Real Estate | featured news

The elderly and other vulnerable homeowners are losing their homes because they owe as little as a few hundred dollars in back taxes, according to a report from a consumer group....

A Massachusetts man who pledged to make the last mortgage payment on his home with pennies has fulfilled that promise. After warning his bank, Thomas Daigle dropped off about 62,000 pennies weighing 800 pounds in two boxes for the final payment on the Milford home he and his wife, Sandra, bought in 1977.

Mortgage rates continued their decline this week, with the 30-year fixed-rate average having met or matched a record low in 10 of the past 11 weeks, according to the latest data released Thursday by Freddie Mac. The 30-year fixed-rate average fell to 3.62 percent, down from 3.66 percent last week and 4.60 percent a year ago.

The International Monetary Fund lowered its estimates for economic growth for 2012 and 2013, and urged policy makers to do more to help the housing sector in the United States.

Contracts to purchase previously owned U.S. homes matched a two-year high in May, fueling optimism the housing market is poised for a recovery.

New single-family home sales surged in May to a one-year high and prices rose from a year ago amid tightening supply, further signs the housing market was gaining some momentum.

For homeowners trying to get reparations in the wake of the foreclosure crisis, it's been a hit-or-miss experience. This week, another group of Americans bruised in the housing bust will get payouts from the banks, money meant to help them get on their feet again, but the cash may prove disappointing for many.

home resales fell in May and the median sales price rose only because of a drop in sale of lower priced homes, casting a shadow on the country's nascent housing market recovery.

U.S. builders started work on more single-family homes in May and requested the most permits to build homes and apartments in three and a half years. The increase suggests the housing market is slowly recovering even as other areas of the economy have weakened.

Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales - scenarios that could further weigh down home values in coming months....