housing recovery - Articles

FHA Program Gives Distressed Homeowners a Second Chance

ShutterstockForeclosure doesn't have to mean the end of homeownership. By Scott Sheldon A consumer who sold his or her home in a short sale or lost it in a foreclosure would normally have to wait 36 months to purchase a primary residence again with an FHA fixed-rate mortgage. However, the FHA Back to Work Program allows... Continue Reading »

Group Seeks to Shield Investors in Fannie, Freddie Wind-Down

The Associated PressFannie Mae and Freddie Mac now are required to sweep their entire profits into the U.S. Treasury. By Margaret Chadbourn A new organization called the Coalition for Mortgage Security launched a campaign on Monday calling for winding down Fannie Mae and Freddie Mac in a way that does not harm the... Continue Reading »

Property Tax Revenue Reaches a Record High

Shutterstock By Lisa Lambert Property tax revenues for U.S. states and local governments reached a record high in the final quarter of 2013, according to Census data released on Tuesday showing the housing recovery is finally reaching school districts and cities' budgets. According to the Census, total property tax... Continue Reading »

Homebuilders Lift Construction Industry

Nam Y. Huh/The Associated Press By Martin Crutsinger WASHINGTON -- U.S. construction spending showed a tiny increase in January as strength in housing helped to offset declines in nonresidential building and government projects. Construction spending edged up 0.1 percent in January, significantly slower than an... Continue Reading »

5 Rules for Homebuying in 2014, and Beyond

Shutterstock By Brendon DeSimone The current real estate recovery is like a marathon. Last year, buyers and sellers sprinted out of the gates at full speed, fueled by low interest rates and affordable home prices. The press and social media were full of stories about limited housing inventories, bidding wars and multiple... Continue Reading »

Crunching the Latest Foreclosure Numbers

AP By Christine DiGangi There are fewer than 2 million mortgages in serious delinquency as of November, a 26 percent decline from the previous year and a 5-year low, according to the monthly CoreLogic Foreclosure Report. A seriously delinquent mortgage means the homeowner is more than 90 days past-due on payments and is... Continue Reading »

Why 2013's Rise in Home Prices Is Big Lift for U.S. Economy

Shutterstock By Dunstan Prial Buried within hundreds of pages of data gathered by the Federal Reserve and released in December was a very important statistic for U.S. homeowners –- net equity in household real estate rose by $2.2 trillion from the third quarter of 2012 to the third quarter of 2013. Syndicated... Continue Reading »

Do Fewer Foreclosures Mean Housing Crisis Has Ended?

AP By Richard Davies The housing crisis, which led to huge drop in personal wealth for many Americans, may be over at long last. "I think that it's really in the rear-view mirror," says Daren Blomquist of the real estate and foreclosure listings firm RealtyTrac. The foreclosure crisis, perhaps the biggest scar on the... Continue Reading »

Fannie and Freddie's Mortgage Size Limits Won't Drop in 2014

Alamy By Margaret Chadbourn WASHINGTON -- The maximum size of U.S. home loans that taxpayer-owned Fannie Mae and Freddie Mac can buy will hold steady next year, their regulator said on Tuesday, deferring a decision on when to pull back government support for the housing market. The mortgage financiers will continue to... Continue Reading »

Home Values in Big Cities Took Biggest Hit in Recession, Study Says

The Associated Press By Christine DiGangi Median home values took a hit across the U.S. following the recession, particularly in the most populated areas of the country. In fact, only 4 of the 50 least populous counties saw significant slides in median home values in the years following the recession, compared to 43... Continue Reading »

10 U.S. Housing Markets on the Rebound Right Now

Travelin' Librarian/Flickr In a tumultuous summer in the American housing market that saw home prices and mortgage rates rise, the nation's housing recovery was led by cities as diverse as Detroit, Santa Barbara, Calif., and Reno, Nev., according to realtor.com's review of third quarter 2013 housing data. The survey... Continue Reading »

Existing Home Sales Fall, Price Appreciation Slows

Craig Warga/Bloomberg via Getty Images WASHINGTON -- U.S. home resales fell in September and prices rose at their slowest pace in five months, the latest signs higher mortgage rates were taking some edge off the housing market recovery. The National Association of Realtors said Monday home sales fell 1.9 percent to an... Continue Reading »

How Mortgage Rates Are Rocking the Housing Market Rebound

Chris Carlson / The Associated Press By Alex Veiga LOS ANGELES -- When mortgage rates began climbing in May from rock-bottom lows, Kevin Williams worried he might miss out on an opportunity. So he listed his home in Orange County, Calif., and planned to buy a bigger house in San Diego after it sold. The process took... Continue Reading »

How Government Shutdown Could Derail the Housing Recovery

Getty Images By Diana Olick At the Federal Housing Administration, which represents about 15 percent of the mortgage market, the lights will still be on, but the staff will be reduced. "The Office of Single Family Housing will endorse new loans under current multi-year appropriation authority in order to support the... Continue Reading »

5 Years After the Housing Bust, Market Still on the Mend

Justin Sullivan / Getty Images By Kathryn Buschman Vasel It's been five years since the financial system collapsed and the housing bubble burst, and it's been a long road to recovery. The housing market has only been on the mend over the last year, and according to experts, it still has some healing to do. "There are... Continue Reading »

