Housing Crisis | featured news

A forecasting gauge of housing-market activity fell more than twice as much as was expected in January as some buyers held off on home purchases.

The pace of sales of existing home in the United States fell 5.3 percent in January to a 4.49 million-unit annual rate, while home prices dropped to a six-year low and inventories shrank, the National Association of Realtors said on Wednesday.

A widely watched home price index, released Tuesday, showed prices tumbled by the sharpest annual rate on record in the fourth quarter and in December.

While some U.S. governors were embracing the housing plan President Barack Obama announced last week, as a way to bolster their own assistance efforts, others worried that the plan is unfair.

Some believe the $75-billion proposal could provide the help they need to stay in their homes. Others -- even though they 'feel for people who are having trouble' -- say it's a taxpayer-funded bailout.

As the Obama administration steps up efforts to help troubled homeowners modify their mortgages, it might consider the experiences of two South Floridians.

The Obama administration announced new plans to make it easier for up to nine million people to rework or refinance their mortgages. Geithner said the Treasury is increasing its funding commitment to Fannie Mae and Freddie Mac.

JPMorgan Chase & Co. and Citigroup Inc. are halting home foreclosures while the Obama administration develops its plans to help the U.S. housing market.

President Obama's administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure, according to two people briefed on the proposals.

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