The financing for real estate purchases continues to endure both liquidity and the credit crunch as Capital One Financial Corp. said on Monday that it will cut 1,900 jobs and shutter its wholesale mortgage banking business.
Countrywide Financial Corp., which is running an ad campaign to convince consumers that it’s financially stable, announced the elimination of about 500 jobs in its subprime lending unit.
Florida, foreclosure filings fell 9 percent between June and July, though they’re still up 78 percent in one year.
The investment tide is turning for real estate investment trusts (REITs). The average real-estate fund investing primarily in the U.S. has lost 17.2 percent over the past three months and is down 16.5 percent so far this year, according to Morningstar Inc.