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U.S., Lenders Seek Ways to Head Off New Mortgage-Default Wave October 7, 2009, Wall Street Journal Lenders and government officials are searching for ways to head off a wave of defaults on pay-option adjustable-rate mortgages, which are threatening to become the next storm to hit the U.S. housing market...
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Home Prices in 20 U.S. Cities Fell Less Than Forecast September 29, 2009, Bloomberg News Home values in 20 U.S. metropolitan areas declined less than forecast in the year ended in July, a sign the housing slump that led to the worst recession in seven decades is abating. The S&P/Case-Shiller home...
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Mich. Lawmakers Agree on 90-day Foreclosure Bill The Associated Press Michigan lawmakers struck a deal Wednesday to give homeowners facing foreclosure a 90-day window to stay in their house and potentially work out something with their lender. The legislation lets homeowners delay foreclosure proceedings...
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House-Price Drops Leave More Underwater Wall Street Journal The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing...
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No Sale: Bank Wrecks New Houses Wall Street Journal A Texas bank is about done demolishing 16 new and partially built houses acquired in Southern California through foreclosure, figuring it was better to knock them down than to try selling them in the depressed housing market. Guaranty Bank of Austin...
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New-Home Sales, Prices Decline Wall Street Journal New-home sales fell in March but only mildly after a surge the month before, while the median price kept sliding, a sign the housing crisis hasn't ended. Sales of single-family homes decreased by 0.6% to a seasonally adjusted annual rate of 356,000...
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Bidding Wars Are Emerging on Foreclosures Wall Street Journal Falling home prices are starting to ignite bidding wars in a few parts of the U.S. as first-time buyers compete with investors for the same foreclosed properties. In most of the nation, the supply of unsold homes continues to swamp demand...
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Pulte to Buy Centex for $1.3 Billion in Survival Bid Bloomberg In a transaction that would create the nation’s largest U.S. homebuilder by revenue, Pulte Homes Inc. agreed to buy Centex Corp. for $1.3 billion in an all-stock deal, throwing each of them a lifeline in the worst housing slump since...
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REO Business Thrives New York Times The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”...
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California Home Prices Decline 41 Percent on Foreclosures Bloomberg News California home prices dropped 41 percent last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the California Association of Realtors said today. The median price for an existing...