Mortgage Meltdown - Real Estate

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Mortgage rates headed to 7%

4:32pm: The rate on a 30-year fixed mortgage has spiked recently, and it may climb higher thanks to the government's massive rescue efforts. (more)

Home prices may plummet, but taxes won't

Oct 14: Owners who've seen a steep drop in their home's value shouldn't expect to get a break on their property taxes. (more)

Home deals go bust

Oct 10: As the financial crisis intensifies, the few potential buyers out there are reconsidering a purchase. (more)

Mortgage rates slip to 5.94%

Oct 9: Rates on 30-year fixed mortgages were down for the first time in three weeks, as loan applications grew slightly. (more)

BofA to slash mortgage payments

Oct 6: The foreclosure prevention program is the most aggressive initiative undertaken yet to help stem the housing crisis. (more)

NYC real estate: Pricey, headed for a fall

Oct 3: The average sales price in Manhattan continues to climb - it's now $1.4 million - but the number of buyers is falling fast. (more)

Mortgage rates post slight gain

Oct 2: Rates on 30-year mortgages averaged 6.10% this week, as loan applications slow in face of credit crisis. (more)

Housing rescue efforts slowed in August

Oct 2: Nearly 189,000 at risk borrowers got help during the month, according to Hope Now, down slightly from the number of homeowners helped in July. (more)

Crisis puts home loans out of reach

Sep 26: The meltdown on Wall Street is making it even harder for home buyers to land a mortgage loan. (more)

Crisis puts home loans out of reach

Sep 26: The meltdown on Wall Street is making it even harder for home buyers to land a mortgage loan. (more)

New home sales fall to 17-year low

Sep 25: Sales pace of new homes lowest since January 1991 as prices hit a four-year low and inventory remains high. (more)

Existing home sales sink again

Sep 24: Sales of homes by homeowners dropped in August as prices decline by 9.5% from a year earlier. (more)

Home buyers get cold feet

Sep 23: The shocking events over the last two weeks are hurting the already moribund real estate market. (more)

Home buyers: On or off the fence?

Sep 23: The government is bailing as fast as it can to try to stabilize foundering housing markets. How will home buyers respond? (more)

Can't anyone afford my home?

Sep 22: Prices have dropped. A lot. But it's still surprisingly hard to find buyers. (more)

4 Fannie Mae senior execs resign

Sep 20: The troubled mortgage finance giant announces restructuring of organization with more direct reports to CEO. (more)

Why the Fed pulled the trigger on AIG

Sep 17: What did the government get for its $85 billion? Time to try to unwind a company with $1 trillion in assets. (more)

Applications to refinance mortgages surge

Sep 17: Refinance applications jump 88% from prior week as 30-year fixed-rate mortgage drops to 5.82%. (more)

Home values plunge in Southern California

Sep 17: Median home price fell 34% in August from last year, sales up 10% during period but many driven by foreclosures. (more)

Lenders to FHA: Thanks but no thanks for your help

Sep 17: Testifying before Congress, lenders praised the FHA's foreclosure prevention program but indicated that they'd prefer to handle their own mortgage workouts. (more)

White House says AIG rescue key for economy

Sep 17: Bush administration says deal to offer $85 billion in public funds to failing insurance giant was warranted. (more)

WaMu shares end 16% higher

Sep 16: Despite downgrade, S&L's shares rise and recover from a rough open on Wall Street. (more)

Fed in AIG rescue - $85B loan

Sep 16: Government response reaches dramatic new level: U.S. will take 80% stake in nation's largest insurer to prevent global financial chaos. (more)

World markets turn sharply lower on AIG

Sep 15: News of AIG downgrades and Lehman bankruptcy reverberate across the globe, punishing stock markets from Europe to Asia. (more)

WaMu lowered to junk by S&P

Sep 15: Already battered, Washington Mutual shares fall 27% as potential capital sources' attention is diverted. (more)

Banks planning to create lifeline for rivals

Sep 14: With hopes fading about Lehman Brothers' survival, U.S. and foreign banks are in talks to form a pool of up to $50 billion to lend to battered financial firms. (more)

AIG planning big spinoff

Sep 14: Nation's largest insurer will unveil restructuring effort on Monday as company races to raise cash and avoid credit downgrades. (more)

Washington Mutual tries to soothe anxiety

Sep 12: The nation's largest savings and loan says it remains sufficiently capitalized, but two ratings agencies downgrade its debt. Stock falls again Friday. (more)

August foreclosures hit another high

Sep 12: There were 304,000 homes in some stage of default last month, and 91,000 families lost their homes. (more)

