Housing Crisis | 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.

The housing crisis will deepen, the country could fall into a depression and laid-off workers may need to start their own business.

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."

Sales of new homes plunged to the slowest pace on record last month as the hobbled homebuilding industry posted its worst annual sales results in more than two decades.

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

Sales of existing homes posted an unexpected increase last month, closing out the worst year for the U.S. real estate market in more than a decade on a surprising up note.

Home Depot is cutting 7,000 jobs and closing its 34 Expo Design Centers as the recession continues to batter the U.S. housing market.

WASHINGTON (Reuters) - The number of workers lining up for jobless benefits surged last week, while new housing starts and permits hit record lows in December, pointing at an acceleration in the economy's downward spiral.