housing market

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Dow Falls 427 to Below 8,000
 Dow Falls 427 to Below 8,000 
MARKETS
Nov 19, 2008 3:21 PM CST

Dow Falls 427 to Below 8,000

Bad news in housing and predictions of recession sour stocks

(Newser) - Stocks plunged today on a spread of bad economic news, including signs that the housing market is not improving and dire predictions by the Federal Reserve’s interest-rate committee, the Wall Street Journal reports. The Dow fell 427.47 to close at 7,997.28. The Nasdaq lost 96.85,...

Dow Up 151 After Seesaw Day
 Dow Up 151 After Seesaw Day 
MARKETS
Nov 18, 2008 3:20 PM CST

Dow Up 151 After Seesaw Day

Housing data drags, but HP, Home Depot fuel optimism

(Newser) - Stocks finished up slightly today amid a raft of mixed economic and earnings news, MarketWatch reports. On light trading volume, the indices swung between significant gains and losses, and the Dow closed up 151.17 at 8,424.75. The Nasdaq clawed out of the red at the last moment,...

Fannie Mae Posts Stunning Losses
Fannie Mae
Posts Stunning
Losses
Nov 10, 2008 5:00 PM CST

Fannie Mae Posts Stunning Losses

Lender bled $29B last quarter, dwarfing total bubble gains

(Newser) - Fannie Mae lost more in the third quarter of this year than it gained from soaring house prices between all of 2002 and 2006, the New York Times reports. The massive $29 billion loss, mainly from asset writedowns, means the company may need more than the $100 billion pledged from...

Rescue Plan Rankles Prudent Homeowners

Those who can pay mortgages feel cheated as neighbors get aid

(Newser) - As the feds move ahead with a plan to help homeowners on the brink of foreclosure, others are questioning the scheme's fairness and wondering if it's ripe for abuse, the New York Times reports. “I am beginning to think I would have rocks in my head if I keep...

Trump in Trouble on Chicago Tower

Bleak outloook makes financing a tall order for 92-story skyscraper

(Newser) - Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold...

Home Sales Up 5.5%, Biggest Gain in 5 Years

Inventories still at historic highs

(Newser) - Sales of existing US homes rose by the largest amount in more than five years in last month, a real estate trade group said today. The data offer a glimmer of hope that the housing slump could be starting to bottom out. The National Association of Realtors said sales of...

Stocks Sink, Yet End Week Up
 Stocks Sink, Yet End Week Up 
MARKETS
Oct 17, 2008 3:37 PM CDT

Stocks Sink, Yet End Week Up

More ugly news makes for yet another volatile day

(Newser) - Stocks remained volatile and swung lower at the end of the today’s session,as bad economic news convinced investors the financial crisis is not over yet, MarketWatch reports. The Dow closed down 127.04 at 8,852.22, but posted a weekly gain after four weeks of losses. The...

Stocks Plunge on Housing Data
 Stocks Plunge on Housing Data 
MARKETS
Oct 17, 2008 8:50 AM CDT

Stocks Plunge on Housing Data

Volatile day ahead

(Newser) - Stocks dropped today at the open, after a dour housing report reaffirmed market pessimism. But the day is expected to be a volatile one, the Wall Street Journal reports, after yesterday’s wild session. The Dow dropped 221 points at the bell, with the S&P and Nasdaq dropping 2....

Housing Prices Look for Basement

(Newser) - A witch’s brew of factors is cursing the US housing market, reports the New York Times, driving home prices ever lower as they search for bottom. Rising unemployment, higher interest rates, lower wages, and a glut of foreclosures are likely to continue to keep the market depressed through much...

Bank Rescue Won't Lift Home Prices, Stop Foreclosures

Continued downward spiral drives consumer spending down, killing net worth

(Newser) - Economists are increasingly concerned that the government rescue plan is missing the root cause of the foundering US economy: still-falling home prices, reports the Wall Street Journal. And, while the bailout of banks and financial institutions could ease the pain of the slump, unless help is extended to the housing...

