Study: Homeless Numbers Drop

Homeowners with FHA loans can wait 12 months to pay mortgage if unemployed

(AP) - The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program. Starting Aug. 1, the Federal Housing Administration will extend the period for unemployed homeowners to miss mortgage payments to a full year from three or four months. That will allow thousands of qualified homeowners to go 12 months without making a payment before the foreclosure process begins. More»

Mayor warns of 'humanitarian crisis' if help doesn't come quickly

(NEWSER) - Three days after tornadoes devastated the South, the thousands left homeless are emerging as a major problem, reports the LA Times . At least 1,100 are living in emergency shelters, with thousands more in churches or with friends and family. Tuscaloosa Mayor Walter Maddox warned of a "humanitarian crisis" if more help did not come soon. "I lost everything I had to Katrina, so I came here," said an 80-year-old man from New Orleans. "Now I lost everything here." More»

Housing market gloom is over-hyped

(NEWSER) - Has the housing crisis scared you out of the market? Too bad, because there are still many good reasons to buy, writes Brett Arends in the Wall Street Journal . A few points to consider before hopping on the first train to rents-ville:

• You could get a deal: Prices are down—way down. "This is a buyer's market," Arends writes, especially if you're willing to play hardball. Could prices drop more? Sure. But that "doesn't really matter so much in the long haul."
• You'll save on taxes: Usually, "the breaks are more valuable the more you earn, and the bigger your mortgage," Arends says. So run the numbers—you could save on income, real estate, and capital gains taxes.

Increase in fleeing juveniles strains social services

(NEWSER) - More and more young Americans, including many under 13, have left home or been kicked out as foreclosures, unemployment, and the rising cost of living make conditions in lower-income homes even tougher than usual. Experts and government studies estimate that 1.6 million juveniles leave home each year, though there are no reliable figures of how many return. "You're basically on the lam," says one 15-year-old who fled an abusive father and sleeps in a Wal-Mart restroom. "But you're a kid, so it's pretty hard to hide." More»

Jackhammers Bush "ownership" policy

(NEWSER) - In a major housing policy shift, President Barack Obama will steer billions of economic stimulus dollars to create tens of thousands of federally subsidized rental units in American cities, reports the Boston Globe. The $4.25 billion initiative is a stark departure from former president George Bush's push to create an "ownership society." More»