April 01, 2014
Real Estate Agent, Account Exec Sentenced for Massive Mortgage Fraud
A prominent North County married couple were sentenced Thursday to more than three years in prison for a multi-million dollar mortgage fraud scheme, centered in San Diego.
March 03, 2014
TARP Funds Demolish Homes in Detroit to Lift Prices
The demolitions...are part of the stepped up efforts by officials in several Midwestern states to rid their blighted neighborhoods of decayed housing that’s depressing prices.
August 21, 2013
Get-Rich-Quick Guy Gets Poor Even Quicker
Russ Dalbey's informercials ran tens of thousands of times on broadcast and cable-television stations: "It doesn't get any easier than my three simple steps ... Find 'Em. List 'Em. Make Money!" The TV pitchman from Boulder, was talking about the business of buying and selling private promissory notes, or privately held mortgages. If you believed his spiel, you'd think everyone who owned a note was dying to sell it and everyone who didn't was dying to buy one.
June 20, 2013
Surging Home Sales Raise New Housing Bubble Fears
Home sales and prices continued to climb in May, raising the prospect of a new housing bubble unless there is a significant increase in home building.
May 06, 2013
Subprime Mortgages Are Back
A few lenders are offering loans to borrowers with damaged credit. But, unlike during the boom, they are asking for big down payments and lots of documentation.
February 20, 2013
Zombie foreclosures: Borrowers Hit With Debts That Won't Die
Borrowers are discovering that their foreclosed homes are coming back to haunt them -- long after they have moved out.
February 13, 2013
Billionaire Hughes Chasing Blackstone as U.S. Rental King
B. Wayne Hughes, a sharecropper’s son who became a billionaire pioneering warehouses for Americans needing storage space, is buying thousands of houses to rent as more people find homeownership out of reach.
February 04, 2013
Big Money Betting Big On Housing
Hedge funds and private equity firms have been rushing in to buy up companies and assets in every part of the housing supply chain, including undeveloped land, homebuilders, foreclosed homes, and building parts manufacturers.
January 18, 2013
Debt Ceiling Stop-Gap: GOP Would Pay Some Bills Over Others
With the way forward on the debt ceiling still murky, a Republican proposal to be unveiled next week seeks to protect payments of three groups over everyone else: bond investors, seniors and military troops.
January 09, 2013
Banks To Pay $8.5 Billion In Foreclosure Settlement
The deal, brokered by the Federal Reserve and the Office of the Comptroller of the Currency, includes $3.3 billion in direct payments to borrowers as well as $5.2 billion in other assistance, like loan modifications and forgiveness of deficiency judgments.
December 20, 2012
Mortgage Refinancing Booms With HARP 2.0 Streamlining
Saddled with a mortgage for more than his home was worth, Eric Waugh was resigned to paying a 6% rate on a 30-year refinancing he did in 2008 — until he got a call from his loan broker with an offer he couldn't refuse: a chance to get a much lower rate and slash his monthly carrying costs.
November 06, 2012
Mortgage Relief Coming For Disaster Victims
Relief is coming to homeowners hit hard by Superstorm Sandy, as government agencies and major lenders roll out plans to offer them breaks on mortgage payments and other types of financial assistance.
October 23, 2012
Latest In Mortgage Fraud: Flopping
Why would anyone spread possum urine around a house, turn up the heat and close all the windows for a few days?
October 22, 2012
Renters Get Victimized By Scammers
Housing may have shifted into recovery mode, but scammers and rip-off artists are working overtime to siphon dollars out of the still vulnerable victims of the bust.
October 10, 2012
U.S. sues Wells Fargo for mortgage fraud
The U.S. government sued Wells Fargo over claims that the bank made reckless home mortgage loans for a decade.
The complaint said the "extremely poor quality of Wells Fargo's loans was a function of management's nearly singular focus on increasing the volume of FHA originations -- and the bank's profits -- rather than on the quality of the loans."
September 27, 2012
3 Positive Housing Indicators Offset By 3 Worries
There's been a spate of signs that the U.S. housing market may have finally turned around. But for every piece of good news, there seems to be something bigger holding it back.
September 21, 2012
Find the Best Handyman For the Job
There are plenty of jacks-of-all-trades out there, but is it possible to find one you can really rely on? The answer is yes -- provided you know where to look and what chores to give him.
September 11, 2012
Fannie Mae Survey Finds Americans Feeling Better About Housing
Americans’ attitudes towards the housing market are continuing to improve, despite stalling optimism about the economy and personal finances, according to a monthly survey by Fannie Mae.
July 16, 2012
In the U.S. Housing Market, Recovery or Lost Decade?
Record levels of student debt, 15 years of flat incomes and the fact that nearly half of homeowners are effectively stranded in their houses look likely to weigh on prices into the indefinite future.
June 15, 2012
Taxing the Rich: What's Fair?
How much income does it take to be rich? And assuming you qualify, how much should you be forking over to the government every year?
May 09, 2012
10 Housing Markets Set For Double-Digit Price Gains
Ten hard-hit housing markets will record double-digit price increases through 2013, according to a report Wednesday.
And with mortgage rates low, many house hunters have already started to pounce on bargains, said David Stiff, chief economist at Fiserv, a financial analytics company that prepared the forecast.
April 26, 2012
Why Half Of Us Don't Pay Income Tax
It's a provocative fact about the tax code: Nearly half of U.S. households end up owing no federal income tax.
March 05, 2012
Investors Target Property Tax Deadbeats
Between $7 billion and $10 billion in property taxes go delinquent each year. For many state, county and local governments, the failure to collect on these debts weighs heavily on their already-overburdened budgets. In 29 states, plus the District of Columbia, they turn to investors for help.
February 20, 2012
The other foreclosure settlement: Millions of homeowners eligible
Millions of borrowers who suffered financial losses because their mortgage lenders played fast and loose while processing their foreclosures now have two ways of getting a payback.
They can tap the $26 billion settlement between the state attorneys general and the nation's five biggest banks that was inked two weeks ago. But there is also an earlier settlement that has been nearly forgotten -- and that could lead to an even bigger payoff, in some cases.
February 16, 2012
Mortgage Delinquencies Decline
The mortgage meltdown that began five years ago appears to be reversing course as the percentage of loans that fell into delinquency slowly returned to normal rates and fewer loans fell into foreclosure.
February 09, 2012
What the Foreclosure Settlement Means For You
The nation's five largest banks have finally struck a deal with 49 states to settle charges of abusive and negligent foreclosure practices dating back to 2008. Under a deal announced Thursday, the banks will commit $26 billion to help underwater homeowners and compensate those who lost their homes due to improper foreclosure practices.
