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Both ABC and NBC are keeping an eye on that other distressed economic sector, the residential real estate market. Wednesday ABC's Betsy Stark brought us the good news that prices have fallen so low that first-time homeowners are starting to buy once more. Now CNBC's Diana Olick counters with negative news. "The face of foreclosure is changing," she warned. "For the first time prime fixed rate loans have leapfrogged those risky exotic subprimes." Many of those mortgages are held by the nationalized guarantee firms FannieMae and FreddieMac. They estimate that fully 40% of delinquent buyers are evicting themselves, leaving empty homes behind. As for the surge in first-time buying, CNBC's Olick worried about a recent increase in interest rates: "That could take away some of that newfound affordability that is currently the one bright spot in the housing market."
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