Low-income borrowers choke on mortgage debt

Lacking the skills and information needed to shop for the best mortgage products available in the marketplace, many low-income and low-wealth home buyers and mortgage borrowers are saddled with high-cost mortgage debt, according to Harvard University's Joint Center for Housing Studies.  more...

Fire consumes Michigan real estate office

Three Coldwell Banker brokerage owners and some 40 agents lost most of their files and office equipment Sunday night when a real estate office in Michigan burned to the ground.

"We were able to save our listing file and pending sale files and a few other files related to the business itself...but we lost way more than we saved," said David Ebbinghaus, associate broker and office manager of Coldwell Banker Mt. Pleasant Realty.  more...

Builders take 'green' to the mainstream

The National Association of Home Builders will hold its National Green Building Conference in Austin, Texas, March 14-16, where industry experts will be advancing "greener" home building ideas and initiatives for all mainstream builders.  more...

Slow job growth sustains real estate market

Even with strong economic growth, the job market recovery has been slow, which should help to keep pressure off of interest rates and sustain home sales, according to the National Association of Realtors.

David Lereah, NAR's chief economist, said job gains have been modest over time but the rate of growth is relatively weak. He also noted that the Bureau of Labor Statistics Household Survey showed there were 1.3 million jobs produced last year.  more...

Countrywide, Coldwell Banker M.M. Parrish enter joint venture

Countrywide Home Loans and Gainesville, Fla.-based Coldwell Banker M.M. Parrish today announced the formation of Founders Mortgage Services, a mortgage venture that will enable home buyers across Florida's Alachua County access to a wide array of home financing programs.

Founders Mortgage Services, an operating division of Countrywide Mortgage Ventures, will offer qualified home buyers zero down-payment loans and a variety of fixed- and adjustable-rate options with optimum flexibility on rate and terms.  more...

Massachusetts Realtors urge homeowner's insurance reform

The Massachusetts Association of Realtors today expressed support for legislation filed on Beacon Hill that would prohibit the use of a consumer's numerical credit score or other credit rating systems as a determinant factor in setting rates for homeowner's and renter's insurance.

In testimony before the state Legislature's Joint Committee on Insurance, MAR officials urged passage of S.B. 2093, noting that continued use of credit scores to set insurance premiums could create a new barrier to home ownership for low-income, first-time home buyers.  more...

Cendant sells more Homestore stock

Cendant Corp. has sold another block of Homestore shares.

The real estate franchisor sold 2 million shares of its investment in the online real estate company Feb. 27, 2004, at $4 per share, according to a report filed with the Securities and Exchange Commission.

Cendant still owned more than 9.4 million Homestore shares after the sale. Those shares equal 7.84 percent of Homestore's common stock, based on a total of 120 million-plus shares issued and outstanding as of Oct. 21, 3003.  more...

Most real estate agents took cash home as newbies

Nearly three-quarters of Inman News readers proved to the Rookie Realtor that you really can make money your first year in the real estate business.

About 71 percent of readers responding to a survey said they made money that crucial first year. An additional 15 percent said they did not make money their first year as an agent.

Another 8 percent of survey respondents said they broke even their first year in the business.  more...

Mortgage rates plummet

Long-term interest rates on home loans since Friday have hit their lowest point since last summer.

Rates on a 30-year fixed-rate mortgage fell as much as a quarter of a percent following a decrease in the 10-year Treasury bond Monday afternoon, according to mortgage broker reports.

The 30-year fixed-rate average sank to 5.13 percent, and the 15-year fixed-rate slid to 4.42 percent. The 1-year adjustable plunged to 2.98 percent.

Since December, rates have fallen from a high of 5.5 percent on a 30-year fixed-rate mortgage.  more...