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Citigroup paying $285M to settle SEC fraud charges
WASHINGTON — Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse. The Securities and Exchange Commission said Wednesday that the big Wall Street bank bet against the deal in 2007 and made $160 million in […]
Home building jumps 15 percent in September
WASHINGTON — Homes were built in September at the fastest pace in 17 months, a hopeful sign for the economy. Most of the gain was driven by a surge in volatile apartment construction. That should help create jobs and boost economic growth, but it doesn’t signal a comeback for the depressed housing market. Single-family home […]
U.S. homebuilders less pessimistic in October
WASHINGTON — U.S. homebuilders are less pessimistic about the struggling housing market, but not enough to signal a recovery any time soon. The National Association of Home Builders said Tuesday that its index of builder sentiment this month rose from 14 to 18. Any reading below 50 indicates negative sentiment about the housing market. It […]
Mortgage rates bounce back up to 4.12 percent
WASHINGTON — The average rate on the 30-year fixed mortgage rose sharply this week after falling below 4 percent for the first time in history. Freddie Mac said Thursday that the rate on the 30-year fixed loan rose to 4.12 percent. That’s up from 3.94 percent last week, the lowest rate ever according to the […]
U.S. foreclosure activity edged higher in 3Q
LOS ANGELES — More U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders. The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday. That increase signals […]
New home sales fell in August for 4th straight month
WASHINGTON — Sales of new homes fell to a six-month low in August. The fourth straight monthly decline during the peak buying season suggests the housing market is years away from a recovery. The Commerce Department said Monday that new-home sales fell 2.3 percent to a seasonally adjusted annual rate of 295,000. That’s less than […]
U.S. home sales jump 7.7 pct. as foreclosures rise
WASHINGTON — The number of Americans who bought previously occupied homes rose in August. But sales were driven by an increase in foreclosures, evidence the housing market remains weak. The National Association of Realtors says home sales rose 7.7 percent last month to a seasonally adjusted annual rate of 5.03 million homes. That’s below the […]
August home starts hit a three-month low
WASHINGTON — Builders broke ground on fewer homes in August, evidence that the housing market remains depressed. The Commerce Department said Tuesday that builders began work on a seasonally adjusted 571,000 homes last month, a 5 percent decline from July and a three-month low. That’s less than half the 1.2 million that economists say is […]
Mortgage default warnings surged in August
LOS ANGELES — Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures. The number of U.S. homes that received an initial default notice — the first step in the foreclosure process — jumped 33 percent in August from July, […]
Spring buying boosts home prices in U.S. cities
WASHINGTON — Spring buying pushed home prices up for a third straight month in most major U.S. cities in June. But the housing market remains shaky, and further price declines are expected this year. The Standard & Poor’s/Case-Shiller home-price index showed Tuesday that prices increased in June from May in 19 of the 20 cities […]
Contracts to buy homes fell 1.3 percent in July
WASHINGTON — The number of Americans who signed contracts to buy homes fell in July, further evidence that the depressed housing market remains a drag on the economy. The National Association of Realtors said Monday that its index of sales agreements fell 1.3 percent in July to a reading of 89.7. A reading of 100 […]
New-home sales fall, 2011 could be worst year yet
WASHINGTON — The number of Americans who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century. Sales of new homes fell nearly 1 percent in July to a seasonally adjusted annual rate of 298,000, the […]
