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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Apparently the rising number of foreclosures nationwide is enough to warrant public service announcements on TV. No kidding. The mortgage industry wants you to know that if you’re in trouble with your loan, these good folks who got you into that trouble in the first place are here to help. Check out the Ad Council Web site and you can watch the 30-second PSA, featuring a nervous family sitting around the kitchen table, trying to ignore the ringing phone; they know it’s their lender on the other end.
An interesting op-ed in the Boston Globe last week from Nicholas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University. The premise: baby boomers had better embrace immigrants, because they’re the ones who are going to buy their homes.
New data this week show the number of foreclosures nationwide continues to surge, while realtors predict home prices will fall further this year and next than they had previously forecast. And with an estimated 2 million adjustable rate mortgages resetting this year, $500 billion worth of subprime alone, the foreclosure numbers have nowhere to go but up.
We do an awful lot of talking about how the real estate boom was fuelled by all those aggressive loans that many Americans claim they just plain didn’t understand. Well how about a little justice on this Friday the 13th? Many homeowners will begin receiving restitution claims next week from their attorneys general, all part of the $325 million settlement deal with Ameriquest Mortgage Corp.
I want to address today’s report from RealtyTrac on the monthly foreclosure activity data, because I know there was a lot of criticism last month when we reported their really astonishing number--a year-over-year jump of 90% in foreclosure activity. The number is pretty close this month, foreclosure activity up 87% from last year, although it did fall 7% month-to-month, but you’d expect that given last month’s huge jump.
Blog Alert: Tomorrow I'll be blogging on the monthly foreclosure figures from RealtyTrac. It looks like I have to talk about home prices again. Why? Because even after I’ve done umpteen reports on TV about prices, and blogged umpteen times about prices, the New York Times decides to go and do a piece on prices, and suddenly all my bosses think we’ve never covered it. (It’s typical NYT-itis--a problem I’ve found in all my jobs, from network to local to cable. If the NYT does it, despite the fact that I’ve done it before, I have to do it again..
A few days ago I asked why the home builders didn’t see this downturn in the housing market coming. Apparently, the question struck a chord with a lot of you out in the realty trenches: Larry W. writes: As a builder myself, I'll admit that I had a very uneasy feeling - here in suburban Chicago - back in the summer of '05. Sales of the $300,000 homes were beginning to slide, and demand was evaporating in the summer heat. For ourselves, we decided to re-tool - to examine the market and go where our competition was not - into lower cost housing product. Our belief was that market demands were shifting, and that by going to a lower cost, more affordable product we would have see better opportunity in the years ahead.
Newsflash for all you buyers in the $100m+ range: Leonard M. Ross, an attorney-investor in Beverly Hills just put his pad up for sale, retail price, $165m. It’s William Randolph Hearst’s old place; you know, the pink stucco one shaped like an H. They used to call it “Beverly House.” Stats: six residences, 29 bedrooms, 3 pools, movie theater, disco, 6 acres north of Sunset Blvd.
Ok, so we all know that home prices are in the midst of a correction. After a 49% increase in the median price of a home from 2000 to 2005, well, something had to happen, right? But that doesn’t tell the whole story, because, yet again, that’s one of those big national numbers that really doesn’t mean anything to you and me and the price of our homes.
The July earnings forecasts are starting to roll in, and I don’t care what the temps are hitting this month, home builders have to be in a cold sweat. Today Meritage Homes reported preliminary sales, closings and backlog for the second quarter, and honey, it ain’t pretty. Sales down 37%, closings down 28% and backlog down 39% from a year ago. And if that weren’t bad enough, cancellations rose to 37% compared to 32% a year ago and 27% in the first quarter of this year (that was pre-subprime fury when everyone thought the market would take a quick bounce back).