homes

Reverse Mortgage Alternatives For Cash-Strapped Seniors

The two biggest banks in the reverse mortgage business are getting out of it. Now, Bank of America and Wells Fargo accounted for less than half of the reverse mortgages in America, and other lenders are still writing them. But for cash-strapped seniors, it might be a good idea to explore alternative ways to stay in their homes.

The Housing Bottom Is Here, Says Economist Russell Price

For nearly two years, economists and real estate experts have been on the lookout for the bottom of the housing market. That time is here, says Russell Price, a senior economist with Ameriprise Financial, a financial services company.

Disaster Plans: Prepared for a Worst-Case Scenario?

The deadly tornadoes and flooding that struck the South and Midwest in April, the devastating earthquake in Japan, and concerns about terrorist reprisals after Osama Bin Laden's death should serve as reminders to property owners: You may hope it never comes, but you need to plan for the worst-case scenario.

Foreclosure Mess Drives Notaries to Take the Fifth

Yet another problem has begun surfacing in the documents banks have been using to foreclose on homes: false notarizations. Notaries have been attesting legally to signatures they didn't witness, sometimes by people who didn't actually sign, and it's adding to the tangled mess of ownership confusion.

The Housing Mess Hits One New York Town Hard

In some parts of the U.S., the real estate market remains deep in recession. But even with housing prices sitting at multi-year lows, millions of houses remain empty, unable to attract buyers haunted by unemployment and a weak economy. As part of a new series, Ghost Towns of the Great Recession, DailyFinance takes a look at one town near New York City that is still struggling with the effects of the great real estate bust.

The Foreclosure Mess: Still a Threat to Renters

Despite new federal laws designed to protect them, many tenants are still finding themselves caught up in foreclosure dramas as building owners struggle to hold on to their properties. And if real estate market doesn't improve soon, the problem could get worse.

Massive Fireball Destroys 53 Homes in San Bruno, Calif.

An explosion and fireball rocked San Bruno, Ca, destroying 53 homes and killing at least one person. Fire shot hundreds of feet into the air at 6.15pm local time Thursday, KTVU reported. More than 20 people were taken to hospital to be treated for burns and smoke inhalation.

The end of the McMansion era

American homes are shrinking, as people downsize their costs and lives. After years of growth, the Census Bureau says the average size of a new home...

New-Home Sales Plunge to a Record Low in July

New home sales unexpectedly plunged 12.4% to a 276,000-unit annual rate in July, an all-time low. Combined with July's 27.2% plunge in existing-home sales, the picture is one of a U.S. housing sector that's cratering since the federal home buyers tax credit program ended on April 30.

Homes Lost to Foreclosure Rose 9% in July

The number of foreclosed homes jumped 9% in July as lenders moved on past-due mortgages. A total of 92,858 homes were repossessed in July, The Associated Press reported, citing a report by foreclosure listing firm RealtyTrac. That%u2019s 9% higher than in June and 6% higher than the figure for July 2009.

Home Buyer Credit Needed? Sales Fall Less Than Feared

Existing-home sales fell a less-than-predicted 5.1% in June to a 5.37-million-unit annual rate, as the number of people looking for houses declined after the federal home buyers tax credit ended this spring. Though the tax credit boosted sales, Congress appears unlikely to renew it.

Mortgage Loan Applications Rise on Refinance Demand

Applications for mortgage loans jumped last week, as homeowners took advantage of historically low rates to refinance their homes. In the week ending July 2, the total number of applications for loans rose 6.7 % on a seasonally adjusted basis from a week earlier, The Mortgage Bankers Association said. A total of 78.7% of the loan applications were to refinance existing homes, the highest proportion since April 2009.

New-Home Sales Fall to Record Low in February

The winter freeze cooled new home purchases to a 308,000-unit annualized rate. The figures show more troubling signs, and the four-month trend downward can't completely be blamed on the weather.