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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Forgive me for getting local, but since all real estate is, I can't help but let you in on a dirty little secret in my neighborhood. Despite all the talk of prices falling through the housing floor, subprime mortgages changing the way banks do business and every other house in every development heading for foreclosure, something is simmering in Washington, D.C.Here it comes... Take a moment to breathe...
In a speech today at the Federal Reserve Bank of Chicago, Fed Chairman Ben Bernanke detailed the many ways in which financial regulators, including the Federal Reserve and Congress, could act in order to prevent a recurrence of the subprime mortgage crises. Okay, not many ways -- four ways.
Housing starts stopped traffic on the street again, especially after the street predicted a drop and once again, the numbers chose to take another path. Housing starts jumped up two and a half percent in April, despite a bevy of bad indicators: bad weather, high inventories, increased cancellation rates, a credit crunch, the lowest builder confidence in 15 years and low overall confidence among investors about putting their money in housing period.
Stabilization. That’s the buzzword today from the number crunchers/housing prognosticators at the National Association of Realtors in its quarterly metro home price report. “Essentially, we see that the existing-home market is stabilizing in a broad cyclical trough and moving in the right direction, with a modest gain from the fourth quarter,” says NAR senior economist Lawrence Yun (yes, the exalted David Lereah is gone).
I received a curious press release in the email today from the National Association of Realtors that I thought I might share. Headline: NAR Partners with the Center for Responsible Lending and Neighborworks America to Keep Families in Their Homes.My immediate reaction: Come on! So here are all the realtors, who made enough money during the housing boom to put themselves in corporate branded HumVees (I actually saw this in some small market in Florida… made me slightly ill), partnering with genuine community activist groups to help "save" the same people that they played a part in getting into deep water in the first place (how's that for a run-on runoff at the mouth!).
For all you hear about the housing bust, you'd think prices aren't going up anywhere. One look at the Seattle or Portland, Oregon markets tells you it isn't true.
Since we're all talking about "keeping America great" today on CNBC, I think we should start at the heart, and by that I mean in the bathroom -- okay, the kitchen; I mean at home. Americans will spend nearly $233 billion on home remodeling this year, according to a press release I got yesterday from the National Association of Home Builders. A key driver in this trend is green remodeling.
I almost didn't want to do the Toll Brothers earnings report today on TV, because frankly, I feel like a broken record. Oh look, there's a homebuilder reporting poor earnings, missing the Street's expectations and lowering full-year earnings outlooks. And guess what? It's those tighter lending standards and that buyer skittishness that has everyone running for the hills of suburbia.
I'm getting a little annoyed with the premise that the subprime mortgage crisis and tightening lending standards are wholly to blame for the current headwinds in housing. Of course, they are contributing to the problem, and of course, it's important for us to keep on top of regulatory and institutional changes in the mortgage market. But here's the thing: I think we might be missing one of the boats in the blame game -- specifically, greed.