Weakest Home Sales in 4 Years

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Slowest pace since 2003 sends glut of homes to 15-year high; prices slide as buyers shy away from battered market.

NEW YORK (CNNMoney.com) — Home sales slumped to a four-year low in May as prices slid further and the glut of homes on the market hit a 15-year high, a real estate group said Monday, noting buyers are being scared away by the weak housing market.

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Jun

21

When Bad Loans Get Worse (ARMs)

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NEW YORK (CNNMoney.com) — More than $1 trillion worth of adjustable rate mortgages (ARMs) will be hit with higher reset rates this year, and that could add up to big trouble for many homeowners.

Already, the rate of serious delinquencies among subprime hybrid ARM borrowers was up to 15.75 percent during the first quarter, from 14.44 percent in the fourth quarter of 2006, according to the Mortgage Bankers Association (MBA).

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