ForSaleByOwner.com grows million-dollar listings

Not all moneybag homeowners turn to real estate agents to chauffeur would-be home buyers around their estates. In fact, a significant number of multi-million-dollar homeowners chose to sell their homes without a real estate broker last year, ForSaleByOwner.com reported today.  more...

California real estate values soar

The median price of an existing home in California in January increased 20.7 percent and sales increased 5.3 percent compared to the same period a year ago, the California Association of Realtors reported today.

The median price of an existing, single-family detached home in California during January was $405,720, up substantially from the revised $336,210 median for January 2003, C.A.R. reported. The January 2004 median price increased 0.5 percent compared to a revised $403,570 median price in December.  more...

Old real estate attracts lower-income buyers

Housing units built before 1920 were valued at a little more than half the amount of those built since 1990 and the older houses generally have fewer amenities, the U.S. Census Bureau reported Tuesday.  more...

U.S. existing-home sales drop

Sales of existing single-family homes were down in January from near-record highs but remain exceptionally strong, according to the National Association of Realtors.

Existing-home sales declined 5.2 percent in January to a seasonally adjusted annual rate of 6.04 million units from a downwardly revised level of 6.37 million in December, which was the third-highest pace on record. Last month's sales activity was 2 percent above the 5.92 million-unit pace in January 2003. The record was a 6.68 million sales rate in September 2003.  more...

Real estate purchases rise

Despite interest rates inching higher, mortgage purchases jumped 2.1 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index increased by 2.3 percent to 423.5 from 413.9 the previous week. The seasonally adjusted refinance index increased by 1.9 percent to 3,361.9 from 3,298.3 one week earlier.  more...

Illinois real estate sales slow

Winter weather put a seasonal wrap on home sales in Illinois in January with sales of existing homes down 5.4 percent compared to the same period one year ago, according to the Illinois Association of Realtors.

Price appreciation remains healthy with the median, existing single-family home price up 3.7 percent from $160,300 in January 2003 to $166,200 in January 2004. January's 2004 total sales volume of 6,125 sales were down from 6,474 one year ago.  more...

Overnight mortgage interest rates dip

Long-term mortgage interest rates were slightly lower Tuesday, and the benchmark 10-year Treasury bond yield dipped to 4.02 percent.

The 30-year fixed-rate average slipped to 5.25 percent, and the 15-year fixed-rate was down slightly at 4.54 percent. The 1-year adjustable dropped to 3.2 percent.

The 30-year Treasury bond yield remained at 4.9 percent.

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

Fannie, Freddie oversized egos

Funny as it may sound: Fannie Mae and Freddie Mac were at the right place at the right time, at the nexus of the greatest demographic bulge of homeownership demand in the history of the world. One hundred million monied boomers and eager immigrants trampling over one another in the last 20 years to get a piece of the great American Dream (and subsidy, we might add).  more...