Sales of existing homes rose slightly in May, only the second increase in the past 10 months. Prices, however, kept plunging and analysts say the prolonged slump was far from over.
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As foreclosures rise across the country, more apartment owners are seeing an increase in the number of rental applicants with derogatory mortgage histories.
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With home prices battered by lagging sales and a slumping economy, this may seem like a good time to get a deal on real estate. But there’s a hitch: Mortgage rates are heading higher.
Sales of new homes tumbled for the sixth time in seven months in May while median prices kept plunging, underscoring the depth of the nation’s housing woes.
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Countrywide Financial Corp.’s shareholders cleared the way Wednesday for the company to be taken over by Bank of America Corp., even as officials in two states filed lawsuits claiming the distressed mortgage lender misled borrowers into taking on risky home loans.
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Angelo Mozilo, slated to step down as Countrywide’s chief executive on Tuesday, is departing with a devalued reputation partly because he stayed too long and at times ran the publicly traded mortgage lender as if it were his own company.
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KB Home’s quarterly loss nearly doubled as prices fell amid a continuing housing downturn and credit crisis.
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KB Home’s quarterly loss nearly doubled as prices fell amid a continuing housing downturn and credit crisis.
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Lenders are cutting off more home-equity lines of credit and limiting new ones. These cutbacks are crimping homeowners’ plans for costly improvements and dinging the remodeling industry.
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Post’s stock fell much further than the overall market Thursday after announcing that “all potential bidders” had withdrawn from its five-month sale process.
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