A spring home-selling season that’s looking like a bust and pressure from growing inventories of houses in the resale market should intensify home-price declines in the second half of 2007, Wall Street analysts say. “We think the housing downturn has decisively moved to its second act of falling prices,” wrote Deutsche Bank in a report to clients Monday.

Most home builders posted ugly first-quarter results punctuated by red ink and land write-downs. Hopes for a spring rebound have faded, and several companies backed off their 2007 profit outlooks.

    * Fully story: Available on Market Watch

We first told you a year ago that big changes were coming to the Harris County Flood Maps. It’s a change that could cost thousands of homeowner’s big bucks.
The changes will require some homeowners to get flood insurance, many for the very first time. Acting before the flood plain expands can save you a lot of money. The flood plain is expanding on June 18th. If you are in the new flood plain, you may be required to buy flood insurance, but getting it now before the changes happen will save you hundreds of dollars. The city of Bellaire is not getting any closer to the bayou, but that’s not stopping the homes from being placed in the new expanded flood plain.

    * Full story: Available on abc13.com

If home prices are too high for your budget, don’t feel bad. You can still enjoy the vicarious thrill of paying for a stranger’s house, thanks to pending state legislation.

Maybe you’ve wanted to buy a house for many years now, but you’ve seen prices skyrocket. Especially in California. You might have gotten a zero-down, subprime mortgage, but mortgages must be repaid. And although you’re on a tight budget, you’re a responsible person. You don’t want to buy property only to default on the loan, much less declare bankruptcy. You’re an ant, not a grasshopper. You work hard and save for tomorrow. You don’t borrow money you can’t repay.

•     Full story:Available on Blogcritics