housing market

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Demand for Mortgages Rises as Rates Fall

Interest charge lowest since May, with Fed likely to cut further

(Newser) - Applications for home loans increased for the second week in a row as interest rates on both fixed and adjustable-rate mortgages fell, according to a survey by the Mortgage Banker's Association. Indices tracking applications for both purchases and refinancing showed a 5.5% increase over last week and a 12....

Trade Gap Dips to Lowest Level in 3 Years

Weak dollar, stronger world economies fuel rise in US exports

(Newser) - The US trade gap—the difference in total value between imports and exports—dropped to a 3-year low in July as exports jumped on a weak dollar and growing overseas demand. The figure fell 0.3% to $59.2 billion, roughly on par with the estimate economists surveyed by Bloomberg...

Midwest Jobs Take a Beating
Midwest Jobs Take a Beating
Sep 10, 2007 9:35 AM CDT

Midwest Jobs Take a Beating

Housing slump and auto woes hit the region hard

(Newser) - Jobs in the Midwest have taken a one-two punch from the national housing slump and the flagging Detroit auto industry, the Wall Street Journal reports. Factories that make the materials used to build new homes in high-flying markets from California to Florida are starting to downsize, following huge layoffs by...

Foreclosure Rate Hits the Roof
Foreclosure Rate Hits the Roof
Sep 6, 2007 6:23 PM CDT

Foreclosure Rate Hits the Roof

Subprime mortgage crisis also sparks rise in US delinquencies

(Newser) - The number of US home loans entering foreclosure reached an all-time high in the second quarter, a new survey shows, and delinquencies are up to more than 5% of all mortgages. Trouble with adjustable-rate mortgages—an outgrowth of the subprime crisis—is driving delinquencies, CNNMoney reports, with seven Midwest and...

Pending Home Resales Drop to Record Lows

Vicious cycle of credit crunch and housing slump continues

(Newser) - In yet another sign of the troubled housing market infecting the ailing credit market, the number of home resales plunged to a record low in July. The measure, which tracks the number of Americans signing contracts to buy previously owned homes, dropped 12.2% to 89.9, its lowest level...

Bush Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Consumer Confidence Plunges
Consumer Confidence Plunges
Aug 28, 2007 2:35 PM CDT

Consumer Confidence Plunges

Vital index hits level not seen since post-Katrina unrest

(Newser) - Consumer confidence dived in August to its lowest level since right after Hurricane Katrina in 2005. Though not as steep as expected, the drop reflects the squeeze stock market uncertainty and lower home values are putting on Americans' wallets and peace of mind, Bloomberg reports. "The things that are...

Home Resales Down For Fifth Straight Month

Decline lower than expected, but unlikely to stop, experts say

(Newser) - Existing home sales slumped again in July—the fifth straight month the figures have been off and a sign that the market-draining housing downturn will continue. Though the 0.2 percent decline was the smallest movement since 2002, experts expect sales to continue dropping, according to Bloomberg.

US Median Home Price to Drop
US Median Home Price
to Drop
Aug 26, 2007 3:08 PM CDT

US Median Home Price to Drop

Projected 1-2% decline for 2007 would be the first since 1950

(Newser) - The median cost of an American home, now $220,000, is expected to drop this year for the first time since tracking began in 1950, reports the New York Times. The decline will be modest—1 to 2%—but could last into 2008 and 2009, meaning that, adjusting for inflation,...

Monthly Foreclosures Climb Again
Monthly Foreclosures Climb Again
Aug 22, 2007 2:34 AM CDT

Monthly Foreclosures Climb Again

Figures jump 93% over 2006; 1 in every 693 households in default

(Newser) - Foreclosure numbers were up big again in July, rising 9% from June’s figures and a whopping 93% from a year ago, an unwelcome sign for already reeling credit markets. Foreclosures rose in 43 states, but California, Florida, Michigan, Ohio and Georgia accounted for over half of the the activity,...

