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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: housing crisis

housing crisis stories: 149 news summaries

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Senate GOP Stymies Dem Housing Relief

Republicans say plan to aid homeowners would inflame crisis, hurt lenders

Feb 29, 08 8:51 AM CST
(Newser) - Capping a week of gridlock, GOP senators yesterday blocked consideration of a Democratic-backed housing-relief bill. The mortgage industry had fought hard against the proposal, which would allow judges to slash interest rates for low-income homeowners facing bankruptcy, the Washington Post reports. The bill also included billions of dollars for local... More »

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subprime mortgages • foreclosure • Mel Martinez • mortgage lender • housing crisis • Richard Durbin • George W. Bush

Paulson Raps Mortgage Rescue Plans

Says taxpayers shouldn't finance 'bailouts' for reckless lenders and borrowers

Feb 28, 08 7:06 AM CST
(Newser) - Homeowners burned by the subprime mortgage meltdown shouldn't be looking to the federal government for help, Treasury Secretary Henry Paulson told the Wall Street Journal yesterday. Facing down mounting congressional pressure for stronger measures to stem an epidemic of foreclosures, Paulson dismissed proposals on the table as "bailouts" for... More »

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Ben Bernanke • subprime mortgages • Henry Paulson • foreclosure • housing crisis • subprime crisis

Despite Fed, Silicon Valley Bullish on Economy

Many tech workers not seeing US slump

Feb 27, 08 5:31 PM CST
(Newser) - Ben Bernanke’s report to Congress on monetary policy offered a grim outlook on the economy, but ABC News sees some signs that good news may be around the corner: workers in Silicon Valley, a national economic bellwether, feel good about their prospects. Rising exports, the recently-passed stimulus package and... More »

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Ben Bernanke • Silicon Valley • Federal Reserve • subprime mortgages • recession • housing crisis • interest rate cut

Home Seizures by Banks Jump 90% in Year

Lenders reclaim 45K properties as mortgage payments rise

Feb 26, 08 2:00 PM CST
(Newser) - Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the... More »

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foreclosure • housing sales • default • housing crisis • subprime crisis • repossessions • mortgage defaults

Mortgage Crisis: Judges to the Rescue?

Democrats back plan
to let jurists change
loan terms

Feb 26, 08 1:00 PM CST
(Newser) - Over the loud objections of lenders, Senate Democrats are lining up behind a plan to give bankruptcy judges the power to alter mortgages, the LA Times reports. The proposals could go to the floor as early as today. “This bill will have more impact… than any other option currently... More »

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Senate • Harry Reid • bankruptcy • Arlen Specter • Dick Durbin • mortgage rate freeze • lending practices • housing crisis • subprime crisis

Dour Housing Market Slams Home Depot Q4 Results

Profits drop 27%, and the company says 2008 isn't looking very bright

Feb 26, 08 8:23 AM CST
(Newser) - Continuing US housing market woes, showing no signs of letting up, helped drag Home Depot’s fourth quarter profits down 27% over the same quarter last year, to $671 million from $925 million. The world’s largest home-improvement retailer also predicted fiscal-year earnings will drop 19% to 24%, more than... More »

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home improvement • housing market • construction • corporate earnings • Home Depot • Robert Nardelli • Lowe's • retail sales • housing crisis

Feds Brace
for a Wave of
Bank Failures

FDIC hires extra staff
to help with boost in 'problem' banks

Feb 26, 08 7:13 AM CST
(Newser) - Federal regulators are gearing up for as many as 100 bank failures in the next year—the most since the savings and loan crisis that saw more than 1,000 S&Ls go belly up in the ’80s and ’90s—as the subprime contagion continues to decimate the... More »

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credit crisis • FDIC • housing crisis • subprime crisis • bank failure • financial crisis

Feds Ponder Rescue Plans as Housing Slump Worsens

More than 10% of homeowners are 'upside down' on mortgages

Feb 22, 08 12:05 PM CST
(Newser) - With one in 10 US homeowners owing more on their homes than they’re worth, the highest proportion of negative-equity loans since the Depression, the government is weighing plans that would apply the brakes to the rapidly accelerating housing market collapse, the New York Times reports. Possibilities include federal loan... More »

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subprime mortgages • debt • mortgage debt • Federal government • housing crisis • subprime crisis • negative equity

During Bust, Green Groups Make Land Grab

Conservationists
snatch idle land from developers' hands

Feb 17, 08 12:19 PM CST
(Newser) - As the subprime debacle rips through real estate, leveling home values and clogging the market with unsold property, an unlikely group of vultures is descending, reports Newsweek. Conservation groups and local governments alike, which sat on the bench during the last boom, are snapping up land from would-be developers to... More »

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real estate • conservation • housing market • housing crisis • Trust for Public Land • land conservation • public land • home values

Dems Tread Similar Paths
on Economy

Neither Clinton nor Obama venturing far into populist Edwards territory

Feb 15, 08 9:57 AM CST
(Newser) - With the Ohio and Pennsylvania primaries on the horizon, Hillary Clinton and Barack Obama are fine-tuning economic visions that have more similarities than differences, reports the Washington Post. Both candidates promise to ease the middle class tax burden while putting pressure on corporations that send jobs overseas, and to protect... More »

