Real Estate and Mortgage News

Why Generation Y is broke

2008-11-20T09:38:00.000-08:00

20- and 30-somethings are in a financial mess. Is it because we're dumb, arrogant or simply uneducated?

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Home buying the old-fashioned way

2008-11-20T09:37:00.000-08:00

The subprime meltdown has meant a return to the old-fashioned mortgage: 20% down for 30 years at a fixed rate. Impossible? We look at 3 cases where people are going that well-worn route -- without Wall Street jobs or trust funds.

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Lower profits, increased rules -- but more reliable

2008-11-20T09:22:00.000-08:00

When the incoming administration of President-elect Barack Obama looks at the financial services industry, there will be one thought above all others: to make sure the sector survives.

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Jobless claims jump to 16-year high

2008-11-20T09:20:00.001-08:00

First-time filings for unemployment benefits shot up to their highest level since July 1992 last week, rising 27,000 to a seasonally adjusted 542,000 and punctuating the struggling state of the U.S. labor market, government data showed Thursday.

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How far will my salary go in another city?

2008-11-20T09:14:00.000-08:00

What do you need to save?
How Fast will your savings grow?
How much will you need? Can you retire early?

click here to find out

No job, bad mortgage - out of luck

2008-11-20T09:12:00.000-08:00

More homeowners are falling behind on their mortgages because they've lost their jobs. And there's little help coming their way.

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U.S. tries new tack on housing

2008-11-20T09:10:00.000-08:00

Department of Housing and Urban Development makes changes to Hope for Homeowners plan aimed at increasing participation.

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Builders' confidence sinks to new low

2008-11-20T09:08:00.000-08:00

A survey of homebuilders' assessment of the housing market shows the industry's sentiment fell in November to yet another low.

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Home Owners get the relief you need!!!!!!!!

2008-11-19T12:25:00.000-08:00

Get the relief that you need on your mortgage. Don't wait until things get harder or worse. Banks are willing to negotiate the terms of your current mortgage. Take advantage of our knowledge and relationships with your mortgage lenders and apply for a modification today. You can visit our website www.procapconsulting.com or call us at 631-956-6200(Ask for Joe and mention this post for additional savings).

Sincerely,
Joe Diliberti
Phone: 631-956-6200
www.procapconsulting.com

US mortgage modifications increased in 3rd-qtr - report

2008-11-07T10:43:00.000-08:00

U.S. mortgage companies increased the number of loans modified to easier terms by 17 percent from the second to third quarter, an industry group reported on Monday.

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Mounting job losses fueling foreclosures

2008-11-07T10:38:00.000-08:00

Bad loans were originally the main culprit driving homeowners into foreclosure. But now it's unemployment that's fueling the mortgage meltdown.

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September pending home sales fall 4.6%

2008-11-07T10:36:00.000-08:00

The worsening financial crisis stopped bargain hunters in their tracks.

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Obama will make economic mark before Jan. 20

2008-11-07T10:30:00.000-08:00

Democratic lawmakers called Thursday for a new stimulus package worth up to $100 billion while President-elect Barack Obama scheduled a meeting with his new economic transition team to begin addressing the nation's economic troubles well before his Jan. 20 inauguration.

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How health coverage may change under Obama

2008-11-07T10:28:00.000-08:00

New president faces question of how far to take reform

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Goldman forecasting

2008-11-07T10:26:00.001-08:00

Goldman forecasting biggest rise in joblessness since WWII

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McCain mortgage plan shifts costs to taxpayers

2008-10-08T12:13:00.000-07:00

Under McCain's newly announced plan, the government would take the hit for writing down mortgage balances for at-risk borrowers.

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Bank of America to slash mortgage payments

2008-10-08T12:12:00.000-07:00

The foreclosure prevention program is the most aggressive initiative undertaken yet to help stem the housing crisis.

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Manhattan real estate: Pricey but headed for a fall

2008-10-08T12:10:00.000-07:00

The average sales price continues to climb - it's now $1.4 million - but the number of buyers is falling fast.

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Housing rescue efforts slowed in August

2008-10-08T12:09:00.000-07:00

Nearly 189,000 at risk borrowers got help during the month, according to Hope Now, down slightly from the number of homeowners helped in July.

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Where home prices are headed next

2008-10-08T12:08:00.000-07:00

Want to know what your home will be worth this time next year? Check out these home price forecasts for the 100 largest U.S. markets, from Money Magazine.

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Bailout: Little help for homeowners

2008-10-08T12:05:00.000-07:00

If it does pass, the plan calls for the Treasury to work with loan servicers to stem the tide of foreclosures. But just how that will happen remains unclear.

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Freddie, Fannie roll back fees

2008-10-08T12:04:00.000-07:00

The mortgage finance giants will not increase fees to .5% from .25% on loans they purchase.

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The other housing rescue starts today

2008-10-08T12:03:00.000-07:00

The FHA's $300 billion Hope for Homeownership program is now open for business. But will banks be willing to sign up?

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Record 16% drop in July home prices

2008-10-08T12:02:00.000-07:00

July home prices plunge 16.3% in 12 months, according to the Standard & Poor's/Case-Shiller 20-city housing index.

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Crisis puts home loans out of reach

2008-10-08T11:59:00.000-07:00

The meltdown on Wall Street is making it even harder for home buyers to land a mortgage loan.

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Time to lock in your mortgage rate

2008-08-06T10:13:00.000-07:00

Home buyers may find big savings in locking in mortgage interest rates.

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Mortgage applications rise 2.8%

2008-08-06T10:12:00.000-07:00

Mortgage Banker's Association's application index rose to 432.6 last week, but remains far below peak of 1,856.7 in 2003.

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Bush signs housing rescue law

2008-08-06T10:10:00.000-07:00

President enacts controversial measure that aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie.

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America's Best Places To Raise A Family

2008-07-07T09:59:00.000-07:00

Steve Schwartz and his wife, Lori, have spent the last 30 years running Schwartz's Bait and Tackle in Noblesville, Ind. Just 15 miles north of downtown Indianapolis, they sell fishing equipment and rent canoes to locals like Indianapolis Colts kicker Adam Vinatieri and former Formula One racer Derek Daly.

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Increasingly Affordable U.S. Housing Markets

2008-07-07T09:56:00.000-07:00

What a difference a year makes.

At the beginning of 2007, San Diego real estate was already in the process of correcting. Even so, with median prices at $595,000, only 9.4% of the homes being sold were available to the median household.

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Pace of housing rescue slows, as foreclosures rise

2008-07-02T14:15:00.000-07:00

Mortgage industry alliance helped 170,000 homeowners avoid foreclosures in May - a monthly pace that slowed even as foreclosures ramped up.

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Celebrity foreclosures

2008-07-02T14:13:00.000-07:00

The effects of the foreclosure crisis are rippling throughout the country - and even the rich and famous are not immune.

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Mortgage applications rebound

2008-07-02T14:11:00.000-07:00

Price declines on 30-year fixed-rate mortgages generate new loans and more refinancing.

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Manhattan real estate starts to soften

2008-07-02T14:10:00.000-07:00

Sales are down according to the latest reports, but thanks to strong demand for luxury apartments the average Manhattan apartment now costs $1.67 million.

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10 Things Your Mortgage Lender Will Not Tell You

2008-06-26T09:19:00.000-07:00

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Housing rescue group steps up efforts

2008-06-18T10:43:00.000-07:00

Hope Now members agree to more streamlined, uniform approach to foreclosure prevention. But community advocates say it isn't enough.

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Mortgage industry blasts Senate bill

2008-06-18T10:40:00.000-07:00

Six trade groups representing lenders said parts of the Senate housing bill are too restrictive and will expose lenders to lawsuits.

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Housing rescue group steps up efforts

2008-06-17T11:21:00.000-07:00

Hope Now members agree to more streamlined, uniform approach to foreclosure prevention. But community advocates say it isn't enough.

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Mortgage lenders vow quick response

2008-06-17T11:19:00.000-07:00

Bush-backed industry group promises to respond to troubled borrowers within 45 days, but lawmakers call the plan inadequate.

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73,000 homes lost to foreclosure in May

2008-06-16T09:30:00.001-07:00

Filings for the month jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.

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Property-flipping rule suspended

2008-06-16T09:29:00.000-07:00

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

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6 real estate bargains

2008-06-16T09:27:00.000-07:00

The housing downturn's upside? You don't have to go overseas anymore for your dream retirement home. We found the six best markets for deals.

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Housing: It'll get worse

2008-06-16T09:26:00.000-07:00

Hard hit cities like Sacramento, Phoenix and Las Vegas are set for more steep losses. Some real estate experts are bracing for price drops of as much as 50%.

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For this broker, foreclosures spell boom

2008-06-16T09:25:00.000-07:00

David McIlvaine has the right specialty in a housing crisis: He sells homes that banks have taken back from borrowers who can't pay their mortgages.

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Where home prices are headed next

2008-06-16T09:24:00.000-07:00

Want to know what your home will be worth this time next year? Check out these home price forecasts for the 100 largest U.S. markets, from Money Magazine.

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Housing crunch, 90210

2008-06-16T09:23:00.000-07:00

Places like Beverly Hills, Calif. and Greenwich, Conn. have been hit by steep price declines, and a jump in foreclosures.

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Mortgage applications show rebound

2008-06-16T09:22:00.000-07:00

Mortgage Bankers Association reports 10.9% rise in applications for week of June 6.

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We redid our kitchen for $6,000

2008-06-16T09:21:00.000-07:00

How one couple created a luxe, low-cost kitchen with quality secondhand stuff and sweat equity.

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Standard Pacific gets investment; stock surges

2008-05-27T09:53:00.000-07:00

Beaten-down shares of home builder Standard Pacific Corp. were up more than 60% on Tuesday after the company said it has received an equity commitment of more than $530 million.

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U.S. new-home sales rise in April

2008-05-27T09:49:00.000-07:00

Sales of new homes rose during April for the first time in six months, but economists say it isn't cause for celebration that the nation's housing market is turning around.

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Decline in home prices accelerates in March

2008-05-27T09:47:00.000-07:00

The pace of home price declines accelerated in March and there are no hints that the decline might be ending soon, economists said.

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Short Sales Rise as Homeowners Seek Alternative to Foreclosure

2008-05-22T08:19:00.000-07:00

In real estate, it’s the sale of a home or property for less than the amount owed the lender. The owner nets nothing on the sale and until recently, it also meant a tax liability, as the IRS considered the difference between the sale price and outstanding loan amount as income.

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Short Sales

2008-05-22T08:17:00.000-07:00

A short sale is generally the sale of a stock you do not own.

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U.S. home prices down 1.7% in first quarter: OFHEO

2008-05-22T08:15:00.000-07:00

U.S. home prices fell a seasonally adjusted 1.7% in the first three months of 2008 -- the largest quarterly price decline on record, the Office of Federal Housing Enterprise Oversight reported Thursday.

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The high cost of a green dream

2008-05-21T13:17:00.000-07:00

It seemed like a fantasy project to renovate their new home in an environmentally sensitive way. Reality is costing them more green than they could have imagined.

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Mortgage applications drop 7.8%

2008-05-21T13:16:00.003-07:00

Mortgage application volume falls to one-third of where it was during the height of the housing boom in May, 2003.

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Reverse mortgages: Beware the come-ons

2008-05-21T13:14:00.001-07:00

The loans can help you tap the equity in your house. Just don't get tripped up by greedy salespeople.

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Homes are biggest bargain since 2004

2008-05-21T13:12:00.000-07:00

Falling prices opened up home buying for many more Americans.

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Mortgage rescue advances in Senate

2008-05-21T13:11:00.000-07:00

Plan would let government back loans but not put taxpayers at risk. Banking Committee led by Shelby and Dodd OKs bill. Next stop: Senate floor.

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Home prices continue sharp descent

2008-05-21T13:10:00.000-07:00

Steep drops in West. Heartland prices stabilize. Bottom line: 7.7% decline in first quarter.

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Housing starts surge on condo construction

2008-05-16T08:13:00.000-07:00

Single-family starts continue falling, touch 17-year low.....

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Senators hammering out mortgage deal

2008-05-15T11:02:00.000-07:00

Key members of Senate Banking Committee huddle on proposal to offer more help for at-risk homeowners.

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Why more homeowners aren't getting help

2008-05-15T10:58:00.000-07:00

The firms that service mortgages are central to whether or not efforts to prevent foreclosures work. But their role is shrouded in mystery.

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Housing rescue stokes partisan split

2008-05-15T10:56:00.000-07:00

GOP pushes back against Dodd bill to expand government role in helping at-risk borrowers and tighten control over big mortgage players.

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Foreclosure filings hit record in April

2008-05-15T10:55:00.000-07:00

Survey sees more than 243,000 filings, up 65% from a year earlier, creating problems for local governments.

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A California Couple's Descent

2008-05-12T14:46:00.000-07:00

The Borrowers: Sherrie Floyd, 44, a clerical assistant at the Kaiser Foundation, and her husband, Kevin Floyd, 45, a truck driver in Vallejo, Calif.

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Democrats Face Rescue Backlash

2008-05-12T14:45:00.000-07:00

Some Voters Oppose Having to Bail Out Homeowners at Risk

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Bonds Tied to Mortgages Have Hope

2008-05-12T14:44:00.000-07:00

Maybe there's a way to thrive in the howling wasteland that is the home-loan market.

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5 new rules for home sellers

2008-05-12T13:13:00.000-07:00

Whether you're buying or selling, the real estate game has changed. To win, you've got to learn a new playbook.

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Housing bailout: Little cost but also little help

2008-05-12T13:09:00.000-07:00

Congress' proposal to help troubled homeowners may only cost $1.7 billion to taxpayers since it might only keep 325,000 of nearly 3 million borrowers from foreclosure.

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Housing rescue: Fighting over best fix

2008-05-12T13:07:00.000-07:00

Bush administration broadens its program to back troubled loans, as critics say the agency is not doing enough....

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Mortgage delinquency on the rise

2008-05-12T13:04:00.000-07:00

Outlook for delinquencies worsens as lower home prices create cycle of increasing defaults.

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House passes $15B anti-blight bill

2008-05-12T13:03:00.000-07:00

Lawmakers say the funds will allow states to buy and repair foreclosed properties in an effort to prevent neighborhoods from deteriorating.

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Foreclosures spike 112% - no end in sight

2008-04-29T13:32:00.000-07:00

More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing.

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Home vacancies rise to record 2.9% in first quarter Homeownership rate steady at 67.8%, matching six-year low

2008-04-28T12:49:00.000-07:00

Putting further downward pressure on home prices, the number of vacant homes in the United States increased by 1 million over the past year to a record 18.6 million, according to government data released Monday.

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Home for sale by any means

2008-04-25T10:41:00.001-07:00

Are you really serious about selling your home in this market? Then be prepared to try anything - and everything.

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Homeowners need help, not Wall Street

2008-04-25T09:59:00.000-07:00

Consumer groups decry Bear Stearns bailout while foreclosures soar......

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Three steps to cutting property taxes

2008-04-25T09:58:00.000-07:00

With home prices retreating, you'd think property taxes would too. But don't count on it -- by the time you see lower taxable values, your local government may be in enough of a squeeze to raise the rates that apply to those taxable values.

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Buying green

2008-04-25T09:56:00.000-07:00

New home products save energy, water and more.....

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Stay or move?

2008-04-25T09:55:00.000-07:00

Some home sellers waiting out unfavorable conditions may remodel instead....

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Reverse mortgages getting better

2008-04-25T09:51:00.000-07:00

But costs, scams mean seniors still need to be on guard.....

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Nine Earth-Friendly Fixes For Your Home

2008-04-15T12:03:00.000-07:00

As Americans seem increasingly less willing to buy a home, they are becoming more open to investing in "green" features that result in reduced energy costs and clear consciences.

