January 15, 2008 |
U.S. existing-home sales will reach a bottom in 2008 as buyers find it tougher to get mortgages, according to a forecast by the Mortgage Bankers Assn., the industry's largest trade group. Sales of previously owned homes probably will drop to an 11-year low of 4.94 million from 5.68 million last year and then increase to 5.12 million in 2009, the Washington-based group said Monday. New-home sales are likely to tumble 15% this year to 666,000 before rising 6.6% in 2009.
January 14, 2008 |
The no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply.
December 31, 2007 |
Dozens of states, counties and cities across the nation will enter the new year facing deep and unexpected budget holes as the widening mortgage crisis cuts sharply into tax revenue. Elected officials, scrambling to adjust, are trimming money for public schools, reducing grants to help the homeless, even asking police to dry-clean their uniforms less often. "We're talking about a pretty tough fiscal environment for the next four or five years," said Christopher W.
December 26, 2007 |
Gilbert, Ariz.-based Re/Max 2000, one of the Phoenix area's largest real estate brokerages, shut down its 13 offices this week, as the housing bust hits a city that was once one of the nation's hottest markets. Robert Kline, who started the franchise in 2000 and grew the business through acquisitions, said his decision to close was made after a particularly rough patch in December, when it became clear he no longer could afford to pay overhead expenses.
December 23, 2007 |
LAS VEGAS -- Google executive Justin McCarthy smiled, looked out upon a vast room packed with Realtors and said, "My, my, how times have changed." Just four years earlier, he said, he had spoken to a real estate industry conference on technology trends and got the message that Google was viewed with suspicion. "There was this notion of a lion coming over the hill," he said, evoking a phrase widely heard in the industry at the time.
December 19, 2007 |
If you're a renter looking to join the homeowner club, the cost of admission keeps getting lower. Home sale prices in six Southland counties tumbled 10% last month compared with November 2006 -- the sharpest year-to-year decline in at least 20 years, a real estate information service reported Tuesday. Sales volume dropped even more sharply, plummeting 43% from a year earlier, according to DataQuick Information Systems. For homeowners, falling values mean less equity.
December 13, 2007 |
Shares of U.S. real estate companies are market pariahs, but shares of a Chinese developer got a warm welcome Wednesday on their first day of trading on Wall Street. Xinyuan Real Estate Co., which sold 17.5 million shares at $14 each on Tuesday, jumped $2.80, or 20%, to close at $16.80 on the New York Stock Exchange. The Zhengzhou, China, company, which trades under the ticker symbol XIN, generates most of its revenue from apartment sales in five Chinese cities.
December 9, 2007 |
Up earlier than usual on a recent Sunday, I made a pot of coffee and opened The Times' Real Estate section, where a barrage of rather desperate-sounding come-ons caught my attention. Real estate pages have more exclamation points these days than a Tom Wolfe essay. Reduced! Foreclosure! Back on the Market! New Price! I circled half a dozen listings; plugging their addresses into Google Maps, I charted an itinerary across the city, from Hollywood to the beach and back east again.
December 6, 2007 |
Seeking to gird the nation's economy against a potential tidal wave of foreclosures, the Bush administration will release a plan today that is expected to block many mortgages from adjusting to higher rates for as long as five years. Administration officials acknowledged privately Wednesday that the plan was likely to face objections from low-income borrowers who won't be helped, and from investors who backed now-troubled sub-prime home loans that are at the heart of the mortgage crisis.
December 5, 2007 |
New York state doesn't have the legal authority to investigate the residential real estate lending practices of national banks including JPMorgan Chase & Co. and Wells Fargo & Co., a federal appeals court ruled. It is "beyond genuine dispute that state law may not significantly burden a national bank's own exercise of its real estate lending power," the U.S. 2nd Circuit Court of Appeals in Manhattan decided. The appeals panel upheld a lower-court ruling that said federal law gave the U.S.