Consumer Comfort Crumbles
Consumer Comfort Crumbles
Aug 22, 2007 1:50 AM CDT

Consumer Comfort Crumbles

Biggest 1-week drop in history sinks levels near post-Katrina lows

(Newser) - Unrest in the financial markets and housing sector has consumers on edge, a new survey says. The Washington Post/ABC News "consumer comfort index" nosedived this week, displaying the biggest 1-week plunge in the poll's 22-year history, the newspaper reports. The current reading nearly matches the lows reached after Katrina...

Inflation Softened in July
Inflation Softened in July
Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports.  Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....

Dow Tumbles Over 380 Points
Dow Tumbles Over 380 Points
Aug 9, 2007 4:47 PM CDT

Dow Tumbles Over 380 Points

Year's second-worst loss falls on heels of solvency fears

(Newser) - The Dow Jones lost nearly 3% of its value today, tumbling 387.18 points to 13,270.68 in the second-worst drumming of the calendar year. Trading curbs were in place early, after BNP Paribas froze funds that took a bath in the US credit market and Chinese exchanges crashed...

Fed Stands Pat on Prime Rate
Fed Stands Pat on Prime Rate
Aug 7, 2007 2:30 PM CDT

Fed Stands Pat on Prime Rate

Central bank's top priority remains curbing inflation

(Newser) - The Fed today kept its benchmark interest rate steady at 5.25%, despite concerns that tightening credit will lead to an economic downturn. It's the ninth consecutive time the Fed has left the prime rate unchanged, the Times reports, and a sign that Ben Bernanke's top priority is curbing inflation...

Bear Stearns Axes Prez Over Fund Fiasco

Subprime woes reach executive suite after hedge funds implode

(Newser) - Bear Stearns has fired its No. 2 and once-likely successor as CEO in the wake of  the collapse of two company hedge funds worth more than $1B, reports the Wall Street Journal. Warren Spector, the most high-profile casualty to date in the subprime-mortage crisis rocking Wall Street, is a mortgage...

Builders' Loans Pushed Credit Meltdown

Peddling dubious mortgages to move properties helped burst bubble

(Newser) - In the ongoing post-mortem of the housing boom, BusinessWeek turns an acute eye on developers, especially big, publicly traded builders who jumped into the mortgage business to move people into their newly built houses faster. As demand for new homes began to fizzle, they kept sales brisk by offering adjustable-rate...

Battered Bear Tries to Act Bullish
Battered Bear Tries to Act Bullish
Aug 4, 2007 2:06 PM CDT

Battered Bear Tries to Act Bullish

Wall Street's anxieties force Bear Stearns to make major changes

(Newser) - The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond...

American Home Mortgage Closes Its Doors

ARM specialist's efforts can't hold off fallout from worsening crisis

(Newser) - The battered mortgage-lending industry will suffer another blow today as American Home Mortgage shuts down, making it the latest company to go under as home loans go bad across the country. AHM's troubles were common knowledge, the Times reports, but the speed of its downfall was unexpected. “We have...

Best Home Sellers' Markets
Best Home Sellers' Markets
Jul 31, 2007 5:35 PM CDT

Best Home Sellers' Markets

Times are tough, but your house won't sit on the market for long in these towns

(Newser) - The housing market overall isn't good, but luckily for some, there's an exception to every rule. Forbes points you toward 10 towns where sellers can still finish with smiles on their faces.
  1. Raleigh, NC
  2. San Francisco
  3. Austin, Texas
  4. San Antonio, Texas
  5. St. Louis 

Consumer Confidence Rises
Consumer Confidence Rises
Jul 31, 2007 4:18 PM CDT

Consumer Confidence Rises

Shoppers buying again after June slump

(Newser) - Consumer spending rose more than expected this month, to its highest level in 6 years, after shoppers tightened their belts in June, Bloomberg reports. Consumer confidence jumped 7.3 points according to a Conference Board index, suggesting the slump was temporary. Economists chalk up the spending jump to low unemployment...

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