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NEWS ABOUT: housing crisis

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Feel Good Again About Your Pricey House

In 10 years, you'll be back in the black

(Newser) - Bought an expensive house right before the subprime crash? Fret not, writes Chris Ayres in the Los Angeles Times. With 5% inflation, lower interest rates, and a mortgage tax deduction, buyers of pricey houses will be smiling in 10 years. "If you're a boom-time buyer who can still pay... More »

Greenspan: Housing Will Hit Bottom in 2009

Skilled immigrants would help end slump, he says

(Newser) - Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal. And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the... More »

Bank Losses Soar on Falling Home Prices

Lenders swamped with foreclosures are selling them at firesale prices

(Newser) - The rising costs of carrying foreclosed homes are prompting banks to sell them off for as little as half of their original value, reports the Wall Street Journal, a strategy that’s costing financial institutions big money. The losses, and the specter of their continuing to rise, pummeled bank share... More »

Fannie Misses Estimates, Slashes Dividend

Stock drops 12% in early trading

(Newser) - Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have... More »

Freddie Has 4th-Straight Loss as 2nd Quarter Charges Rise

Increase in foreclosures and associated fees, $1B writedown lead to $821M loss

(Newser) - Rising delinquencies and a still-skidding home market combined to make Freddie Mac’s second quarter losses three times worse than analysts predicted, reports Bloomberg. The government-backed mortgage enterprise lost $821 million, or $1.63, in the quarter, prompting it to also announce a third quarter slash in dividends from 25... More »

Study: Homeless Numbers Drop

First study to count homeless over a full year finds numbers down 15% in '07

(Newser) - The number of chronically homeless Americans fell by 15% last year, a study has found. The survey is the first to track homelessness over a full year, the Los Angeles Times reports. Homeless advocates argue that the promising numbers may in part be due to different counting methods—and that... More »

Home Prices Fall Again; Rate of Decline Sets Record

Consumer confidence numbers offer ray of hope

(Newser) - Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the... More »

Senate Passes Massive Housing Relief Bill

Bush is expected to quickly sign the measure into law

(AP) - Congress has passed a housing rescue bill aimed at sparing 400,000 struggling homeowners from foreclosure. President Bush is expected to sign the measure quickly. The Senate passed the legislation by a 72-13 vote in a rare Saturday session. The measure lets homeowners who cannot afford their monthly payments refinance... More »

House Passes Huge Housing Rescue Bill

Measure should clear Senate soon; Bush says he'll sign it

(Newser) - The House today approved a massive bill to provide relief for struggling homeowners, communities hit hard by the housing crisis, and mortgage giants Fannie Mae and Freddie Mac, the Hill reports. The bill passed 272-152 hours after President Bush switched course and said he would not veto it. The measure... More »

Riding Mowers Sputter With US Economy

Housing downturn, gas prices bode ill for icon

(Newser) - Once a symbol of American prosperity, the riding lawnmower is running out of gas, the Washington Post reports. The whole business “is deeply troubled by the decline in housing starts,” said one industry group spokesman. Rising oil prices have also pummeled demand. But what’s really turning lawnmower... More »

Mortgage Insurers Feel Pinch, Pull Back on Loans

As more home loans fail, lenders ask more of beleaguered backers

(Newser) - Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to... More »

As Speculation Swirls, Panic Stalks Freddie, Fannie

As mortgage giants face increased losses, investors uncertain of their futures

(Newser) - What started as a whisper Monday is a roar at week’s end as investors wrestle with the fate of mortgage giants Fannie Mae and Freddie Mac, the Wall Street Journal reports. While neither firm, which together own or back roughly half  the nation’s mortgages, faces imminent collapse, awareness... More »

Feds Mull Possible Bailout for Freddie and Fannie

The 2 mortgage giants continue to suffer with huge stock slides, losses

(Newser) - With the shares of mortgage titans Fannie Mae and Freddie Mac plummeting to their lowest points in more than 15 years, the Bush administration is weighing what to do in the event of a collapse, reports the Wall Street Journal. No rescue plan is imminent—both companies are expected to... More »

June Foreclosures Jump 53%

One in 501 US households hit with filings last month as crisis rolls on

(AP) - The number of homeowners stung by the rout in the US housing market jumped last month as foreclosure filings grew by 53% over June a year ago, according to data released today. One in every 501 US households was hit with a foreclosure filing last month. More »

Huge Homeowner Aid Bill Nears Approval

Bipartisan support for action, despite veto threat

(Newser) - With 8,000 foreclosures daily and looming elections, Congress is close to approving the most sweeping changes to mortgage financing since the New Deal, reports the New York Times. The pricey aid bill aimed at helping hundreds of thousands of homeowners facing foreclosure has bipartisan support, despite the threat of... More »

TV Home Shows Boom During Bust

'People loved comedies during the Depression, too,' producer says

(Newser) - Home shows are becoming the heavyweights of reality television, even as the housing market continues to plummet, the New York Times reports. HGTV and TLC have million-plus nightly audiences as shows that provide step-by-step guidance to potential homesellers and buyers appeal to viewers weary of past hits that traded on... More »

Oil Plunges; Stocks Gain

Markets shake off steep decline in housing prices

(Newser) - The markets pulled out modest gains today on plunging oil prices, despite housing price indices that showed the biggest drop in 20 years, the Wall Street Journal reports. The Dow ended up 68.72 at 12,548.35, the Nasdaq up 36.57 at 2,481.24, and the S&... More »

Squatters, Scammers Move In on Foreclosed Homes

Increasingly, abandoned homes are being used for nefarious activity

(Newser) - Add a new twist to the housing crisis: Squatters are increasingly using homes that have been abandoned for months, and con artists are scamming banks in “cash for keys” deals or luring people into “leasing” homes that actually are foreclosures sitting empty, Reuters reports. Authorities can have a... More »

Bush Will Veto Dems' Housing Bill

$15B measure would 'reward speculators and lenders': President

(Newser) - President Bush said today that he would veto the Democratic housing bill being worked on in the House of Representatives. Bush claims the bill would unfairly bail out "speculators and lenders," the Washington Post reports. "I will veto the bill that's moving through the House today if... More »

Down in Polls, Brown Admits 'Mistakes'

Ahead of UK local voting, PM confesses tax missteps

(Newser) - With polls predicting big losses for his Labour party in tomorrow’s local elections, British Prime Minister Gordon Brown admitted he’d made mistakes in the past six months, Reuters reports. Chiefly, Brown acknowledged increasing the tax burden on the lowest-paid workers and those aged 60-64, but said both problems... More »

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