Upscale U.S. home builder Hovnanian Enterprises said Tuesday fourth-quarter net contracts and home deliveries fell, while cancellations rose amid the housing market's decline.
Beazer Homes USA on Monday said it cut 25 percent of its staff in October, would suspend its dividend and sees at least $230 million in noncash impairment charges in its fiscal fourth quarter.
Citigroup's bombshell that it faces as much as $11 billion more in credit losses has made one thing clear: No one really knows what's hidden in the subprime bond basement.
Wall Street firms like Citigroup and Merrill Lynch have spooked investors recently by dramatically reducing the value of their holdings of high-risk U.S. subprime mortgages.
Credit markets face another $250 billion in defaults over the next two years, indicating that the worst of the subprime crisis is yet to come, the head of the world's biggest bond fund told CNBC on Monday.
Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
European credit spreads widened on Monday on renewed U.S. subprime concerns, but the cost of insuring J Sainsbury's debt against default fell sharply after Qatar's Delta Two dropped its planned bid.
British Chancellor of the Exchequer Alistair Darling said on Monday the global banking industry was experiencing great uncertainty, but it was vital to keep the problems of U.S. bank Citigroup in perspective.
Merrill Lynch's board of directors has alerted BlackRock chairman Larry Fink that he can take over as CEO if he so choses. Fink, according to sources close to the matter, has said he will take the next two weeks to decide.
Merrill Lynch's credibility and stock took a big hit Friday on reports that the biggest brokerage firm sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds.
The complex world of asset-backed securities may be a bit of a blur for the average investor. But the credit crunch that mushroomed from this market will buffet consumers well into 2008, analysts predict.
U.S. residential foreclosure filings nearly doubled last quarter from a year earlier, and appear set to increase into 2008, a report said on Thursday.
Over 200,000 troubled borrowers will receive a letter from mortgage servicers advising them to seek new loan terms before they face foreclosure under a plan announced on Wednesday by US Treasury Secretary Henry Paulson.
The lowest 30-year mortgage rates since early May spurred a refinancing wave that pushed total mortgage applications higher last week despite a small drop in demand for loans to buy homes, an industry trade group said on Wednesday.
The decline in prices of existing U.S. single-family homes accelerated in August and fell at their fastest pace since 1991, according to the Standard & Poor's/Case Shiller national home price index.
The chief executive of U.S. home builder KB Home said home prices in California could fall another 10 percent to 15 percent in the next 18 months.
The subprime fall-out continues to claim more victims. Merrill's came as a blow - and in what is now becoming predictable for financial companies trying to get ahead of the news agenda - UBS rushed out 24hrs early the bad news on exposure and trading outlook.
The latest warning by UBS that it may face more writedowns, as well as last week's announcement by Merrill Lynch that it would have to write down $8.4 billion, show that the weakness in the financial sector is set to continue, analysts told CNBC Monday.
Rising mortgage payments and tighter lending standards for refinancing amid the subprime credit crisis have dried up once-easy access to home equity loans for many middle-income borrowers -- so desperate borrowers are using credit cards to cover basics while trying to keep up with home payments.
Brookfield Homes reported third-quarter profit was $1.6 million, or 6 cents per share, down from $27.6 million, or $1.03 per share, in the year-ago quarter. But the Fairfax, Va.-based company said revenue was $120.8 million, compared with $175.5 million a year ago.