Help for Struggling Homeowners The New York Times (May 25, 2008)
According to a recent report by the Hope Now initiative, a mortgage industry outreach group formed last year to help struggling homeowners, nearly 503,000 owners worked with lenders and loan servicers affiliated with the initiative in the first three months of this year to modify their loan payments and avoid foreclosure.
Home Prices Down and Unsold Listings Way Up BusinessWeek (May 23, 2008)
The big news in the April existing home price report released today by the National Association of Realtors wasn't the 8% drop in median home prices or the better-than-expected 1% decline in sales. It was the whopping 10.5% jump in the inventory of unsold homes.
Lawsuits Accelerate Amid U.S. Housing Crisis Reuters (May 23, 2008)
The U.S. housing crisis has caused huge loan losses at big lenders but also spawned a slew of class-action lawsuits against them, many alleging noncompliance with consumer disclosure rules.
Foreign Buyers Flocking to U.S. Housing Market SmartMoney (May 23, 2008)
Americans' love affair with real estate may be cooling, but thanks to falling home prices and the weak dollar, attention is heating up from another group of suitors: foreign investors.
Builders Tout Incentives In Bid to Sell Homes The Wall Street Journal (May 23, 2008)
Highlighting their desperation to sell houses, builders are bringing back the gimmicks -- mortgage rates that start low, help with down payments, zero out-of-pocket expenses -- that helped fuel the housing bubble before it went bust. But this time, they say, history won't repeat itself.
Not Even for a Car? The Washington Post (May 23, 2008)
In a tight market, adopting extreme tactics -- one couple even offered a free car -- has mixed results.
A Spring Break for Homebuyers Yahoo Finance (May 22, 2008)
"We think affordability is at its peak," says Gus Faucher, director of macroeconomics at Moody's Economy.com. The firm predicts prices will bottom out in the middle of 2009, declining 23 percent on average from the peak in the second quarter of 2006.
The Bankruptcy Boom Newsweek (May 22, 2008)
Despite the increased cost and inconvenience of declaring personal bankruptcy as a result of legislation passed three years ago, filings have jumped substantially in the last few months, fueld by the U.S. housing and credit crisis.
In Search of a Fix for Jumbo Loans CNN Money (May 22, 2008)
The new jumbo loans that were supposed to get the real estate market moving haven't done the trick. A Congressional hearing on Thursday examines why.
Home Sales See First Monthly Gain in 6 Months The San Francisco Chronicle (May 21, 2008)
The San Francisco Bay Area housing market displayed its first positive sign in months as the volume of April sales rose by its highest percentage in at least 20 years. Real estate experts, however, warned that the trough of the real estate downturn still could lie ahead.
Mortgage Rescue Advances in Senate CNN Money (May 20, 2008)
The Senate Banking Committee on Tuesday voted 19-2 to pass a housing bill that the panel's leader hopes could be signed into law by July. The bill would limit foreclosures, create affordable housing and revamp oversight of two of the mortgage market's biggest players: Fannie Mae and Freddie Mac.
Where Home Prices Are Holding Up The Wall Street Journal (May 20, 2008)
Here's a cheat sheet to understanding home-price patterns in some of the country's biggest metro areas.
Fed's Kohn: More Trouble From Housing, Inflation CNBC (May 20, 2008)
Interest rates seem to be at the right level to help the sputtering economy without sparking inflation, but policy-makers need to be ready to adjust quickly in the face of a highly uncertain outlook, Federal Reserve Vice Chairman Donald Kohn said Tuesday.
Four Overlooked Homeownership Costs Investopedia.com (May 20, 2008)
People tend to overlook the multitude of hidden costs of homeownership. In fact, there is much more that goes into owning a home than just the mortgage payment. Here are four overlooked items that often catch homeowners by surprise financially.
Housing Woes Sink Home Depot's Profit AOL Money & Finance (May 20, 2008)
The Home Depot Inc. reported a 66% drop in first-quarter profit Tuesday due to a large one-time charge and continued weakness in the housing market.
Economists Predict Shallow Recession, Slow Recovery CNBC (May 19, 2008)
First the good news: The worst of the painful housing slump and the credit crunch might come to an end this year. Now the bad: The economy will weaken further and unemployment will rise.
At Last! Mortgage Rate Relief Arrives San Jose Mercury News (May 19, 2008)
San Francisco Bay Area borrowers who last week would have been quoted a 7% rate for a 30-year mortgage of $500,000 could find a rate of about 6% on that loan by Friday. That difference could save a homeowner more than $300 a month on mortgage payments.
Need a New Mortgage? Call Uncle Sam CNN Money (May 19, 2008)
The Bush administration says it has the answer to the housing crisis: a program offering cheaper loans. It has helped many people, but critics say it's not enough.
Bush Says He Won't Back Bill That Bails Out Lenders USA Today (May 19, 2008)
President Bush, acknowledging the economic "tough times" for many Americans, said Monday that he remains opposed to any homeowner rescue legislation that would be a bailout for lenders.
Continued Weakness In Housing Seen In Data MarketWatch (May 19, 2008)
U.S. consumers won't really feel comfortable until home values stop falling. They could be in for a rough year because there's no sign that home-price declines are letting up.