| Australia central bank head says market turmoil unsettling
Australia's top central banker today said turmoil in global financial markets had been "quite unsettling", but Australia's financial system was in good shape to deal with the fallout. Speaking to a financial markets conference, Reserve Bank of Australia (RBA) Governor Glenn Stevens said that, while central banks were acting aggressively to stabilise markets, the international environment would remain challenging for some time to come. "We have seen a significant reappraisal of certain categories of risk and considerable financial turbulence in key international markets," said Stevens. "Economic prospects in the United States, in particular, have taken a significant turn for the worse," he added. "The extent of disengagement in some core markets, which hitherto had been thought to be extremely liquid and reliable, has been quite unsettling." Still, Stevens emphasised that the Australian banking system was weathering the storm well, with profitability very strong and little direct exposure to the US subprime problems.
Realtors: Cedar market still strong
CEDAR CITY - Local real estate leaders say Cedar City residents should still be confident in the housing market, despite national reports of a mortgage crisis and a possible recession. "Don't be worried," said June Sewing, executive officer for the Iron County Home Builders Association, during a breakfast meeting hosted by the Cedar City Area Chamber of Commerce on Thursday. .
New York Money Market Rate Indications
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County housing market still bleak as prices and sales keep dropping
South Florida's housing market looks worse now than it did at the end of a brutal 2007.
With the slump staggering into a third year, buyers are having trouble getting home loans because lenders are tightening credit standards, and the surge of mortgage defaults and Foreclosures is adding to the glut of properties already for sale.
Prices and sales of existing homes fell in February across Palm Beach County, the Florida Association of Realtors said Monday. The median price of $344,600 was off 8 percent from last February's $374,300, and sales dropped 28 percent, to 401 from 560 a year ago.
The county's overbuilt condominium market also is reeling. The median condo price last month fell 24 percent, to $159,300 from $209,600 a year ago. Sales declined 5 percent, to 438 from 462.
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