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August Home Price Plunge Is Biggest Since 1970

New-home sales also off more than forecast

(Newser) - New-home sales fell 8.3% in August, Bloomberg reports, a greater decline than predicted. Housing prices fell over last year, with the 7.5% decrease the biggest drop since 1970. Sales fell to an annual pace of 795,000, lowest in seven years. And that may not signal the housing...

Bernanke Sees More Housing Pain, ‘Relatively Strong’ System

Foreclosures continue, but market OK overall

(Newser) - Federal Reserve chairman Ben Bernanke went before Congress today, two days after trimming the benchmark lending rate, and said new foreclosures will come as more subprime mortgages run out clocks on initial interest rates. Markets “do tend to self-correct” in crises, the economic guru said, and the global system...

Stocks Keep Up Rate-Cut Rally
Stocks Keep Up Rate-Cut Rally
Sep 19, 2007 3:39 PM CDT

Stocks Keep Up Rate-Cut Rally

iPhone sales spur market on

(Newser) - The stock market kept rising one day after the Fed slashed key interest rates, as speculation that the housing slump might ebb compounded the biggest rally in four years. The Dow climbed 76.17 to 13815.56, while the Nasdaq rose 14.82 to close at 2666.48 and the...

Bush Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Smaller Lenders Feel the Credit Squeeze

Boutique banks on the edge as liquidity crisis wears on

(Newser) - As the subprime fallout continues and the credit squeeze tightens, thousands of smaller-scale mortgage banks find themselves in dire straits. The Wall Street Journal reports that small- and medium-sized lenders, even those with excellent credit quality, are suspending funding and laying off employees, which leaves giant corporations to grab more...

Biggest Buyers Hit Hard in Mortgage Fiasco

‘Jumbo’ loans dry up as subprime mess continues to spread

(Newser) - As the subprime mortgage mess spreads to homeowners beyond those with poor credit ratings, jumbo mortgages are under particular pressure, the New York Times reports. An investment banker recently purchasing a $1.5 million home saw the interest rate spike from 8% to 13% in just three days. The rate...

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more...

Techs Surge Despite Late Drop
Techs Surge Despite Late Drop
Aug 8, 2007 4:46 PM CDT

Techs Surge Despite Late Drop

Nasdaq up more than 2%

(Newser) - The major indexes were up again today, buoyed by the tech sector as the Nasdaq gained 51.38—more than 2%—to close at 2612.98. Losses just before the bell came close to erasing earlier gains, as rumors amplified that Goldman Sachs would liquidate a major fund and that...

Mortgage Crisis Hits Affluent Buyers, Too

Even borrowers with excellent credit are now facing higher rates

(Newser) - Mortgage tremors have rippled so far across the home loan market that even buyers of high-priced homes with good credit records are now being squeezed, the Wall Street Journal reports. Rates have surged on loans above $417,000 for prime borrowers—to 7.34% for a 30-year fixed-rate mortgage, up...

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