Until last year, financial counselors at the Home Ownership Center of Greater Cincinnati spent most of their time teaching Americans how to buy a first home. Now, they're deluged by broken and bereft homeowners facing foreclosure.
"The primary risk we see ... a potential slowdown in housing demand from buyers not being able to qualify under stricter underwriting standards or the possibility of increased excess supplies of unsold homes from a rise in foreclosures,"
Why? 1) Prices disconnected from fundamentals. House prices are far beyond any historically known relationship to rents or salaries. Rents are less than half of mortgage payments. 2)...
When the [housing] bubble finally bursts completely, millions of Americans will be looking for someone to blame. Look for Congress to hold hearings into subprime lending practices and "predatory" mortgages. We'll hear a lot of grandstan
The worst may not be over for the US mortgage sector, whose shakiness has rippled across financial markets worldwide, many economists say. With a long US property boom now fading into memory, mortgage delinquencies and defaults are on the rise, es
"There's a ripple effect. It's not just that it costs jobs .. but this is undermining indigenous cultures [who otherwise get paid] in other parts of the world," he said in an interview.
The figures are eyepopping. First-time homebuyers paid a median price of $477,400 in California last year – 2-1/2 times the US median, according to the California Association of Realtors. The median entry-level condo in California sold for $360,160.
Some observers think the market is at or near bottom. Others say several months of uncertain times lie ahead. Still others have split opinions about the health of the new and resale markets. "The prices have to pull back," said Debbie
Until now, deep-pocketed Wall Street tycoons and foreign investors benefiting from a weak dollar seemed to be holding up the luxury real estate market even as the low-end fractured. But there are signs that some high-end real estate developers are al
Hold on to your assets. The deepest housing decline in 16 years is about to get worse. As many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired
Federal authorities raided a construction company in southern Arizona accused of breaking the law by hiring illegal immigrants, arresting the firm's president and several employees on federal charges and detaining 10 undocumented workers.
Countrywide Financial Corp., the largest U.S. mortgage lender, told its brokers to stop offering borrowers the option of no-money-down home loans. Loans financing 100 percent of a home's value are among those that have led to a sharp rise in deli
New Century Financial Corp., whose shares fell 25% amid speculation it would seek bankruptcy protection, said it has received $265 million in financing, but stopped accepting loan applications after some lenders blocked its credit lines.
One of the great legacies of the housing boom of the past six years is that almost everyone – even people with questionable credit – has access to a mortgage. Now all that easy credit is on the verge of creating the worst mortgage crisis since the 19
Sales of new U.S. homes fell 16.6% in January and prices were little changed as the number of new homes on the market decreased slightly, according to a government report showing some weakness in the unsteady housing sector.
Freddie Mac and Fannie Mae, the government-sponsored secondary mortgage companies, are poised to tighten the lending criteria that they require on the home loans they buy, after several years of unprecedented lending by banks to so-called sub-prime b
Feb. 16 (Bloomberg) -- Homebuilders in the U.S. started work last month on the smallest number of new houses since August 1997 as a glut of unsold homes and colder weather discouraged new projects.
KB Home reported a better than expected loss in the fiscal fourth quarter as the company got caught with too much land and too many unsold homes in the slowing housing market.
HERE'S what Dave Hennigan knows about the four-bedroom house tucked away on a tranquil Corona street: The owner is a woman, and she's $8,155 behind on her mortgage payments. Maybe she had a messy divorce or expensive illness. Maybe she has
Sales of previously owned homes fell slightly in December after two consecutive months of modest gains but took their steepest annual drop since 1989, the National Association of Realtors reported yesterday.
The number of Californians defaulting on their mortgage loans is rising rapidly, according to figures, providing striking evidence that more people are at risk of losing their homes. Default notices jumped 145% in the last 3 months of 2006, accelerat
I usually try and weigh in on this baloney within a couple of hours of it's release. I wouldn't call the [new home numbers] out and out lies. It's more like how Pat Robinson once called some statement "a bold-faced inaccuracy."
Sales of new US homes were unexpectedly strong in November and the backlog of unsold homes shrank, according to government data that suggested the worst of the housing slump may be in the past. [See article below for response.]
The Washington Post tells us that Mid-Atlantic Builders in Rockville are offering buyers the "Lowest Price Guarantee." He'll adjust the sales contract downward if the price falls between the time the customer signs an agreement and 45 d
Sales have in fact been slowly declining since August, and are down 30% over last year. Last November, sales had already begun to fall off, and were lower than 2004 levels.
Homeowners feel pain as climbing adjustable mortgage rates bite back
Mortgage rates around the country fell this week, with rates on 30-year mortgages dipping to the second lowest level of the year, pushed down by further signs of economic weakness. Mortgage giant Freddie Mac reported
The only issues worth pondering, therefore, are how low prices might fall and/or how long the bust might last. Without trying to be too specific, we'd guess that prices will fall a lot and/or that the bust will last a long time...
A homeowners association in southwestern Colorado has threatened to fine a resident $25 a day until she removes a Christmas wreath with a peace sign that some say is an anti- Iraq war protest or a symbol of Satan.
The National Association of Realtors also said last month that we’ve hit the sharpest year-over-year drop on record for the median sale price of existing homes.