U.S. foreclosure filings fell 2 percent in February, but still remain 6 percent over their rate of one year before, according to new data released today by RealtyTrac.
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Foreclosures Down in February
The influential chair of the House Financial Services Committee is ratcheting up the pressure on lenders to write off nearly worthless second liens to clear the way for loan modifications to help homeowners avoid foreclosure.
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Frank Urges Banks to Write Off Second Liens
The FDIC is looking at principal writedowns in its loss-share agreements with failed banks as a way to help at-risk homeowners avoid foreclosure, according to FDIC Chair Sheila Blair.
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FDIC’s Blair Touts Writedowns on Underwater Mortgages
Pending home sales and residential construction both posted significant increases in September, according to separate reports released today by the Commerce Department and National Association of Realtors (NAR), signaling that the housing market may be pulling out of its doldrums.
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[News] Home Sales, Residential Construction Increase
Personal incomes and spending fell in September, even as a rise in the gross domestic product has economists declaring that the recession has ended.
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[News] Personal Spending Falls Even as GDP Rises
The U.S. Senate has reached broad agreement on a bill to extend the $8,000 first-time homebuyer tax credit and offer a credit to existing homeowners as well, according to numerous media sources.
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[News] Senate Said to Agree on Extending Homebuyer Tax Credit
Virtually all credit cards offered online by major banks still include abusive practices that will be outlawed early next year, according to a new report from the Pew Charitable Trust.
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[News] Abusive Credit Card Pratices Increase Despite Law
U.S. home prices rose for the fourth consecutive month in August, according to the monthly Standard & Poors/Case Shiller Index, although rising unemployment and the pending expiration of the first-time homebuyer’s tax credit raise doubts about whether the trend can be sustained.
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[News] Case-Shiller: Home Prices Rising
A government program designed to help at-risk homeowners refinance their mortgages is struggling, even as conventional mortgage refinances have surged in response to historically low interest rates.
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[News] Government Mortgage Refinance Program Struggling
Existing home sales posted a strong increase in September, according to the National Association of Realtors, as first-time homebuyers took advantage of low interest rates and a soon-to-expire $8,000 tax credit.
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[News] Existing Home Sales Up Strongly in September