Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.
Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.
Did you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here's what struck me: As of March 2009, every metro area in Case-Shiller's 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn't get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It's almost unbelievable. Brother, tell me you didn't buy a house during the boom in Phoenix!
Lenders filed fewer foreclosure notices in May, but the total number of filings was still the third-highest monthly total on record.
The number of home sales contracts signed in April continued to bounce back from record lows hit last winter, according to a widely watched industry report. This is the third consecutive month of gains.
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
Your home value has sunk like a stone, and you're so far underwater you'll have to hold your breath for years. Can you at least get a break on your property taxes?
The residential real estate market picked up slightly in April, as increasingly affordable home prices drew in hesitant buyers.
For Victor Guevares, winning a bid at a raucous foreclosure auction two months ago was just the first step toward achieving his dream of home ownership. And after getting through several obstacles along the way, he finally moved his family into the two-story, three-bedroom house in Queens.
A study released yesterday by RealtyTrac.com and Truila.com shows that more Americans than ever are interested in buying foreclosed properties.
Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.
Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.
Did you happen to see the latest home-price stats from S&P/Case-Shiller, or did you avert your eyes? Here's what struck me: As of March 2009, every metro area in Case-Shiller's 20-city index, without exception, has fallen double digits from its peak. Ten are down more than 30%. Eight have dropped more than 40%. Las Vegas is down 50%. Phoenix? It doesn't get any worse than Phoenix. According to Case-Shiller, between June 2006 and March 2009 the average house in Phoenix lost a staggering 53% of its value. Possibly during the Great Depression, but almost certainly at no time since then, have house prices in a major metropolitan area fallen by more than half. It's almost unbelievable. Brother, tell me you didn't buy a house during the boom in Phoenix!
Lenders filed fewer foreclosure notices in May, but the total number of filings was still the third-highest monthly total on record.
The number of home sales contracts signed in April continued to bounce back from record lows hit last winter, according to a widely watched industry report. This is the third consecutive month of gains.
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
Your home value has sunk like a stone, and you're so far underwater you'll have to hold your breath for years. Can you at least get a break on your property taxes?
The residential real estate market picked up slightly in April, as increasingly affordable home prices drew in hesitant buyers.
For Victor Guevares, winning a bid at a raucous foreclosure auction two months ago was just the first step toward achieving his dream of home ownership. And after getting through several obstacles along the way, he finally moved his family into the two-story, three-bedroom house in Queens.
A study released yesterday by RealtyTrac.com and Truila.com shows that more Americans than ever are interested in buying foreclosed properties.
U.S. home prices are their most affordable in 18 years, according to a report released Monday.
More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.
Foreclosures are still hitting record highs according to an industry report out today.
1. Finding one has become easier
Sales of existing homes fell in March, according to an industry report released Thursday, but analysts say the housing market is showing signs of stabilization.
The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday.
The economy in southern New Hampshire is not by any means among the worst in the nation. Still, according to city records, there are 29 foreclosed homes on the books in Nashua -- many of which are in deplorable condition.
JPMorgan Chase's better-than-expected results and a drop in the number of initial unemployment claims were among the developments boosting stocks Thursday morning.
Foreclosure activity skyrocketed in March and the first quarter of 2009 to their highest levels on record as banks lifted moratoria on filings.
Suffering from one of the highest foreclosure rates in the nation, Rhode Island is getting nearly $20 million from Washington to rehabilitate neighborhoods most affected by the mortgage meltdown.
The problem of mortgage-rescue fraud has ballooned as scammers have reacted to the Obama administration's stepped-up efforts to help borrowers in need. From Web ads to late-night TV spots, companies are soliciting struggling homebuyers and fraudulently promising to help them avoid foreclosure.
When mortgage borrowers fall behind on payments and run the risk of losing their homes, they sometimes grab the first lifeline tossed their direction. Often that lifeline is a TV or Internet advertisement making grand promises - and has more than one string attached.
Sales of existing homes unexpectedly rose in February, recovering from a sharp drop in the previous month, according to an industry report released Monday.
Crashing home prices have led to the most affordable housing market in at least five years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released Thursday.
The foreclosure picture suddenly darkened again in February.
Home prices declined at a record pace around the nation in the final three months of 2008, according to an industry report released Tuesday.
