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.
Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising
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.
Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising
Declining home prices across the nation are bringing valuations - the difference between what a home should cost and its actual price - back to pre-bubble levels, according to a survey released Monday.
Home buyers could save an average of more than $2,000 under a settlement with the National Association of Realtors announced Tuesday by the Justice Department.
Initial construction of U.S. homes rose unexpectedly in April, but the all-important single-family housing start measure fell to another 17-year low, according to a government report released Friday.
U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.
Out on the range is the last place you would expect America's long-running obsession with big houses to be laid to rest.
Spring in southern Orange County has come on spectacularly. The autumn fires that blew smoke and ash into neighborhoods here also destroyed a lot of dark-hued scrub and chaparral. Now the hills along the 241 tollway are painted in bright green grasses and yellow and violet wildflowers. Near the end of the 241 lies Ladera Ranch, a nine-year-old (and still growing) planned community of 25,000. Nestled into the foothills, the place is a visual metaphor for the American dream, California division, in which the residents of the postmodern townhouses at the lower elevations aspire to the gated $4 million spreads at the top.
Can a couple coats of paint, some spackle and $15 billion keep foreclosed homes from bringing down the home market?
Some of the last, best housing markets - the ones that continued to climb even as the rest of the country cratered - have turned south lately.
The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier
Foreclosure filings in the first three months of 2008 rose more than 112% over last year, according to a study released Tuesday.
The damaged housing and home construction markets will continue to take a beating at least through the end of the year, according to economists who spoke Thursday at a forecast conference sponsored by the National Association of Home Builders.
New home sales fell in March to the lowest level in more than 16 years, according to a key government report on the battered housing market released Wednesday.
Congress appears eager to help more than a million homeowners facing foreclosure, but a proposal aimed at fixing the battered housing market could instead end up as the latest blow to a recovery.
You may not be able to beat the house in Sin City, but you just might be able to beat the housing market. At least that's how two real estate agents, Barbara and Marshall Zucker, are placing their bets.
Foreclosure filings jumped 57% in March compared with the same month last year and rose 5% versus February, as the nation's housing market continues to deteriorate.
Demand for new homes may not return to normal levels until next decade, according to the latest outlook from the National Association of Home Builders.
Home builder Lennar reported its fourth straight quarterly loss Thursday and warned that conditions in the battered housing market continue to worsen due to a glut of homes on the market and ongoing problems in the mortgage market.
A record plunge in prices of existing homes produced only a modest increase in sales in February, according to the latest reading on the battered housing market by an industry trade group released Monday.
The number of homes under contract for sale was unchanged in January, leaving that measure of the battered real estate market just barely above the record low, according to the latest reading from the National Association of Realtors.
Home foreclosures soared to an all-time high in the final quarter of last year, underscoring the suffering of distressed homeowners and the growing danger the housing meltdown poses for the economy
It may be the best time to buy a house in more than four years.
Cleveland's foreclosure crisis is no longer a problem that's just for the poor.
Foreclosures in your neighborhood affect your home's value even if you've been paying your mortgage on time.
Two Federal Reserve officials said Friday that the housing market could damage the economy even more severely than it has already if measures are not taken to correct it.
Foreclosure filings nationwide soared 57% in January over the same month last year - another indication that the nation's housing woes are deepening.
New construction of single-family homes fell to a 17-year low in January, according to a government report on the battered housing market released Wednesday.
More potential home buyers are on the hunt, but the nation's homebuilders still have a grim view of the prospects for a turnaround over the next six months.
Rust Belt and Sun Belt cities led the nation in metro-area foreclosure rates for 2007, according to a new report released Wednesday.
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
In a fresh sign that the nation's housing crisis will worsen, home prices are likely to decline in 2008 for the second straight year, the National Association of Realtors said Thursday.
The epicenter of foreclosures shifted to the booming city of Las Vegas at the end of 2007.
The housing and mortgage meltdown caused the biggest one-year drop in the rate of homeownership on record, according to government figures released Tuesday.
The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released Tuesday. That's up 51 percent from the 268,532 homes that were repossessed in 2006.
The risk of foreclosure is on a rapid rise nationally and, with a possible recession at hand, this spike in mortgage-defaults could last for years.
Prices of homes sold in December registered the biggest year-over-year decline on record, according to a report from an industry trade group, and 2007 is the first year on record that has seen a drop.
The worst housing financial crisis in decades is only going to get worse, a Merrill Lynch report said Wednesday.
