The overall housing crisis is expected to hit the IT market to some extent either through tighter lending practices to businesses or consumers slowing spending on gadgets and services. At this point, it is expected to affect consumer spending more so than business. I wanted to share a few interesting tidbits and facts about the current housing and banking market pulled from Financial press releases, Bloomberg Data, and RealtyTrac:
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Citigroup and Washington Mutual have recently reported losses, while Wells Fargo reported profits
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Countrywide Financial Corp. and IndyMac Bancorp have closed down, Bank of America purchased Countrywide becoming the largest lender
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Citigroup is the largest bank in the U.S., is expected to disclose earnings tomorrow
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More than 100 businesses/banks have closed, been sold, or halted operations due to the subprime lending practices
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California ranked Second amoung U.S. states in June for foreclosures (According to RealtyTrac Inc.)
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Foreclusures nationwide increased 53 percent in June compared to June of 2007
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More than $400 billion of losses and writedowns have been liked to the U.S. housing slump, according to Bloomberg data