Housing Market | featured news

Signed contracts to buy previously occupied U.S. homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time buyers.

Sales of newly built U.S. single-family homes unexpectedly tumbled 3.6 percent in September in their first drop since March, but the inventory of new homes available at the end of the month shrank to the smallest in 27 years, government data showed on Wednesday.

The August data from a home price index suggested that a housing recovery is taking hold.

Less than 3 percent of "underwater" borrowers decide that the benefits of a new loan through government program are worth the closing costs.

Sales of previously owned U.S. homes surged to their highest level in more than two years in September, a survey showed on Friday, providing further evidence the housing market and economy were on the mend.

Just as Congressional leaders are calling to extend a tax credit for first-time homebuyers, government investigators are reporting widespread abuse.

Construction of new homes edged up slightly in September, helped by a rebound in single-family construction. But applications for building permits fell by the largest amount in five months.

The Obama administration on Monday unveiled a new program to support state and local housing finance agencies. The plan will help the agencies finance mortgages for first-time homebuyers and develop rental housing.

A mortgage fraud crackdown announced Thursday resulted in the arrests of dozens of people, including six lawyers, seven loan officers and three mortgage brokers in four states.

The Obama administration’s effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers, a government watchdog group says.