A slump in America’s housing market deepened in November, as buyers shunned both new and previously owned homes. At the same time, the median prices for houses posted their steepest monthly drop in four decades, according to reports released Tuesday.
Sales of existing homes declined 8.6 percent last month, to a seasonally adjusted rate of 4.49 […]

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AP - Roland “Rollie” Walker, the owner of southern Utah’s largest incomplete subdivision, is being forced to sell the trees to keep his project afloat. Creditors are posting foreclosure notices on his land, and banks are refusing to loan him money.

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As foreclosures and layoffs force families out of their homes, school districts across the nation are struggling to deal with a dramatic influx of homeless children.
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Reuters - Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC LLC, threatening the auto and mortgage finance company’s bid to qualify for U.S. government funds, the Wall Street Journal reported.

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AP - Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy.

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AP - Mortgage law experts say the incentive to walk away from a home loan is highest in states that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after foreclosure.
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Reuters - British bank HBOS Plc, due to be taken over by Lloyds TSB, said on Friday that its bad debts and other charges so far this year have jumped by two thirds in the last two months alone, to 8 billion pounds ($11.9 billion), as corporate and home loans soured.

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Over the past year, the collapse of the U.S. housing market has left many homeowners dazed. Their biggest asset is suddenly worth thousands, or even hundreds of thousands of dollars, less than it was worth just a couple of years ago. Where did all that money go?
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