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Landlords, rejoice: Mortgage applications dropped to their lowest level in a year last month, and the sketchy real estate market is producing more renters as the housing slump continues. Home ownership isn’t for everybody; and with today’s stricter lending standards–not to mention the cash-poor economy we’re experiencing–it’s really not for everybody. Just ask New York City and San Francisco landlords. According to Forbes, residents pay the highest rents in the U.S. in those cities. (Not suprisingly, both areas front some of the top U.S. home purchase prices.) In New York, a resident renting a median-level apartment in one of the…

The American Revolution may have split the U.S. and Britain, but when it comes to housing, both countries are looking lately like they’re joined at the hip. The U.K. housing market of recent years in many ways echoed the U.S. market: Prices skyrocketed, purchases increased, the economy benefited. And then, the U.S. subprime collapse began. Sales plummeted, prices fell–and talk of a recession started. One of the few housing strongholds: New York City, our metropolitan hub, whose market actually increased. And what a market that is: According to the Forbes list of the biggest home sales of the year, the…

Blame for the housing bust has been attributed to a number of factors and groups–but former Fed Chairman Alan Greenspan says the Fed isn’t at fault. So who is? Well, according to the Financial Times, Greenspan points to a global "dramatic fall in real long term interest rates," which he thinks was prompted by abundant worldwide savings. And he’s confused about why the Fed is catching so much heat for its role in the housing crisis. Greenspan does have a point: The Fed can’t fix everything. And other global economies with central banks saw big housing price increases in recent…

As the bipartisan tax bill zooms its way to a vote–some estimates have said the decision could come as early as next week–a new focus has fallen on its provisions for homebuilders struggling under the pressure of the housing decline. Debate on the bill began Thursday–and by day’s end, lawmakers had already killed one of the portions, which would have rewritten bankruptcy laws to allow judges more power to alter mortgage terms. And that wasn’t exactly a huge surprise: Republicans had previously expressed dissatisfaction about that provision and said they wouldn’t approve it. But what of the $6 billion in…

The bipartisan housing bill is picking up steam in Congress–and it could be voted on this week, possibly as early as tomorrow. That’s amazingly fast, considering how long the housing slump has been going on–and it took just a few days to cobble this proposal together. However, the bill may have been constructed quickly–but it’s more thorough than you might think. Some highlights of the proposal, courtesy of CNNMoney.com: Revamping the FHA. FHA loan limits could increased from 95 percent of an area’s median home price to 110 percent, with a limit of $550,000 in high-cost areas. Down payment requirements…

Yesterday, we discussed the effect Housing and Urban Development Secretary Alphonso Jackson’s resignation could have on the pending housing legislation being considered by Congress. Today, many news outlets–including the New York Times–are saying some of those proposals could hit the floor as soon as tomorrow. For whatever reason, housing is a hot topic now among the nation’s changemakers. Maybe it’s the sinking economy; maybe it’s the recent news that construction spending fell yet again in February. Or maybe it’s just a case of everyone getting fed up–including the Fed, which yesterday released an online map highlighting problem mortgage areas (which,…

Yesterday the top governmental housing official–Housing and Urban Development Secretary Alphonso Jackson–announced his resignation. And it couldn’t have come at a weirder time. As we reported yesterday, the Justice Department is currently investigating whether or not Jackson gave federal housing contacts to his associates; the outcome of that remains to be seen, but he has in the past come under fire for not answering questions about the issue. But forget the shake-up for a moment and consider that Jackson stepping down may also bring down some of the housing rescue plans currently under debate. He was, after all, the Bush…

In recent months, a number of individuals have called for increased regulation of Wall Street–and it looks like we might get it. After the recent government bailout of Bear Stearns, it appeared regulation was more necessary than ever for the financial industry. And today, the government announced a new plan to do just that. Although it’s been criticized for being too lax, it’s at least a start. News also broke today that the U.K. and U.S. are teaming up to better monitor the international banking system, according to the Financial Times. But why stop there? Mortgage Mayhem According to the…

Multifamily property and hotel loans edged the overall commercial mortgage-backed securities delinquency rate up in February, according to Fitch Ratings–and the rise included a number of newly delinquent loans. Commercial mortgage-backed securities may not have had as bad a year as anything connected to a residential mortgage had–but they’ve still had a hard time, according to Reuters. And it’s all connected to the housing market: The commercial-backed securities met with concern that less-than-secure underwriting practices in 2007 may have made sketchier loans that wouldn’t be able to weather a U.S. recession. As the economy declined further, that fear increased. And,…

The Post-World War II generation is about to become the largest segment of Americans ever to age at one time, according to a recent Chicago Sun-Times article. In fact, 83 million boomers are expected to hit retirement age within the next 11 years. That’s a lot of people hitting a new life stage–and undoubtedly, many of them will seek new living options, which could have a huge effect on the housing market. Some will seek single-family homes in communities designed to offer seniors social activities; others who are perhaps not in the strongest health may seek out assisted care facilities,…