Flips, scams blamed in California housing decline
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CORONA, Calif  - Bhaviesh and Varsha Shah bought their dream home in a new development east of Los Angeles two years ago, planted flowers around an emerald lawn and picked out wicker furniture for sitting outside on cool afternoons.
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Property prices are falling at rates not seen since the 1990s housing recession, warn surveyors.
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Soaring U.S. home values in the first five years of this decade have left homeowners feeling flush, but housings costs also have risen sharply, cutting into stagnant incomes, Census Bureau data show.
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A fourth of all Californians are thinking about moving - either out of state or just to another town - to bring down their housing costs, a new survey shows.
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The feeble US housing market showed more frailty when third-quarter home sales plummeted in 38 states, hitting Nevada, Arizona, Florida, and California particularly hard, government data showed yesterday.
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State and federal regulators continue to warn investors about new scams, especially during a time like this, when people are desperately looking for better returns in a declining market.
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The housing market plunged deeper into despair last month, with sales of new homes plummeting to their lowest level in more than 12 years.
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Mortgage lenders launched more than 70,000 foreclosure proceedings in California in the third quarter, marking a record for the state, where many housing markets are slumping amid mortgage market turmoil, according to a report released on Friday.
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Home sales in Southern California sank to their lowest in nearly two decades in December as buyers were sidelined or dropped out of the market because they could not obtain mortgages, according to a report released on Tuesday.
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Business & money: Â· Buyers renegotiate deal in face of tighter creditÂ· Housing sales fall for five successive months.
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The home builder reported that it swung to a loss in the first quarter, continuing a trend of bad news in the housing market.
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For aspiring homeowners who&#39;ve been struggling to catch up with runaway prices in San Diego County, there&#39;s another bitter pill to swallow.
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Housing construction fell in November, with single-family activity dropping to the lowest level in more than 16 years. Analysts said the recession in housing showed no signs of a turnaround.
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Offering evidence of a possible shift in the housing market, the Massachusetts Association of Realtors reported yesterday that sales of single-family homes fell for the third straight month in October and that the number of homes and condos on the market is up 7.6 percent from a year ago.
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Investors who tried to turn a profit on the housing market are having an outsize influence on surging mortgage defaults in former boom states like California and Florida, a banking industry group said Thursday.
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Pending home sales fall, but also prove opportunity for long-term investors.
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Housing prices, slumping after a five-year boom, are projected to decline in half of the nation's metropolitan areas, with the Northeast, Florida and California among the areas hardest hit.