More than 11% of all mortgages are either delinquent or in foreclosure, according to an industry report released Thursday.
What a turnaround for the American Dream!
Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
A tide of foreclosed properties has been sweeping into the beleaguered housing market, bringing down property values, dislocating families, and sending municipal governments scrambling to manage the crisis. But some buyers see a once-in-a-lifetime opportunity in the gloomy headlines; they are buying up foreclosed properties at ultra-low prices.
In Mesa, Ariz., President Obama picked an appropriate place to talk about the mortgage-default crisis: More than half the homes for sale in this sprawling suburban town are distressed properties.
JPMorgan Chase and Citigroup Inc. announced plans Friday to temporarily halt foreclosures as the government works to finalize the details of a financial rescue package that could include billions of dollars in aid for struggling homeowners.
Home prices fell 12.4% during the fourth quarter of 2008, the largest year-over-year decline since the National Association of Realtors began keeping comprehensive records in 1979.
The frantic pace of foreclosures eased in January, according to a monthly report released Thursday.
A day after Treasury Secretary Tim Geithner said it would be a few weeks before he unveils a solution for the housing crisis, regulators and lawmakers pressed financial institutions to suspend foreclosures until the plan comes out.
With Treasury Secretary Tim Geithner set to unveil a new plan to help banks and homeowners Tuesday, and the Senate tentatively prepared to vote on a $780 billion stimulus bill that day as well, this will a busy week in Washington.
Plunging home prices and low mortgage rates pushed homebuying activity higher in December, according to a regular industry report released on Tuesday.
Real estate values around the nation have collapsed, and sales of foreclosed and "underwater" homes now dominate many housing markets, according to a report released Tuesday.
As the economic stimulus package moves to the Senate, the drumbeat is growing louder for new provisions that directly address the housing crisis.
Sales of newly constructed homes plunged in December to the lowest level on record, going back to 1963, according to a government report released Thursday.
The number of existing homes sold in December rose 6.5% from the previous month, according to a report released Monday, as bargain hunters took advantage of plummeting prices.
Housing might be in worse shape than we think.
Home prices continued to plunge in November, according to a new government report released Thursday.
Housing permits and starts both tumbled to record lows in December, according to a government report released Thursday.
U.S. foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they're up 225% compared with 2006.
There are many ways to spend $800 billion to revive the economy. In recent days, President-elect Barack Obama has ticked off many of them: invest in infrastructure projects, help states pay for Medicaid, cut taxes on the middle class, expand use of renewable energy.
Citigroup reached an agreement with Democratic lawmakers Thursday on legislation that would allow judges to reduce mortgage debt for individuals who have filed for bankruptcy.
The number of homes under contract to be sold fell 4% in November, according to a report released Tuesday.
If you dare to look out your window at houses for sale, you might be surprised at what you can buy and with how little money. Prices are falling, and inventory is plentiful; it's a buyers' market.
Home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday.
The number of existing homes sold during November plummeted 8.6% as prices plunged by record amounts, according to a closely watched housing industry report issued Tuesday.
If you want to mark the moment when real estate morphed from every American's dream investment into every American's nightmare, try the third quarter of 2007. That's when the foreclosure rate, which had been slowly creeping upward for three decades and was flat all spring, suddenly leaped 32%, from .59% to .78% of all mortgages.
Homebuilders' confidence remained at an all-time low in December as worsening economic conditions weighed on the housing market, a trade group said Monday.
Foreclosure filings dropped 7% from October to November, according a report released Thursday. But don't break out the bubbly. The tide of foreclosures may be ebbing now, but the flood isn't over yet.
A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.
Reducing mortgage rates to a historically low 4.5% may entice some homebuyers out of the shadows, but it won't be enough to really spur housing sales, experts said.
The government finally realizes that it has to address the problems in the housing market. Unfortunately, it seems officials are considering going at it the wrong way.
Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.
Sales of newly constructed homes slumped in October to an annual rate not seen since 1991, according to government figures released Wednesday.
Sales of existing homes fell in October and prices continued to decline as potential buyers remain sidelined by the weak economy, according to a real estate group's report issued Monday.
Forget the old saw that all real estate is local. What's pummeling housing prices in your nabe is the same thing that's hurting them around the country: the credit crisis.