January 13, 2012
Fed Says Economy Expanding, Housing Market Still Dead
Housing remains in the gutter, as the latest Case-Shiller Home Price Indices suggest. Prices have barely moved off their crisis lows despite unprecedented support from the Federal Reserve.
December 27, 2011
Home Prices Down For 6th Straight Month
Home prices fell for the sixth straight month in October, down 1.2% compared with September and 3.4% a year ago, according to the latest S&P/Case-Shiller 20-city index.
November 28, 2011
What the Super Committee Failure Could Mean For You
With the failure of the bipartisan “super committee” to reach a budget deal, our country’s fiscal future looks as uncertain as ever. Investors didn’t seem too happy as the Dow dropped 250 points in response. So what are the possible scenarios from here and what could they mean for you?
November 03, 2011
Real Estate Moguls In the Making
These real estate investors are buying up properties as fast as they can, taking advantage of rock-bottom prices (and mortgage rates) with the knowledge that the markets have to recover at some point. While they wait, they're making a pretty nice return on their investments as landlords.
October 14, 2011
Harrisburg Votes To File For Bankruptcy
The city council of Harrisburg, Pennsylvania, voted to file for bankruptcy protection Tuesday night.
But the mayor of the state's capital, as well as the governor and a state senator, quickly called the action illegal. State law prohibits the city from filing for bankruptcy, they said.
September 29, 2011
Protection for Nosedive in Property Values
The U.S. housing market has endured many dark days in the past few years. The first quarter of 2011 saw a precipitous decline in home values. Since then, the number of homeowners reportedly “under water”—owing more on a mortgage than the dwelling is worth—has continued to climb.
September 13, 2011
More Short Sales Bring New Scam: Flopping
In 'flopping,' a home is purchased by insiders at a steep discount, then immediately sold for a big profit.
August 23, 2011
Inventory of distressed homes shrinks
On the list of neighborhood favorites, distressed properties rank right up there with raccoons and potholes. But as low an opinion as homeowners have of those troubled homes, banks certainly don't like them any better.
August 08, 2011
Why Congress and S&P Deserve Each Other
Having Standard & Poor's downgrade the creditworthiness of the U.S., and warn the country about further downgrades, is a little like having the Catholic Church lecture Scout leaders on the proper behavior toward boys.
July 26, 2011
Debt ceiling fight: What a downgrade would mean
Even if lawmakers manage to avoid a self-inflicted calamity by raising the debt ceiling, another economic scourge is lurking just around the corner.
It's not the nastiest of "D" words -- default. Rather, it's "downgrade."
July 15, 2011
Short sale fraud plagues the housing market
In this latest twist on short sale fraud, scammers have found a way to rip off mortgage lenders by tens of thousands of dollars -- sometimes in a matter of hours.
The scam artists, usually real estate agents, will secure a legitimate bid on a home, one where the borrower owes far more on the mortgage than the home is worth. Then they arrange for an accomplice investor to make a lower offer on the home.
July 07, 2011
Rick Harrison Of 'Pawn Stars' Spills Success Secrets
I mentioned this guy in my blog from June 1st, and found what he has to say interesting enough to link this story to our site. I hope you enjoy it.
June 20, 2011
How Miserable Are You?
Like the wind chill factor, the Misery Index takes unpleasant objective conditions and tries to gauge just how bad they make people feel. But the two factors that go into the Misery Index – unemployment and inflation – affect various subgroups within the U.S. population quite differently.
June 10, 2011
U.S. Targets Poor-Performing Mortgage Servicers
The Obama administration turned up the heat on three big banks on Thursday to help fight the housing crisis, withholding payments to them under a foreclosure relief program that has had little impact.
June 01, 2011
Home Clearance Sale Coming From 'Desperate' Sellers
Home prices are already a third off their highs, but this summer could bring the real discounts. Buyers are still cautious, and anxious sellers will have to price aggressively to get them off the fence. That could result in a "summer clearance sale."
May 25, 2011
Winners Of The Rental Economy
Members of the Rent is Too Damn High Party beware! Residential rental prices are on the rise. Here's who wins in the new non-ownership society.
May 19, 2011
10 Housing Markets Already Recovering
Move.com, which runs the Realtor.com website, has identified the 10 top metro areas where it thinks housing markets have started down the road to recovery. Move.com, with a database of homes for sale all over the United States, looked at several factors.
May 09, 2011
Why The Housing Market Is Caught In A Liquidity Trap
For all the attention policymakers placed on the Fed's actions over interest rates, the cost of borrowing is far from the problem. Record-low mortgage rates have done little, if anything, to encourage home purchases or even refinances.
April 25, 2011
Mortgage Denied: Sometimes, For No Good Reason
Getting a mortgage just keeps getting tougher, and many homebuyers are getting rejected for loans they could easily afford.
April 18, 2011
45% Don't Owe U.S. Income Tax
The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done.
But like most statistics, it is often misunderstood -- and, in the case of those trying to stir political outrage, misrepresented.
April 12, 2011
Why The Banks Aren't Lending To Businesses
The Treasury and the Fed have furiously pursued a closed monetary loop that purposely excludes all useful deployment of capital. The budget talks are just more evidence of that.
March 29, 2011
Home Prices Near A Double Dip
January home prices fell for the sixth month in a row, edging closer to a double dip.
The S&P/Case-Shiller home price index covering 20 major markets fell 3.1% year-over-year, hovering near the market's bottom set in April 2009.
March 24, 2011
Florida courts face $72.3 million deficit from foreclosure freeze
Florida desperately needs more foreclosures ... or its court system does, at least. The steep drop in foreclosure filings in recent months has opened a $72.3 million deficit in the Florida court system's budget. The financial situation is so dire that the chief justice has asked Gov. Rick Scott to temporarily transfer $42.5 million to the courts from other funds.
March 16, 2011
Building Permits Fall To All-time Low
The housing market just can't seem to catch a break.
The number of permits issued in February for future housing construction fell to a new all-time low, according to a government report released Wednesday.
March 09, 2011
How Cheap Houses Spell Bad News
Houses look more affordable than ever. But prices will have to fall further before many Americans can actually afford to buy one.
February 28, 2011
Madoff Says His Victims Were 'Greedy'
In his second jailhouse interview, Wall Street scammer Bernard Madoff told a reporter that his victims were "greedy" and the U.S. government is a "Ponzi scheme," though he insisted that he's a "good person."
