Latino households suffered greater loss of wealth during the economic downturn than their white counterparts, housing analysts said at the National Council of La Raza annual conference at Mandalay Bay. In the past three years, Latinos have lost two-thirds of their wealth, compared with 16 percent for whites.
Housing
Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.
Maybe the banks are starting to figure it out. Instead of dealing with the legal challenges and expense of foreclosure, they’re approving more short sales, or homes sold for less than the principal mortgage balance.
Like thousands of Nevada homeowners, Mel and Yvonne Klien are underwater on their mortgage. And like many, the retirees were hopeful that they could get some relief from the federal Home Affordable Refinance Program, which would refinance their mortgage at a lower rate even though the Great Recession wiped out their home equity.
A former Las Vegas real estate agent was sentenced to nearly 22 years in federal prison Friday as the mastermind of a mortgage fraud conspiracy that cost financial institutions more than $24 million.
LOS ANGELES – Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales – scenarios that could further weigh down home values in coming months.
