Housing Crisis | featured news

The Obama administration's loan modification program is finally underway.

U.S. foreclosure activity leaped 46 percent in March from a year earlier, hitting a record high as programs stunting the torrid pace of failing mortgages expired, RealtyTrac reported on Thursday.

Addie Polk, who became the national face of the foreclosure crisis last fall when she shot herself during an eviction, was a quiet woman who never asked for help.

A widely watched index shows American home prices dropped by the sharpest annual rate on record in January.

Executives say legislation to severely tax bonuses may imperil the housing recovery program.

Freddie Mac, facing mounting damage from the U.S. housing crisis, said Wednesday it will ask the government for nearly $31 billion in additional aid after posting a gargantuan loss of more than $50 billion last year.

The House has passed legislation to give debt-strapped homeowners a chance to win lower mortgage payments through bankruptcy courts.

About one in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday

The Obama administration today released details of $75 billion home loan modification and refinancing programs. Borrowers can start contacting loan servicers.

One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows.