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'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

By Jim O'Neill, Newser User

Posted Nov 27, 2007 11:02 AM CST

(Newser) – The subprime mortgage fallout will continue through 2008, with 1.4 million Americans facing foreclosure, municipalities losing more than $6.6 billion in taxes, and housing values plummeting up to 16%, says a US Conference of Mayors report out today. The analysis projects slowed GDP... Read full story »

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Crisis Is More of Confidence Than Credit

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(NEWSER) - The credit crisis that’s roiled financial markets has its genesis in the housing boom that began in 1998, David Leonhardt writes in the New York Times. The boom led lenders to create new financing options—including subprime loans—as investors saw potential for huge returns. Low interest rates encouraged investors, and homeowners, to stretch themselves too thin—and the seeds of crisis were planted. More»

New Home Sales Hit 12-Year Low

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(NEWSER) - New home sales fell much farther than expected in November, hitting their lowest point since 1995, Bloomberg reports, and the slide only likely to get worse. Sales fell to an annual pace of 647,000, a 9% drop from October’s revised-down 711,000 rate. Prices are falling, but buyers either aren’t interested or can’t get loans because of tighter credit conditions. More»

Squeezed Owners Seek Tax Break as Home Values Drop

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(NEWSER) - With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times. For local governments, especially in areas already suffering from high rates of foreclosure, declining property taxes could cause budget cuts, service reductions and layoffs. More»

Home Foreclosures Hit Record

August numbers double, with no end in sight

(NEWSER) - Another 108,716 American homeowners received foreclosure notices in August, a record total more than double last year’s figure. And this is only the beginning, say analysts, who expect even more subprime borrowers to default over the next 2 years. That will further depress housing prices, which are expected to drop 2.1% this year and 3.1% in 2008, reports Bloomberg. More»

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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 Sun Belt states the most problematic areas. More»

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'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

economic growth • subprime mortgages • home sales • GDP • home loans • foreclosures

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More Newser Stories

Crisis Is More of Confidence Than Credit

Times scribe connects dots from housing boom to Bear Stearns

New Home Sales Hit 12-Year Low

Decline tops even worst estimate

Squeezed Owners Seek Tax Break as Home Values Drop

Local governments feel the pinch as property taxes decline

Home Foreclosures Hit Record

August numbers double, with no end in sight

Foreclosure Rate Hits the Roof

Subprime mortgage crisis also sparks rise in US delinquencies

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