Housing doom
Foreclosure’s shadow falls across diverse set of US homeowners. “By the time the housing boom peaked in 2005, fully 20 percent of new mortgage loans were subprime...”
Subprime crisis sours American dream. “Mike Calhoon, of the Center for Responsible Lending, says: 'Almost half of all African-American family mortgages are sub-prime mortgages. Anywhere from one in five to one in three will lose their homes. This stands to likely be the largest loss of African-American wealth that we have ever seen, wiping out a generation of home wealth building.'"
Fears raised that subprime crisis could spread. “Shares in American Home Mortgage Investment fell 18 per cent in New York today after the real estate investment trust cut its dividend and 2007 profit forecasts and flagged a dearth of buyers for its loans. The move sparked fears that the weakness that has ravaged the sub-prime market could be spreading to higher-quality loans.”
Housing slump pinches states in pocketbook. “State tax revenues around the country are growing far more slowly this year and in some cases falling below projections, a result of the housing market slowdown that has curbed voracious spending on real estate, building materials, furniture and other items.”
Subprime crisis sours American dream. “Mike Calhoon, of the Center for Responsible Lending, says: 'Almost half of all African-American family mortgages are sub-prime mortgages. Anywhere from one in five to one in three will lose their homes. This stands to likely be the largest loss of African-American wealth that we have ever seen, wiping out a generation of home wealth building.'"
Fears raised that subprime crisis could spread. “Shares in American Home Mortgage Investment fell 18 per cent in New York today after the real estate investment trust cut its dividend and 2007 profit forecasts and flagged a dearth of buyers for its loans. The move sparked fears that the weakness that has ravaged the sub-prime market could be spreading to higher-quality loans.”
Housing slump pinches states in pocketbook. “State tax revenues around the country are growing far more slowly this year and in some cases falling below projections, a result of the housing market slowdown that has curbed voracious spending on real estate, building materials, furniture and other items.”