Foreclosure | featured news

Prices of existing U.S. single-family homes dropped a record 12.4 percent in the fourth quarter from a year earlier to the lowest level since 2003, the National Association of Realtors said on Thursday.

With Financial pressures and the threat of mortgage foreclosures rising, the number of illegal scams targeting homeowners is also increasing.

President Barack Obama promised on Saturday to help lower Americans' mortgage costs with a new plan, coming soon, that would revive the financial system and "get credit flowing again."

With home foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed borrowers in their homes.