Housing market shows some signs of recovery

Housing market shows some signs of recovery

Home sales fell in February, but upward revisions to the prior month’s pace and the first yearly increase in prices in 15 months pointed to steady improvement in the housing market. Existing home sales fell 0.9 percent in February from January but still notched their second highest level since May 2010, the National Association of […]

Mortgage lenders now cast themselves as saviors

Mortgage lenders now cast themselves as saviors

PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of the declining housing market. Fearing his company would be next, Curtis Melone restructured his business to offer what he felt people needed most: help with their crushing mortgage debt. Melone re-christened his company Green Credit Solutions, […]

Foreclosures rise again

Foreclosures rise again

Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 […]

Rich more likely to default on mortgages

Rich more likely to default on mortgages

No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars. The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged. Whether it is their residence, a second home or […]

Feds crack down on mortgage fraud

Feds crack down on mortgage fraud

Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst. “I heard this many times,” said Scott Hunter, a Las Vegas FBI agent who has […]