Filed Sep 10, 2007 at 4:27 PM ·
One of the couple’s Pleasantville neighbors seemed pretty sure business problems were at the root of the shocking news. “I know they’re mortgage brokers,” Peter Passidomo said. “And I know it’s been a tough business, so I assume they might have had financial difficulty.”
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Filed Aug 15, 2007 at 5:24 PM ·
Sales of existing homes fell in 41 states during the April-June quarter while home prices were down in one-third of the metropolitan areas surveyed, a real estate trade group reported Wednesday.
The new figures from the National Association of Realtors underscored the severity of the current housing slump, the worst downturn in 16 years.
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Filed Aug 14, 2007 at 7:06 PM ·
Southern California home sales continued to slump in July, falling 27% from year-ago levels, and are now running 54% below peak levels reached in July 2003, DataQuick reported today. Some industry experts have warned that August sales may be even weaker, given the widening credit squeeze that has spread to non-subprime mortgages.
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Filed Aug 14, 2007 at 7:04 PM ·
"They're saying that we're heading for a recession but I think we're past that," said Setterlund, referring to the housing glut and its effect across much of south Florida. "I think we're headed more into a depression."
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Filed Aug 09, 2007 at 7:39 PM ·
Wall Street's deepening fears about a spreading credit crunch sent stocks plunging again Thursday, with the Dow Jones industrials extending their series of triple-digit swings and falling more than 380 points. The catalyst for the market's latest skid: a French bank's announcement that it was freezing three funds that invested in U.S. subprime mortgages.
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Filed Jul 31, 2007 at 9:34 PM ·
The news for homebuilders, homebuyers, and investors has followed a downward trajectory for the two years since then. In fact, you might say housing was now hitting below the infamous Mendoza line. That's baseball talk for a batter hitting below .200. For instance, from its peak above 1,300 in July 2005, the S&P Homebuilder's Index is now below 575. And home prices are dropping like stones, as shown by the latest numbers from the S&P/Case-Shiller index. This bad news for homeowners causes larger problems for the U.S. economy.
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Filed Jul 31, 2007 at 9:33 PM ·
American Home Mortgage Investment Corp. shares plunged 90 percent after the lender said it doesn't have cash to fund new loans, stranding thousands of home buyers and putting the company on the brink of failure.
Investment banks cut off credit lines, leaving American Home without money yesterday for $300 million of mortgages it had already promised, the Melville, New York-based company said in a statement today. It anticipates that $450 million to $500 million of loans probably won't get funded today, and the lender may have to sell off its assets.
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Filed Jul 27, 2007 at 3:31 PM ·
Black & Decker Corp. on Thursday said its second-quarter profit fell 22%, hurt by commodity inflation and declines in hardware and home improvement, and said earnings for the rest of the year would be pressured by the weak housing market.
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Filed Jul 27, 2007 at 3:31 PM ·
Wall Street suffered its biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate lending markets. The Dow Jones industrials fell more than 430 points, while Treasury yields plunged as investors moved money into bonds.
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Filed Jul 27, 2007 at 3:31 PM ·
Sales of new homes fell in June by the largest amount in five months as the housing industry continued to struggle with its worst downturn in 16 years.
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Filed Jul 27, 2007 at 3:31 PM ·
As the US housing market crisis deepens in the months ahead, fingers will be pointed at those who might have contributed to the earlier housing bubble.
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Filed Jun 29, 2007 at 1:28 PM ·
KB Home continued the streak of disappointing homebuilder earnings, reporting an unexpected second-quarter loss due to very large land impairment charges.
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Filed Jun 29, 2007 at 1:28 PM ·
"I see no reason to expect a change in confidence until probably April '08, when the candidates will fairly well be settled for the presidential election and we'll start to listen to speeches about how we'll get better," Robert Toll, the company's chairman and chief executive, said at the Reuters Real Estate Summit.
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Filed Jun 27, 2007 at 4:19 PM ·
The post-stock bubble rate cuts may have in turn created a housing bubble whose consequences haven't fully played out.
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