Affordable housing brings economic, social benefits

Housing policy is generally not at the forefront of public debate, a panel of experts said this morning at a conference on "Building the Promise: Housing Assistance as Social Investment."

The morning panel, part of the fifth annual Berkeley Conference on Housing and Urban Policy, focused primarily on public housing and studies that show the benefits of such housing go beyond economics. Public housing, panelists said, brings social benefits as well, such as a positive impact on children. Several of the panelists also touched on home ownership.  more...

Real estate values soar in California

The median price of an existing home in California in February increased 20.7 percent and sales increased 3.9 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 February was $394,300, a 20.7 percent increase over the revised $326,640 median for February 2003, C.A.R. reported. The February 2004 median price decreased 2.9 percent compared to a revised $406,220 median price in January.  more...

Fewer Californians miss mortgage payments

The delinquency rate for mortgage loans on one- to four-unit residential properties in California decreased during the fourth quarter of 2003, as did the percentage of mortgages in the foreclosure process, according to the California Mortgage Bankers Association.  more...

Help-Wanted advertising grows

The Conference Board's Help-Wanted Advertising Index – a key barometer of America's job market – increased one point in February to 40, up from 39 the previous month. The index was 41 one year ago.

In the last three months, help-wanted advertising increased in eight of the nine U.S. regions. The largest increases occurred in the Mountain (13.8 percent), New England (12.8 percent) and East South Central (9.6 percent) regions.  more...

Fixed-mortgage rates nudge higher

Mortgage rates increased slightly this week but remained near last summer's 46-year lows, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.4 percent for the week ended today, up slightly from last week when it averaged 5.38 percent. The average for the 15-year fixed-rate mortgage this week is 4.7 percent, almost unchanged from last week when it averaged 4.69 percent. Points on both the 30- and 15-year averaged 0.7.  more...

Real estate pros keep cool about state of industry

The real estate market is the bright spot in the economy; houses are selling like hotcakes in some locales; interest rates have dipped to record lows; and a multitude of mortgage options exist for buyers. So what's to worry about?  more...

Massachusetts condo prices surge

The median selling price for Massachusetts condos jumped 14 percent in February 2004 when compared with February 2003 data, rising from $200,000 to $228,000, according to the Massachusetts Association of Realtors.

Condo sales totaled 779 last month, up 6 percent from 735 in February 2003. Detached single-family home sales were down slightly, from 2,450 home sales in February 2003 to 2,433 home sales in February 2004.  more...

Real estate groups say RESPA reform likely not dead

The recent decision by the U.S. Department of Housing and Urban Development to withdraw its proposed changes to the federal Real Estate Settlement Procedures Act relieved real estate groups, but they're not ready to say RESPA reform is dead.  more...

Condo sales boom in Illinois

Illinois condominium sales surged 5.5 percent in February compared with last year's mark, while existing single-family home sales remained roughly flat, the Illinois Association of Realtors reported today. Condo sales rose from 2,598 in February 2003 to 2,740 in February 2004, and the median condo price rose 7.6, from $168,100 to $180,800.

Meanwhile, there were 6,669 existing single-family home sales reported in February 2004, a 0.1 percent gain over sales in 2003 and a record for the month of February.  more...

Industry group creates home valuation standards

The Real Estate Information Professional Association (REIPA), a national trade association for professionals and corporations involved with real estate and real property public record information, has launched an initiative to establish standards in automated valuation model technology.

REIPA created the AVM Standards Committee, to be led by its AVM provider members, which include Basis 100, First American Real Estate Solutions, Fiserv CSW, FNIS, Real-Info, TransUnion/ Banton Technologies and Veros Software.  more...