Slump Stings Vegas McMansion Owners

Number jumps to 23.1% at end of 2010, more likely on way

(NEWSER) - Just when it looked like the housing market might be treading water, more American homes slipped underwater at the end of 2010, reports the AP. Now 23.1% of all mortgages, or 11.1 million, outweigh the value of the house they secure—up from 22.5% in the previous quarter. The number of underwater mortgages had fallen in each of the previous three quarters, though the AP cheerily notes that was because many had gone into foreclosure. More»

US on track for 1M foreclosures this year

(AP) - Lenders took back more homes in August than any month since the start of the US mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, RealtyTrac said today. In all, banks repossessed 95,364 properties last month, up 3% from July and an increase of 25% from August 2009. More»

Hint: California and Florida show up a lot

(NEWSER) - It's a rough time in general to sell your home, but some places are (far) worse than others. Richard Florida rounds up the 20 worst for the Daily Beast , with nine of the regions in California and six in Florida. Here are the top 5:

1. Riverside-San Bernardino-Ontario, Calif: One of the nation's largest neighborhoods with negative equity.

Money will go to the five states hardest hit by the bust

(AP) - President Obama will unveil $1.5 billion in housing help today during a visit to Las Vegas, the city with the worst foreclosure crisis in the nation. The money will go to the five hardest-hit states to fund programs to help jobless homeowners and those with underwater mortgages. Agencies in Nevada, Arizona, California, Florida, and Michigan will get the aid. More»

Big profits loom as lenders offload homes at auction

(NEWSER) - House-flipping is making a comeback as investors seek fast profits from foreclosure auctions. Lenders are overwhelmed with property, especially in foreclosure hotspots like California, Nevada, and Arizona, and their haste to sell off their huge supplies of homes can mean big flip profits for investors with knowledge of local markets, plenty of cash, and a willingness to take risks. More»