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This week's Real Estate stories:
By MarketWatch
Last Update: 4:21 PM ET Nov 20, 2009
Don't miss these top stories:
Five tips on the new home-buyer tax credit
Delinquencies, foreclosures break record
Commissioner of FHA considers changes
Homeowners who receive counseling are 60% more likely to avoid foreclosure than those who don't get help, according to a report this week by the administrator of a foreclosure counseling program funded by Congress.
The report by NeighborWorks America, which runs the National Foreclosure Mitigation Counseling Program, found that clients were more likely to get a modification than those who didn't get counseling. Also, clients lowered their monthly payments by $454 more than people who received modifications without foreclosure counseling.
"The findings announced today demonstrate the real impact foreclosure counseling can have for families facing foreclosure," said Ken Wade, chief executive of NeighborWorks, in the release.
The $180 million counseling program was created by Congress to address the foreclosure crisis by increasing the availability of housing counseling for those at risk of losing their homes.
And this crisis isn't showing signs of letting up.
The Mortgage Bankers Association this week reported that a record number of mortgages were somewhere in the foreclosure process in the third quarter, as well as a record number of mortgages with at least one payment past due. The group's chief economist doesn't expect that picture to look any rosier until unemployment levels off -- and that isn't expected to happen until sometime next year.
Read more about the MBA numbers in this week's real-estate pages, plus find out how to take advantage of the government's expanded tax credit for homeowners and read our coverage of the National Association of Realtors' annual conference.
If you or someone you know is facing foreclosure, it might be worth it to at least check out findaforeclosurecounselor.org and have a chat with a nearby counselor.
-- Amy Hoak, real estate writer
Delinquencies, foreclosures break record
Job losses caused more Americans to fall behind on their mortgage payments in the third quarter, leading to a record 14.41% of loans either in foreclosure or with at least one payment past due, the Mortgage Bankers Association's chief economist said Thursday.See full story.
What you need to know about the extended, expanded home-buyer tax credit
House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather. This winter, however, might be different, thanks to the extended -- and expanded -- first-time home-buyer tax credit. See full story.
Mortgage rates fall again
Rates on 30-year fixed-rate mortgages dropped to their lowest levels since May, Freddie Mac reported on Thursday.See Mortgages.
Housing starts fall back to lowest level in six months
In a blow to the optimism that had surrounded the U.S. housing sector in recent months, housing starts fell a sharp 10.6% in October, the Commerce Department reported Wednesday. See Economic Report.
Mortgage filings drop
The volume of mortgage applications filed last week fell a seasonally adjusted 2.5% compared with the week before as lower interest rates failed to attract applicants, the Mortgage Bankers Association said on Wednesday. See full story.
Housing recovery still on track, economist says
Housing starts plunged 10.6% in October, led by the worst rental housing numbers IHS Global Insight economist Patrick Newport has ever seen. But he says that doesn't mean the housing recovery has derailed. Listen to Audio Report: Recession and Recovery.
Housing starts tank, refinancing hits lull
Gloomy storm clouds return to the home front. New home construction is back in the cellar, as housing starts sank 10.6% last month. And mortgage applications and refinancing activity both dropped last week. Amy Hoak tells John Wordock that low mortgage rates won't be here for ever. They could start rising early next year. Listen to Audio Report.
Home builders still irritable, survey shows
U.S. home builders remained discouraged about their business in November, but were a bit more hopeful about future sales, according to a monthly survey released Tuesday by the National Association of Home Builders. See Economic Report.
Realtors to push for more credit to commercial property
After successfully lobbying for an extended and expanded home-buyer tax credit, the National Association of Realtors will focus its policy agenda in the months ahead on relief from a credit crunch in commercial real estate, among other issues. See full story.
Home-buyer tax credit will boost sales, housing market will stabilize: NAR
Home sales are expected to rise about 15% next year, as buyers take advantage of a home-buyer tax credit and housing prices stabilize, the National Association of Realtors' chief economist predicted on Friday at the group's annual conference in San Diego. See full story.
Commissioner of FHA considering changes in wake of reserve losses
The Federal Housing Administration is considering a variety of changes -- including requiring larger down payments for FHA-insured mortgages, demanding higher credit scores of FHA borrowers and upping FHA mortgage premiums -- to manage risk as it deals with losses in its capital reserve fund, FHA Commissioner David H. Stevens said Saturday.See full story.
Home foreclosures could slow during holidays
Consumers may be showing a faint pulse, according to the latest retail sales data. An investment guru says Wall Street will now focus on holiday anecdotes and data the next six to eight weeks. And Tracy Johnke reports those facing foreclosure may get a Christmas gift this year. John Wordock hosts. Listen to MarketWatch's Audio Report.
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