February 14, 2011
Why You Should Buy That Home Now
The Obama administration's proposals this morning to extricate the government from mortgage lending sounded the death knell for Freddie Mac and Fannie Mae. They weren't good news for homebuyers, either. In the proposals were changes that will mean more expensive mortgages, with higher fees and, probably, higher interest rates, larger down payments and, in the near term, fewer lenders to choose from.
February 07, 2011
U.S. Homeowners in Foreclosure Process Were 507 Days Late Paying
U.S. homeowners in the foreclosure process were an average of 507 days late on payments at the end of last year as lenders handled a record rate of mortgage delinquencies, Lender Processing Services Inc. said today.
January 31, 2011
Fannie and Freddie's Biggest Deadbeats
Banks had paid $21 billion through this past summer to repurchase souring home loans from Fannie Mae and Freddie Mac, the taxpayer-backed mortgage companies, under contracts that oblige lenders or loan servicers to buy back loans that aren't up to snuff.
January 24, 2011
They Did What To That House?! Remodel Horror Stories
You've heard of McMansions, but what about Frankenhouses?
These are homes that have been "renovated" to feature things like pipes running through living rooms, bedrooms strung together like garlic cloves, and fluorescent floors.
January 17, 2011
Real Estate's New Reality: Homes Are Shelters Before Investments
As Americans stop looking at homes as ATMs, new buyers may be better off taking a more traditional approach.
January 03, 2011
Home Price Plunge Is Widespread
Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump.
December 27, 2010
Bull vs. Bear: Will housing rebound?
It's a question many Americans want answered: Will the value of my home rise or fall next year? Smart minds fall in both camps -- here are both sides of the coin on real estate.
December 23, 2010
Squatters Move Into Foreclosed Home
Take five minutes to watch the video at this link. An interesting look at how "squatting", or living illegally in a bank-owned home, is justified by those doing it.
December 13, 2010
Tax Deal Clears First Test In Congress
President Barack Obama's bipartisan tax plan passed its first test in Congress on Monday, as a ratings agency warned its damage to America's strained finances would outweigh any short-term economic boost.
December 07, 2010
Tax Cut Deal and Surprise Stimulus - The Cost
About half of the measures in the announced package might be considered new short-term stimulus, meaning they may add to the deficits for two more years, but could help maintain the economic recovery and help spur economic activity and job creation.
December 02, 2010
Mortgage Tax Break In the Crosshairs
Don't even think of touching the mortgage interest tax deduction in the midst of a fragile housing market.
That was the immediate response of the housing industry, which has come out with guns blazing against the presidential deficit commission's proposal to overhaul the coveted tax provision.
November 24, 2010
New Home Sales: Down 80% From the Boom
Don't look to the new home market for glad economic tidings: Home builders had another dismal sales month in October, falling to just one-fifth of the sales rate during the boom five years ago.
November 15, 2010
California Kicks Off $14 Billion Debt Sale
Cash-strapped California kicked off a $14 billion debt sale Monday, amid weakening demand for municipal bonds as investors fret that ballooning deficits could trigger cities and states to default on their debt payments.
November 08, 2010
Americans' Debt Slashing Nears $1 Trillion
Americans have paid off nearly $1 trillion in debt over the past two years, although the pace of repayment has slowed, according to a regional Federal Reserve report released Monday.
November 01, 2010
Home prices expected to slide another 8%
The housing market still faces many problems: a weak economy, sluggish hiring, tight mortgage underwriting, falling home prices, and slowing sales.
October 25, 2010
Obama Mortgage Mods Slow, Hitting Nearly 500,000
The government's main foreclosure-rescue program continues to show signs of slowing progress, according to a federal report released Monday.
October 20, 2010
Credit Still Tight On Main Street
Small businesses are not getting access to the credit they need, and as a result, they are struggling to generate the jobs needed to lead the nation toward recovery.
October 08, 2010
The Great Mortgage Mystery
The big question from the mortgage meltdown isn't why so many distressed homeowners are defaulting on their loans.
It's why any of them are still making payments.
October 04, 2010
Lose Your House, Then Get Sued
Foreclosure or a short sale may not free you of financial obligations around your home -- a humongous bill could arrive years later. Here's how to protect yourself.
September 27, 2010
Real Incentives Driving Portfolio Managers
The recent financial crisis is partly the result of something economists call the "agency" problem. Put simply, the people you hire to take care of your money -- your agents -- almost always have their own agendas.
September 20, 2010
The Housing Recession Isn't Over
"The economy and housing market may have bottomed out but that doesn't mean things are good. Foreclosures and underwater mortgages are still a big problem because of the absence of meaningful price appreciation."
September 13, 2010
Who’s Benefiting From the Housing Bust? Subsidized Tenants
Overbuilding during the housing boom has left so many homes available that landlords, desperate for renters, are wooing Section 8 recipients. These renters’ government subsidies, delivered electronically, guarantee the landlord gets paid.
September 07, 2010
Obama Pushes $50 Billion In Infrastructure Spending
President Barack Obama, in a bid to create jobs and boost economic growth, called on Congress on Monday to pass a $50 billion plan to renew the country's transportation infrastructure.
August 31, 2010
Housing Quagmire: Is It Time To Remove Relief?
The plethora of programs announced since the housing crisis started have largely been failures, suggesting that any effort to fight foreclosures and boost home sales is going to be a futile one.
August 23, 2010
Five Investing Bubbles
Even after multiple crashes, investors still tend to pile into overheated sectors. Where are the biggest risks today?
August 16, 2010
Strategic Defaults: Why Older Americans Walk Away From Mortgages
Strategic defaults are quite different from defaults and foreclosures that occur when homeowners don’t have sufficient resources to make payments. The decision by homeowners with resources to walk away stems from the steep drop in housing values in some parts of the country — and their judgment that continuing to pay doesn’t make sense.
August 09, 2010
Stocks On the Road To Nowhere
A tour through earnings season shows why the outlook for stocks is not compelling. Case in point: Microsoft's solid earnings and the market's ho-hum reaction.
August 02, 2010
Some People Can't Get Credit? Good!
Credit is a useful financial tool -- when it is extended and used responsibly. But given too freely, credit can wreak havoc on the whole economy. Where's the line?
July 26, 2010
Tax Hikes For the Rich: Can the Economy Afford Them?
That question underlines one of the trickiest fiscal questions facing Washington policymakers: What to do about the 2001 and 2003 Bush tax cuts, which are set to expire at the end of the year.
