ABN AMRO production falls

ABN AMRO Mortgage Group Inc., the nation's sixth-largest mortgage lender, today announced a dramatic decline in its production for the month ended Jan. 31, 2004, for all of its production divisions.

AAMG reported total January production of $3.4 billion, with more than 19,800 loans funded, down 70 percent from the year-ago total of $11.4 billion.

With January production totaling $2.7 billion, InterFirst Wholesale Mortgage Lending was by far AAMG's top-producing division for the month, although that division's production fell 71 percent from last January's $9.2 billion.  more...

New-home sales cool

New-home sales dipped slightly in January following a torrid 2003 fourth quarter, but remained well above last year's record-setting pace. The seasonally adjusted annual rate of new single-family homes sales was approximately 1.11 million, the Commerce Department reported today, down 1.7 percent from December's upwardly-revised rate of approximately 1.13 million, but 9.6 percent above the January 2003 rate of 1.01 million units.  more...

Congress questions banking rule

The House Financial Services Committee Wednesday criticized a new national banking rule that would exempt national banks from following state lending laws, news sources said.

The Committee voted 34-28 to implement an amendment to the rule, which the Office of the Comptroller of the Currency installed this month. The amendment questions whether the OCC can adequately police suspected predatory lenders without more money.  more...

Help-Wanted advertising increases

The Conference Board's Help-Wanted Advertising Index – a key barometer of America's job market – edged up one point in January to 38, up from 37 the previous month. The index was 41 one year ago.

In the last three months, help-wanted advertising increased in seven of the nine U.S. regions. The largest increases occurred in the East South Central (14.3 percent), Mountain (9.3 percent), and East North Central (6.1 percent) regions.  more...

Real estate heats up Ohio

The Ohio housing market experienced robust activity in January, as sales posted a 2 percent gain from the month's mark of a year ago, reports the Ohio Association of Realtors.

Statewide sales of new and existing homes in January totaled 6,718, a 2 percent increase from the 6,587 sales posted during the month in 2003. The January 2004 results nearly mirror the month's record mark of 6,803 sales posted in 2002.  more...

Slow economy keeps lid on mortgage rates

Mortgage rates this week were virtually unchanged from last week, as markets felt the effect of declining consumer confidence and weak job growth, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.58 percent for the week ended today, unchanged from last week. The average for the 15-year fixed-rate mortgage this week is 4.89 percent, up very slightly from last week's average of 4.87 percent. Points on both the 30- and 15-year averaged 0.7.  more...

Wireless MLS lands in 200,000 Realtor hands

Nearly 200,000 real estate agents in several major markets now have wireless access to all local Multiple Listing Service Listings.

Retrieval Dynamics Corp. this week announced deals that provide its Mobile Listing Advantage program to agents nationwide.

MLS PIN of the greater Boston area, Multiple Listing Service of Northern Illinois, North Texas Real Estate Information Systems, Realtor Association of Greater Miami and the Beaches, Middle Tennessee Regional MLS and IRES of Northern Colorado all signed deals for wireless MLS.  more...

Real estate confab to explore loan packaging

LendingTree Founder and CEO Doug Lebda will be one housing industry leader to talk about how mortgage loan packaging will change the home-buying and financing marketplace at the Real Estate Services Providers Council's (RESPRO) annual conference next month.

The conference, slated for March 24-26 in Washington, D.C., will focus on the Department of Housing and Urban Development's final regulation to overhaul the Real Estate Settlement Procedures Act (RESPA).  more...

Florida real estate makes gains

Still low mortgage rates and the steadily improving economy boosted Florida's housing market to a strong start in 2004 with a 12 percent increase in single-family existing home sales in January, according to the Florida Association of Realtors.

Statewide, sales of single-family existing homes totaled 12,520 last month compared to 11,161 homes sold a year ago. The statewide median sales price rose 15 percent to $168,100; a year ago, it was $146,500.  more...