Toll Brothers said the market for new homes remained weak in its latest quarter, but CEO Robert Toll said the luxury homebuilder sees “growing pent-up demand” for people who have delayed buying the past three years.
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Japanese property developer Urban filed for court-led rehabilitation when it collapsed with $2.34 billion in liabilities, becoming the nation’s biggest corporate failure so far this year.
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Fannie Mae reported a wider-than-expected second-quarter loss of $2.3 billion and said it will slow its purchases of mortgage-related securities, in a new blow to housing prices. (Conference call transcript)
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As head of the giant investment firm that controls ailing Chrysler, Stephen Feinberg has a fixer-upper on his hands. As a homeowner, he’s been in a similar predicament for years — with a messy, $15 million renovation of his Manhattan townhouse.
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Cher is asking $45 million for her Italian Renaissance-style villa. Shaq has trimmed the asking price for his Miami mansion to $29 million from $32 million. Artist Jennifer Bartlett sold her Manhattan townhouse for $17 million.
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Dennis Pflueger and his wife won a rent-free year in a nice new house. But the Pfluegers are a bit lonely — just one other family lives in their subdivision. Since real-estate tanked, many such new communities are sitting half-empty.
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Home prices fell a record 16% from a year earlier in 20 major metropolitan areas, according to the S&P/Case-Shiller index. Meanwhile, consumer confidence edged up slightly in July.
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President Bush has signed a massive housing bill intended to provide mortgage relief for 400,000 struggling U.S. homeowners and stabilize financial markets.
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Many struggling borrowers may not qualify for the assistance in the housing legislation that is close to becoming law. So people facing foreclosure should familiarize themselves with two other options: “short sales” and “deed in lieu of foreclosure” transactions.
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