Stories related to: housing

Cheesesteaks aren’t the only things luring young people to the City of Brotherly Love, MSNBC reports. A survey by Apartments.com and Careerbuilder that factors in the cost of apartments, job opportunities, and the number of 20-somethings, puts Philadelphia—$962 for a one-bedroom compared with $1,520 in NYC— atop its list. The rest of the top 10: More »

Raul Castro continues to lighten up on some of Cuba's least popular restrictions, ending salary caps and allowing retiring state workers to take title to the homes they live in. Government employees, including members of the military, sugar and construction workers, doctors, and teachers, will now be able keep their places after retirement, and legally pass them on to their children, the AP reports. More »

Contracts to buy previously owned homes declined 1.9% in February, according to the National Association of Realtors’ index, which fell to its lowest levels since its creation in 2001. The drop was nearly double the 1% decline analysts predicted, reports Bloomberg, and sent stocks tumbling further. More »

Roommates.com is violating fair-housing laws by asking users their gender, sexual preference, and whether they have children, and using that information to match them,  a US Court of Appeals ruled yesterday. Judges said such questions would be illegal if a real estate agent asked them over the phone and don't "magically become lawful when asked electronically," the Los Angeles Times reports. More »

Home prices plummeted again in January, falling a record 10.7% compared to January 2007, according to the bellwether S&P Case/Shiller Hope Price composite. The March consumer confidence index, also out today, plunged to a 5-year low in yet another indication of recession, Bloomberg reports. The Conference Board measures consumer confidence as well as expectations for the next 6 months; that metric fell to a level not seen since the Nixon administration. More »

Raising that little bundle of joy will come with a not-so-cute $204,060 price tag for middle-income families, according to a new government study. Factoring in inflation, the parents of a child born in 2007 can expect to spend $269,040 by the time that baby turns 18. Actual costs vary according to income and location, with the urban West the most expensive region to raise children and rural areas the least expensive. And, of course, the little darlings become more expensive as they get older. More »

Young people have long fled recessionary job markets by moving back home, but the current crisis has a new demographic scurrying there: the middle-aged. "This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," says one financial planner, who has seen more adult children leaning on parents for everything from rent to groceries. More »

A deluge of new condos is about to hit many American cities already flooded with an unprecedented number of unsold units, the Wall Street Journal reports. This year, thousands of projects started at the height of the housing boom will be completed; oversupply and economic slowdown are likely to cause prices to plummet in condo-heavy cities like Miami, Atlanta, and Dallas.   More »

Construction spending fell at its fastest rate in 14 years in January, the Commerce Department announced today, shattering expectations with a 1.7% drop. Analysts had expected just a 0.7% decline, the Wall Street Journal reports. Residential spending was the big drag, falling 2.9%, but non-residential spending was also down and could keep heading in that direction as banks raise commercial loan standards. More »

Congressional Democrats are pushing for new bankruptcy rules to help homeowners suffering from the mortgage crisis, the Washington Post reports—though the White House says it will veto any plan that could hurt lenders and send mortgage rates upward. Democrats say enough Republicans from hard-hit states could join them in allowing some bills to hit the Senate floor for debate. More »

The chair of Barnes & Noble and his wife are donating $20 million to New Orleans in what may be the biggest Katrina relief project yet, the AP reports. Leonard Riggio said today that the funds will build 20 new houses in a racially mixed neighborhood for lower-income families. Those who win a lottery can trade in a storm-damaged home for a new one. More »

European markets saw the US dollar edge higher against the euro, yen and British pound today as traders looked for clues as to whether the US economy would avoid a recession, reports the Associated Press. Today’s report on January sales of existing homes will likely cast some light on whether the subprime virus will continue to drag the economy down. More »

Certain housing markets are better than others for bargain-hunters, Forbes reports, and they're generally the ones with a glut of homes, strong job growth, and a low rate of foreclosures. Forbes rattles off its top 10: Salt Lake City: highest job growth in the country, and low foreclosure Raleigh, NC: expanding economy keeps homeowners in the dough Orlando: sleepier than South Florida hotspots, so not as hard hit by the crunch Charlotte, NC: excess inventory and an influx of transplants from the North More »

A  booming black market in real estate is operating in Cuba, even though the government owns most property. Prices are soaring as property changes hands in a complex, illegal system called permuta, reports the New York Times. Housing swaps are permitted in Cuba, with government approval; permuta involves trading up or down, with illegal cash payments on the side. More »

Get ready for that glow to wear off: The good feeling on Capitol Hill over a stimulus package will end as soon as the first deal is done, with Republicans and Democrats digging in on various economic cures. The next legislative round, Politico reports, will likely see GOPers fighting to extend tax cuts and Dems pushing a huge infrastructure package. More »

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, after suffering the biggest year-over-year decline since 1980. More »

Police used pepper spray and stun guns on protesters in New Orleans attempting to push their way into a City Council meeting over the impending demolition of 4,500 public housing units damaged by Katrina. Local activists oppose HUD's push to raze the houses to make room for mixed-income neighborhoods. "Is this what democracy looks like?" one protester asked the AP. More »

Construction projects under way for the Beijing Olympics have led to a massive number of displaced citizens—13,000 people each month, reports the AP. The Switzerland-based Center on Housing Rights and Evictions predicts that by the time the Games open next summer, 1.5 million Chinese will have been forced to move. More »

When landlords default on risky subprime loans, renters are the ones left out in the cold, the New York Times reports. Thousands of renters have lost their homes, usually little suspecting they were living on precariously-financed ground. “Renters are collateral damage in the mortgage crisis,” said one lawyer. In some states, more than 20% of 2007 foreclosures weren’t owner-occupied. More »

The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he said. “It will continue to adversely impact our economy, our capital markets, and many homeowners for some time.” More »