Housing starts and building permits plunged in December much more than expected, resulting in a full-year decline in new home construction that was the sharpest drop in 27 years.
A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.
Home builders' confidence showed a very slight improvement in January, helped by a narrow gain in their hopes for the market early this summer, according to the latest survey.
Dear FSB: I need to find out what the proper steps are to evict a tenant from an accessory apartment, like the two-bedroom unit built onto our attached garage.
Before you put much hope in forecasts for a 2008 rebound in the battered housing market, consider this: A year ago at this time many top economists were looking for that recovery to begin in 2007.
Question: At some point I plan to buy a house in the $250,000 to $400,000 range. I have generally good credit and plan to make a down payment of 20 percent or more.
A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.
Builders deserve some blame for the nation's housing and mortgage problems because some overbuilt, flooding the market with new properties, according to leading advocate for the homebuilders.
Former Federal Reserve Chairman Alan Greenspan in a commentary published Wednesday argues that Fed policy under his leadership was not the cause of the housing bubble that precipitated the current crisis in financial credit markets, as some have charged.
More trouble looms for the nation's battered housing market next year, even as the pace of home sales inched up in October from the depths of this summer's mortgage meltdown, according to data released Monday by an industry trade group.
The rate of homeowners going into foreclosure or falling dangerously behind on their mortgage payments hit record highs in the third quarter - signs the real estate meltdown will worsen over the next year, a banking group said Thursday.
Question: I have a chance to pick up two ocean-front condos on the east coast of Florida for about $85,000. I was thinking of buying them in an all-cash deal with my IRA account, but I'm not sure whether you're allowed to own real estate inside an IRA. Can I do this? - Bernard Grossman, Hallendale Beach, Florida
Alice Mills signed her lease in February, thinking she would have a nice place to stay for the next year, until she could make her way into a senior citizens' community.
The biggest plunge in new home prices in 37 years was not enough to revive October sales, according to the government's latest reading on the battered housing and home building markets.
Sales of existing homes fell to a record low in October, as even the largest drop in home prices ever wasn't enough to revive moribund sales, according to the latest reading on the battered housing market by an industry trade group released Wednesday.
If your business suffers from real estate blues brought on by plummeting prices, it may come as little comfort to know that this trend was supposed to have ended by now. When the market began its downturn in early 2006, some of the smartest economists in the country, as well as the CEOs of major home-builders and the National Association of Realtors, predicted that prices would rebound by mid-2007. Instead the experts have been humbled by the depth and breadth of the downturn - and the resulting sub-prime credit crisis has shaken financial markets around the world.
Rising foreclosures will lead to billions of dollars in losses next year in the nation's major cities, but homeowners and banks can contain the effects, a new report says
Daryl White, 44, took Alexis McGee's class nearly three years ago. He'd been to other real estate seminars and gotten little out of them.
A hand shoots up in the back of the room.
The collapse in home building continued in October as single-family home starts fell to a 16-year low and permits for all types of new homes dropped to levels not seen since 1993, according to the government's latest reading on the state of the battered home building market released Tuesday.
Home builders' confidence stayed at record low levels in a November reading released Monday, as a slight uptick in buyer traffic was balanced out by a slightly more pessimistic view six months down the road.
Foreclosures can affect the value of your property even if you've been paying your mortgage faithfully. Here are some ways you can protect your home's worth if your area is hit hard by foreclosures.
Foreclosure worries aren't exclusive to homeowners. Renters are also in danger of losing their homes if their landlord goes into foreclosure. Here's what you need to know.
San Diego's slumping housing market may get a short-term boost from people looking for new homes, but for how long?
The number of vacant homes for sale rose in the third quarter, according to the latest government reading that casts new harsh light on the weakness of the housing market.
The battered markets for real estate and home building still have farther to fall, according to a range of economists who spoke Wednesday at a forecast conference sponsored by the National Association of Home Builders.
Builders continued to slam the brakes on new homes in September, with levels hitting their lowest point in more than a decade.
For those in the real estate industry and for those looking to buy or sell a home, it could take until 2009 to catch a break.
There are 98,000 people in New York, New Jersey, and Connecticut who wish Glenn Cohen would go away. They are the area's Realtors, and for the past three years the company that Cohen runs, Foxtons, has given them roughly $36 million worth of aggravation. With that sum, he has blanketed the region with advertising for his discount residential real estate brokerage, and he has no plans to stop. Foxtons ads are everywhere--television, radio, newspapers, billboards, buses, subways, hot dog-cart umbrellas, commuter ferries--all accusing Realtors who collect 6% commissions of overcharging for their services. "Overthrow the overpaid," screams one ad. This summer airplanes buzzed New Jersey beaches towing banners that read, beware of Sharks charging 6%.