July 19, 2010
Is There A Statute Of Limitations On Debt?
There are two main time limits: How long debt stays in your credit reports and how long you can be sued for it. If you're struggling, here's what you need to know.
July 12, 2010
Bernanke Says Spurring Credit Key To Rebound
Boosting credit to struggling small businesses is "crucial" to the economy's recovery and poses an important policy challenge, Federal Reserve Chairman Ben Bernanke said on Monday.
July 06, 2010
The Housing Bubble Hangover, Part 2
A booming 'shadow inventory' in the housing market is almost certain to bring another wave of falling prices and another round of Federal Reserve stimulus.
June 28, 2010
Big Banks Face 'Jarring Shake-up' From New Regulations
Financial reforms finalized this week may trigger a "jarring shake-up" of the industry, forcing some of the largest companies to change how and where they do business in a bid to preserve profits, analysts say.
June 23, 2010
Fannie Mae To Penalize Homeowners Who Walk Away
Government-sponsored mortgage purchaser Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for seven years.
June 21, 2010
Troubled Borrowers Get Help Outside Obama Mortgage Plan
More troubled homeowners have fallen out of trial mortgage modifications than have received long-term help, a new government report released Monday shows.
June 14, 2010
America's Next Real Estate Trouble Spots
These metro areas should see major home-price corrections in the next year.
June 07, 2010
Foreclosure Tricks Cost Countrywide $108 Million
Mortgage lender Countrywide Home Loans Inc. agreed to pay $108 million Monday to settle an FTC case that said the company charged homeowners facing foreclosure with inflated service fees.
June 02, 2010
Pending Sales of Existing U.S. Homes Climbed in April
The number of contracts to buy previously owned homes climbed in April as Americans took advantage of the last month of a tax credit.
May 24, 2010
Will the Reform Bill Prevent the Next Crisis?
On Sept. 15, 2008, America woke up to its worst financial meltdown in generations.
Nearly two years and thousands of pages of legislation later, it is still unclear whether the government has found a way to prevent a similar collapse from happening again.
May 17, 2010
60 Years Old and No Retirement Savings
Question: I'm one of those Americans who are just not financially prepared for retirement. I'm 60, but have very little saved because my money went into my own businesses, all of which eventually failed. Short of winning the lottery, I don't know what to do to be able to retire. Any suggestions?
May 10, 2010
Fannie Asks For Another $8.4 Billion
Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that it expects its losses to continue because of trends in the housing and financial markets.
May 03, 2010
Should You Buy A Home That's Been Vacant?
A for-sale house that's been vacant may look like a bargain, but buyers should be cautious, because expensive problems often lurk inside homes that have been unoccupied for some time.
April 26, 2010
1 In 4 Mortgage Defaults May Be 'Strategic'
Walk-away homeowners are reshaping the housing market -- and the entire economy is changing along with it.
April 19, 2010
Wall Street In Subprime Trouble Again
Just when Wall Street thought it had put its subprime troubles behind it... The Securities and Exchange Commission's fraud suit against Goldman Sachs is likely just the first of many subprime-related charges the agency will bring against Wall Street firms, experts said.
April 12, 2010
Foreclosed? Here comes the tax man.
Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because you sold it for less than it was worth? If so, you could be facing a big tax hit.
April 05, 2010
Wall St Rises On Bets the Economy Getting Stronger
On the first trading day after government data showed the economy added the largest number of jobs in three years, separate reports showed services -- the U.S. economy's largest segment -- grew above expectations in March and pending homes sales accelerated more than anticipated in February
March 22, 2010
Financial Reform Is Expected To Clear Banking Panel Soon
The Senate Banking Committee will begin mark up of sweeping financial reform legislation Monday evening and is expected to approve the bill for full Senate consideration in the next day or two, according to sources.
March 15, 2010
Health Care 101: A Consumer Primer On Obama's Bill
It took lawmakers a year to shape President Barack Obama's health care bill. If it finally passes Congress, it'll take the better part of a decade to write the user manual for consumers and doctors, employers and insurance companies.
March 08, 2010
Tax Credit Not Luring Current Homeowners
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market's recovery. So far, people are staying put.
March 01, 2010
America's Hidden Debt Bombs
America's total debt load is on pace to top $13 trillion this year, and $22 trillion by 2020 -- and that's just the debt we're counting. What's not being counted: potential debt bombs that don't get factored into most budget analysis.
February 22, 2010
Is the Mortgage Market Starting To Heal?
The mortgage market may have begun to turn: Fewer borrowers fell behind on their payments during the last three months of 2009.
February 15, 2010
Bayh Won't Seek Senate Re-election
Sen. Evan Bayh, D-Indiana, said Monday afternoon that he won't seek a third term in the Senate -- a major blow to Democrats worried about losses in the midterm elections.
"Congress is not operating as it should," Bayh said at a news conference in Indianapolis, adding there's too much partisanship and "the people's business is not getting done."
February 09, 2010
Protect Yourself From A Double-dip Recession
We're in our late 60s, retired and have a comfortable amount of money in retirement accounts, mostly mutual funds. My husband wants to liquidate most of our holdings and put the proceeds in money market funds, laddered CDs, maybe an annuity, as he fears the political situation will lead to another recession. Is he right?
February 01, 2010
Winners and Losers In Obama's New Budget
Follow the funding proposals, which must be backed by the U.S. Congress, and a few key points become clear: jobs and education are in; banks and journeys to the moon are out. Here is a look at some of the winners and losers in the budget for the year starting October 1, based on initial details released by the White House.
January 25, 2010
Existing Home Sales Decline More Than Forecast
Sales of existing U.S. homes plunged more than anticipated in December, showing the dependence of the housing market on a government tax credit.
January 19, 2010
New York Budget Plan A Sign of Things To Come For the States
New York's governor unveiled a painful budget plan Tuesday that slashes services, raises fees and implements some creative actions to close a yawning $7.4 billion fiscal gap. "There are no more easy answers. We cannot keep spending money that we do not have," Paterson said in a written statement.
January 11, 2010
Watchdog Warns IRS Is Overburdened
An expanding slate of duties is stretching the Internal Revenue Service too thin, leading to poor customer service and undermining its ability to collect taxes owed, a government watchdog warned.
January 05, 2010
Pending Home Sales Slump, Factory Orders Up
The National Association of Realtors said on Tuesday its Pending Home Sales Index, based on contracts signed in November, dropped 16 percent from October to 96.0 after rising for nine straight months.
