It all started with mortgages. The worldwide real estate boom was driven by an expansion of residential and commercial real estate lending, and so was the crash that led to the global financial crisis. Now Bloomberg's mortgages columns look at that business five days a week from the perspective of investors, lenders, consumers and economists: because it's still all about mortgages.
The Mortgage Mess News
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Rob Braunstein said his search for a three-bedroom home on a quiet street in Needham, Massachusetts, is taking on more urgency as he watches mortgage rates tick higher. Every increase, he worries, shrinks his budget by boosting monthly payments, he said.
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Beijing, which already has China’s strictest real estate curbs, is being forced to take additional steps to contain surging home prices as demands for record-high down payments fail to deter buyers.
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Brendan McDonagh traveled to Madrid last month brandishing a map with about 120 hotels. Unlike other visitors to the Spanish capital, they were all in Ireland.
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Investors seeking mortgage bonds outside recession-plagued Europe are heading to Australia, the world’s fastest-growing major developed economy, boosting issuance to the highest in almost two years.
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Arturo Sandoval, a 25-year-old homeowner in one of Mexico’s low-income developments outside the capital, commutes two hours each way to his job at a Mexico City soap factory.
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Indian homebuilders, facing the highest borrowing costs in two years, are enticing homebuyers to help finance projects as they work to revive sales and cut debt.
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Danes, the most indebted people in the world, are losing their appetite for credit.
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Luke Nichter of Harker Heights, Texas, said he’s not a renter by choice. The Texas A&M University history professor’s $125,000 of student debt means he has no hope of getting a mortgage.
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Australians selling properties are increasingly turning to auctions as interest rates matching the lowest in 50 years fuel demand for homes in the country’s largest cities.
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All real estate markets are local, says the industry axiom, one that China’s central government is painfully aware of as its efforts to rein in home prices are undermined by uncooperative municipal authorities.
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When Jay Sugarman’s IStar Financial Inc. bought Fremont General Corp.’s commercial lending business in June 2007, the deal brought loans on undeveloped residential land as new home sales were two years into a six-year slide.
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In most American cities, a limestone home with a large front turret and paneled library would have a waiting list of buyers at $135,000. In Detroit’s Rosedale neighborhood, it almost didn’t sell at all.
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Toronto condo builders are slowing development in a bid to avoid a crash after a decade-long boom led to 159 towers now under construction.
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Investors including hedge funds are buying the preferred stock of government-controlled mortgage firms Fannie Mae and Freddie Mac in a long-shot bet they will have a future as private companies.
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U.S. homebuyers are getting an unexpected boost from the Bank of Japan.
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