DESPITE a dearth of buyers and a glut of renters these days, an effort to make a rental community of 284 previously approved two-bedroom condominiums in a new Central Islip development has hit several major speed bumps.
Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.
The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.
Help may finally be on the way for borrowers stuck in high-interest-rate mortgages. Shaila Dewan and Louise Story reported in The Times that the White House is considering a proposal that would ease refinancings for millions of underwater homeowners whose loans are owned or backed by Fannie Mae and Freddie Mac, the government-controlled mortgage companies.