housing market

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Exurbs, Once Meccas for Homeowners, Now for Rent

Economy trumps plans for thriving communities

(Newser) - Not long ago, the exurbs were were among the fastest-growing parts of the country, drawing people seeking to own affordable homes on sizable pieces of property. But after waves of foreclosures and soaring unemployment, more and more people are turning to renting. Renting keeps landlords afloat, but it also drives...

Home Prices Took Record 19% Dive in January

(Newser) - US home prices sank by 19% in January, the sharpest annual rate on record, and the pace continues to accelerate, the AP reports, but there were a handful of battered metro areas where price declines slowed, according to data released today. The tumble taken by the Standard & Poor's/Case-Shiller index...

'Tentative' Signs Point to Healing US Economy

But changes on paper may take time to hit pockets

(Newser) - Next month, the US recession is set to become the longest since the Great Depression, but the Wall Street Journal, in the first up-beat prediction in months, musters “tentative” signs that things could be turning around. Consumer spending and sentiment rose in February, the housing market is looking more...

New-Home Sales See Surprise Bounce

But prices decline

(Newser) - New-home sales took a surprise upward turn in February, the Commerce Department announced today—the first time sales have increased in seven months. But prices continued to tumble. Single-family home sales were up 4.7%, besting analyst expectations of a 2.9% decline. That still left them down 41.1%...

Existing Home Sales Jump 5.1%
 Existing Home Sales Jump 5.1% 
Mar 23, 2009 10:00 AM CDT

Existing Home Sales Jump 5.1%

(Newser) - Previously owned home sales took a 5.1% leap in February, to an annual rate of 4.72 million, Bloomberg reports, as a median price down 15.5% year-over-year brought out the bargain hunters. That blindsided analysts, who had expected sales to fall to a 4.45 million annual rate....

Plummeting Mortgage Rates Near Record Low

Rate for 30-year mortgage again below 5%

(Newser) - Interest rates for fixed-rate mortgages decreased this week, with the rate for a 30-year mortgage falling 0.05% to an average 4.98%, near January’s record low of 4.96%, MarketWatch reports. Thirty- and 15-year mortgage rates are down nearly a full percentage point from a year ago. The...

Fannie Mae's Task: Sell 65K Homes in Buyer's Market

Unloading homes quickly while maintaining value, Fannie walks tightrope

(Newser) - It’s no secret that for US homeowners, it’s not a seller’s market. But imagine having 65,000 properties to sell. That’s the task ahead of Fannie Mae, NPR reports, as its volume of repossessed homes grows by the day. The guarantor of a third of all...

AIG's Bailout Cash Flowing to Hedge Funds

$52B has paid off those who bet against the housing market

(Newser) - The government cash flowing steadily into AIG is going in no small part to pay off hedge funds that bet against the housing market, the Wall Street Journal reports. The hedge funds placed credit default swap bets with other banks—Deutsche Bank and Goldman Sachs are specifically named in documents...

Scammers Set Sights on Desperate Homeowners

Calif. AG: Be 'deeply skeptical' of offers to help refinance

(Newser) - A record 5.4 million homeowners across the country are behind on their mortgages, and scam artists are looking to cash in, the San Francisco Chronicle reports. Ads offering help lowering mortgage payments are everywhere. But these "loan negotiators" usually provide services that homeowners can handle on their own,...

18% of US Wealth Up in Smoke Last Year

Fed figures show $11 trillion was wiped out Americans' net worth last year

(Newser) - Last year's stock market and housing slumps wiped out nearly a fifth of the wealth of American families, the Wall Street Journal reports. The Federal Reserve announced yesterday that  $11 trillion—more than the output of Britain, Germany and combined—was erased from the net worth of households in 2008,...

Foreclosures Undercut Builders
 Foreclosures Undercut Builders 
Mar 11, 2009 11:00 AM CDT

Foreclosures Undercut Builders

(Newser) - Foreclosures and other vacant homes make this a tough time to be a builder, the Wall Street Journal reports. Consider Pulte Homes, which is selling a new, four-bedroom home in Las Vegas for $214,990—while a short sale nearby offers a similar Pulte-built home for $149,999. “We...

Housing Rebound Unlikely in '09
 Housing Rebound 
 Unlikely in '09 
Analysis
Mar 7, 2009 10:27 AM CST

Housing Rebound Unlikely in '09

(Newser) - If you’ve been waiting for a housing recovery, keep waiting. This March-June, the season when most homes are typically bought and sold, promises to be the worst since the bubble burst in 2006, the New York Times reports. Some 19 million homes—nearly one of every seven nationwide—are...

Obama Housing Rescue Plan Leaves Many Out in Cold

Criteria keep many who need help from refinancing under the plan

(Newser) - A large swath of Americans will see no help under the Obama administration’s housing rescue plan, the New York Times reports. While designed to prevent 3 million to 4 million foreclosures through loan modifications, the plan doesn't cover those whose loans aren’t backed by Fannie Mae or Freddie...

Economy Worsens, No Relief 'til Late '09: Beige Book

Fed sees no turnaround until late '09, early '10

(Newser) - The Fed predicted more pain for the US economy in today's “Beige Book” report, with a turnaround not expected until late 2009 or early 2010, the Wall Street Journal reports. “National economic conditions deteriorated further,” across January and February, the Fed said. In a distressing turn, the...

Gap Narrows Between Mortgage Payments, Rents

Housing slump prompts shift

(Newser) - During the housing boom, mortgage payments held steady, consistently topping rent levels; now, with the market cratering, they’re returning to historical levels, the Wall Street Journal reports. After-tax mortgage payments averaged about 26% more than rent over the past 18 years; during the boom that figure surged to 66%....

Home Prices Post Record 4th-Quarter Decline

Dropped 18.2% during quarter compared to year ago

(Newser) - Home prices tumbled by the sharpest year-over-year rate on record in the fourth quarter and in December, a widely-watched index shows. The S&P/Case-Shiller US home price index plunged 18.2% from the fourth quarter a year ago, the largest drop in its 21-year history. Prices are now at the...

Reporter's Rant Provokes White House Ire

(Newser) - The White House struck back at a CNBC reporter today for loudly dissing President Obama's housing proposal on the floor of the Chicago Board of Trade, the Wall Street Journal reports. Rick Santelli’s 5-minute tirade, an Internet hit and apparent paean to conservatives, received a cool welcome from Press...

Obama Unveils 3-Part, $275B Mortgage Plan

(Newser) - Barack Obama announced in Mesa, Ariz., today a three-pronged plan to revamp the mortgage market, the Wall Street Journal reports. The plan offers opportunities for 9  million homeowners to refinance or rework their mortgages. Five million borrowers facing foreclosure will have access to a $75 billion fund, and another 4...

Stocks Flat Despite Housing Plan
 Stocks Flat Despite 
 Housing Plan 
MARKET Open
Feb 18, 2009 8:49 AM CST

Stocks Flat Despite Housing Plan

(Newser) - Stocks barely budged at the open today, as optimism over President Obama’s home foreclosure plan was canceled out by grisly housing numbers. The Dow inched up a handful of points, while the Nasdaq and S&P each gained about 0.5%. Housing starts fell 16.8% in January, much...

$50B Obama Plan Aims to Give Homeowners Options

Administration to enable cuts in monthly payments, refinancing

(Newser) - Today the Obama administration unveils its plan to help struggling homeowners with cuts in monthly payments, more possibilities for refinancing, and changed bankruptcy rules.  Its central plank is a $50 billion subsidy for mortgage companies to make home loans more affordable. As the Wall Street Journal reports, economists are...

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