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Christine Layton is an editor and freelance writer in Nevada with a passion for American finance. She covers mortgage and business news for US Finance Post.

U.S. Homeownership Reaches 19-Year Low

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Homeownership has reached a 19-year low in the second quarter as financially strapped consumers are pushed toward renting, a remaining legacy of the recession. On Tuesday, the Commerce Department reported that the seasonally adjusted homeownership rate dropped to 64.7% in the second quarter, down from 64.8% during the previous three months. This matches the homeownership rate last seen in the ... Read More »

Zillow Acquires Trulia for $3.5 Billion in Stock

Zillow Acquires Trulia for $3.5 Billion in Stock

After much speculation, Zillow, Inc has acquired Trulia, Inc for $3.5 billion in an all-stock deal that will make the combined company the largest in online real estate advertising. Under the deal, Zillow will pay 0.444 of one share for each share in Trulia. Based on closing prices on Friday, the takeover is worth $70.53 per Trulia share, or a ... Read More »

Pending Home Sales Unexpectedly Drop in June

Pending Home Sales Unexpectedly Drop in June

Pending home sales fell in June after three consecutive months of growth. This is the latest sign that the housing market has suffered a setback due to tight lending standards, rising home prices and stagnant wages that have deterred many potential buyers. According to the National Association of Realtors, its pending home sales index, which is based on signed contracts, ... Read More »

Home Builder Shares Tumble on Disappointing Sales

ftc building

Shares of homebuilders fell on Thursday after two industry giants missed profit forecasts and new data showed that new home sales declined more than expected. Shares of D.R. Horton, the largest United States home builder by closings, fell 11% after the company reported fiscal third-quarter earnings of 32 cents a share, far below the consensus expectations of 49 cents a ... Read More »

Jobless Claims Reach 8-Year Low

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Initial unemployment claims fell last week to an 8-year low of 284,000, a new sign that the labor market is finally improving. The number of people filing for first-time unemployment benefits dropped 19,000 from the previous week, according to the Labor Department. This is just the second time since the start of the recession that new weekly unemployment claims dropped ... Read More »

CFPB and FTC Target Fradulent Foreclosure Relief Law Firms

ftc building

The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and 15 states have taken legal action against law firms who allegedly deceived homeowners across the country with deceptive marketing. The CFPB filed three lawsuits against companies it says collected over $25 million in illegal advance fees for services it falsely promised would prevent foreclosure or renegotiate a mortgage. The ... Read More »

Morgan Stanley Will Pay $275 Million Over Subprime Mortgage Securities

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On Thursday, Morgan Stanley and securities regulators finalized a $275 million settlement that stems from the bank’s role in the sale of subprime mortgage-backed securities. The settlement Morgan Stanley will pay includes a $96.4 million penalty and $160.6 million in restitution of profits from the sale of the mortgage-backed securities, along with $18 million in interest. The bank said the ... Read More »

New Home Sales Tumble 8.1% in June

Pending Home Sales Unexpectedly Drop in June

Sales of new single-family homes fell 8.1% in June, losing momentum after two months of improving sales figures. Revised figures for March, April and May also show the spring performance was less stellar than previously estimated, the Census Bureau reported on Thursday. Sales in June hit a seasonally adjusted annual rate of 406,000, down 8.1% from May. Compared to June ... Read More »

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