houses

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.

Freddie Mac: Delinquent Borrowers Staying in Homes Longer

The amount of time it takes to foreclose on a home is increasing, meaning that delinquent borrowers can stay in their houses for months after they stop making payments, according to Freddie Mac. Freddie Mac, which, along with Fannie Mae finances about half of all U.S. mortgages, says that homes now take as long as eight months to work their way through the foreclosure process, The Financial Times reported.

KB Home Posts Narrower Earnings Loss

KB Home (KBH) reported a quarterly loss of 2 cents per share, compared with 87 cents per share a year earlier. Revenue was $501 million in the quarter ended Aug. 31, the company said in a statement. That%u2019s a 9% increase from a year earlier.

Mortgage Applications Drop on Weaker Demand for Refinancing

The number of applications for mortgage loans fell last week as demand for refinancing loans weakened. The total loan applications index fell 8.9% on a seasonally adjusted basis from a week earlier, with applications for refinancing loans slipping 10.8%, the Mortgage Bankers Association said. These figures include an adjustment to account for the Labor Day holiday.

Yahoo Hands Over Real Estate Listings to Zillow.com

Yahoo is handing over its listings of homes for sale and local real estate advertising to Zillow.com, a real estate website. Zillow will oversee a network that will place home for sale listings and real estate advertising on both Yahoo and Zillow.com, The Associated Press reported.

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.