WASHINGTON -- The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.
NEW YORK -- Mortgage applications rose 2.7 percent last week as more borrowers took advantage of the lowest rates in decades to reduce their monthly loan payments.
LOS ANGELES (AP) -- The home sale slump has left some dwellings designed by Frank Lloyd Wright and other architectural luminaries languishing on the Southern California market.
In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years. More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007.
Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.
In another sign of the gloomy economy's drag on housing, Silicon Valley home sales approached historic lows for July as demand remained tepid and the federal homebuyer tax credits that had helped caffeinate the marketplace in the past year finally went away.
Today: Silicon Valley home sales plunge in July, but the median price rises year over year. Plus: Chip behemoth Intel intends to buy software maker McAfee. Intuit and Marvell report earnings. Chegg buys CourseRank.