A separate report from the U.S. Commerce Department showed new orders at U.S. factories rose 1.1 percent in November, notching their third straight increase and beating market expectations for a 0.5 percent gain.
December 30, 2009
Bad News For Housing: Prices Flattening
The S&P/Case Shiller Home Price index, covering 20 of the largest metropolitan areas in the nation, was unchanged in October, after four consecutive months of gains. The index is down 7.3% from 12 months earlier.
December 21, 2009
Ready ... Set ... Convert To A Roth
You've probably heard that the restriction barring those earning more than $100,000 from converting a traditional IRA to a Roth will soon be history. This means that as of January, anyone with an IRA can create tax-free income in retirement.
December 14, 2009
How 'Cash for Caulkers' might work
If it's like New York's energy-efficiency plan, homeowners would hire a contractor to do a home audit and perform the work. Soon after, voila, a reimbursement check arrives.
December 07, 2009
Mortgage Lenders Still Aren't Lending
Just 3.6% of lenders reported they had they had eased their mortgage qualifying standards “somewhat” over the past three months. But that was more than wiped out by the 25% who said they had tightened their standards.
November 30, 2009
10 Holiday Money Mistakes
Deals are everywhere. But even with such abundance of bargains -- or perhaps because of it -- it's easy to go overboard or make other spending mistakes. Avoid these 10 missteps to stretch your holiday dollars further this year.
November 23, 2009
CNNMoney.com's bailout tracker
The government is engaged in a far-reaching - and expensive - effort to rescue the economy. Here's how you can keep tabs on the bailouts.
November 16, 2009
Are distressed homes worth it?
Short sales and foreclosures can seem like great bargains, but hassles and hidden costs may make these unconventional purchases more trouble than they’re worth.
November 09, 2009
Good news: Fewer underwater mortgages
Fewer people are underwater on their mortgages -- further evidence that the real estate free-fall may be slowing.
November 02, 2009
$8,000 home credit still in play
Negotiations about whether and how to extend and expand the tax credit for homebuyers are moving quickly. Here are the latest developments.
October 26, 2009
Washington Wrangles Over Home Buyer Tax Credit
With the November 30 expiration of the First-Time Home Buyer Tax Credit fast approaching, the wrangling in Washington over whether to extend the program is getting mighty interesting.
October 19, 2009
Is this a $6,900 home bargain?
Detroit's four-figure home prices are unusual, but investors around the country think foreclosed houses are too cheap to pass up. How to tell a great deal from a money pit.
October 12, 2009
Foreclosures Grow in Housing Market's Top Tiers
New data suggest that foreclosures are rising in more expensive housing markets. Rising foreclosures among more-expensive homes could create added pressure for a housing market that has shown signs of stabilizing in recent months as sales of lower-priced homes pick up.
October 05, 2009
Housing Bust Forces Some To Become Reluctant Landlords
Whether they can't sell or are waiting for the market to rebound before they try, more people are collecting rent to help pay the mortgage. It's a less-than-ideal situation for most of them.
September 28, 2009
U.S. consumers say spending habits changed for good
A majority of U.S. consumers say they have permanently changed their spending and savings habits in response to the global financial markets crash and recession, according to a Citigroup survey released on Friday.
September 21, 2009
U.S. mortgage delinquencies set record
High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.
September 17, 2009
When the CEO heads back to the mail room
Small businesses have shed an estimated 1.6 million jobs this year. That leaves the remaining staffers to pick up the workload left behind -- and even bosses are pitching in.
September 08, 2009
When Wall Street Nearly Collapsed
Would panic prevail? That was the question gripping the world in the days surrounding the fall of Lehman Brothers on Sept. 15, 2008. One year after that terrifying Monday, the people who struggled to cope with the financial crisis share what they were thinking as chaos broke out.
September 01, 2009
Property taxes: How to beat 'em
You know that your home's value has tanked. So why doesn't the blasted tax man?
August 24, 2009
Obama agenda: Taxes, not just health care
"As soon as they can clear health care off the plate, it will be taxes, taxes, taxes," said Anne Mathias, director of research at Concept Capital's Washington Research Group.
August 17, 2009
No cash for medical bills? Bartering pays
An innovative program allows cash-strapped patients to swap skills and services to reduce what they owe.
August 10, 2009
Health care's big money wasters
Down the drain: $1.2 trillion. That's half of the $2.2 trillion the United States spends on health care each year, according to the most recent data from accounting firm PricewaterhouseCoopers' Health Research Institute.
August 03, 2009
America's Abandoned Cities
"There really are two reasons why you'd have vacancies: supply-related and demand-related. A number of these places have experienced substantial overbuilding, which would lead you to have supply issues. Others, with troubled local economies, are more demand-related."
July 27, 2009
State budgets walloped again
The bad news about state budgets just keeps getting worse. Only three weeks into the new fiscal year, gaps are already opening up. And the shortfalls are only expected to grow.
July 20, 2009
U.S. housing inventory data points to stabilization
The U.S. housing market is showing signs of stabilization, according to inventory data released on Monday by national real estate brokerage ZipRealty.
July 13, 2009
Here comes the recovery. Honest.
Many economists say weak June jobs and retail sales aren't reason to give up on hopes for a solid bounce back later this year.
July 07, 2009
Don't pay a price for your life crisis
Rough patches happen to everyone. Just make sure your finances don't get tripped up, too.
June 29, 2009
Housing in Peril as Obama Fails to Get Breakthrough
Four months after President Barack Obama pledged $275 billion to shore up home sales, the engine that powered every U.S. recovery since 1960 is stalled.
June 22, 2009
Obama Says Proposed Agency Will Protect Financial Consumers
President Barack Obama said a new agency he proposed this week as part of an overhaul of U.S. financial regulations will protect consumers from deceptive lending practices.
June 16, 2009
Rent-to-own your home: Pro and con
It's tough for buyers to find financing and hard for sellers to find buyers. A solution that can work well for both is renting with an option to buy.
June 08, 2009
The Economy: Why it feels even worse
As you've heard us and others report, the U.S. economy, more so than other worldwide economies, is dependent on spending decisions made by consumers. Consumer behavior drives spending habits, spending habits drive corporate profitability, and corporate profitability drives the stock market.
June 01, 2009
It's time to unspoil your kids
You gave them everything. Now you wish you hadn't? Well, it's not too late to teach them the value of money.
May 26, 2009
Homes: Almost 20% cheaper
The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.
The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.
May 18, 2009
Financial literacy through video games
A software entrepreneur's startup aims to make personal finance an educational cornerstone for America's teens.
