Lenders across the country are pulling the plug on equity lines and tightening credit after a lending spree to people for whom the housing market was their pot of gold.
Much of this economic “pain” is self-inflicted. Rather than purchasing homes they could not afford — or putting too much down, making them cash [...]
“We are not standing on the brink of recession because of forces beyond our control,” Obama told a town hall forum in Austin. “This was not an inevitable part of the business cycle. It was a failure of leadership in Washington — a Washington where George Bush hands out billions of tax cuts to the [...]
On Tuesday, light, sweet crude for April delivery jumped $1.65 to settle at $100.88 a barrel — a new record close — on the New York Mercantile Exchange. At one point in the session, prices surged as high as $101.15. The 1 percent jump in wholesale prices in January followed [...]
The OFHEO index showed housing values in Brevard County fell 2.77 percent in the three-month period ended Dec. 31. Volusia home values slipped 1.86 percent, and statewide, the loss was 1.71 percent.
Stanley D. Smith, a University of Central Florida finance professor, said the latest figures offer “a slight glimmer of hope” because the [...]
“You have more people going into default and a higher percentage of the properties going back to the banks,” said Rick Sharga, RealtyTrac’s vice president of marketing.The U.S. foreclosure rate last month was one filing for every 534 homes.The Cape Coral-Fort Myers area in Florida posted the highest foreclosure rate of any metro area in [...]
The time will come, Cunningham added, when the liberal-leaning media will “peel the bark off Barack Hussein Obama” and tell the truth about his relationship with indicted fundraiser Antoin “Tony” Rezko and how Obama got “sweetheart deals” in Chicago.McCain wasn’t on stage or, he says, in the building when Cunningham made the comments, but he [...]
Most mortgage brokers and lenders have operated ethically and provided loans their clients could repay. But some have been tempted by big commissions or fees to mislead borrowers.
Such predatory lending is not by any means the only cause behind the current mortgage meltdown, but it’s a significant factor — enough to attract the attention of [...]
But the bill also has big supporters, including AARP, the AFL-CIO labor confederation, the U.S. Conference of Mayors and consumer groups. The National Association of Home Builders backs provisions in the bill that would lower their tax burden. “It’s a wide-open process right now,” Nassar said of the efforts to [...]
That was up from 9.7 months in December and just below a two-decade high of 10.5 months hit in October. During the peak of the housing boom in 2005, the supply of homes relative to sales stood at 4.5 months.
“With sales weak and inventories at extraordinarily high levels, prices are likely to fall a lot [...]
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