Neither the Fed nor Congress appears likely to contain the foreclosure wave that is on pace to hit 1 million or more homeowners next year. Rate cuts by the Federal Reserve, after all, can go only so far toward resolving issues that extend far beyond
The number of foreclosure filings reported in the US last month more than doubled versus August 2006 and jumped 36% from July, signals homeowners are increasingly unable to make timely payments on their mortgages or sell their homes amid a housing sl
The housing bubble was fueled by multidecade low interest rates priced many people out of their dream homes. People went after their American dream with a vengeance - taking out adjustable-rate, interest-only or, even worse, negative-amortization loa
At this point, there is probably no way to avoid a recession. If those making economic policy show no better judgment going forward than they have in the recent past, it is likely to be a long and painful recession.
The downturn in the housing market appears to have driven two homeowners to desperate and illegal measures. New Rochelle Police raided a 3-bedroom home after undercover officers responded to a Craig's List posting offering dominatrix services wit
The nation’s foreclosure abyss has widened with 11 states seeing triple-digit increases in August compared to a year earlier, says Foreclosures.com, a Fair Oaks-based foreclosure information service. Through August, 355,624 homes have been taken b
And unless Congress acts quickly to change tax policy, there are more surprises that will start appearing next April. If you're forced to sell your home at a loss -- or lose it through a foreclosure -- the tax consequences could be costly.
The recent collapse of the real estate market has taken its toll on some who earn their living there. Here a realtor has gone off the rails and taken up neocon statistics. Faux News breeds Faux Statistics! If ignorance is strength, then Mr. Polson is
The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages. The Mortgage Bankers Association reported Thursday that mortgage-holders starting the foreclosure process
Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump. Citigroup Inc, the largest U.S. bank, said it agreed to buy the mortgage
Freddie Mac today reported that its quarterly profit fell by nearly half in part because it set aside more money to cover expected losses from defaults on loans. The giant mortgage funding company's financial results provided another barometer
Millions of homeowners around the nation are now getting the news in the mail: The interest rate on their home loans is going up, possibly to double-digit levels. [Bailouts for billionaire bankers in the works.]
It's hard to know how scared to be if you don't know the size of the threat. No, not terrorism, housing. The US mortgage-lending business is a sprawling, varied enterprise that no one regulator oversees, making it impossible to know how man
He built a fence, a retaining wall, a patio and a few concrete columns to decorate his driveway, and now Francisco Linares is going to jail for it. Linares had been given six months to get final permits for the offending structures or remove them
When Twist last spoke at the ABC it was to a large audience, and was voted the most important talk of the year. She showed why the Phoenix and national housing market was going to collapse -- had to collapse -- and then...
U.S. home prices fell 3.2% in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987. The decline shows no evidence of a market recovery anytime soon. The declining residential real est
Sales of existing homes dropped for a fifth straight month in July, falling to the slowest pace in nearly five years, while home prices fell for a record 12th consecutive month. The National Association of Realtors reported that sales of existing
Now, the soaring market and the fast car are gone. Last week he lost his job, along with 6,000 other employees of First Magnus Financial Corp., a mortgage lender. With a 1999 Dodge Grand Caravan, he plans to move back in temporarily with his ex so th
The number of foreclosure filings reported in the U.S. last month jumped 93% from July of 2006 and rose 9% from June, the latest sign that homeowners are having trouble making payments and finding buyers during the national housing down
New home construction in the United States fell to a 10-year low in July, the government said Thursday in a report that signaled a further slowdown in the distressed housing market. The Commerce Department said housing starts plunged 6.1 percent in J
Sales of existing homes fell in 41 states during the April-June quarter while home prices were down in one-third of the metropolitan areas surveyed, underscored the severity of the current housing slump, the worst downturn in 16 years.
Southern California home sales continued to slump in July, falling 27% from year-ago levels, and are now running 54% below peak levels reached in July 2003, DataQuick reported today. Some industry experts have warned that August sales may be even we
Until two years ago, middle-class retirees vied with property speculators for houses and apartments on Florida's sun-drenched Gulf Coast. Now almost every other house on some of its streets has a for-sale sign outside. With a bloated inventory
With the U.S. mortgage market in turmoil, Democratic presidential front-runner Sen. Hillary Clinton on Tuesday proposed clamping down on lending abuses and providing more aid to families who face losing their homes.
Germany, which last week became the first Ruropean country infected by the woes in the American mortgage market, suffered another blow Monday when a Frankfurt-based asset management firm closed one of its funds to halt withdrawals by rattled investor
The media seem to be saying that this is the financial markets's expectation now that Fannie Mae and Freddie Mac might loosen some of their lending restrictions. Fannie and Freddie are implicitly back up by the government(taxpayers).
"The golden dream by the sea" is how Gov. Arnold Schwarzenegger has fancifully described California. Yet for thousands who bought homes during the Golden State's latest housing boom, foreclosures have turned recent months into a nightma
Sales of new homes tumbled in June by the largest amount in five months, provoking new worries on Wall Street about how much the prolonged housing slump will hurt the overall economy. The decline was more than triple what had been expected and was th
Sales of existing US homes fell more heavily than expected in June, as the US property market continued its year-long slump, government figures showed.
The foreclosure rate on Wisconsin homes remained high throughout the first half of 2007, driven by rising interest rates and the soft housing market, an industry monitor reported Tuesday. Wisconsin as a whole had 9,229 foreclosure filings in the