The 'caste-away' equalizer

Anxiety about the divide between rich and poor was on the rise ever so briefly last year when the new federal tax cut was proposed by President Bush and approved by the U.S. Congress. But class angst doesn't run deep in the United States, except at a few dinner parties among the aging faculty at the University of Michigan, Wisconsin or Santa Cruz or at wine-filled liberal gatherings in the hot springs of Santa Fe, N.M.  more...

Vegas baby, Vegas!

Whether it's technology, trends or friends that draws the crowd, about 90,000 people will flock to Las Vegas this weekend to attend the National Association of Home Builders' 2004 International Builders Show.

The show officially kicks off Jan. 19 and ends Jan. 22, but many home builders will arrive early to attend the association's board of directors' meetings and education seminars.  more...

Mortgage rates drop to six-month lows

Mortgage rates plunged this week in response to virtually nonexistent job growth reported for December, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.66 percent, with an average 0.6 point, for the week ended today, down from 5.87 percent last week. This is the lowest the 30-year fixed has been since the week ending July 11, 2003, when it averaged 5.52 percent.  more...

Home improvement spending jumps

Home improvement activity maintained a solid pace in 2003, with homeowner spending on improvement projects accelerating during the second half of the year, according to Harvard University's Joint Center for Housing Studies remodeling activity indicator.

Homeowners spent $130.4 billion remodeling their homes during 2003, according to the Joint Center.  more...

Canadian real estate shatters records

Annual existing-home sales in Canada's 25 major markets for the year 2003 surpassed its previous record set in 2002.

According to The Canadian Real Estate Association, major market home sales traded via the Multiple Listing Service totaled 307,505 units in 2003, representing an increase of 3.8 percent from the year before. Annual sales set new records in a number of large markets, including Vancouver, Toronto and Montreal.  more...

ForSaleByOwner.com grows car arm

Building on its formula for cutting out the middleman in real estate, ForSaleByOwner.com is launching an online auto marketplace that connects car buyers and sellers.

The new site, Cars.ForSaleByOwner.com, will provide listings for both new and used cars, trucks and motorcycles. An independent Web destination, the auto spinoff will let consumers search for vehicles by location, price, make, model and year. Shoppers will also get free access to auto values, insurance, financing and warranty company rates.  more...

Real estate under 'do-not-call' attack

Don't call me, really!

Real estate companies are leading the pack in prosecuted violations of federal and state do-not-call laws, which are intended to protect telephone owners from unwanted commercial solicitations.

A federal agency issued its first citation to a home loan company that allegedly violated the federal no-call rule. California's attorney general has sued a mortgage broker and a home improvement company for allegedly making illegal telemarketing calls.  more...

Overnight interest rates, benchmark bond trend lower

Long-term mortgage interest rates were lower Wednesday, and the benchmark 10-year Treasury bond yield fell to 3.99 percent.

The 30-year fixed-rate average sank to 5.29 percent, and the 15-year fixed-rate dropped to 4.65 percent. The 1-year adjustable was unchanged at 3.26 percent.

The 30-year Treasury bond yield decreased to 4.89 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...