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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Judges in several states have found flaws in documents filed by mortgage firms that borrowers facing foreclosure might be able to exploit. But the extent to which the judicial process can make a difference is limited and uneven.
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