San Francisco tops list for real estate prices in California

Median existing single-family home prices in California soared from $23,210 in 1968 to $372,720 in 2003, while the national median price jumped from $20,100 to $170,000 in the same period, the California Association of Realtors reported today.

The association's annual historical data summary for the existing single-family housing market also shows that annual sales activity increased from 216,054 in 1970 to 601,770 in 2003, compared with national sales activity, which increased from 1.61 million in 1970 to 6.1 million in 2003.  more...

Real estate discounters may gain market share

Limited-service, low-commission real estate brokers are gaining market share and that trend is reducing traditional brokers' opportunities for higher commissions, but filling a market need, judging by the results of an Inman News survey. Most respondents said traditional brokers shouldn't attempt to compete on a cost basis with reduced service discount brokerages.  more...

Trademark judges uphold NAR's right to Realtor mark

A three-judge panel of the United States Trademark Trial and Appeal Board unanimously ruled that the terms "Realtor" and "Realtors" are not generic terms. Petitions to cancel the National Association of Realtors' rights to these terms were denied.

In the 39-page opinion, the judges made the affirmative finding that the terms are not generic, that is, they are not synonymous with real estate agent or real estate agents, and concluded that the petitioner failed to prove otherwise.  more...

Tax law offers niche for Realtors

It took a tax law to bring real estate and securities brokers together, though securities law is what's keeping them–at least some of them–at arm's length.

The unlikely "pairing" of securities and real estate professionals is common in 1031 TIC tax-deferred exchanges, in which property owners sell property, such as a rental home or apartment building, in exchange for a share in the passive ownership of a larger property, such as a shopping mall or office park.  more...

Real estate price increases poised for slowdown

Existing-home sales are expected to reach 5.96 million this year, which is 2.4 percent below the record of 6.1 million set last year, the National Association of Realtors reports in an economic outlook released today.  more...

Guardian Mortgage Docs launches loan management system

Guardian Mortgage Documents, a technology provider for electronic loan document preparation and delivery, has launched its Transaction Management System.

The Web-based TMS allows all participants in a loan transaction to view, manage and participate in loan activities at any time. The system automates all document production, management functions and workflow tasks into one centralized and paperless portal.  more...

Relocation managers not hip to consumer privacy

Rising incidents of identity theft and the implementation of the National Do Not Call Registry may require corporations utilizing third-party suppliers to revise their relocation offer process, according to Prudential Relocation, a Prudential Financial Inc. business.  more...

Mortgage rates shoot higher

Long-term mortgage interest rates were higher Monday, and the benchmark 10-year Treasury bond yield rose to 4.21 percent.

The 30-year fixed-rate average increased to 5.48 percent, and the 15-year fixed-rate climbed to 4.79 percent. The 1-year adjustable was up at 3.07 percent.

The 30-year Treasury bond yield climbed to 5.04 percent.

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

Data security weak at realty companies

As real estate companies become more reliant on technology and Web-based systems to conduct business, data security is gaining more importance as a business concern.

In a recent Inman News reader poll, 39 percent of respondents said they are somewhat confident their technology systems are secure. Thirty-five percent said they were very confident in their data security, and 24 percent said they weren't confident at all. The remaining respondents were either unsure of their security level or felt it was not an issue within their offices.  more...