Richmond, Calif., city officials approved a plan this week to become the first city in the nation to use their powers of eminent domain to seize underwater mortgages. But they may face huge backlash if they proceed, critics warn.
The 30-year fixed-rate mortgage is more than 1 percent higher that it was a year ago at this time, increasing borrowing costs for buyers.
The tight inventory of homes for-sale that plagued many markets in recent months is starting to fade.
As the summer home buying season wraps up, realtor.com® reports which markets fared the best.
Two recent housing reports are confirming the same picture: Home owners are rapidly recapturing the equity they had lost in the last decade.