The housing bust has finally clobbered super-pricey Manhattan home prices.
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Home sales continued their modest upward swing in May, according to a closely watched industry report that rose for the fourth straight month for the first time in nearly 5 years.
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Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.
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1. You have to seriously undercut the competition
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When the easy money was flowing, you could get a great deal on a mortgage from just about anyone. But in today's credit-challenged world, all the avenues for finding a mortgage come with their own set of problems.
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Affordable oceanfront property can be hard to find. But you can buy a sweet lake house for under a million. Here are four of them on the market now.
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The combination of a deep recession and widespread law-enforcement funding cuts will most likely spell a banner summer for burglars. If your house makes a good target - it's upscale, off the beaten path, and in or near a city - an alarm system is your best defense, according to Temple University economics professor Simon Hakim, who studies security and policing. Installing one will reduce your risk of a break-in by two-thirds. To determine what you really need, follow the guidelines below.
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Sales of newly constructed homes fell unexpectedly in May and were down almost a third from last-year's levels, a government report said Wednesday.
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The Mortgage Bankers Association has slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under President Obama's ballyhooed Home Affordable Refinance Program.
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Home prices are at their most affordable in many years, which has opened up homeownership to many who had been locked out during the housing boom. And now, the federal government -- and many states - are launching plans to hook up buyers of repossessed properties with very attractive terms.
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Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.
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The seeds of a housing recovery have already been planted, according to a report released Monday. In fact, many of them were sown starting in 1979.
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These are tempting times for real estate bargain hunters. Whether it's the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had. Individual investors snapping up foreclosed houses have helped boost home-sale figures sharply in recent months (although prices have remained depressed). And now some real estate investment trusts are raising money to fund acquisitions of distressed commercial properties.
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With buyers scarce and financing tight, some home sellers are offering rent-to-buy options to potential buyers. In fact, there's been enough of a spike in interest that ForSaleByOwner.com added it as a search option on the site, says spokesman Eric Mangan.
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