Nearly 1 in 6 US homeowers owe more than homes are worst

The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults -- the very misfortune that touched off the credit crisis last year. The result of homeowners being "under water" is more pressure on an economy that is already in a downturn. No longer having equity in their homes makes people feel less rich and thus less inclined to shop at the mall.

Ohio woman, 90, attempts suicide after home foreclosure

A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis. Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when police came to the home on Wednesday to serve an eviction notice, Akron police spokesman Lt. Rick Edwards said on Friday.

Record 16 Percent Drop in July Home Prices

July home prices plunge 16.3% in 12 months, according to the Standard & Poor's/Case- Shiller 20-city housing index.

New home sales plummet in August, prices tumble

In this July 25, 2008 file photo, a new home is for sale in a Little Rock, Ark., neighborhood. The Commerce Department said Thursday, Sept. 25, 2008, government data show sales of new homes dropped sharply in August, falling to the slowest pace in 17 years. The average sales price fell by the largest amount on record, too. (AP Photo/Danny Johnston, File)

The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991.

Rise in Renters Erasing Gains for Ownership

"Driven largely by the surge in foreclosures and an unsettled housing market, Americans are renting apartments and houses at the highest level since President Bush started a campaign to expand homeownership in 2002."

New home sales drop to lowest in 12 yrs

New homes are for sale at the Promenade Islands of Doral development in Doral, Fla. Friday, Dec. 28, 2007. Sales of new homes plunged last month to their lowest level in more than 12 years. Sales of new homes plunged last month to their lowest level in more than 12 years, a grim testament to the problems plaguing the housing sector. (AP Photo/Lynne Sladky)

"The slump worsened even more than most analysts expected, heightening fears that the country might be thrust into a recession."

US dollar hammered

"THE US dollar posted its biggest weekly drop against the euro since April 2006 as a slumping housing market and upheaval in Pakistan made US financial assets less attractive to global investors."