The mortgage bomb hit the demand for new homes even harder than expected in August, leaving the nation's builders with their weakest level of sales since the summer of 2000, when the nation was struggling with a stock market collapse, rising interest rates and a looming recession.
Housing starts and permits for new homes fell to their lowest level in 12 years in August, as the problems in the mortgage and real estate markets caused builders to slam the brakes on new construction.
Builders say the current housing market is the weakest it's been in 16 years, but as bad as that is, their view of where the market will be in six months is even worse.
Homeowners trying to sell last month faced the biggest glut of homes on the market in about 16 years, as declining sales and growing problems in the mortgage market helped push home prices down for the 12th straight month.
Being the CEO of one of the nation's largest real estate firms didn't stop Tom Kunz from becoming one of those homeowners who's been hurt by the downturn in the housing market.
The worsening housing market and rising foreclosures are finally starting to affect parts of the state that have long seemed immune. Will it spread farther?
The battered real estate and home building markets took another body blow Thursday as a government reading showed a bigger than expected drop in new home sales, and the nation's top builders posted large losses due to the weak market and took charges for the declining value of their holdings.
Home sales this year will be the lowest since 2002, according to the National Association of Realtors. If you're struggling to draw attention to your home, you may just have to up the ante. Here's how to make a deal more attractive to buyers.
The outlook for the housing sector has grown bleaker after a key measure of builder confidence fell to its lowest level in 10 years, according to a government report released Wednesday.
Home builder D.R. Horton said Tuesday declining home values would lead to its first quarterly loss since it listed on the New York Stock Exchange in 1995, sending its shares to a three-year low.
If you're the sensitive type of homeowner, you may want to skip the rest of this paragraph, which recounts the unrelentingly grim news about home prices. At least 42% of major housing markets are in decline, with some projected to fall by double digits over the next five years. One alarming sign: The National Association of Realtors has reversed its usually sunny outlook and is now predicting a 1% drop nationwide in existing home prices in 2007, the first such prediction in the four decades since NAR started tracking prices.
Home sales slumped to a four-year low in May as prices slid further and the glut of homes on the market hit a 15-year high, a real estate group said Monday, noting buyers are being scared away by the weak housing market.
Most Americans still believe their homes are worth more than they were a year ago, although the fraction who now think their home is losing value has more than doubled compared to a year ago, according to a survey released Monday.
The battered housing market got another vote of no-confidence from builders last month as applications for new projects tumbled to the lowest since 1997, even as housing starts themselves edged higher.
Home builder confidence fell for the third straight month in May and executives in the battered sector now believe they'll have to wait until next year for even a sluggish recovery to begin, according to an industry survey released Tuesday.
Home prices are expected to finish down for the year, the National Association of Realtors (NAR) said Tuesday, which would mark the first drop since the group started tracking values in 1968.
Problems in subprime mortgages caused a sharp drop in home sellers being able to find buyers for their homes in March, according to a trade group report Tuesday that showed the battered real estate market was much weaker than expected.
New home sales rebounded a bit in March from depressed levels in February but still fell short of forecasts, according to the government's latest report, signaling ongoing weakness for the battered real estate market.
Home sales posted their sharpest drop in 18 years in March, a real estate group said Tuesday, as problems in the subprime mortgage sector pushed sales well below what economists had forecast.
Home building ticked up unexpectedly in March but economists cautioned that a look inside the numbers shows the worst is far from over for the battered housing sector.
The National Association of Realtors said Wednesday it expects its measure of home prices to fall this year for the first time since the group began keeping track nearly 40 years ago.
Sales of new homes sank to the slowest pace in more than six years in February, with the government's latest reading on the battered real estate market showing the glut of homes on the market reached a 16-year high.
Sales of existing homes posted the biggest jump in nearly three years in February, though sellers got the gains the way Detroit automakers spur sales - by cutting prices.
Housing starts rebounded from a nine-year low in February, according to the latest government reading on the battered home-building industry, but ongoing weakness led builders to pull back on plans for more housing.
Home builders' confidence took a hit in March, according to a members' survey by their trade group conducted amid growing reports of problems in the subprime mortgage market.
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