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Senior Homeowners Warned of Risks of Reverse Mortgages

Senior Homeowners Warned of Risks of Reverse Mortgages

Stockbyte/Thinkstock(NEW YORK) — Linda and Jim McMahan said they could not believe their luck in 1993 when they found their dream house.”We loved it,” she said. “It wasn’t a huge house, but it was a nice size. … It had the big trees in the yard. And…

Shortage of Construction Workers as Housing Market Improves

Shortage of Construction Workers as Housing Market Improves

 iStockphoto/Thinkstock(NEW YORK) — Construction jobs are coming back, but where are the workers?  The revival of the housing market and commercial real estate has many contractors scrambling to find qualified workers. “The crunch is a…

Home Prices Up Six Months in a Row

Home Prices Up Six Months in a Row

iStockphoto/Thinkstock(NEW YORK) — U.S. home prices rose again for the sixth straight month, signaling that the housing recovery is taking hold, according to S&P/Case-Shiller Home Price Indices.“With six months of consistently rising home pr…

Mortgage Rates Drop to Record Low Again

Mortgage Rates Drop to Record Low Again

Comstock/Thinkstock(NEW YORK) — Fixed mortgage rates dipped to a record low for the second consecutive week as borrowing costs remain low to support the housing recovery.The 30-year fixed-rate mortgage fell to 3.31 percent for the week ending Nov. 21,…

Housing Starts Surged 3.6% in October

Housing Starts Surged 3.6% in October

Brand X Pictures/Thinkstock(WASHINGTON) — The Commerce Department reported on Tuesday that housing starts rose 3.6 percent in October to an annual pace of 894,000 — the best rate in more than five years.Superstorm Sandy had a “minimal” ef…

Sandy-Affected States Had Biggest Foreclosure Increases

Sandy-Affected States Had Biggest Foreclosure Increases

iStockPhoto/Thinkstock(NEW YORK) — Foreclosures increased 3 percent in October from September to 186,455 U.S. properties, according to RealtyTrac, as states with longer legal processes finally see their foreclosures close.The foreclosure research firm…

Nine Most Expensive Cities for Housing Costs

Nine Most Expensive Cities for Housing Costs

Phillip Spears/Digital Vision(NEW YORK) — When considering purchasing a home, potential buyers should consider a number of costs in addition to a home sale price, such as property taxes and homeowners insurance premiums.Bankrate.com compiled a list of…

Top 10 Metro Areas with the Highest Foreclosure Rates

Top 10 Metro Areas with the Highest Foreclosure Rates

iStockPhoto/Thinkstock(NEW YORK) — While the number of foreclosures in the nation has fallen to half the peak rate of the crisis, people are still losing their homes to banks in certain regions at high rates.From January 2007 — shortly after the hous…

US Home Prices Rise But Gains Are Uneven Across Country

US Home Prices Rise But Gains Are Uneven Across Country

Phillip Spears/Digital Vision(NEW YORK) — The housing market is revving up and gaining strength in some parts of the country.  Average U.S. home prices rose 1.3 percent in the third quarter, the biggest quarterly gain since 2006, according to rea…

US Home Prices Rise But Gains Are Uneven Across Country

US Home Prices Rise But Gains Are Uneven Across Country

Phillip Spears/Digital Vision(NEW YORK) — The housing market is revving up and gaining strength in some parts of the country.  Average U.S. home prices rose 1.3 percent in the third quarter, the biggest quarterly gain since 2006, according to rea…

Oregon Meth House Owners Deliver Petition to Freddie Mac

Oregon Meth House Owners Deliver Petition to Freddie Mac

Win McNamee/Getty Images(NEW YORK) — An Oregon family who unknowingly bought a house that had been used as a meth lab is delivering a petition to Freddie Mac to require that the government-sponsored housing organization’s homes be tested for methamphe…

Oregon Meth House Owners Deliver Petition to Freddie Mac

Oregon Meth House Owners Deliver Petition to Freddie Mac

Win McNamee/Getty Images(NEW YORK) — An Oregon family who unknowingly bought a house that had been used as a meth lab is delivering a petition to Freddie Mac to require that the government-sponsored housing organization’s homes be tested for methamphe…

Most County Housing Markets Worse Off over Last Four Years, Says RealtyTrac

Most County Housing Markets Worse Off over Last Four Years, Says RealtyTrac

iStockPhoto/Thinkstock(NEW YORK) — While housing prices are on the rise, foreclosure and real estate research firm RealtyTrac reported that 65 percent of 919 county housing markets are worse off than they were four years ago, based mostly on factors i…

Most County Housing Markets Worse Off over Last Four Years, Says RealtyTrac

Most County Housing Markets Worse Off over Last Four Years, Says RealtyTrac

iStockPhoto/Thinkstock(NEW YORK) — While housing prices are on the rise, foreclosure and real estate research firm RealtyTrac reported that 65 percent of 919 county housing markets are worse off than they were four years ago, based mostly on factors i…

Rule Would Protect Banks Against Mortgage Borrower Suits

Rule Would Protect Banks Against Mortgage Borrower Suits

Digital Vision/Thinkstock(NEW YORK) — A regulatory change under consideration by bureaucrats in Washington would give banks new legal protections against being sued by borrowers.  Mortgage customers, for example — those deemed most able to repay…

California Foreclosures at Lowest Level Since 2007

California Foreclosures at Lowest Level Since 2007

Hemera/Thinkstock(LOS ANGELES) — The foreclosure rate in one of the hardest-hit states is at a new low, a real estate data firm says.Foreclosure activity in California hasn’t been this low since the start of the recession in the beginning of 2007. The…

New York City Tops "Forbes” 5 Most Expensive US Zip Codes

New York City Tops "Forbes” 5 Most Expensive US Zip Codes

iStockphoto/Thinkstock(NEW YORK) — A lack of inventory is driving real estate prices higher, especially in the most expensive zip codes in the country.Forbes on Tuesday released its annual list of the zip codes with the priciest housing. While the usu…

Georgia Family Tries to Buy Back Foreclosed Home from Bank

Georgia Family Tries to Buy Back Foreclosed Home from Bank

The Gearing Family(HELEN, Ga.) — Of the nearly 1.9 million homes that went into foreclosure last year, few owners had any thoughts about sticking around. They packed up their bags and left.But not the Gearings of Helen, Ga., a small town about 25 mile…

Mortgage Rates Hit Record Low for Second Week

Mortgage Rates Hit Record Low for Second Week

Digital Vision/Thinkstock(NEW YORK) — Mortgage rates reached an all-time low for the second consecutive week amid the Federal Reserve’s purchase of securities and “indicators of a weakening economy,” government-sponsored Freddie Mac …

President Obama Preps for Debate Amid Nevada’s Housing Woes and New Criticisms of Housing Program

President Obama Preps for Debate Amid Nevada’s Housing Woes and New Criticisms of Housing Program

BRENDAN SMIALOWSKI/AFP/Getty Images(LAS VEGAS) — One in 402 homes in Nevada is in foreclosure, according to RealtyTrac, making this the fifth-hardest-hit state in the country.As the Los Angeles Times’ Kathleen Hennessey notes Tuesday the Obama campaig…

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