Real Estate News
Mortgage rates drop, snapping a 3-week climb
Rates on 30-year fixed mortgages fell for the first time in three weeks after the Federal Reserve said last week that it expects inflation to level off, according to mortgage backer Freddie Mac. [Link]
American Cities See Record Annual Foreclosure Rate Increases in Q2
Record high foreclosure rates in the second quarter were reported in Los Angeles, Seattle, Miami and New York, according to a report issued by PropertyShark.com. Los Angeles led the four cities with a 282.01% increase in the second quarter compared to last year's Q2. Los … [Link]
U.S. June Nonfarm Payrolls Decline 62k, Unemployment Rate Remains at 5.5%
U.S. nonfarm payrolls declined for the sixth straight month, falling in line with expectations by a total of 62k jobs in June, according to the Bureau of Labor Statistics on Thursday. May's jobs figure was revised to a loss of 62k jobs from an initially reported loss of 49k … [Link]
Pace of housing rescue slows
Hope Now, the mortgage industry alliance of lenders, servicers and housing counselors, reported Wednesday that it helped roughly 170,000 homeowners avoid foreclosure in the month of May. [Link]
Fed's Mishkin Says Fed Wants to Contain Inflation Expectations
Speaking at a conference in Israel, Federal Reserve board Governor Frederic Mishkin said he currently sees an "upside risk" to inflation expectations and that the Fed wants to contain those expectations. "U.S. inflation has risen recently, largely because of … [Link]
Vulture investors swoop in
Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray. [Link]
Mortgage applications rebound
Read full story for latest details. [Link]
Central Bank Watch: Market Attention Shifts to ECB - Finally Time to Hike?
After last week's highly-anticipated Federal Reserve rate decision, in which rates were expectedly left on hold, markets have shifted their attention to the upcoming European Central Bank rate decision on Thursday. [Link]
Mortgage Rates Mark Time Waiting for Federal Action
Mortgage rates continued to set record 2008 levels with long term rates moving up slightly during the week ended June 26, and short term rates increasing modestly but in double digits. Mortgage applications increased 3.6 percent on a seasonally adjusted basis and… [Link]
Wednesday's Events: U.S. Employment Data Ahead of Nonfarm Payrolls Thursday
Employment data from the United States and the Department of Energy's weekly inventories report will highlight the North American data on Wednesday as markets prepare for U.S. nonfarm payrolls on Thursday. In the afternoon, markets will also be paying attention to comments … [Link]
After ADP, Markets Expect Lower Consensus for Nonfarm Payrolls
Economists appear to be unanimous in their calls for increased downside risk to Thursday's BLS nonfarm payrolls report, following a weaker-than-expected ADP private employment report for June. ADP figures showed a decline of 79k jobs in the month against expectations of … [Link]
Manhattan real estate starts to soften
Even the lofty Manhattan real estate market is beginning to soften, according to reports released Wednesday by four of the city's top real estate agencies. [Link]
Bush: Housing bill possible
Read full story for latest details. [Link]
CIT Group Sells Off its Last Home Related Business Interests
CIT Group announced on Monday that it was selling both its home lending business and its manufactured- housing division. The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion. … [Link]
Will Lehman Brothers Survive Another Round of Rumors?
Rumors were swirling about another major Wall Street player on Monday as Lehman Brothers Holdings Inc. stock fell 11 percent. The stock reached the lowest level it had seen since 2000 as the Street's second smallest Wall Street firm was the subject of speculation that it … [Link]
ISM Manufacturing Halts Four Months of Declines, Rebounds to 50.2
The U.S. manufacturing sector halted a four-month trend of deterioration and rebounded into growth mode at 50.2 in June, against expectations of a decline to 48.5, according to the ISM manufacturing survey released on Tuesday morning. Despite the headline advance, prices moved … [Link]
Florida sues Countrywide
Read full story for latest details. [Link]
Wachovia quits offering risky loan option
Read full story for latest details. [Link]
5 celebrity foreclosures
The effects of the foreclosure crisis are rippling throughout the country - and even the rich and famous are not immune. [Link]
KB Home's quarterly loss widens
Read full story for latest details. [Link]