Foreclosures Outnumber New Homes, 30-Year Mortgage Falls Below 5 Percent
When Foreclosures Outnumber New Homes
Boston Globe
January 16, 2009
The number of people losing their homes to foreclosure across the country is now outstripping the number of new homes being built. More than 860,000 homes were foreclosed on last year, according to RealtyTrac. All told, builders were on track, as of last November, to build just 640,000 new homes and condos in 2008.
Benchmark 30-Year Mortgage Falls Below 5% For First Time
CNN Money.com
January 16, 2009
The benchmark 30-year mortgage fell below 5% for the first time ever in Freddie Mac's weekly rate survey as economic weakness continued to push interest rates lower, the mortgage agency said Thursday.
Bank of America, Citigroup Post Major Losses
Washington Post
January 16, 2009
Two of the country's largest banks posted major fourth-quarter losses today, pushed deep into the red by a weakened economy despite massive infusions of government capital to ensure their stability.
Scramble for Solutions as Foreclosures Rise at Record Speed
January 16, 2009
YAHOO! News
Foreclosures jumped a record 80 percent last year, according to a new report by consulting firm RealtyTrac. The rise comes despite