Washington Mutual tries to soothe anxiety

Sep 11: The nation's largest savings and loan says it remains sufficiently capitalized but two ratings agencies downgrade WaMu's debt; stock falls again Friday. (more)

Analysts predict housing bottom

Sep 11: A handful of economists and analysts predict the slump will bottom out, and home prices will level off by next summer - advice worth listening to. (more)

Warren Buffett's happy housing story

Sep 11: Berkshire Hathaway subsidiary Clayton homes makes loans to low-income households - and foreclosures have actually dropped. (more)

Where the buck stops with Fannie, Freddie

Sep 10: James Lockhart, a longtime Bush friend, is leading the oversight of newly seized Fannie Mae and Freddie Mac. (more)

Mortgage rates plummet, but borrowers beware

Sep 10: The takeover of Fannie and Freddie may make mortgage borrowing cheaper - but it won't make getting a loan any easier. (more)

Pending home sales retreat

Sep 9: July decline of 3.2%, reversing prior month gain, shows housing market remains in 'malaise.' (more)

Fannie & Freddie: Buying friends in D.C.

Sep 9: The two mortgage finance companies doled out $174-million over the past 10 years to Washington lobbyists, report says. (more)

Paulson changes the rules of the capital game

Sep 8: By taking control of Fannie and Freddie, the Treasury Secretary risks making it harder for other troubled financial firms to raise money. (more)

How plan protects taxpayers

Sep 7: One expert gives Treasury a good grade. A bond guru even says the government could make money. (more)

Men in suits - few answers

Sep 7: Scenes from the 'background briefing' after the government takeover of Fannie Mae and Freddie Mac. (more)

What rescue means for mortgage rates

Sep 7: Bailout of mortgage giants should result in lower mortgage costs and make credit more available. But lending standards will stay tight and risky borrowers will still pay extra fees. (more)

Fannie, Freddie: The biggest losers

Sep 7: Investors in Fannie Mae and Freddie Mac face massive losses when trading opens Monday. (more)

Fannie and Freddie 101

Sep 7: Here's how the two mortgage giants became wards of the federal government. (more)

Lockhart's statement on Fannie, Freddie

Sep 7: Head of new oversight agency details steps to oversee mortgage finance companies. (more)

Paulson's announcement on Fannie, Freddie

Sep 7: Treasury Secretary unveils plan to bolster mortgage backers. (more)

U.S. seizes Fannie and Freddie

Sep 7: Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out. (more)

Rescue cost: The big unknown

Sep 6: A government takeover of Fannie Mae and Freddie Mac can take many forms, and so could the cost to the U.S. Treasury. (more)

Paulson readies the 'bazooka'

Sep 6: Big buyers of Fannie Mae and Freddie Mac debt have been shying away. The Treasury secretary wants to coax them back. (more)

Record 1.2 million homes hit by foreclosure

Sep 5: Loans in foreclosure have doubled over the past year, while delinquency rates continue to soar. (more)

Pick-a-payment loans turn poisonous

Sep 3: Defaults on option ARM mortgages are expected to double in the next two years, driving foreclosure rates even higher. (more)

Homebuyers turn screws on sellers

Aug 29: In this buyer's market, many are taking advantage of sellers' desperation, demanding major home repairs, warranties on appliances, and even tax rebates. (more)

2 million troubled borrowers avoid foreclosure

Aug 27: The Hope Now coalition reports that it completed a record number of mortgage workouts in July - but that was outpaced by the increasing rate of foreclosures. (more)

Housing fix backfires

Aug 27: A new law was supposed to make it easier for buyers in expensive markets to get affordable loans. Instead, rates are going up for everyone. (more)

Problem banks: What you need to know

Aug 26: The FDIC is keeping close tabs on 117 banks. Here are answers to common questions about how the agency IDs troubled banks. (more)

New home sales rise, but grim news lurks

Aug 26: Sales pace of new homes in July grew 2.4%, due to a large downward revision in sales from the previous month. Unadjusted monthly sales fall to 13-year low. (more)

Home prices plummet in a new record

Aug 26: National prices fell 15.4% in past 12 months. Las Vegas was the worst-hit city, while Denver and Boston saw the biggest price increases. (more)

Mortgage fraud still soaring

Aug 26: A crackdown on underwriting has failed to halt an explosion of fraudulent home loans. (more)

Existing home sales rise, but prices still sinking

Aug 25: Sales by homeowners increased more than expected in July, as median prices fell 7% from July 2007. But supplies still rise to a record high, pushing prices even lower. (more)