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Barack Obama • Hillary Clinton • Clinton 2008 • job market • tax code • housing crisis • economic plans • campaign issues • corporate tax cuts

Lenders Throw Lifeline to Struggling Borrowers

A new plan pauses foreclosure actions while new repayment plans are worked out

Feb 12, 08 6:58 AM CST
(Newser) - Six top US mortgage lenders will launch a program today aimed at helping at-risk borrowers avoid foreclosure. Aimed at  homeowners more than 90 days delinquent on loans, Project Lifeline will forestall foreclosure actions for 30 days while lenders try to work out new payment options, reports the Wall Street Journal.... More »

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foreclosure • borrowers • housing crisis • subprime crisis

State Lenders Choke Bush's Fight Against Foreclosures

Housing agencies won't risk lending to debtors

Feb 1, 08 7:18 PM CST
(Newser) - President Bush’s goal of helping subprime borrowers by offering tax-exempt bonds is meeting resistance from state lenders, Bloomberg reports. Risk-averse state housing agencies are already turning down over half the applicants to their own programs intended to help those affected by the crisis, due mainly to applicants’ existing financial... More »

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housing market • mortgage debt • borrowers • housing crisis • subprime crisis • housing agencies • George W. Bush

Negative Equity Adds Another Crippling Factor

Forbes examines pitfalls of having a loan worth more than home

Jan 31, 08 6:45 PM CST
(Newser) - Foreclosure is scary enough, especially at its current pace—79% more US homes foreclosed in 2007 than the year before. But, Forbes writes, the housing crisis is dumping an even scarier problem on mortgage holders around the country: negative equity, in which a mortgage is worth more than the house... More »

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subprime mortgages • foreclosure • mortgage • home prices • housing crisis • negative equity

Economic Growth Slowed
to a Crawl in Q4

Economy in far worse shape than analysts predicted

Jan 30, 08 9:02 AM CST
(Newser) - Economic growth braked so violently in the fourth quarter of 2007 that it wiped out a stellar third quarter, dragging annual growth to a 5-year low. Last quarter’s 0.6% GDP growth—after 4.9% pace in Q3—was just half what analysts expected, as the housing component plummeted... More »

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Ben Bernanke • Federal Reserve • recession • GDP • housing crisis • subprime crisis

US Recession May Imperil Global Tourism

UN body predicts slower international travel growth in 2008

Jan 29, 08 6:12 PM CST
(Newser) - The number of international tourists could decrease this year if the US falls into a deep recession, but the UN is "cautiously optimistic" that 2008 will be the fifth straight year of growth, Reuters reports. After 2007's record 898 million tourist trips, a 6.2% jump over 2006, the... More »

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tourism • recession • US economy • housing crisis • World Tourism Organization

Consumer, Housing Numbers Slump

News isn't all gloomy: Demand for durable goods surges

Jan 29, 08 11:14 AM CST
(Newser) - Consumer confidence fell a bit less than expected but still approached a 2-year nadir in January, reinforcing fears that Americans will put the brakes on personal spending. In other economic reports out today, the S&P/Case-Shiller housing-price index report showed a 7.7% year-over-year drop for November, Bloomberg reports, and... More »

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Consumer Price Index • consumer confidence • recession • home prices • Case Shiller price index • housing crisis • consumer confidence index

Rosy Realtor Ads Omit Pesky Housing Crash

NAR campaign claims slumping market is a can't-lose investment

Jan 28, 08 7:58 PM CST
(Newser) - Apparently, real estate is a can’t-fail investment right now. Or at least, that’s the questionable gospel the National Association of Realtors is preaching, in a blitz of new commercials claiming that home values, on average, double every 10 years, and that a home is “the key to... More »

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real estate • advertising • investments • National Association of Realtors • real estate values • housing crisis • housing bubble

New Home Sales Hit 12-Year Low

Numbers are a surprise, economists had predicted little change from November

Jan 28, 08 1:20 PM CST
(Newser) - Sales of new homes fell to a 12-year low in December, making 2007 the worst year on record for home sales. Economists had predicted November's numbers wouldn't get much worse; instead, sales decreased 4.7% to an annual rate of 604,000, reports Bloomberg. "We are in deep recession... More »

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housing market • housing sales • housing starts • housing crisis • new home sales

Housing Crisis Hard on Pets, Too

More left behind, dropped in shelters, after collapse

Jan 22, 08 8:27 PM CST
(Newser) - America's pets are feeling the subprime fallout these days as more homeowners are foreclosing and abandoning them, the Chicago Tribune reports. A recent spate of deserted animals—including 24 horses on an Oklahoma farm, and 21 Great Danes left to die in Pennsylvania—inspired the national Humane Society to issue... More »

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subprime mortgages • animal cruelty • housing crisis

Housing Starts Nosedive to Lowest Level Since 1991

Can you even remember the last time a housing report wasn't worse-than-expected?

Jan 17, 08 9:15 AM CST
(Newser) - Housing starts plunged 14% in December, demolishing median analyst estimates, which foresaw a mere 5% dip. November’s numbers were also revised down, reports the Wall Street Journal, from the 3.7% drop originally reported to 7.9%. When the dust settled, construction was at its lowest point since 1991,... More »

MORE ABOUT:
construction • housing • housing starts • housing crisis • new construction • building permit

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