Real Estate | featured news

The nation’s biggest banks and mortgage lenders have amassed a glut of foreclosed homes that threatens to deepen the housing slump.

The number of American households behind on mortgage payments posted a substantial decline from year-earlier levels, but foreclosures remained near record highs in the first quarter.

Fixed mortgage rates have fallen to their lowest levels of the year, giving Americans more incentive to buy homes or refinance their loans. Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.63 percent from 4.71. The average rate on the 15-year fixed mortgage slipped to 3.82 percent from 3.89 percent. Both are at their lowest points since December. It marked the fourth straight weekly decline.

Bank of America Corp is working to improve profits by reducing its number of problem mortgages and cutting other costs, Chief Executive Brian Moynihan told shareholders on Wednesday. Moynihan, speaking at the company's annual meeting in downtown Charlotte, said the mortgage business of the largest U.S. bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.

Phoenix is one of the many Sun Belt cities where housing markets have taken a big hit during the recent bust, with residential prices down nearly 45 percent since 2006.

Now you can get left "Home Alone," for the right price. The north suburban Winnetka house made famous by Macaulay Culkin in the 1990 hit movie is on the market.

No-money-down mortgages are coming back, but it may take a rocket scientist to get one.

More people bought new homes in March, helping give the battered industry a small lift after the worst winter for sales in almost a half-century.

Investors drove up U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure. But first-time homebuyers, who are crucial to a housing recovery, stayed away.

Amid a real estate boom, men are finding themselves lovelorn as women hold out for a mate with property.