Housing Market, 2010 | featured news

Builders began work last year on the second fewest number of homes in more than half a century, as the weak economy kept people from buying houses.

U.S. single-family home prices fell for a fourth straight month in October pressured by a supply glut, home foreclosures and high unemployment, data from a closely watched survey showed on Tuesday.

New single-family home sales rose in November but to a lower- than- expected rate , a government report showed on Thursday, highlighting the weakness in the housing market even as the broader economic recovery gains momentum.

Sales of previously owned homes rose more than expected in September, an industry group said on Monday, indicating the housing market was stabilizing at weaker levels.

The number of U.S. homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork, real estate data company RealtyTrac said on Thursday.

The number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace.

Sales of U.S. homes rose 7.6% in August -- recovering from their steep descent in July, when the end of a popular government stimulus program drove sales to their lowest levels in more than a decade.

Construction of new homes and apartments surged 10.5 percent in August from a month earlier, the Commerce Department said Tuesday. That's the highest level since April.

Buying activity in the residential real estate market slowed dramatically in July, according to a report released Tuesday by the National Association of Realtors. The dramatic plunge is yet another sign the U.S. economy may be heading toward a slowdown or double-dip recession.

Consumer confidence sank in July to its lowest since February on job market worries, underscoring the slow path to economic recovery, and home prices rose in May but without signs of a sustained rebound, reports released on Tuesday showed.