May 11, 2009
White House forecasts higher U.S. budget deficit
The White House on Monday pushed up its forecast for the U.S. budget deficit for this year by $89 billion, reflecting the recession, a raft of new unemployment claims and corporate bailouts.
May 04, 2009
No bankruptcy help for homeowners
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
April 27, 2009
Home Vacancies Rise in U.S. to Record Amid Recession
A record 19.1 million homes stood unoccupied in the first quarter and the U.S. homeownership rate fell as the recession sapped demand for real estate.
April 21, 2009
Worst-case scenario survival guide
So is this just a really, really bad year? Or the end of capitalism as we know it? These days it's all too easy to imagine almost anything happening to the economy. And to you.
April 13, 2009
How the crisis happened
For many people, the most shocking aspect of the financial crisis is that something of this scale could happen at all. Wasn't it just a couple of years ago that the rise of globalization - and the growing sophistication of financial markets - offered the promise of perpetually low inflation, cheap money, and fat returns?
April 06, 2009
Five things to know about cash
Finding a safe place for your money sounds easy enough. But you can do better by picking the right cash accounts for your goals.
April 02, 2009
Consumer loan delinquencies hit record high
More U.S. consumers have fallen behind on loan payments than ever before, and the problem may worsen as millions more find themselves out of a job, a study released Thursday shows.
March 23, 2009
Mortgage rates are low. So are approval rates
Even with more credit-worthy applicants seeking loans, banks are reluctant to give them the money, despite near record low mortgage rates.
March 16, 2009
Obama: I'll try to stop AIG bonuses
President Barack Obama said on Monday that he wants to block the $165 million in bonuses paid to senior executives of American International Group.
March 09, 2009
House OKs bill to modify mortgages
Bankruptcy judges could cut the mortgage debt of homeowners in bankruptcy court as a last resort to avert foreclosure, under a bill approved by a 234-191 vote Thursday in the U.S. House of Representatives.
March 02, 2009
4 ways stimulus helps homeowners, buyers
A refundable first-time homebuyer tax credit of up to $8,000 is the centerpiece of four housing incentives found in the 2009 American Recovery and Reinvestment Act.
February 26, 2009
America's top 5 best – and worst – housing markets
In a moribund housing market, success means bleeding less than others. The latest S&P/Case-Shiller 20-city home price index shows a record 18.5% drop from the previous year. Is your city in the pits or relatively stable?
February 23, 2009
Who won't be helped by housing fix
Don't have a job? Struggling to keep up with payments on a home worth less than half the mortgage? Owe way more than your home's value, but can still afford the payments? Sorry, but you likely aren't among the 9 million people who may get help under President Obama's $75 billion foreclosure prevention program.
February 16, 2009
Home prices in record plunge
The National Association of Realtors reports that home prices dropped a record 12.4% in the final quarter of 2008 - the biggest decline in 30 years.
February 09, 2009
401(k): Cut losses or stay the course?
Coming up with a retirement plan involves many factors -- but don't let recent market performance affect your long-term strategy.
February 03, 2009
Foreclosures dominate home sales
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.
January 26, 2009
The economy's on strike - but for how long?
The government will soon report just how bad the economy was at the end of 2008. And there's a growing fear that the first quarter won't be much better.
January 19, 2009
Buffett Says the U.S. Is in Midst of an ‘Economic Pearl Harbor’
The U.S. is facing an “economic Pearl Harbor” that has spread fear throughout the country, billionaire investor Warren Buffett told Tom Brokaw in an interview broadcast yesterday on Dateline NBC.
January 12, 2009
U.S. Housing Market Still Offers Hidden Value
People still want to live in safe, stable neighborhoods where services abound, schools are decent and they are surrounded by educated, caring neighbors. To many people, that’s an intangible and worthwhile investment.
January 07, 2009
9 Tips for Selling in 2009
What can you do to speed the sale of your home in a down market? We asked more than two dozen real estate agents and home builders for their best tips.
January 05, 2009
The Unfortunate Reality Of Housing Subsidies
Subsidies and taxes, for good or bad, are usually implemented to achieve an outcome presently not revealing itself due to natural market forces. But when it comes to housing, history shows any governmental efforts meant to achieve greater ownership were superfluous at best.
December 29, 2008
21 Dumbest Moments in Business 2008
We don't know whether to laugh or cry. Our annual list of the year's most laughable moves proves that, even in moments of crisis, stupidity lives on.
December 22, 2008
Mortgage woes causing some to walk away
You know the financial outlook is glum when the mortgage brokers who arrange loans have quit paying their own debts.
December 15, 2008
How to fix the housing mess
The government has been trying to stabilize the housing market for over a year with no luck. Here are three fresh ideas from the private sector that just might work.
December 08, 2008
Home sellers suffer amid wave of foreclosures
Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.
December 01, 2008
It's official: Recession since Dec. '07
The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
November 24, 2008
Home Sales Fall, Record Drop in Prices
Home resales in the U.S. dropped in October and prices fell by the most on record, signaling a deepening housing recession going into 2009.
November 10, 2008
Homeowner denial: My home is gaining value
If you read nothing else about the housing market for the next six months, read this article. It encapsulates everything yours truly has been blogging about for the past year.
November 09, 2008
Forecast 2009: Your home
Forget the old saw that all real estate is local. What's pummeling housing prices in your neighborhood is the same thing that's hurting them around the country: the credit crisis.
November 05, 2008
Your $3 trillion bailout
Congratulations Mr. President-elect. Now get to work. It's a little more than 10 weeks until Jan. 20, and there's an economy in dire need of fixing.
November 03, 2008
Don't Blame Mark-to-Market Accounting
Mark-to-market is a business rarity -- an accounting term that draws reactions from people who don't know spreadsheets from bedsheets. Mark-to-market, which we'll call MTM, evokes images of Enron's made-up profits and the other corporate scandals that marred the first years of this decade. Not pretty.
October 31, 2008
7.5 million homeowners 'underwater'
Nearly a fifth of U.S. borrowers owe more on their mortgages than their homes are currently worth - and that number is growing.
October 27, 2008
Personal bankruptcies on the rise
In the midst of the financial crisis, more and more Americans are filing for bankruptcy. And experts say the numbers are likely to get worse.
October 22, 2008
Credit-Rating Companies `Sold Soul,' Employees Said
Employees at Moody's Investors Service told executives that issuing dubious creditworthy ratings to mortgage-backed securities made it appear they were incompetent or ``sold our soul to the devil for revenue.''
