Top Chicago Homebuilder Goes Bankrupt

And permits for new homes fall to 14-year low

(NEWSER) - Housing starts fell less than expected in November, but fall they did, extending the worst housing slump since 1991. Starts fell 3.7% and, according to one analyst, probably won’t turn around until the third quarter of next year. Permits issued, which give a picture of future construction, fell to a 14-year low, Bloomberg reports. More»

Lennar stock drops after worse-than-expected earnings report

(NEWSER) - The atrophied housing market has sent America’s largest homebuilder into even more of tailspin than expected. Lennar announced today it lost $513.9 million last quarter, or $3.25 per share—the worst losses in its 53-year history. Lennar says home discounting and the dismal mortgage situation will force it to cut more jobs to return to profitability, Bloomberg reports. More»

And there's no bottom in sight

(NEWSER) - The housing industry keeps finding new lows: Today's Case-Shiller price index shows that prices fell in the first quarter to the lowest levels since the crash began, reports the Wall Street Journal . The drop of 4.2%, on top of last quarter's 3.6% drop, is evidence of a "double dip in home prices across much of the nation," says an S&P official. The percentage of homeowners, meanwhile, has fallen to 66.4%, on par with levels in 1998, reports the New York Times . That's down from 69.2% in 2004. More»

Prices set to fall even further

(NEWSER) - The latest census figures on the housing market make for grim reading for homeowners. Some 18.4 million homes are vacant—11% of the nation's housing supply—and home ownership rates are dropping rapidly, CNBC reports. Prices are down year-over-year in all 28 major metropolitan areas tracked by the Wall Street Journal , and conditions look set to get even worse. More»

(NEWSER) - Homebuilders were busy in May, as housing starts took an unexpected 17% leap, Bloomberg reports. Lower prices and tax incentives were enough to bring in the buyers, bumping the annual rate to 532,000 homes, up from 454,000 in April. Building permits were also up more than forecast. “We’re nearing a bottom,” said one economist. “Housing starts will pick up by year-end.” More»