Stocks out, real estate in

In a move that proves real estate is hot, cable news network CNNfn is replacing a program about stocks with a new segment focusing on real estate.

CNN personal finance editor Gerri Willis will host "CNNfn Open House," to debut on June 28, according to a New York Post report. The new show will replace "Money & Markets," hosted by David Haffenreffer.

The new show is a consumer-oriented, how-to approach to everything real estate, Ken Jautz, EVP of CNN's business news operations, said.  more...

Rookie Realtor feels chills in hot market

The good news is that I wrote a new offer over the weekend for a client who wants to buy a house. If the deal goes through, it would be my first sale since I started my real estate career last fall.

The bad news is that even some veteran agents say the market seems to be slowing down.

If the market is cooling, you sure couldn't tell so by looking at the numbers.  more...

House passes flood insurance bill

A bill that would extend the National Flood Insurance Program and crack down on policyholders who drain the program's funds by filing repeat claims passed the U.S. House of Representatives on Monday.

The legislation makes a series of reforms to the flood insurance program that would force property owners who file repeated flood damage claims to flood-proof their homes, relocate or pay higher insurance premiums. The changes aim to curb the number of property owners who file repeat damage claims that are often higher than the property's value.  more...

Corcoran grows New York real estate brand

The Corcoran Group, part of real estate heavyweight NRT, today announced it has grown its formidable New York residential real estate operations with the acquisition of City Habitats and affiliated companies.

City Habitats operates 20 rental and sales offices, three affiliated SoLOFTS offices that specialize in loft and fine home sales, and another 15 offices on-site offices at residential projects in the New York metropolitan area.  more...

First Am partners with Hispanic real estate group

The First American Corp. and the National Association of Hispanic Real Estate Professionals have formed an alliance to extend business resources to the more than 10,000 NAHREP members serving Latino home buyers across the nation.

Under the agreement, NAHREP and First American will form a professional services division within the association that will provide members with business tools, resources and industry information that had only been available to the nation's largest real estate franchises and mortgage lenders.  more...

GMAC launches real estate appraisal alternative

GMAC's Residential Funding Corp. is implementing a new home appraisal alternative that it says will reduce costs and streamline the underwriting process for its mortgage lending partners and for homeowners within Assetwise, its automated loan evaluation tool.

The new automated valuation model platform will enable GMAC-RFC to obtain more accurate automated valuations from more geographic areas and with greater confidence in the results, according to a company statement.  more...

Prudential California grows real estate brokerage

Prudential California Realty, a member of Prudential Real Estate Affiliates, Inc., on Monday announced the association of a newly formed real estate brokerage servicing the Lake County area.

The new company is called Prudential California Realty and is headquartered in Middletown in Northern California. Its owners, Mary Ann O'Neil and Dave Hughes, have 48 years of combined real estate experience.  more...

Mortgage rates steady

Long-term mortgage interest rates were flat Monday, and the benchmark 10-year Treasury bond yield sank to 4.69 percent.

The 30-year fixed-rate average dipped slightly to 5.9 percent, and the 15-year fixed-rate remained at 5.31 percent. The 1-year adjustable was up at 3.52 percent.

The 30-year Treasury bond yield decreased to 5.37 percent.

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