A new study from the Joint Center for Housing Studies of Harvard University finds that nearly 50 percent of renters are “cost-burdened,” meaning they pay more than 30 percent of their income to rent housing. This is nearly double from the less than one-quarter of renters who paid that much in 1960.
U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006.
Wells Fargo posted record earnings in the third quarter as the bank increased mortgage lending and pocketed more fees.
The President is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners.
The Obama administration is trying to fix a stubborn drag on the economy by allowing all homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth.