housing market news stories on Newser

Homeownership Falls to 15-Year Low

Kevin Spak — Tue, 01 May 2012 08:19:03 CDT

The US homeownership rate fell to 65.4% in the first quarter to hit a 15-year-low, as foreclosures and a strong rental market kept Americans away from homeownership, according to figures released by the Census Bureau today. That's down from 66% last quarter, and from 69.2% at the market's...

Facing Foreclosure? BofA to Let You Rent Your Home

Kevin Spak — Fri, 23 Mar 2012 12:11:05 CDT

Falling behind on your Bank of America mortgage? Well, what would you say if the bank offered to take your house, but let you rent it for a while? That's the idea behind a new "Mortgage to Lease" pilot program that BofA is rolling out in select markets in Arizona,...

Student Loan Debt Passes $1T

Kevin Spak — Thu, 22 Mar 2012 08:26:27 CDT

America's student loan debt is a lot higher than previously believed, a fact that may create a drag on the economy for years to come, according to a new report from the Consumer Financial Protection Bureau. Total debt passed $1 trillion late last quarter, officials told a banking conference in...

Wall Street May Soon Be Your Landlord

Mark Russell — Mon, 19 Mar 2012 07:02:11 CDT

Wall Street firms may soon have a new gig: landlord. A number of them are looking into getting directly involved in real estate, buying up foreclosed properties from Fannie Mae in bulk, reports the Wall Street Journal . They couldn't then flip the houses—per the deal, they would rent out...

Next Debt Bomb: Student Loans?

Mark Russell — Mon, 12 Mar 2012 08:28:05 CDT

With student loan debts soaring to $867 billion last year, student debt is a "bomb" waiting to explode, bankruptcy lawyers tell the Washington Post. The figure is bigger than the $704 billion owed by all Americans on their credit cards , and of the 37 million borrowers, 14.4% have at...

$26B Mortgage Settlement a 'Modest' Help: Experts

Matt Cantor — Fri, 10 Feb 2012 08:19:05 CST

The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held by...

Banks Ink $26B Deal to Help 2M Homeowners

Rob Quinn — Thu, 09 Feb 2012 07:52:43 CST

America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of negotiations between...

Freddie Mac Bet Billions Against Homeowners

Matt Cantor — Mon, 30 Jan 2012 10:22:54 CST

Freddie Mac was designed to help homeowners—but in 2010 and 2011 it wagered billions against them. The company invested in security packages that meant more cash for Freddie when homeowners couldn't refinance their mortgages. But Freddie itself regulates refinancing—and in fact has been increasingly denying refinances to struggling...

Finally, Sun Through the Economic Clouds

Matt Cantor — Mon, 23 Jan 2012 09:53:05 CST

The economy has had its share of false starts over the past few years, but this time things could really be improving, opines Paul Krugman. "There’s evidence that the two great problems at the root of our slump—the housing bust and excessive private debt—are finally easing," he notes...