Survey says: We hate spam

Everyone hates spam.

That was the undeniable conclusion of a survey of 21,102 people conducted by the Transatlantic Consumer Dialogue, a forum of 64 consumer organizations in the United States and Europe. The forum develops and agrees on transatlantic trade policy recommendations that are made to the European Commission and U.S. government.  more...

Mortgage rates remain in limbo

Long-term mortgage rates were virtually unchanged this week, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.72 percent for the week ended today, up from 5.68 percent last week. The average for the 15-year fixed-rate mortgage this week is 5.03 percent, up from last week's average of 4.97 percent. Points on both the 30- and 15-year averaged 0.6.  more...

Cendant reports record earnings

Cendant Corp. (NYSE: CD) on Wednesday reported record fourth-quarter 2003 earnings per share from continuing operations of $0.28, an increase of 17 percent from $0.24 in fourth quarter 2002.

Fourth-quarter net income rose to $288 million, up 17 percent from $247 million same quarter last year.

The company reported record full-year 2003 earnings per share from continuing operations of $1.41, versus $1.01 in 2002, an increase of 40 percent.

Full-year net income hit $1.46 billion, up 39 percent from 2002's $1.05 billion.  more...

Condo sales break annual record

Sales of existing condominiums and cooperatives surged to another annual record in 2003, while the pace of sales activity in the fourth quarter was the second highest on record, according to the National Association of Realtors.

There was a total of 898,000 existing condo and co-op sales last year, up 9.5 percent from the previous record of 820,000 units in 2002.  more...

BridgeSpan CEO resigns

Larry Walker has resigned as president and CEO of Bridgespan, a financially troubled mortgage technology company in Frisco, Texas.

His resignation will be effective "next month," according to a company statement that did not specify a date for his departure.

Walker joined Bridgespan in late 2002. The company at that time had developed an e-mortgage platform in a marketing partnership with Fannie Mae, but the product was not selling well into the market.  more...

Californians lose real estate buying power

The percentage of households in California able to afford a median-priced home dropped to 23 percent in December, down 5 percentage points from the same period a year ago, according to a report released today by the California Association of Realtors.

The minimum household income needed to purchase a median-priced home at $404,520 in California in December was $94,730, based on a typical 30-year, fixed-rate mortgage at 5.82 percent and assuming a 20 percent down payment.  more...

Overnight interest rates stand pat

Long-term mortgage interest rates were unchanged Wednesday, and the benchmark 10-year Treasury bond yield increased to 4.12 percent.

The 30-year fixed-rate average stayed at 5.36 percent, and the 15-year fixed-rate held at 4.67 percent. The 1-year adjustable was down slightly at 3.3 percent.

The 30-year Treasury bond yield increased to 4.96 percent.

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