From the Washington Post:
"Seven out of 10 troubled mortgage borrowers remain without a plan to work out their loans despite increased industry efforts to help them, according to a new report from a coalition of state attorneys general and banking regulators.And we await actual new-home sales numbers while reading the forecasts:
The group collected data from 13 of the largest subprime lenders from October through January and found that the lenders are overwhelmed by their workloads and unable to keep pace with the number of borrowers who are falling behind on payments.
'There still seems to be a disconnect between homeowners and their mortgage servicers,' said Mark E. Pearce, North Carolina's deputy commissioner of banks.
. . .
[T]he lenders are failing to make headway because they can't keep up with the number of delinquent loans. About 50,000 more loans were modified in January than in October, Pearce said. But 90,000 additional loans became delinquent during that time".
April 24 (Bloomberg) -- New-home sales in the U.S. probably fell in March to the lowest level in 13 years, while overseas demand lifted orders for durable goods, economists said before government reports today.Update:
Purchases of new homes dropped 1.7 percent from the prior month to an annual pace of 580,000, the fewest since February 1995, according to the median forecast in a Bloomberg News survey. Orders for products meant to last several years probably rose in March for the first time in three months.
AP: "Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season.
The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades.
The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.
The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970."