As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday.
The United States is suffering the worst financial crisis since the Great Depression. The nation's reliance on the rest of the world to support its rampant spending is increasing and across the nation Americans are losing their jobs.
It's supposedly a "buyer's market," but many of the buyers are frustrated
Three weeks ago, several hundred residents of Bonita Springs, Fla., received letters containing a word that no homeowner wants to see: foreclosure. But the property in danger didn't belong to them.
Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by an industry trade group released Friday.
Calls for a sweeping federal response to the housing mess are getting louder. But finding a solution isn't getting any easier.
The housing crisis still has a choke hold on America: In September, 81,312 homes were lost to foreclosure, according to a report released Thursday.
Speculation and a glut of inventory send the industry, a barometer of the country's progress, into a tailspin
Initial construction of U.S. homes fell to a fresh 17-year low in September, according to a government report released Friday.
The California suburbs around Los Angeles are filled with foreclosed houses - and in each one, entrepreneur Ramon Mercado sees opportunity.
The $700 billion bailout legislation now under consideration by Congress calls for the Treasury Secretary to implement a plan to stem foreclosures by working with servicers to modify loans.
The pace of new home sales fell to its lowest level in 17 years in August, according to a key government report released Thursday that signaled more dismal news for the housing sector in coming months.
Foreclosures hit another record high in August: 304,000 homes were in default and 91,000 families lost their houses.
A record 1.2 million homes were in foreclosure during the second quarter of 2008.
Sales of existing homes rose more than expected in July, but prices continued to fall and inventory increased. That's according to the latest reading on the battered housing market by an industry trade group released Monday.
Sales of existing homes rose 3.1 percent in July, easily beating Wall Street's expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust
Home prices continue to tumble across the country, making homes more affordable in most U.S. cities, according to a new report released Tuesday.
Home building fell sharply in July to a 17-year low, according to government readings released Tuesday that offered fresh signs that the battered real estate market has yet to hit bottom.
Real estate prices continued to post steep year-over-year declines during the three months ended June 30, according to a new report from the National Association of Realtors (NAR).
Median home prices fell in more than three-quarters of U.S. cities in the second quarter, the latest sign of the breadth of the housing market decline, according to new data Thursday
The foreclosure juggernaut lurched forward in July as banks took back 77,295 homes - up 8% in a month and 183% in a year, a report issued Thursday shows.
Hoping to score a house on the cheap by buying a foreclosed property? There are good deals out there, but the process is complicated and risky. Here's what you need to know.
The number of pending homes for sale rose in June, a rebound from the previous month, according to a report released Thursday.
City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.
Mortgage scammers took advantage of loopholes in New York State lending laws to defraud homeowners and lending institutions all over the state, according to a new report released Thursday.
As foreclosures continue to soar, 220,000 homes were lost to bank repossessions in the second quarter, according to a housing market report Friday issued by RealtyTrac.
Are you ready to buy a house in this crazy market? Better bring a boatload of money to the closing.
This is already one of the worst national housing downturns in half a century. But what's really scary is that judging from the still-huge overhang of unsold homes - one of the key indicators of the market's prospects - things could get worse. In fact, much worse if the economy slips into recession.
After months of debate on Capitol Hill, the Senate on Friday passed a comprehensive housing and foreclosure prevention bill.
Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.
On Wednesday there was some good news for California, which has been one of the hardest hit states in the housing crisis, when a local realtor group said that sales there jumped 18% in May compared to May 2007.
New home sales remained near historically low levels in May, as the housing market continues to struggle with a huge oversupply of housing inventory.
The current housing market is bleak: home prices and sales are plummeting, foreclosure proceedings are skyrocketing and mortgage rates are on the rise.
Initial construction of U.S. homes was slightly lower than expected in May, with the number of single family homes hitting a 17-year low, according to a government report released Friday.
Homebuilders' confidence in the weak housing market fell in June, matching the record low in a monthly industry assessment index, a trade group said Monday.
Soaring foreclosures are continuing to raise questions about the mortgage industry's claims that they are making a dent in the housing crisis
For many real estate agents, these aren't exactly the best of times. Don't put David McIlvaine in that category.
More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.
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