There is little question that allowing the GSEs to securitize jumbo mortgages would give a short term lift, which would be helpful to a segment of the housing market that has shown some recent improvement but is not functioning as normal."
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.