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Wells Fargo: More Bids But Don't Get Happy

Submitted by Todd Sullivan on Thu, 12/11/2008 - 00:04.
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Wells Fargo

Classic "good news  / bad news" scenario

 

Housing prices around the nation are still falling, but the number of willing buyers is growing, according to Wells Fargo & Co. (NYSE:WFC) Chief Executive John Stumpf.

 

“We are seeing more sales and more bids” on for-sale properties, Mr. Stumpf said on Wednesday to analysts at the Goldman Sachs Financial Services Conference. “We might be getting closer to the bottom” of the housing market, Mr. Stumpf said, but added later, “I still think things are going to get worse.”

 

This fall Wells Fargo outbid Citigroup (NYSE:C) for Wachovia (NYSE:WB) making it the nations largest bank in terms of deposits.

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