Home mortgage rates and real estate news - CNNMoney.com

Option ARMs: Housing recovery killer?
Option-ARMs: File under, "It sounded good at the time."

Will your hometown be a boomtown again?
Since the crash, we've gotten used to thinking of real estate as a market shaped by national forces: Interest rates went down, Wall Street and homebuyers went nuts, regulators fell asleep at the switch, and -- voilà -- we had ourselves a bubble.

New home sales spike in October
New home sales spiked in October, one month after declining unexpectedly.

7 tips for buying foreclosures
Foreclosures are dominating the housing market. Right now, there are 1.5 million such homes for sale, and more are expected to be available soon. That provides both opportunities and pitfalls for bargain hunters.

Foreclosures: How bad is your state?


1 in 4 mortgages 'underwater'
In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.

Home prices climb for 2nd straight quarter
Home prices rose for the second consecutive quarter but remained nearly 9% lower than a year earlier, according to a housing market report issued Tuesday.

The greatest real estate turnaround ever
Charlotte Street was an apocalyptic nightmare version of urban life.

Buy the house Twilight was filmed in


Most affordable city to buy a house
Here are the 5 metro areas where the average American family can afford to purchase a median-priced home -- and the 5 where they can't.

Existing home sales at highest level since 2007
Existing home sales surged in October to the highest level in more than 2-1/2 years, according to a real estate industry report issued Monday.

Better digs, less money
These 6 businesses took advantage of crashed real estate prices to trade up for new stores and office space.

You don't have to be a millionaire to buy a house
The Great Recession has ravaged savings and boosted unemployment rates, forcing people become more conservative with their cash. It has also made homes a lot more affordable -- at least for those people still working.

Rebuilding from real estate rubble
Semper fidelis, the U.S. Marine Corps motto, means "always faithful" in Latin. As a young grunt serving at Camp Lejeune, N.C., Duane Draughon learned to remain loyal to the mission -- "whatever the cost," he says.

Mortgage loans: Record number are late
Mortgage borrowers are still falling behind on their payments in record numbers, despite the many foreclosure prevention efforts initiated by the government and non-profits.

Obama mortgage rescue: Only a few get lasting help
Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.

Home construction at lowest point in 6 months
Home builders initiated construction of far fewer new homes in October than the month before, a big and unexpected drop for the struggling industry, according to a government report issued Wednesday.

Want to avoid foreclosure? Go see a counselor
Housing counselors, who've received more than $400 million in federal funds to help mitigate the mortgage crisis, are helping troubled homeowners avoid foreclosure and lower their monthly payments, a study released Wednesday has found.

First-time homebuyers leading market back
Propelled by the first-time homebuyers tax credit, nearly half of home sales are now being made by first-time purchasers, according to an industry report released Friday.

Nicolas Cage: Movie star, foreclosure victim
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.