Fed keeps US rates on hold; acknowledges market turmoil (AFP)
AFP - The Federal Reserve Tuesday kept US interest rates unchanged at 5.25 percent but it acknowledged concerns about tightening credit and a persistent housing market slump dogging the US economy. More »
Oil prices weaker as speculators exit on weak US growth concerns (AFP)
AFP - Oil prices weakened in Asian trade Wednesday as speculative funds dashed for the exit amid concerns that problems in the US housing market could slow US growth, dealers said. More »
Toll Brothers expects lower home-building revenue (Reuters)
Reuters - Luxury home builder Toll Brothers Inc said on Wednesday that it expected to report a decline in quarterly home-building revenue as the U.S. housing crisis deepened. More »
Home loan demand surges as interest rates dive (Reuters)
Reuters - U.S. mortgage applications rose for the first time in three weeks as interest rates fell sharply and demand surged for home purchase and refinance loans, an industry group said on Wednesday. More »
Realtors group lowers housing forecast (AP)
AP - A trade group for real estate agents on Wednesday lowered its outlook for existing home sales this year by 1 percent, or 70,000 homes, as the housing market continues to slump. More »
Home sales to slip further this year (Reuters)
Reuters - The pace of U.S. home sales will fall further this year than earlier expected, but prices will drop less sharply than previously thought, a leading real estate trade association predicted on Wednesday. More »
Credit crunch (FT.com)
FT.com - The FT's exclusive interactive map charts how and when many of the financial players affected by the crisis in the US subprime mortgage markets and the consequent turmoil in credit markets worldwide either made their killing or lost their shirts. More »
Regulators underestimate subprime risk: Schumer (Reuters)
Reuters - Financial regulators may be underestimating the real risk of a spillover of the subprime home loan crisis into the broader mortgage and consumer credit markets, Sen. Charles Schumer said on Wednesday. More »
Toll Bros. 3Q homebuilding revenue falls (AP)
AP - Luxury homebuilder Toll Brothers Inc. reported a 21 percent decline in preliminary homebuilding revenues for the third quarter and said the housing market is so volatile, it won't give earnings guidance. More »
MSN Real Estate breaks into Hitwise top 10
Zip Realty falls to 11th place on list of most visited RE sites More »
Consumers expect subprime woes to affect overall mortgage market
Survey finds half would be uncomfortable buying a home in coming months More »
MLS rule cloaks sales price at request of buyer or seller
Policy provides for fees to keep actual sales price out of MLS More »
Subprime sector looks to Washington (FT.com)
FT.com - As the ominous drumbeat of bad news in the US subprime mortgage market continues, investors and politicians this week pinned hopes on government-sponsored mortgage groups Fannie Mae (NYSE:FNM) and Freddie Mac to come to the market's rescue. More »
Paulson: Economy solid despite housing (Reuters)
Reuters - U.S. economic fundamentals are sound, although it will take time to work through a housing market correction, Treasury Secretary Henry Paulson said on Wednesday. More »
American Home files bankruptcy
NEW YORK -- American Home Mortgage Investment Corp. filed for bankruptcy protection on Monday and two other mortgage lenders said they were not accepting new applications, signs that the worst housing crunch in decades could be widening. More »
What's selling: Macomb County
Description: Three-bedroom, 2 ½ -bath colonial with a first-floor laundry, formal dining area, fireplace, finished basement and a two-car garage. More »
What's selling: Oakland County
Description: Four-bedroom, 2 ½ -bath colonial with a formal dining area, first-floor laundry, in-ground sprinkler system and an attached two-car garage. More »
What's selling: Wayne County
Description: Four-bedroom, two-bath colonial with central air conditioning, two fireplaces, a formal dining area, finished basement and an attached two-car garage. More »
What's selling: Livingston County
Description: Four-bedroom, two-bath Cape Cod-style home with cathedral ceilings, central air conditioning, fireplace, unfinished basement and an attached three-car garage More »
Livingston home sales fall while area climbs
Home sales climbed in all but one Metro Detroit county in July, compared with the same month last year, according to a report released Tuesday by Realcomp, a Farmington Hills-based multiple listing service. More »
Federal Home Loan Banks of Chicago, Dallas talk merger (Reuters)
Reuters - The Federal Home Loan Banks of Chicago and Dallas announced on Wednesday that they have begun preliminary talks about a possible merger as both banks face challenges turning a profit. More »
India escapes subprime turbulence (FT.com)
FT.com - For some in India, the chills emanating from the sub-prime mortgage market in the US might be a cause for concern. More »
Bush backs markets to ride out crisis (FT.com)
FT.com - President George W Bush played down the notion of giving Fannie Mae (NYSE:FNM) and Freddie Mac a larger role in efforts to stabilise the troubled US mortgage market, as he expressed confidence that financial markets are functioning well in spite of bouts of volatility. More »
Backlash against Toyota in US overblown: exec (AFP)
AFP - A senior executive of Toyota Motor said Wednesday there was little threat of a backlash against his company even as it beats US automakers in their home market. More »