Economy, Real Estate | 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.

Builders' mood gloomy; small gains come after worst summer for home sales in a decade

The White House Tuesday rejected calls for a broad moratorium on home foreclosures, saying it feared such a step could harm the U.S. housing market and hinder a housing recovery.

Congressional lawmakers scramble to come up with quick fix to the foreclosure fiasco that has threatened the economic recovery and thrown a monkey wrench into their re-election campaigns.Up to 40 States Plan Foreclosure Data Inquiry

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.

President Obama says it will take time for the housing market to recover and that it's a "big drag" on the economy. Obama met with Ohio families to discuss the economy.

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.