Massive layoffs at discount brokerage Foxtons

Real estate discount company Foxtons' turbulent ride through the U.S. real estate market is approaching an end.

Foxtons, a low-commission real estate firm that had grown to 500 employees who served consumers in New Jersey, New York and Connecticut, this week announced that it is releasing 350 of its 380 remaining employees "and may be filing for bankruptcy protection in order to close the business in an orderly fashion."

The company blamed the real estate market downturn as a contributor to the company's financial problems.  more...

Bill would kill tax on 'phantom income' from foreclosures, workouts

A bill that would give homeowners facing foreclosure a tax break when lenders forgive part of their debt would make up for lost revenue by collecting more capital gains taxes on the sales of some second homes claimed as primary residences.  more...

New-home sales hit lowest level since 2000

The rate of new-home sales hit a seven-year low in August and reached the lowest level for that month since August 1995, according to a U.S. Census Bureau and Department of Housing and Urban Development report released today.

The seasonally adjusted annual rate of new-home sales fell to 795,000 in August, down 21.2 percent compared to August 2006.  more...

Fixed-rate mortgages more expensive this week

Long-term mortgage rates continued higher this week on fears that the Fed's recent move to make borrowing money more affordable would tempt sellers of Treasury bonds to raise their prices, in turn stimulating inflation, according to surveys conducted by Freddie Mac and Bankrate.com.

A popular misconception is that fixed mortgage rates take their cue from the actions of the Federal Open Market Committee, Bankrate.com noted. The past week is evidence that it rarely works that way.  more...

Radar Logic acquires Miller Samuel

Radar Logic Inc., a data and analytics company that created a home-price index used for derivatives trading, is acquiring residential real estate appraisal firm Miller Samuel Inc., according to an announcement today.  more...

Housing, gas, food put drag on job growth

The Conference Board today reported that its index measuring the volume of job advertisements in major U.S. newspapers dropped two points in August, marking the fourth straight month of declines.

The organization's Help-Wanted Advertising Index now stands at 23, down from 25 in July and 29 a year ago. In the last three months, help-wanted advertising declined in all nine U.S. regions, with the largest declines occurring in the New England (-25.4 percent), South Atlantic (-18.4 percent) and Middle Atlantic (-16.9 percent) regions.  more...