Aside from borrowers and lenders, neighborhoods are also feeling the subprime burn. Steve Henn reports Congress is considering a new bill to let local governments buy abandoned sites to save neighborhood property values.
Congress may be close to finishing a new housing bailout bill which would insure $300 billion more for mortgage refinancing and be kinder to taxpayers by making lenders like Freddie Mac cover defaults. Dan Grech has more.
Fannie Mae, one of the big government-backed mortgage financers, is trying to jump-start the flagging real estate market. It's lowering downpayment requirements for neighborhoods where home prices were falling. John Dimsdale reports.
New housing starts were up last month thanks to the construction of new apartments. But a drop in single-family homes might be a stronger indication of what's going on, according to economists. Alisa Roth has more.
Even rich folks are feeling the economic slowdown -- there's foreclosures in the tony Hamptons, too. Commentator David Frum says the asset boom early this decade benefited a relative few, but the bust could hurt us all.