Home, Mortgage and Personal Finance News Archive

• Pain of Foreclosures Spreads to the Affluent
  The New York Times (April 25, 2008)
  Even the wealthiest enclaves in the country aren't immune to the wave of home foreclosures sweeping the nation.
• Why the Worst May Be Over
  CNN Money (April 25, 2008)
  The credit crunch may be behind us and earnings have been better than expected. That could lead to happier times if the Fed starts focusing on inflation.
• Rising Property Taxes Fill Gaps, Pinch Homeowners
  The Wall Street Journal (April 25, 2008)
  Local governments are raising property taxes to fill revenue shortfalls, angering homeowners already hit by the housing slump and economic slowdown.
• The Feds' Subprime Suspect
  BusinessWeek (April 23, 2008)
  The U.S. Justice Department and the SEC are investigating Ralph Cioffi, who ran the Bear Stearns funds that ignited the credit crisis.
• Homebuilders: No Recovery Until 2009
  CNN Money (April 24, 2008)
  Economists say high oil prices will continue to hamper consumer spending, and the ongoing credit crisis will make home financing difficult, stalling a housing recovery until at least 2009.
• New-Home Sales Tumbled To a 16-Year Low in March
  CNBC (April 24, 2008)
  Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the 2008 spring sales season.
• The Brighter Side of Housing
  The Wall Street Journal (April 24, 2008)
  The housing bust is helping some people buy homes that they couldn't afford a couple of years ago. The Wall Street Journal's quarterly survey of housing-market conditions in 28 major metro areas points to continued downward pressure on prices in much of the country.
• The Feds' Subprime Suspect
  BusinessWeek (April 23, 2008)
  The U.S. Justice Department and the SEC are investigating Ralph Cioffi, who ran the Bear Stearns funds that ignited the credit crisis.
• Beware the Fine Print in Tax Waiver Law
  The San Francisco Chronicle (April 24, 2008)
  Congress, Bush and the real estate industry hailed the Mortgage Forgiveness Debt Relief Act of 2007 as a boon for struggling homeowners who might face a big tax bill if they restructure or give up on their mortgage. But like everything that comes out of Washington, it is full of fine print that borrowers need to ready more carefully.
  
• Mortgage Applications Plunge As Rates Soar
  ABC News (April 23, 2008)
  Mortgage applications plunged last week, largely reflecting a drop in demand for home refinancing loans as interest rates surged, an industry group said on Wednesday.
• How Low Will Home Prices Sink?
  AOL Money & Finance (April 23, 2008)
  An influential economist who long predicted the housing market bubble cautioned Tuesday that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression and bailouts will be needed so millions don't lose their homes.
• First-Time Buyers Find Way to Get a Home
  The Vancouver Sun (April 23, 2008)
  Despite continuously rising prices, first-time homebuyers are still finding ways to get into the market, real estate firm Re/Max said in a report Tuesday.
• Congress Hammers Out Breaks for Homeowners
  The Wall Street Journal (April 23, 2008)
  Congress has gone from considering ways to collect more taxes from homeowners to dreaming up new tax breaks for home buyers. So who is likely to benefit from tax changes in the pipeline, and for how long?
• Fannie, Freddie May Pay Lower Taxes After Rule Change
  Bloomberg (April 23, 2008)
  Fannie Mae, Freddie Mac and other companies suffering as mortgage delinquencies rise won a two-year battle with the IRS yesterday, allowing them to use those losses to reduce their tax burden.
• Bank of America-Countrywide to Curb Risky Mortgages
  Reuters (April 22,2008)
  Bank of America Corp plans to stop offering some riskier mortgage loans after it finishes buying Countrywide Financial Corp, the largest U.S. mortgage lender.
• Americans Say Jobs Key to Keeping Home: Survey
  Reuters (April 22, 2008)
  Americans are cash-strapped and many say if they lost their jobs, they would lose their homes. But the study finds that most homeowners still remain optimistic about the real estate market.
• Existing-Home Sales, Prices Decline
  AOL Money & Finance (April 22, 2008)
  Sales of existing homes fell in March while the median home price declined compared to a year ago, as a severe slump in housing showed no signs of abating.
• 70% of Subprime Borrowers Aren't Getting Help
  CNN Money (April 22, 2008)
  A new report finds that efforts to help at-risk borrowers are barely keeping pace with rising delinquencies. Many borrowers are simply left out.
• Dems Planning Needed Mortgage Help
  Time Magazine (April 22, 2008)
  Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan.
• When a HELOC Freezes Over
  Money Magazine (April 21, 2008)
  Countrywide has already suspended an estimated 122,000 lines, many in high-foreclosure-rate states, and USAA has frozen or reduced some 15,000 accounts.Bank of America, Chase and Citibank, among others, are following suit. Not all HELOCs will be frozen or downgraded, but you can be sure lenders are scrutinizing every account - including yours.
• The Trillion-Dollar Mortgage Time Bomb
  CNN Money (April 21, 2008)
  Risks are rising that Fannie Mae and Freddie Mac may need a government bailout that could cost far more than previous rescues.
• Survey: 30 Percent Believe Economy Will Shrink
  BusinessWeek (April 21, 2008)
  Thirty percent of economists now believe the economy will shrink in the first half of this year, up from 10 percent who thought so in January, according to a survey being released Monday by the National Association for Business Economics.
• Up to the Challenge of HUD?
  Newsweek (April 21, 2008)
  The post-Katrina mess is just one of the challenges facing the new housing secretary, Steven Preston.
• Florida's Luxury Home Market Shows Signs of Wear
  CNBC (April 21, 2008)
  The surprisingly healthy market for oceanfront mansions and palatial condos in Florida, one of the most toxic states in America's housing meltdown, may finally be showing some cracks.

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