An even gloomier scenario may be in store for an already ailing U.S. housing market if the overall economy slips into a recession, according to UBS Securities analysts.
SAN FRANCISCO (MarketWatch) -- Marshall & Ilsley Corp. issues surprise profit warning as the lender sets aside more money to cover loan losses from the slumping housing market.
July 3 (Bloomberg) -- Toll Brothers Inc. , the largest U.S. luxury homebuilder, had its credit rating cut to junk by Moody's Investors Service as weak demand deepens the housing recession.
At first glance, a proposal to build 2,700 homes at the Briger tract along Interstate 95 sounds like folly. After all, Palm Beach County's housing market is glutted with unwanted homes.
The Housing Finance Association expects new housing loans to decline by 10-20%, from last year, said president Kitti Patanapongpibul. He said major factors would be a decrease in home purchasing and credit lines. At the same time, homebuyers were buying more low-priced, smaller-sized units.