Housing: Frank talk from Barney Frank

Aug 25: The veteran congressman thinks his new law can help get us out of our housing slump. Meanwhile, he's not shy about saying who got us into it. (more)

These homes for sale suck

Aug 22: Never before have there been so many squalid, dilapidated homes on the market - and they're helping to exaggerate already-plummeting home prices. (more)

IndyMac borrowers to get relief

Aug 20: FDIC offers plan to systematically modify loans for homeowners most at risk of foreclosure. Agency chief hopes program will spur other banks to take similar measures. (more)

Mortgage applications near 8-year low

Aug 20: A drop in the refinancing of existing mortgages spurs a downturn in applications. (more)

Prospects uncertain for Fannie, Freddie

Aug 20: Government rescue may be on the table as the mortgage finance giants struggle with losses. (more)

Builders' confidence holds at record low

Aug 18: A survey of homebuilders' assessment of the housing market shows the industry's sentiment tied the all-time low level set in July. (more)

Beware the $7,500 'tax credit'

Aug 18: The housing rescue credit may prod some new homebuyers. But the money must be repaid, and the program probably won't be enough to jump start housing market. (more)

Fannie, Freddie shares battered

Aug 18: Fannie stock falls 22% and Freddie 25% to near two-decade lows. Media report suggests the Bush administration doubts mortgage giant firms will be able to raise needed capital. (more)

Home prices down 7.6%

Aug 14: Foreclosures drove down prices in the last 12 months, with cities in the Sun Belt leading the decline. (more)

Nation's foreclosure plague widens

Aug 14: More tough times in the housing market: 8% monthly jump in foreclosures and 55% year-over-year. 'Bloated inventory' of homes owned by banks, expert says. (more)

25% of home sales result in loss

Aug 13: Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover. (more)

The next wave of mortgage defaults

Aug 12: More borrowers with good credit are defaulting on their home loans, and that's going to make it even harder for the staggering housing market to recover. (more)

SEC formally investigates Countrywide

Aug 8: A filing from Bank of America, the mortgage lender's new parent, shows deeper government scrutiny. (more)

Mortgages get more expensive - again

Aug 8: In wake of huge losses, Fannie Mae announces changes that will make home loans harder and more expensive to obtain. (more)

How to buy a foreclosed home

Aug 8: Sure, there are bargains to be had, but there are also plenty of pitfalls awaiting anyone brave enough to wade into real estate's maelstrom. Here's what to consider. (more)

Fannie's pain: $2.3B loss, dividend cut

Aug 8: Mortgage finance giant suffers much larger-than-expected loss due to reserves for credit losses and slashes its dividend to preserve capital. (more)

Foreclosure crisis: The $4 billion fix

Aug 7: Washington will give funds to states and cities to rehab houses. Proponents say it will help stabilize neighborhoods, but others say it's too little to do much good. (more)

June pending home sales tick up 5.3%

Aug 7: Realtors group says index of homes under contract rose in June compared to May, but is still well below June 2007 levels. (more)

Big loss, grim outlook at Freddie Mac

Aug 6: Troubled mortgage finance firm says its quarterly losses rose to unexpected depths - cuts dividend at least 80%. (more)

Paulson taps Morgan Stanley for Freddie, Fannie advice

Aug 5: Treasury says firm will help it with options under new authority. (more)

Time to lock in your mortgage rate

Aug 4: Home buyers may find big savings in locking in mortgage interest rates. (more)

Freddie aims to slow foreclosures

Jul 31: Mortgage financier to offer increased payments to loan servicers in effort to increase mortgage workouts. (more)

Foreclosures linked to subprime fraud

Jul 31: A New York state investigation of subprime mortgage practices reveals fraud proliferated in the state, which had the eighth-highest number of foreclosures in 2007. (more)

181,000 troubled homeowners get help

Jul 30: Mortgage industry coalition Hope Now says it helped a record number of homeowners last month, but 82,000 homes were still lost to foreclosure. (more)

How housing rescue bill can help you

Jul 30: The legislation devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

Bush signs housing rescue law

Jul 30: President enacts controversial measure that aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie. (more)

Fannie, Freddie rescue won't be cheap

Jul 30: Experts say if the mortgage finance giants need to be bailed out, a government takeover would cost taxpayers far more than current estimates of $25 billion. (more)

Cracking down on mortgage scammers

Jul 30: The Justice Department is going after real estate fraud. The 400-plus people charged nationwide racked up $1 billion in losses. Here's what they are finding. (more)

