Sign In
Free Newsletter
Number of underwater mortgages up
WASHINGTON— The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market. About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according to […]
Underwater mortgages rise as home prices fall
WASHINGTON — The number of Americans who owe more on their mortgages than their homes are worth rose at the end of last year, preventing many people from selling their homes in an already weak housing market. About 11.1 million households, or 23.1 percent of all mortgaged homes, were underwater in the October-December quarter, according […]
Banks report fewer mortgages going bad
Americans are starting to get their household finances in order. In an encouraging round of earnings reports, major banks say fewer mortgages are going bad, credit card defaults are down and more people are paying the bills on time. One of the nation’s largest consumer lenders, Wells Fargo, said Wednesday that 29 percent fewer loans […]
Banks repossess 1 million homes in 2010
NEW YORK — The bleakest year in foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle […]
Mortgage applications rose last week
NEW YORK — The number of people applying for a mortgage rose last week as lower rates lured more borrowers to refinance. The Mortgage Bankers Association said Wednesday its overall mortgage application index increased 2.2 percent from the previous week. The refinance index rose 4.9 percent, while the purchase index slipped 3.7 percent last week. […]
Reports show economy is improving — slowly
WASHINGTON — Economic reports Thursday suggest employers are laying off fewer workers, businesses are ordering more computers and appliances, and consumers are spending more confidently. Combined, the latest data confirm that the economy is improving, even though too few jobs are being created to lower the 9.8 percent unemployment rate. The number of people seeking […]
Fed’s move has sent mortgage rates rising
The Federal Reserve said it was going to help the economy come out of its doldrums by initiating another round of quantitative easing — better known in economic circles as “QE2.” QE2 is the Fed’s way of pumping money into the economic system in hopes of eliminating the possibility of deflation. But what is the […]
Fed to buy $600 billion in bonds to aid economy
WASHINGTON — The Federal Reserve announced a bold plan Wednesday to try to invigorate the economy by buying $600 billion more in Treasury bonds. The Fed said it would buy about $75 billion a month in long-term government bonds through the middle of 2011 to further drive down interest rates on mortgages and other debt. […]
