Latest News in Mortgages and Home Loans- July 19, 2010

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In the past decade, Nantucket Island has served as a barometer for the fortunes of Wall Street. The glass cracked after years of unsustainable pressures. But almost by magic, the barometer is rising once more even as something new and unexpected has come to the summer paradise: foreclosures, short sales, failed auctions, and a skinnier municipal budget. And while financiers can cut and run, it’s the locals who are being hardest hit.

Best home deals in 10 Best Places

Itching to move to one of our top 10 cities? You might score a real-estate bargain, too.

Price cuts galore on mega-mansions

For deep-pocketed plutocrats purchasing trophy homes, times are good. There is a glut of mega-mansions on the market — at deep discounts.

Credit score below 500? No FHA home loan

The once wide-open doorway to homeownership closed a teensy bit more this week when a key government agency announced a proposal to no longer allow mortgages for borrowers with very low credit scores.

America’s most overvalued cities

Don’t say we didn’t warn you.

Foreclosures: How bad is your state?

25 Best Places for job growth

No. 8 Broomfield County, Colo., saw jobs soar 50% in the past nine years. Where has there been even more growth?

Foreclosures fall 5%

The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile.

America’s Best Places to Live

These terrific small cities — even now — boast plenty of jobs, great schools, safe streets, low crime, lots to do, and more. See Money’s top 100 — including detailed city profiles, homes for sale, and job openings.

Home-buying loan applications at 13-year low

Mortgage applications to buy a home plunged last week – to the lowest level in more than 13 years – as the housing recovery continued to struggle following the expiration of the homebuyer tax credit, an industry group said Wednesday.

Real estate’s accidental recovery

Back in 2009, when there was no market for securitizations and credit was still mostly frozen, a group of experts including Paul Volcker called for a return to an old strategy as a way out of the financial crisis: Start up another Resolution Trust Corp.

A home for LeBron

We can’t help the NBA superstar decide which team he should play for. But we do know a thing or two about real estate. Some house hunting tips for King James.

Pending home sales ‘fell off a cliff’

The experts expected home sales to drop once the homebuyer tax credit lapsed at the end of April, but the depth of the decrease was shocking.

Tall tales your contractor tells

Even honest contractors occasionally play a bit fast and loose with the truth. All tradesmen are looking to maximize profits and minimize hassle — and that can end up costing you extra money. So don’t take everything a contractor says as gospel, says David Fogt, chief of enforcement for the California Contractors State License Board. Try these strategies to neutralize three classic fibs without harming your working rapport.

Manhattan housing on the rebound

Manhattan home prices held steady during the second quarter of 2010 but transactions were 81% higher than this time last year, according to several real estate market reports released Thursday.

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