Recall my post from April 2008 where I questioned the loan loss reserves at San Joaquin Bank. Well, it looks like I was correct.
San Joaquin Bank record first ever loss:
Bakersfield-based San Joaquin Bancorp was forced to record its first quarterly loss in almost a quarter century Tuesday after creating a cushion for itself in case of construction loan defaults among local homebuilders.
The company’s stock price fell $2, or 10.53 percent, to close at $17, its lowest
price in almost five years.
San Joaquin Bank's stock is now down 64% from its all time high.
Median Home price for October is now $165,000:
If you look at the previous Crabtree predictions, even from a few months ago, he was still saying we hit bottom...looks like he is finally capitulating.Bakersfield’s median price for existing homes fell 35 percent in October compared to the previous year, according to the Preliminary Crabtree Report released Monday.
October’s median price was $165,000. A year earlier, the number stood at $254,500.
Last month’s number was also a $10,000 drop from September’s price.Looking ahead, Crabtree expects prices to drop further.
The median listing price is currently $157,900, he wrote, less than October’s median sales price.
4 comments:
Bakersfield-based San Joaquin Bancorp was forced to record its first quarterly loss in almost a quarter century
I await a news article proclaiming a bank forced to report record profits. Geez don't the shills even see how biased thay are?
How did they reduce their reserves last year?
Maybe their auditors are asleep?
Hey Crispy, did you know that auditors of banks are not allowed to look at the FDIC Safety and Soundness reports any longer. Those things should be copied and put out for casual reading for every bank customer.
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