The company disclosed Tuesday that it lost about $304 million in the third quarter after purchasing homes at higher prices than it now expects to sell them at.
Sales of existing homes fell 6.6% in February from the month before. Meanwhile, prices are up 16% over the past year, giving homeowners about $2 trillion more in equity and widening the wealth gap.
The pool of smaller, affordable starter houses is low. And the market for these first-time home purchases is increasingly being driven by investors who help push prices out of reach.
Furloughed workers can't refinance or buy homes without the ability to verify their income. For a recently divorced couple, it means continuing to live together until financial issues are resolved.
For many Americans, buying a house is the biggest financial transaction of their lives, but a new federal report says half of buyers don't shop around for a better interest rate on their mortgage.