Housing Recovery's Next Hot Spots

By Cindy Perman The housing recovery is starting to heat up -- so much so in some areas, the "b" word -- bubble -- is starting to pop up. "Nationwide, the housing market is not in a bubble. But there are probably some markets that are at risk for getting into bubble territory if they continue at the pace that they're... Continue Reading »

Homeownership Rate at Its Lowest Since 1995

By Lucia Mutikani WASHINGTON -- Homeownership in the United States hit a 17-1/2-year low in the second quarter as Americans continue to shift toward renting, underscoring the lingering effects of the recession on the housing market. The seasonally adjusted homeownership rate slipped to 65.1 percent, the lowest since the... Continue Reading »

Pending Sales of U.S. Homes Slip From 6-Year High

Gene J. Puskar/APIn this Tuesday, July 23, 2013, photo, a home is for sale in Mt. Lebanon, Pa. By CHRISTOPHER S. RUGABER WASHINGTON -- The number of Americans who signed contracts to buy homes dipped in June from a six-year high in May, a sign that completed sales could stabilize in the next month or two. The National... Continue Reading »

About Half of HAMP Mortgages Are Back in Default, Report Says

By Margaret Chadbourn Nearly half of the mortgages modified in 2009 under the Obama administration's signature homeowner rescue effort are in default again, according to a report on Wednesday that raised concerns about the program's effectiveness. The report from the Special Inspector General for the Troubled Asset... Continue Reading »

Detroit Realtors See Bankruptcy as Potential 'Turning Point'

By Gabrielle Karol Two Detroit realtors see the city's filing for Chapter 9 bankruptcy protection last week as a potential turning point toward rebirth. "I think a lot of people feel that getting rid of some of the debt will allow the city government to reinvest in the city neighborhoods that haven't seen investments or... Continue Reading »

Signs of a Housing-Market Falloff as Mortgage Rates Rise

By Diana Olick The housing recovery is in for a major pause due to higher mortgage rates. It is not in the numbers now, and it won't be for a few months, but it is coming, according to one noted analyst. The market has seen rising rates before, but never so far so fast; there is no precedent for a 45 percent spike in just... Continue Reading »

Where Neighbors Can Buy Abandoned Homes for $1

#fivemin-widget-blogsmith-image-508599{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-508599, #postcontentcontainer #fivemin-widget-blogsmith-image-508599{width:570px;height:411px;display:block;} Abandoned homes and empty plots in neighborhoods can become nuisances for neighbors. They aren't only... Continue Reading »

All-Cash Offers: Healthy for Real Estate Market, or a Hindrance?

By Kate Rogers With many pointing to the housing market as the backbone of the economic recovery, investors are flooding the market with all-cash offers and it's squeezing out many traditional homebuyers. "People are worried about the returns on alternative investments," says Karen Dynan, vice president and co-director... Continue Reading »

Senators Move to Abolish Fannie Mae, Freddie Mac

WASHINGTON -- A bipartisan group of senators on Tuesday introduced a bill to abolish Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities that would backstop private capital in a crisis. The U.S. government seized the mortgage finance firms in 2008 to rescue them from insolvency,... Continue Reading »

U.S. New Home Sales Hit Fastest Pace in 5 years

By Martin Crutsinger WASHINGTON -- Sales of new homes rose in May to the fastest pace in five years, a solid gain that added to signs of a steadily improving housing market. New home sales rose 2.1 percent last month compared with April to a seasonally adjusted annual rate of 476,000, the highest level since July 2008,... Continue Reading »

Home Prices See Biggest Monthly Gain Since 2000

By Christopher S. Rugaber WASHINGTON -- U.S. home prices jumped 12.1 percent in April from a year ago, buoyed by strong demand and a limited supply of available homes. Strong gains in most cities measured point to a broad-based housing recovery. The Standard & Poor's/Case-Shiller 20-city home price index released... Continue Reading »

Home Re-Sales Pass 5 Million Mark for 1st Time Since 2009

By Martin Crutsinger WASHINGTON -- U.S. sales of previously occupied homes surpassed the 5 million mark in May, the first time that's happened in 3½ years. The gain shows the housing recovery is strengthening. The National Association of Realtors said Thursday that home re-sales rose 4.2 percent in May to a... Continue Reading »

May's Housing Starts Fall Short of Predictions but Hit 5-Year High

Housing starts rose less than expected in May, likely reflecting labor and material constraints, but the overall trend remained consistent with strength in the housing market. Though permits for future home construction fell, that followed a surge in April, which hoisted them above the 1 million-unit mark. The pullback... Continue Reading »

Homebuilder Sentiment Highest in 7 Years in June

By Leah Schnurr NEW YORK, June 17 -- The majority of U.S. homebuilders view conditions in the industry as favorable for the first time since the start of the housing crisis seven years ago, with an industry report showing confidence in the sector surged in June. At the same time, a separate report on Monday showed... Continue Reading »

Rising Interest Rates Won't Stop Housing Recovery, Group Says

By Paul Toscano The housing recovery is on a normal trajectory and gradual increases in interest rates won't slow it down, Lennar CEO Stuart Miller told CNBC on Wednesday. Miller, whose company is one of the nation's largest homebuilders, said the notion that the most recent Case-Shiller report signals a growing bubble in... Continue Reading »

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