The cost of the US bail out was 700 billion in the last year and overall the cost totals some 3.7 trillion of taxpayer dollars according to the Special Inspector General for the Troubled Asset Relief Program.  He stated that: “the increase was due largely to the government’s pledges to supply capital to Fannie Mae [...]

Monthly sales of new homes has fallen and is now (on an annualized basis) at a record low.  “The Commerce Department said sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963, from a downwardly revised 446,000 units in April. The fall unwound two [...]

The Federal Trade Commission has announced today that Bank of America will “provide refunds to homeowners who were overcharged before July 2008, when” Countrywide Financial Corp., “the company was bought by Bank of America”.
“The agency began investigating the loan-servicing business of the company, since acquired by Bank of America, in 2008 amid complaints about fees [...]

With the falling prices on housing, there are more deals to be had overall, but finding the right city/neighborhood is still a challenge.  Here is an article which lists specific houses that are available (with pictures) that are good deals.  Here is one example:
“Rowlett, Tex.
Price: $250,000
Square Footage: 3,670
Bedrooms: 4
Bathrooms: 4
Acreage: 0.21 acres
Priced at $81 [...]

“At a hearing Thursday morning before the House Oversight Committee, the Treasury’s TARP chief Herb Allison will announce new protections for homeowners in the modification process who also face a pending foreclosure. The protections are designed to eliminate much of the confusion and anxiety that many homeowners deal with in these situations.”
 Here is a link: [...]

“But Vangelakos, who paid $430,000 for the home, closed in November 2008 and insisted on taking possession. He, his wife Cathleen, and their three children use the condo as a vacation home when he can get away from his job as a Weehawken, N.J., firefighter…. The signs are everywhere that the building is almost abandoned.  [...]

The idea of just sending the keys to your house or condo back to the lender would have been unthinkable just a year or so ago; now underwater owners are doing just that all over the country.  This is especially true once they lose any hope for lender assistance in making their payments and realize [...]

Large malls now have a vacancy rate not seen in 18 years.  However, rental rates, while down, have yet to fall significantly.  No doubt that will change as the retail situation continues to deteriorate.  “Many experts believe commercial real estate will be the next bubble to burst. ‘Losses from commercial real estate will be quite [...]

NY Times gets the award for today’s best headline: “Dubai Forced to Check Out of W Hotel.”  The article covers the news that the state investment company Dubai World has lost its first large asset, the W Hotel in New York.  The buyer at foreclosure was a mezzanine lender with a 2 million dollar loan [...]

The large mortgage company Taylor Bean filed chapter 11 in the US Bankruptcy Court in Florida.  It has stated that essentially all options are open as far as how to proceed, including a sale of its assets.  The company is in talks with the FDIC.  “Closely held Taylor Bean does business across the U.S. through [...]