Rising rates are not welcome news, especially now in the heart of the spring housing market. Much of the market is being fueled by all-cash investors.» Read More
Applications for U.S. home mortgages jumped to their highest level in nearly four years as low interest rates led more homeowners to seek refinancing, according to data from an industry group on Wednesday.
U.S. home prices in 10 major metropolitan areas fell by a record 8.4 percent in the year through November, Standard & Poor's said Tuesday.
Countrywide Financial, the largest U.S. mortgage lender, Tuesday said more than one in three subprime mortgages were delinquent at year-end in the $1.48 billion portfolio of home loans it services.
Countrywide Financial Corp. CEO Angelo Mozilo, under fire over the size of his potential payout from the proposed sale of his troubled mortgage company, says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement.
Countrywide Financial's fourth-quarter results, scheduled for release on Tuesday, will be closely scrutinized for what they show about the declining U.S. housing market, and what they mean for Bank of America, which is buying the nation's largest mortgage lender.
Sales of existing homes fell in December, closing out a horrible year for housing in which sales of single-family homes plunged by the largest amount in 25 years.
A Federal Reserve official and a state secretary warned Thursday the slowdown in the U.S. economy was quickening, because of weak housing prices, falling stock prices and rising energy costs.
U.S. homebuilder sentiment hovered just above a record low in January as a glut in houses for sale and tight lending conditions continued to depress the market, the National Association of Home Builders said Wednesday.
Singapore's biggest sovereign wealth fund said on Wednesday its large investments in banks Citigroup and UBS are unique at a time of financial turmoil and did not represent a strategy shift.
British house prices fell in December at their fastest rate since the recession of the early 1990s, a survey showed on Wednesday, raising fears the country's once buoyant housing market is heading for a sharp downturn.
German lender Hypo Real Estate proposed slashing its 2007 dividend by two-thirds after it took a 390 million-euro ($580 million) hit on U.S. debt investments and posted a net trading loss.
Sliding home values are eroding the equity U.S. households can tap for cash at the sametime banks have grown reluctant to lend, threatening the consumer spending the economy needs to dodge recession.
Bank of America, the second-largest U.S. bank, may announce a deal shortly to buy Countrywide Financial, the largest U.S. mortgage lender, CNBC has learned.
Property development work in the UK shrank for a second month in December, posting its biggest fall in at least four years and 9 months as tumbling commercial property values hit builder sentiment, data showed on Friday.
U.S. mortgage applications sank last week to the lowest level since the end of last year despite falling borrowing costs, an industry trade group said Thursday.
Countrywide Financial, whose shares have tumbled on concern it might not survive the nation's housing crisis, said Wednesday it made more loans than expected in the fourth quarter, though foreclosures among loans it services increased.
Applications for U.S. home mortgages jumped to their highest in a month last week as concerns about economic recession pushed interest rates to their lowest in more than two years, an industry group said Wednesday.
Countrywide Financial denied it might seek bankruptcy protection, but its shares suffered their biggest decline since 1987 on growing concern the mortgage lender's problems will deepen.
Pending sales of existing homes fell in November but should hold steady in the next few months, a real estate trade group said.
KB Home posted a quarterly loss of nearly $773 million Tuesday with abandonment and impairment charges as the U.S. housing market continued to decline, and said it expects another tough year for the industry in 2008.