October 21, 2008
Boomers: 3 ways the crisis whacks your retirement
It can take years for nest eggs to recover from heavy investment losses. But time is something baby boomers -- the oldest of whom turned 62 this year -- just don't have enough of.
October 13, 2008
A rising tide of ‘underwater’ homeowners
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults, the very misfortune that touched off the credit crisis last year.
October 08, 2008
Who's getting slammed by credit mess?
Rather than being contained by the emergency government action taken to date, the credit crisis has gone viral. Here's how it is affecting us all.
September 29, 2008
Don't yank all your money out
Investors who look at a brokerage or 401(k) account balance these days may well want to yank every last cent out of the markets. Unless they need that money soon, they ought to stifle that urge.
September 22, 2008
Impact of Wall Street bailout becoming clearer
Though the devil's in the details of the emerging government response to the collapse on Wall Street, a clearer picture is beginning to emerge. Here are answers to some common questions about what it means for homeowners, consumers and taxpayers.
September 15, 2008
Memo On The Meltdown
At the heart of today's economic crisis is the continued rapid decline in home prices at the national level. For not only do falling home prices erode the main source of the average American's wealth and financial security, they also compromise the solvency of our banking system.
September 08, 2008
Record 1.2 million homes hit by foreclosure
Loans in foreclosure have doubled over the past year, while delinquency rates continue to soar.
September 02, 2008
Homebuyers turn screws on desperate sellers
It's a buyer's market, and many are trying to take full advantage of it by demanding major home repairs, warranties on home appliances, and even tax rebates.
August 25, 2008
Economists: Inflation threat growing
Survey of top economists finds inflation concerns closing fast on credit market woes as top threat to economy.
August 18, 2008
25% of home sales result in loss
Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover.
August 11, 2008
How to buy a foreclosed home
Sure, there are bargains to be had, but there are also plenty of pitfalls awaiting anyone brave enough to wade into real estate's maelstrom. Here's what to consider.
August 04, 2008
Cracking down on mortgage scammers
The Justice Department is going after real estate fraud. The 400-plus people charged nationwide racked up $1 billion in losses. Here's what they are finding.
July 28, 2008
2.2 million vacant homes for sale
"They are still not showing a downward trend," said Christian Menegatti, U.S. lead analyst at RGEMonitor.com, an economic research and consulting group. "That's the bad news. The numbers are telling us that prices have to fall more."
July 22, 2008
Police fight a rash of vacant home burglaries
They took the stove, the refrigerator, the cabinets, everything, including the kitchen sink!
July 21, 2008
Most banks are safe ... so is the FDIC
The IndyMac failure will take a chunk out of the fund the FDIC has to insure deposits. But bank experts aren't worried about it running out of money.
July 16, 2008
New 20% Down Payment Makes Savers From U.S. Spenders
With mortgage lenders requiring down payments of 20 percent, the average household, which puts away less than 1 percent of after- tax pay, will have to save 10 percent for 10 years to buy a home.
July 14, 2008
Mortgages: More expensive, more scarce
As rumors of big mortgage companies' collapse swirl, many Americans are unable to find affordable home loans.
July 07, 2008
Real Estate: Your Local Forecast
How is your local real estate market doing? Find out by clicking the link to find current data on 381 markets nationwide.
June 30, 2008
On The Path To A Housing Rebound
The news that housing starts have fallen to their lowest level in 17 years sounds like one more reason to be depressed about the shrinking value of your home. In fact, it's an almost certain sign that the path to a housing recovery is finally in sight.
June 23, 2008
State, city layoffs: 45,000 and counting
A squeeze on tax revenues could force local leaders to cut tens of thousands of more jobs. That could add to the nation's economic woes.
June 16, 2008
One way to handle gas prices: Move
More people are looking to live closer to work and shopping, and find relocating saves them hundreds of dollars a month in gas.
June 09, 2008
Wealth Evaporates as Gas Prices Clobber McMansions
Sky-high gasoline prices aren't just raising the cost of Eugene Marino's 120-mile round-trip to his job in the Washington, D.C. area. They're reducing his wealth, too.
June 02, 2008
Foreclosure Bus Tour, Sign of Housing Bust, Hits New York Area
The white bus with the magnetic sign saying ``Long Island Foreclosure Tours'' pulled up to a small home in East Meadow, Long Island, and spilled out its cargo: a dozen homebuyers looking to save $100,000 or more.
May 27, 2008
Housing Feeling Gravity's Pull
During the first quarter of 2008, inflated U.S. home prices got hit by the law of gravity. We're talking the largest year-over-year plunge in twenty years, and the sobering reality is that experts are saying the market isn't yet near bottom.
May 19, 2008
The next building bust
Demand for new homes collapsed last year. Next up could be a similar drop in the rest of the construction market -- and that could be the latest drag on an already sputtering U.S. economy.
May 12, 2008
5 new rules for home sellers
Whether you're buying or selling, the real estate game has changed. To win, you've got to learn a new playbook.
May 05, 2008
Cash-out refinancing loans shrink sharply
"Lenders are only refinancing those with 50% equity or more."
April 25, 2008
Home for sale by any means
Are you really serious about selling your home in this market? Then be prepared to try anything - and everything.
April 21, 2008
Getting a home loan just got harder
Not only are lenders (slowly) concluding it was risky to have borrowers overloaded with debt, they are also seeing, in the recent tide of foreclosures, evidence that when homeowners have none of their own money tied up in a house, it's emotionally and financially easy for them to walk away. They "were homeowners, but they really weren't homeowners..."
April 14, 2008
Majority not buying homes, poll shows
A growing majority say they won't buy a home anytime soon, the latest sign of increasing pessimism about the nation's housing crisis, a poll showed Monday.
April 07, 2008
Today's market is a real fixer-upper
"I think we are a ways from the bottom -- and a long way from any indicators that would even hint at an upturn,"
April 07, 2008
"I think we are a ways from the bottom -- and a long way from any indicators that would even hint at an upturn."
April 01, 2008
Homeowners Trash Their Homes Before Handing Over the Keys
These days, bankers and mortgage companies often find that by the time they get the keys back, embittered homeowners have stripped out appliances, punched holes in walls, dumped paint on carpets and, as a parting gift, locked their pets inside to wreak further havoc.
March 24, 2008
How bad is the mortgage crisis going to get?
What started in subprime is likely to continue cascading into the markets and keep the economy down until 2010, economist Paul Krugman forecasts. Bottom line for homeowners: An average drop of 25%.