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To Preserve Home Equity Help Your Neighbor

2008-04-11T08:51:00.000-07:00

With falling house prices in the news every day, many homeowners are asking: What's the best way to preserve my home's equity?

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Record New York Tower Acquisition Closes

2008-04-11T08:43:00.000-07:00

Ashkenazy Acquisition Corp. and The Carlyle Group have completed their purchase of 650 Madison Avenue, a trophy asset in New York’s Plaza District, for $680 million.

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Best Cities For Home Sellers

2008-04-11T08:41:00.000-07:00

Though luxury home buyers took a big bite out of the Big Apple last year--properties in the Plaza Hotel and condos along Central Park West sold for record prices and the city posted new highs in price per square foot and median sales price--2008 hasn't been as kind to sellers.

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Ten Recession-Proof Home Improvements

2008-04-11T08:40:00.000-07:00

Just a few years ago, a real estate flipper could parlay a several-thousand-dollar upgrade into a substantial profit. A $30,000 investment in new kitchen tiles, countertops and appliances, for example, might reap $60,000 upon resale.

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Credit crisis overshadows dollar

2008-04-11T08:32:00.002-07:00

Forget the falling dollar. Efforts to come up with an answer to a pernicious and surprisingly persistent credit crisis will be the top job when finance ministers and central bankers of the Group of Seven industrial nations gather in Washington Friday.

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No-down-payment mortgages gone for good?

2008-04-11T08:32:00.001-07:00

Most mortgage insurance companies won't cover 100% loans anymore

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Hope Now: We've helped 1.2M home owners

2008-04-10T12:50:00.000-07:00

Still, not everyone is convinced that the coalition is doing enough to keep troubled borrowers out of foreclosure.

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The big risk in the foreclosure fix

2008-04-10T12:49:00.000-07:00

FHA, a formerly obscure federal agency, is now at center of many plans to fix the housing market. But it may not be up to the task - and that could cost taxpayers a bundle.

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Senate passes foreclosure bill

2008-04-10T12:48:00.000-07:00

Plan includes tax breaks for builders, credit for the purchase of foreclosed property and grants to buy and repair abandoned homes.

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Foreclosure fix faces murky future

2008-04-10T12:47:00.000-07:00

Senate fast-tracked legislation to stabilize housing. But Bush administration gives it low marks and House is proposing its own ideas and may even push for broader economic stimulus package.

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Bush, House jockey over foreclosure fix

2008-04-10T12:46:00.000-07:00

Administration and Democrats stake claims on best way to stabilize housing, while top banking regulators say House plan to stave off foreclosure could be useful.

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The futile $100M foreclosure fix

2008-04-10T12:45:00.000-07:00

A new bill would allocate millions for foreclosure counseling. But is that enough to help keep at risk borrowers in their homes?

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Best ways to fix the subprime mess

2008-04-10T12:44:00.000-07:00

How do we stop the boom in foreclosures from doing more damage? Bureaucrats, consumer advocates, presidential candidates and plenty of others have plans. Here are 4 that, each for its own reason, offer particularly noteworthy fixes.

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Pending home sales at all-time low

2008-04-10T12:39:00.000-07:00

Realtors' group says its index of homes under contract to sell fell sharply in February.

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Senate takes up $15 billion housing fix

2008-04-10T12:37:00.000-07:00

Lawmakers begin consideration of compromise measure aimed at averting foreclosures and helping those hurt in housing crisis.

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Builders: No full recovery until 2010

2008-04-10T12:33:00.000-07:00

Head of National Association of Home Builders said it could be several years before demand for homes returns to typical levels.

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Mortgage fix - The clock is ticking

2008-04-02T09:25:00.000-07:00

Senate leaders reached a deal on Tuesday that could expedite help for the troubled housing market. But hurdles remain and time is running out.

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Average Manhattan home hits record $1.6 million

2008-04-02T09:23:00.000-07:00

The price of an average apartment in New York City hit a new high in the first quarter of 2008. Still, the red-hot market looks like it's starting to cool.

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