Home prices drop record 15.8%

Jul 29: The S&P/Case-Shiller Home Price Index of 20 cities fell for the 22nd consecutive month. (more)

Bonds rise after bank shutdowns

Jul 28: Further concern about the U.S. banking system, stemming from FDIC closure of two regional banks Friday, sends Treasurys up Monday. (more)

Fannie, Freddie jump in pre-market trading

Jul 28: Shares of the mortgage finance giants climb after Senate approves housing rescue bill. (more)

How housing rescue bill can help you

Jul 26: The legislation - likely to be enacted soon - devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

Problem banks: What you need to know

Jul 26: Bank failures put a sharp focus on FDIC ratings of banks facing financial problems. Here are answers to some common questions. (more)

Senate passes landmark housing bill

Jul 26: Controversial measure aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie. Bush is likely to sign it soon. (more)

Mortgage industry grilled in Washington

Jul 25: House panel probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes. (more)

Mortgage industry gets a grilling in Washington

Jul 25: A House committee probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes. (more)

Foreclosure filings up 120%

Jul 25: 220,000 homes were lost to bank repossessions in the second quarter, and the annual forecast for 2008 will have to be revised upward. (more)

2.2 million vacant homes for sale

Jul 24: Census Bureau report shows percentage of vacant houses available for sale and of Americans who own homes were relatively unchanged in 2nd quarter. (more)

Home sales at 10 year low

Jul 24: Realtors' group says the number of existing homes sold in June fell 2.6% to their lowest level in 10 years. (more)

How housing rescue bill can help you

Jul 23: The legislation - likely to be enacted soon - devotes $300 billion to helping troubled homeowners avoid foreclosure. See if you qualify. (more)

New Fed rules miss one key lending abuse

Jul 23: Mortgage brokers often receive kickbacks from lenders in return for steering consumers into more expensive loans - a problem that the Federal Reserve failed to address. (more)

House OKs mortgage rescue

Jul 23: House votes to offer as much as $300 billion in mortgages and to back up Fannie and Freddie. Bush says he'll sign it. Senate approval is likely. (more)

House vote due on housing bill

Jul 23: Compromise pairs aid for those facing foreclosure with rescue plan for Freddie Mac and Fannie Mae. (more)

Home prices drop for fourth straight quarter

But the latest home prices from Realtors show losses seem to be easing. (more)

Latest home prices

Second quarter numbers are in from the National Association of Realtors - 149 markets tracked. (more)

California cities fill top 10 foreclosure list

Stockton, Calif. records highest foreclosure rate among nation's metro areas according to a new survey. (more)

Countrywide forced to turn to banks for help

Leading mortgage lender tightens lending standards, turns to more expensive $11.5 billion line of credit to maintain liquidity; chairman cashing out of stock. (more)

Housing starts at decade low

Starts and permits both fall more than forecasts as builders pull back from troubled market. (more)

Paulson: Market turmoil to slow U.S. growth

But strength of markets, economy should prevent a recession, Treasury Secretary tells Wall Street Journal. (more)

Dems take on mortgage meltdown

Clinton, Dodd, Obama and Edwards take aim at reforming lending practices. (more)

Mortgage meltdown contagion

A grim forecast has economists more pessimistic over how far the collapse will spread to the rest of the economy. (more)

Will the Fed save the day?

Bernanke & Co. did not signal an imminent rate cut at the Fed's last meeting, but some think the Fed will take emergency action as the credit crunch gets worse. (more)

Credit turmoil throws deals in jeopardy

As financing markets seize up, investors are growing more skeptical that some buyout deals will happen. (more)

Who can't get a mortgage now

Buyers with good credit and a down payment will make out well - all others, prepare to pay. (more)

Rate jump for big mortgages

The cost of financing an expensive home purchase is jumping, making high-end buyers the latest victims of the mortgage meltdown. (more)

Subprime problems spread

AIG sees uptick in defaults in more credit categories. European investors feel the pain too. (more)

Mortgage resets: Record bill coming due

Billions in subprime ARMs will be subject to higher payments. (more)

Foreclosures drift to Sun Belt from Rust Belt

A new survey shows foreclosure clusters are on the move from industrial centers to coastal and southern states. (more)

If your mortgage lender goes under...

More and more mortgage companies are closing shop as the subprime loan saga continues. Here's what to do if yours shuts down. (more)

About to retire? It's all about the 'safe money'

If you're on the cusp of retirement and feel rattled by the recent volatility in stocks, here's a way to protect your portfolio (more)

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