The Real Estate Wonk: Housing market hurts Provident - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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January 12, 2008

Housing market hurts Provident

Add Provident to the list of local companies buffeted by the fallout from the housing slump. As Paul Adams reports today:

Shares of Provident Bankshares Corp. fell 11 percent yesterday after the bank said it will write off $28.9 million of its real estate investment trust portfolio, making it the latest victim of the nation's declining housing and credit markets.
In a related move, the Baltimore-based bank also said it is increasing its provision for bad loans by $6 million in the fourth quarter in recognition of the region's slumping housing market.

This isn't about subprime, apparently. Provident says it has only limited exposure to that part of the market, Adams reports.

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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