Chicago Sheriff Halts Evictions
Chicago Sheriff 
Halts Evictions
Oct 9, 2008 8:21 AM CDT

Chicago Sheriff Halts Evictions

Lawman declares that throwing renters out of foreclosed properties is unjust

(Newser) - A Chicago lawman is going to stop enforcing foreclosure evictions because they’re unfair to renters, the Chicago Tribune reports. Cook County Sheriff Tom Dart has a huge and growing eviction list but is refusing to carry out any more mortgage-foreclosure evictions until lenders first figure out who’s actually...

NYC's Luxury Apartment Bubble Bursts

There's now a glut of pricey listings on the market

(Newser) - New York’s top real estate agents subscribed to an 8-word mantra last year, the New York Observer notes: So many eager buyers, so few trophy properties. But 2008 has brought a dose of cold reality. More than 168 luxury apartments and townhouses are on the market, dozens more than...

Bottom-up Bailout: Pay Off Delinquent Mortgages
Bottom-up Bailout: Pay Off Delinquent Mortgages
OPINION
Oct 1, 2008 11:55 AM CDT

Bottom-up Bailout: Pay Off Delinquent Mortgages

Using tax money to pay delinquent mortgages would revive markets

(Newser) - Rescuing ordinary Americans—not Wall Street—should be the theory behind the government bailout, and that means paying off delinquent mortgages, say two Yale professors in the Washington Post. If that sounds unfair, it is, but it's "a small price to pay to avoid a rapid transition to a...

Housing Will Bottom June 30, 2009: Cramer
Housing Will Bottom June 30, 2009: Cramer
OPINION
Sep 8, 2008 2:29 PM CDT

Housing Will Bottom June 30, 2009: Cramer

Bombastic guru lists 10 signs of a real-estate turnaround

(Newser) - Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?
  1. New home
...

Feds Outline Fannie, Freddie Bailout

Gov't will step in as conservator; Treasury will buy preferred stock

(Newser) - Citing Fannie Mae and Freddie Mac as "critical to turning the corner on housing," Treasury Secretary Henry Paulson this morning announced a bailout of the beleaguered mortgage companies that includes his agency purchasing preferred stock, while the Federal Housing Finance Agency will step in as conservator. Additionally, Treasury...

Wait on Rate Hikes Until Crisis Eases
Wait on Rate Hikes Until
Crisis Eases
OPINION
Sep 3, 2008 5:55 PM CDT

Wait on Rate Hikes Until Crisis Eases

Fed should ignore critics, hold its ground until markets rebound

(Newser) - Critics claim the Federal Reserve has been too eager to cut interest rates, and that lax policy has exacerbated inflation. But the Fed should hold its ground, Desmond Lachman argues in the American, until the housing and credit markets are clearly on the rebound. The credit crunch has prompted banks...

Rent-to-Own Leases Help Fill Up Condos

In slow market, some developers offer test drives to renters

(Newser) - The credit crisis landed the housing market on shaky ground, but condo developers are attracting cash-strapped buyers by offering them rent-to-own leases, the Boston Globe reports. The deal allows would-be homeowners to rebuild their credit and test out conditions, while developers make money on properties that otherwise would be empty....

Forget Renting: Friends Now Buying Homes Together

Bargain housing prices lure young professionals looking to invest

(Newser) - The cooled-down housing market and lower prices are attracting new buyers: groups of young professionals who want to invest but don’t quite have the dough to buy their own place. Instead, they’re buying homes with friends and splitting the mortgage, maintenance costs—and the tax break, Time reports....

Home Sales Climb, but Prices Keep Falling
 Home Sales Climb, but
Prices Keep Falling
Economy
Aug 25, 2008 10:19 AM CDT

Home Sales Climb, but Prices Keep Falling

Expanding inventories still damaging market

(Newser) - Existing home sales were better than expected in July, rising 3.1% to an annual rate of 5 million, the Wall Street Journal reports. But inventories continued their steady expansion anyway, driving prices further downward. The median home price for July was $212,400, down 7.1% from July 2007....

Housing Dip Sends 1/3 of Owners Into Negative Equity

(Newser) - Nearly a third of US homeowners who bought in the last 5 years owe more on their mortgage than their house is worth, according to a report by Internet valuation site Zillow. Prices of houses dropped 9.9% in the second quarter, compared to the previous year, sending 29% of...

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