Homestore narrows loss to $5 million

Real estate media and technology provider Homestore today reported a first-quarter loss of $5.1 million, or 4 cents per share, an improvement from its net loss of $12 million, or 10 cents a share, the previous quarter.

The loss compares with a net income of $87.2 million during the same quarter a year ago.  more...

Researchers take on real estate bubble question

While traveling in New Jersey last year, Sean P. Salter saw the question screaming from the cover of New York Magazine: "Will the Bubble Burst?" The booming success of the housing market has defied the gravity of an economic downturn in recent years, sparking economists and others to ask whether these good times will go out with a bang. Salter, an assistant professor of finance at the University of Southern Mississippi, was intrigued.

"I picked up the magazine and read it on the plane on the way back.  more...

Real estate grows more elusive for Californians

The percentage of households in California able to afford a median-priced home dropped to 21 percent in March, a 7 percentage-point decrease compared to the same period a year ago, according to a report released today by the California Association of Realtors.  more...

Mortgage rates climb to 8-month highs

Mortgage rates rose for the seventh consecutive week on signs that the Federal Reserve may soon raise its key funds rate, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.12 percent for the week ended today, up from last week when it averaged 6.01 percent.

The average for the 15-year fixed-rate mortgage this week is 5.47 percent, up from last week when it averaged 5.35 percent. Points on both the 30- and 15-year averaged 0.7.  more...

Profits flow into corporate coffers

Healthy corporate profits and cash flow along with strong economic indicators will provide a sturdy foundation to the ongoing U.S. economic recovery, according to an analysis released by The Conference Board.

Corporate profits are rising at a 30 percent annual rate due to huge gains in domestic corporate profitability and strong economic growth and a low dollar that are boosting business receipts from the rest of the world.  more...

Asian Real Estate Association to honor Congressman

The Asian Real Estate Association of America will host a reception in honor of U.S. Rep. Mike Honda, chair of the Congressional Asian Pacific American Caucus, and other Asian American elected officials on Wednesday, May 12.

The event will be held during the National Association of Realtors mid-year conference in Washington, D.C., and will take place at the Marriott Wardman Hotel.

The reception is open to anyone who wants to attend, including NAR conference attendees.  more...

Bankers association, Freddie Mac partner

Freddie Mac and the American Bankers Association (ABA) have added mortgage fulfillment services to their package of benefits available to ABA members. MoneyLine Lending Services, a company specializing in private-label mortgage fulfillment services, is now part of the ABA/Freddie Mac Alliance offerings available to ABA members to help them develop and enhance their mortgage capabilities.

Through the alliance, MoneyLine offers a complete mortgage fulfillment program, including borrower consultation, processing, underwriting, funding and secondary market capabilities.  more...

IndyMac acquires reverse mortgage provider

IndyMac Bank has announced it will acquire Financial Freedom Holdings, a leading provider of reverse mortgages in the country, by purchasing approximately 94 percent of its outstanding shares of common stock.

Financial Freedom Holdings will become a subsidiary of IndyMac Bank.  more...

Overnight mortgage rates crawl higher

Long-term mortgage interest rates were slightly higher Wednesday, and the benchmark 10-year Treasury bond yield moved up to 4.58 percent.

The 30-year fixed-rate average rose to 5.82 percent, and the 15-year fixed-rate inched up to 5.16 percent. The 1-year adjustable was unchanged at 3.26 percent.

The 30-year Treasury bond yield increased to 5.35 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...