A federal housing regulator is rejecting a White House plan to help borrowers who are underwater on their mortgages. That means they owe more than their homes are worth and there are about 11 million people in that category. The Federal Housing Finance Agency said the potential benefits of cutting mortgage balances for those people don't outweigh the costs.
Cities across the Rust Belt are finding it cheaper to tear down abandoned homes than pay for the upkeep. But critics say demolishing problem properties does nothing to ease a poor neighborhood's troubles.
There are some new figures out this morning from RealtyTrac about the number of foreclosures in the U.S. in the first half of this year, and they may shed some light on the so-far elusive housing recovery.
The California state legislature passed a law yesterday that sponsors are calling a "Homeowners Bill of Rights." Supporters say the changes will prevent unnecessary foreclosures.
