Homestore narrows loss

Real estate media and technology provider Homestore today reported a net loss of $12.1 million or 10 cents a share in the fourth quarter 2003.

Earnings results improved from a $37.6 million loss, or 32 cents a share, in the fourth quarter 2002, and $30.6 million, or 26 cents a share in the third quarter 2003.  more...

RESPA deadline looms

The deadline is fast approaching on the White House Office of Management and Budget's 90-day review of the U.S. Department of Housing and Urban Development's plan to revamp the Real Estate Settlement Procedures Act.

RESPA watchers expect OMB to issue a decision or recommendation to HUD sometime next week; however, OMB has not said whether its review will be finished on time.  more...

Survey scores MLS vendors

Nine MLS system vendors evaluated in Clareity Consulting's third annual "MLS Customer Satisfaction Survey" received an overall rating of "good" or "excellent," although some individual MLS accounts still have some "end-user satisfaction issues."  more...

Mortgage rates plunge to near-record lows

Mortgage rates fell significantly this week on the heels of the bleak U.S. employment report released on Friday, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.41 percent, with an average 0.6 point, for the week ended today, down sharply from last week when it averaged 5.59 percent.

The average for the 15-year fixed-rate mortgage this week is 4.69 percent, with an average 0.7 point, down nearly 20 basis points from last week's average of 4.88 percent.  more...

Online real estate debate heats up

Real estate, mortgage, media and technology innovators from across the country will gather to network and assess future developments in online real estate during Inman News' Real Estate Connect 2004, July 28-30 at the Palace Hotel in San Francisco.

Advance registration rate of $499 ends Monday, March 15. Sign up online or call (800) 775-4662, ext. 122.  more...

Home equity trade group criticizes abusive lending study

The National Home Equity Mortgage Association claims that the latest report by the Association of Community Organizations for Reform Now fails to address legitimate concerns about abusive lending practices and instead attacks the non-prime mortgage lending industry as a whole, an industry that NHEMA said has played a central role in increasing home ownership and access to mainstream credit in minority communities.  more...

HUD adds adjustable-rate loan options

The Department of Housing and Urban Development published in the Federal Register Wednesday a final rule that aims to enhance home-buying opportunities by expanding its offerings of adjustable-rate mortgage products on FHA-insured mortgages.

Potential home buyers will be able to choose mortgages with periods of three, five, seven or 10 years, depending on their needs, during which time the interest rate would be fixed.  more...