March 18, 2008
How subprime killed Bear Stearns
A problem with risky mortgages has led to a global financial crisis. The bigger issue: Experts don't know when it will end.
March 11, 2008
Hedge funds complain about lenders getting stingy
"Some of the street's biggest lenders started to pull in their credit lines very quickly. It has been a selective but noticeable process and that is because the banks themselves are in trouble."
March 04, 2008
Bernanke: More mortgage, home woes ahead
Mortgage delinquencies and foreclosures will continue to rise for a while longer and further declines in house prices are likely, Federal Reserve Chairman Ben Bernanke said Tuesday.
February 26, 2008
Home price plunge accelerates
2007 year-end results are in and the news is bad: Major housing markets were down even more than anticipated.
February 25, 2008
Mortgage crisis: Don't forgive debt, just postpone repayment
The Office of Thrift Supervision (OTS) is urging the federal savings and loans lenders under its authority to refinance loans by reducing mortgage balances to the current market values of the homes. Thanks to falling home prices, many homeowners are now stuck with mortgages that are actually worth more than the houses themselves.
February 18, 2008
Unthinkable housing solutions now thinkable
Plans for sweeping government bailouts and wholesale rewriting of mortgage terms that were unthinkable at the start of the U.S. housing crisis are gaining traction as other efforts to stabilize the market fall short.
February 13, 2008
Americans Selling Homes See Prices Go Below Mortgage
When Mary Kamanu paid $409,000 for a house in Folsom, California, she never imagined that three years later it would be worth about 20 percent less and she would have to pay the bank more than $80,000 just to sell the place.
February 11, 2008
Survival strategies: Recession-proof your life
The economy and the markets may be in for a hard fall. Here's how you and your family can land safely.
February 06, 2008
Troubled homeowners: Can't pay? Just walk away
More and more borrowers are watching their house values sink while the cost of their loans skyrockets. What to do? Skip out on the mortgage all together.
February 03, 2008
Why home prices could drop 25% more on average before the market finally hits bottom
January 30, 2008
Broke homeowners linked to arsons
Authorities in economically stressed cities see an increase in torched houses. Is the nation's mortgage mess transforming more Americans into criminals?
January 28, 2008
Foreclosures spike - and will get much worse
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.
January 24, 2008
Homes see first price drop on record
Prices of homes sold in December registered the biggest year-over-year decline on record, according to an industry trade group, and 2007 is the first year on record that has seen a drop. A report issued Thursday showed the problems in the housing market have not yet bottomed out.
January 23, 2008
Housing prices to free fall in 2008
The worst housing financial crisis in decades is only going to get worse, a Merrill Lynch report said Wednesday. The investment bank forecasted a 15 percent drop in housing prices in 2008 and a further 10 percent drop in 2009, with even more depreciation likely in 2010.
January 21, 2008
Global markets plunge on U.S. recession fears
Stocks fell sharply worldwide on Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
January 18, 2008
Americans: Recession near - or already here
More than three out of four Americans believe that a recession has already started or will hit in '08. Half have cut their spending, which could make a slowdown worse.
January 16, 2008
10 bad habits that lead to debt disaster
Sometimes the only way to stop a snowballing problem is to go back to the top of the hill and find out what started it.
January 14, 2008
Housing: No room for bulls
Even a few months ago, it seemed like a good idea to hold a debate between real estate bulls and bears. But with home sales spiraling and the outlook getting gloomier, it was hard to find a single optimist at a recent panel discussion on the forecast for the housing market.
January 10, 2008
Lennar's New Homes Fetch 60% Less as U.S. Market Slump Deepens
Lennar Corp.'s November sale of 11,000 properties in eight states set a price that may mark the bottom for the U.S. housing market: 40 cents on the dollar.
January 08, 2008
Home sales sink, outlook darkens
Contracts to sell existing homes fell in November and there could be darker days ahead for home values, which are expected to post their biggest decline on record this quarter as a full-year rebound in prices now isn't expected until 2009.
January 07, 2008
No Easy Answer to Mortgage Woes
The Bush administration is working to combat the country's severe housing crisis but there is no simple solution, Treasury Secretary Henry Paulson said Monday, adding that a correction in the housing market is "inevitable and necessary."
January 04, 2008
Consumer Bankruptcy Filings Rose 40% in '07
Consumer bankruptcy filings rose 40% in 2007 as housing-market turmoil and increasing consumer debt levels led more people to seek protection from creditors.
January 03, 2008
Consumers late payers on most loans since recession
Americans are falling further behind on consumer loans, with late payments rising to the highest level since the nation's last recession in 2001.
January 02, 2008
2008 outlook: Fasten your seatbelts
Market strategists expect a volatile year for stocks and that the housing market will swoon. Sound familiar?
December 18, 2007
Midwest Leads Nation in Home Loan Losses
Michigan and Ohio share something with Florida and California - some of the nation's highest rates of foreclosed homes and delinquent mortgages. But the reasons for their woes are as different as their climates.
December 14, 2007
1 of 3 retiring workers to have no nest egg
More than 1 of every 3 workers at retirement age in the 2050s will have nothing saved in a 401(k)-style account, according to a government study.
December 13, 2007
Riding out a market freakout
Instead of panicking and dumping stock funds in a downturn, be cool and rethink your strategy.
December 10, 2007
Home sales gain but trouble looms
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.
December 04, 2007
What causes foreclosures?
Your gut instinct may tell you it is not being able to make the mortgage payments. Even though we have been inundated with media coverage about this, the truth is: The main driver of foreclosures is the change in real estate prices.
November 30, 2007
Home Prices Decline in 17 U.S. States
According to new home price data released yesterday, homeowners in at least 17 states lost money in the housing market over the last 12 months as home prices declined. California had a double-digit decrease; Florida and Nevada were not far behind.
November 27, 2007
Consumer Confidence Drops More Than Predicted
Consumer confidence fell more than forecast in November as Americans struggled with surging fuel costs and falling home prices.
November 20, 2007
Track real estate trends in your area
This useful tool provides the forecasted price changes in real estate for 379 markets nationwide. Check it out.
November 07, 2007
Real estate: Buy, sell, or hold?
(Fortune Magazine) That's the question homeowners are asking in the midst of the worst real estate slump in decades. Our exclusive calculations can help you figure out what your house will be worth in coming years.
October 18, 2007
Delinquency risk rising
As housing markets deteriorated over the summer, and a liquidity squeeze buffeted credit markets, delinquencies and defaults jumped. And now one forecast predicts that these numbers will climb even higher over the next six months.
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