Real Estate News

Paulson says changes needed at Fannie, Freddie (AP)

U.S. Treasury Secretary Henry Paulson addresses a meeting of the National Economists Club in Washington January 7, 2009. Paulson on Wednesday said the Obama adminstration should consider converting mortgage finance giants Fannie Mae and Freddie Mac into AP - Treasury Secretary Henry Paulson said Wednesday that allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.


(AP)
AP - Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.

Subprime lender Cattles cuts jobs and costs (AP)
AP - Subprime lender Cattles PLC said Wednesday it plans to cut 20 percent of its work force and reduce costs to preserve capital as uncertainty over its funding situation continues.

Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners (Bloomberg)
Bloomberg - Jan. 7 (Bloomberg) -- Commercial real estate companies, the U.S. Chamber of Commerce and companies partly owned by private- equity firms are pushing Congress for a temporary tax break on forgiven debt similar to relief given in 2007 to homeowners facing foreclosure.

Bank of America sells shares in Chinese bank (AP)

In this Nov. 25, 2008 file photo Pedestrians walk through New York's Times Square under a glowing Bank of America marquee. China Construction Bank said Wednesday Jan. 7, 2009 that Bank of America is selling part of its stake in the major Chinese lender.  (AP Photo/Craig Ruttle, file)AP - Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion.


Manhattan luxury housing feeling the pinch

An apartment building at 500 Park Avenue in New York, New York. The housing slump finally is taking a bite out off property values in Manhattan's luxury apartment market.In what seemed like a New York-minute, prices of luxury homes in Manhattan are suddenly falling.


Mortgages: What you need to know in 2009
Mortgage rates are at historic lows and may be poised to go even lower next year. It's a great time to buy a home — if you can.

Pending home sales plunge to record low

Jan. 5: November factory orders fell 4.6 percent as pending homes sales for the same period were down 4 percent. CNBC's Rick Santelli and Diana Olick report. (CNBC)Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday.


Mortgage rates tumble to record low

Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring.


Mortgage applications at 5-year highs

Mortgage applications were at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans.


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