housing crisis

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Another Pandemic Casualty: the Ski Bum

And it's a big problem for ski towns such as Jackson, Wyoming

(Newser) - A story at Outside magazine suggests that the pandemic has threatened to bring an end to a way of life, that of the modern ski bum. And it could be a big problem for ski towns around the US, which rely on such workers to staff their businesses. The piece...

How Wall Street Grabbed $60B—and Your House
How Wall Street Turned
These Houses Into 'Hell'
longform

How Wall Street Turned These Houses Into 'Hell'

Companies snapped up 200K homes nationwide after the financial crisis

(Newser) - Chad Ellingwood's life is pretty much hell, and Wall Street is stoking the flames. That's according to a New York Times Magazine article chronicling his fall from happy homeowner in LA County's San Fernando Valley to miserable, embattled tenant in the same property, now owned by a...

City Official's Idea to House Homeless: Cruise Liner

Oakland's city council president says it could house up to 1,000

(Newser) - A San Francisco Bay Area city official wants to explore the possibility of using a cruise ship to house up to 1,000 homeless people amid a high cost of living and a shortage of housing, the AP reports. Oakland City Council President Rebecca Kaplan told a council meeting Tuesday...

Apple Puts Its Money Where California's Housing Crisis Is

$2.5B plan includes donation of Apple-owned land

(Newser) - Apple on Monday said it will put up $2.5 billion toward easing California's housing crisis. The sum from Apple eclipses pledges by fellow Silicon Valley giants Google and Facebook for addressing the lack of affordable housing in a region where affluent tech workers have helped drive up the...

Bishop Won't Move Into $2.3M Silicon Valley Home After All

Bishop Patrick McGrath says he realized he 'erred in judgment in the purchase'

(Newser) - Bishop Patrick McGrath's retirement digs won't be as posh as initially planned . In response to the backlash that emerged after it was revealed the Diocese of San Jose in California had purchased for him a $2.3 million five-bedroom home in the city, the 73-year-old has now said...

Bishop Retiring in California to Live Alone in $2.3M Home

Bishop Patrick J. McGrath's new digs have 5 bedrooms

(Newser) - The Catholic Diocese of San Jose has purchased a five-bedroom, $2.3 million home in Silicon Valley for its retiring bishop despite the 640,000-member diocese's mission of charity and serving the poor. Bishop Patrick J. McGrath, 73, acknowledged in an interview with the Mercury News that he "...

Aging Condos in a Financial Bind That Could Doom Them

'Washington Post' looks at growing problem

(Newser) - For the fifth straight summer, children could only gaze at the expansive pool at their condo complex in Maryland through a chain-link fence. A dirty tarp covers the in-ground pool at the 60-year-old Grand Bel II complex in Silver Spring, which has no money to run it or fix the...

Can 'Earthships' Solve Canada's First Nations Housing Crisis?

'I just hope it doesn’t look like a Flintstones house'

(Newser) - Could earthships be the solution to the housing crisis in Canada's First Nations communities? US company Earthship Biotecture thinks so. “This housing that we make is made to take care of people. Feed them, keep them warm, with no utility bills," the company's Michael Reynolds tells...

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of...

29% of Homeowners Are Mortgage-Free
 29% of Homeowners 
 Are Mortgage-Free 
new report

29% of Homeowners Are Mortgage-Free

Including 34.5% of those homeowners ages 20 to 24

(Newser) - In a country ravaged by the housing crisis, a hefty chunk of homeowners—some 29.3%—have escaped the mortgage burden entirely, a new report by Zillow finds. A great deal of the 20.6 million Americans who own their homes outright are retirees: 77.6% of people 85 and...

Widows Forced Into Foreclosure by Mortgage Rules

Fine print keeps them from taking over the house

(Newser) - The housing crisis may be ebbing, but a particularly vulnerable group is falling into foreclosure because of the fine print on mortgages, the New York Times reports. Widows are finding that they can't take over the mortgage—which is usually in their husband's name—without being up-to-date on...

Educated Americans Have Most Debt
 Educated Americans 
 Have More Debt 
 Woes 
studies say

Educated Americans Have More Debt Woes

They 'thought they were immune' to the financial crisis

(Newser) - Think highly educated Americans came out better in the 2008 financial crash? According to two new studies , those with college degrees actually took on more unmanageable debt than other Americans, reports Time . "People with college educations may have thought they were immune to any economic problems," says Sherman...

US Housing Construction Hits 4-Year High

Up 15% in September: Commerce department

(Newser) - US builders started construction on single-family homes and apartments in September at the fastest pace since July 2008, a further indication that the housing recovery is strengthening. The Commerce Department says builders broke ground at a seasonally adjusted annual rate of 872,000 in September. That's an increase of...

The Government Needs to Start Buying Mortgages
The Government Needs to Start Buying Mortgages
OPINION

The Government Needs to Start Buying Mortgages

Economists Joseph Stiglitz and Mark Zandi have a plan to fix the housing market

(Newser) - Five years after the mortgage crisis began, housing is still one of the biggest factors dragging the economy down. There's just one option left, economists Joseph Stiglitz and Mark Zandi write in the New York Times : Mass refinancing. "Well over half of all American homeowners with mortgages are...

One in 30 Homeowners Over Age 75 in Foreclosure
One in 30 Homeowners
Over Age 75 in Foreclosure
sad stats

One in 30 Homeowners Over Age 75 in Foreclosure

AARP says delinquency growing among the over 50 crowd

(Newser) - Older Americans are increasingly feeling the hovering specter of foreclosure, after years of not suffering as acutely from the housing crisis, according to a new AARP report. While younger Americans still have a higher rate of serious delinquency, older Americans are now falling behind at a much faster rate, the...

At Long Last, 'the Housing Bust Is Over'
At Long Last, Our
'Housing Bust Is Over'
OPINION

At Long Last, Our 'Housing Bust Is Over'

Market has finally turned, says 'Wall Street Journal' economics editor

(Newser) - The US housing industry is far from healthy, but the worst is behind us, writes Wall Street Journal economics editor David Wessel. "The housing bust is over," he declares, marshaling a slew of long-range stats. Among them: About 10% more existing homes were sold this May compared to...

US' New Biggest Bankrupt City: Stockton

California city expected to file paperwork today

(Newser) - The city of Stockton, Calif. , will today file for bankruptcy, becoming the largest city in the US ever to do so, the San Francisco Chronicle reports. Stockton, a river port and agricultural city of nearly 300,000 about 90 miles east of San Francisco, became a victim of California's...

Finally, We Realize It's OK to Help Sinking Homeowners

Public's hatred of debt relief seems to have passed: Nicole Gelinas

(Newser) - When Bank of America announced this month that it was going to reduce the mortgage balances for some underwater homeowners, the news didn't set off the usual flurry of critics complaining that these people were getting an undeserved break, notes Nicole Gelinas in the Los Angeles Times . "The...

Foreclosures Inch Downward ... a Whole 0.1%

Some very small signs of progress

(Newser) - Banks initiated the fewest number of foreclosures since 2007 last quarter, according to new figures from the Mortgage Bankers Associations. But don't be too quick to don the rose-colored glasses: The number of loans in foreclosure remains stubbornly high at 4.4%—down only a hair from last year'...

Pot Growers Head for the ... 'Burbs?

Housing crisis creating bargains for growers

(Newser) - America's green, leafy suburbs are becoming home to an increasing number of people growing a green, leafy product. The housing crisis has caused an influx of marijuana growers from rural areas and commercial zones to the suburbs, the New York Times finds. The growers are snapping up spacious homes...

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