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In Riverside County, 1 in 92 households went into some form of foreclosure last month, compared to nearly 1 in 200 during the same period a year earlier, according to RealtyTrac.
``A nation in recession spells disaster for a housing market that is already in a rapid descent,'' Celia Chen, an economist at Moody's Economy.com in West Chester, Pennsylvania, said before the report. ``Residential construction is in a f
Looking ahead to 2010-2011 I see a different set of problems. Those problems are Alt-A and Pay Option ARMS. And that is where the liar loans (no-doc loans) are hidden. Liar loans are likely to blow up long before we get to 2011
Those thinking of buying a house now, especially in California, may want to rethink their plans. Start looking for a bottom, or at least more reasonable prices in 2011-2012.
THE World Bank has issued an urgent call to rich nations to help stem rising food prices, warning that social unrest in poor countries is spreading and that 100 million people are at risk of being plunged deeper into poverty.
• A three-bedroom house in Miami Shores that sold for $460,000 two years ago, went for $177,500. • A two-bedroom house in Coral Gables that sold for $670,000 in September 2005, fetched a bid of $300,000.
Home foreclosure filings surged 57% in the 12 month-period ended in March and bank repossessions soared 129% from a year ago, as homeowners struggled to make mortgage payments, real estate data firm RealtyTrac said.
Britain and the United States blame OPEC for record high oil prices that have exacerbated a global economic slowdown, but some analysts believe the cause for oil's run-up may lie closer to home: a battered dollar, weakened by a U.S. housing marke
Because retailers rely on a broad network of suppliers, their bankruptcies are rippling across the economy. The cash-strapped chains are leaving behind tens of millions of dollars in unpaid bills to shipping companies, furniture manufacturers, mall o
Homes selling for under $200,000 have increased from last year’s 16 percent to a current 40 percent of the local resale housing market.
Treasury Secretary Henry Paulson warned that governments should resist temptation to try to control soaring food costs through price controls [like Nixon did], which he said would likely make the situation worse.
Ryan Crocker, the U.S. ambassador to Iraq, pleaded for patience from lawmakers in Washington demanding that the Iraqi government spend more of its windfall oil revenue on the war effort.
"I don't know if I'm going to be putting a lot more gas in my car. I'll probably stow it away for the summer and just take the bus or a cab," said Chicago resident Marco Cabral. "Prices are getting too high, they're too
ARMLS has not officially reported March home sales yet, but based on an early preview, it is likely that sales will be in the 4,400 range, so foreclosures are running near the level of sales.
When central bankers blast central banks for being reckless, you know the problem is serious. Indeed, it seems that everyone suddenly really cares about inflation. Everywhere you go, this is the talk, at the grocery, the gas station, among your neigh
Oil rose to a record $112.21 a barrel and gasoline jumped to the highest ever after the Energy Department reported a surprise decline in U.S. crude supplies as imports fell. [What a difference a day makes.]
Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Growing numbers of middle-class Americans say they aren't better off than they were 5 years ago, reflecting economic pressures amid growing debt. Their short-term assessment is the worst it's been in nearly half a century.
The U.S. Senate voted overwhelmingly to proceed on a bill tackling the nation's housing market crisis with a range of tax breaks for corporations and some help for homeowners.
Bank holding companies including Citigroup, Bank of America and Wells Fargo have the thinnest safety cushion against losses. May erode further in coming weeks. Falling below a benchmark intended to protect depositors against losses
The Federal Reserve, still working to combat the effects of a severe credit squeeze, said it had auctioned another $50 billion to cash-strapped banks. The Fed auction marked the ninth in a series that began in December that pumped $310 billion in sho
The International Monetary Fund said financial losses stemming from the US mortgage crisis might approach $1 trillion, citing a "collective failure" to predict the breadth of the crisis. Falling US house prices and rising delinquencies may
Former Federal Reserve Chairman Paul Volcker questioned the central bank's decision to rescue Bear Stearns Cos. with a $29 billion loan, saying it was at "the very edge'' of its legal authority. [wow]
Former Federal Reserve Chairman Alan Greenspan said the U.S. economy was in recession, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy under.
Members of the U.S. Federal Reserve's policy-setting committee worried at their most recent meeting that housing and financial market stress could trigger a nasty slide in the economy, even as inflation pushed higher.
What's not debatable is what will happen if $1 trillion is written off. And that is the other "D" word: "deflation". A $1 trillion debt writeoff can hardly mean anything else. Furthermore, a $1 trillion writeoff will affect a
More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.
The National Association of Realtors' seasonally adjusted index of pending sales for existing homes fell to 84.6 from January's upwardly revised reading of 86.2. The index stood at 107.6 in February 2007.
And what's been happening in Beverly Hills is apparently happening around the country. After years of steady growth, the cosmetic surgery business seems to be going through a rough patch.
"A year or two ago, perhaps 5% of firms would say they’re thinking about adding bankruptcy attorneys,” said the managing partner of Major, Lindsey & Africa, "Now it’s about 85%... someone who knows how to pilot the lifeboat when the wave hi
