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May Construction Spending Down 0.4%Home construction fell again in May to its lowest level in more than six years, while business construction rose to another all time high, the Commerce Department said today. Total U.S. construction spending fell 0.4 percent in May, nearly matching the 0.5 percent decline economists polled by Thomson Reuters IFR Markets had expected. Construction in April was upwardly revised to a 0.1 percent decline. ...continue |
California AG Sues Countrywide FinancialThe California Attorney General's Office on Wednesday sued Countrywide Financial Corp., its Chief Executive Angelo Mozilo and President David Sambol, accusing the mortgage broker of engaging in "deceptive advertising and unfair competition by pushing homeowners into mass-produced, risky loans for the sole purpose of reselling the mortgages on the secondary market." ...continue |
S&P/Case-Shiller: U.S. Home Prices Fell at Record Rate in AprilU.S. home prices tumbled in April at the fastest rate since a widely-followed index was begun in 2000 with all 20 metropolitan areas posting annual declines for the first time. The Standard & Poor's/Case-Shiller home price index of 20 cities fell by 15.3 percent in April versus last year, according to Tuesday's report. Prices nationwide are at levels not seen since August 2004. ...continue |
Housing Rescue Plan Faces Key Test in SenateA plan to help hundreds of thousands of homeowners avoid foreclosure is drawing bipartisan support in the Senate, setting the stage for high-stakes negotiations among congressional Democrats. The far-reaching housing plan faces a Senate test-vote Tuesday, when it could also come to a final vote. The disputes among Democrats over key details, however, as well as a veto threat from the White House will almost certainly push any final agreement into July. ...continue |
In Making of U.S. Housing Crisis, Risk of Downturn Was IgnoredThe amazing development of housing prices could not have occurred without one widely held assumption: that home prices could only go up. If more people had recognized that, as in the past, home prices could also go down, buying a home would have appeared much riskier. Ultimately, the banking system would not be in such a mess and the world economy would be on sounder footing. ...continue |
U.S. Foreclosures In May Up 7% from AprilThe number of foreclosures filed by U.S. homeowners increased for the third consecutive month in May, California-based RealtyTrac reported today. Foreclosures totaled 261,255 in May, up 7 percent from April and 48 percent since May 2007. Approximately one in every 483 U.S. households received a foreclosure filing during the month. ...continue |
U.S. Mortgage Rates Rose During the WeekInterest rates for 30-year, fixed-rate mortgages increased in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. ...continue |
U.S. April Pending Home Sales Index Unexpectedly RisesAn index of future home sales rose unexpectedly in April to the highest level since October, as bargain hunters dipped into the depressed housing market, the National Association of Realtors (NAR) said today. The pending sales index is supposed to be a leading indicator for the housing market, based on contract signings that usually lead to actual sale closings in one or two months. ...continue |
It's Your Money: Ouch! There's No Place Like HomeWhat do today's slippery housing market and The Wizard of Oz have in common? If "falling homes as a weapon of destruction" is your answer, step right up and claim a prize. The news was bleak for those with homes to sell this week. The good news is that this is a dinner bell if you're a buyer. ...continue |
Green Building Boom: Architects, Builders & Buyers Seek Energy EfficiencyDespite the current downturn in housing, the long-term prospects of green housing look promising. Backing up that belief is a recent American Institute of Architects poll that indicated that a remarkable 91 percent of registered voters nationwide would pay more for a house if it has a reduced destructive impact on nature. Just exactly what constitutes a "green" house is up for interpretation, but anything that saves energy, and reduces waste and pollution qualifies. ...continue |
Ready . . . Set . . . Refinance!Are you itching with refi fever? It's as natural as it is contagious. Home mortgage rates hit a multiyear low back in February. It didn't help the housing market lift itself out of its slump--there are still way too many homes on the market for that to stabilize. However, for those sitting on relatively high home loan rates (especially those who with adjustable-rate mortgages) mortgage refinancing is a reasonable consideration. Tips on doing so follow. ...continue |
LIUNA Says 'Foreclosure Prevention Act' Helps Those Who Spurred the CrisisThe Laborers' International Union of North America (LIUNA) today in an announcement questioned the viability of the U.S. Senate's Foreclosure Prevention Act. The organization claims the act, as currently written, "fails to adequately help struggling homeowners," and, perhaps more disturbingly, functions as a "$25 billion taxpayer-funded handout for corporate homebuilders and those on Wall Street who helped cause the mortgage and housing crisis." ...continue |