Applications for home mortgages dropped last week for a second-straight week as a spike in interest rates stymied demand for refinancing, the Mortgage Bankers Association says.» Read More
British surveyors reported the most widespread fall in house prices last month in the 30-year history of their RICS market survey, suggesting the property downturn is gathering pace.
One in seven mortgage holders worry about making their monthly payments and even more fret about shrinking home values.
U.S. investment bank Merrill Lynch and Asian brokerage CLSA are separately raising investment funds focused on Asian property, indicating continued confidence in the region's economies, executives from the two companies said at the weekend.
Among the byproducts of the U.S. housing crisis is a surge in scams that cheat people out of their money, their homes, or both, under the guise of offering to rescue them from foreclosure.
Rates on 30-year mortgages were unchanged this week, remaining at the highest level since mid-March.
The Senate has passed a bipartisan measure aimed at boosting the housing market and easing the threat of foreclosures.
President Bush has approved a plan to expand a housing program to insure loans for creditworthy homeowners unable to meet mortgage payments and which is expected to help about 500,000 borrowers by the end of this year, the White House said Wednesday.
The U.S. Senate Tuesday voted overwhelmingly to proceed on a bill tackling the nation's housing market crisis with a range of tax breaks for corporations and some help for homeowners, even as the Bush Administration said it won't support the bill.
Pending sales of previously owned homes fell a bigger-than-expected 1.9 percent in February to the lowest reading on record, according to a report from a real estate trade group.
Poor people weren't the only ones who took out risky, high-interest loans during the housing boom.
The U.S. Senate voted against adding an amendment to a housing market rescue bill that would have given bankruptcy judges the power to ease mortgage payment terms for some distressed borrowers.
U.S. mortgage applications plunged last week, largely reflecting a drop in demand for home refinancing loans, an industry group said Wednesday.
National City is reportedly in talks to sell itself to Cleveland neighbor KeyCorp, among other banks, but the bank is taking a long time to find buyers, triggering investor fears that it will not be able to sell much above its current share price.
British bank First Direct has withdrawn mortgages for new customers to clear a backlog after people flocked to its relatively cheap rates as other lenders raised rates due to the credit crunch.
National City, which has been battered by the housing downturn, is considering a plan to sell itself to rival KeyCorp, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.
Senate leaders announced an agreement on legislation to ease the slumping housing market and help millions of families threatened by foreclosure.
Thornburg Mortgage shares rose Tuesday after the provider of large residential mortgages said it successfully raised $1.35 billion in a last-ditch effort to avoid bankruptcy, but at a large cost to existing shareholders.
Thornburg Mortgage, a jumbo mortgage provider that has been trying to avoid bankruptcy, on Monday said it raised $1.35 billion from a sale of debt and warrants to buy common stock.
Defaults on privately insured U.S. mortgages rose 38.1 percent in February, as a growing number of homeowners failed to keep up with their loan payments.
Housing and Urban Development Secretary Alphonso Jackson is resigning Monday, according to a government official.