California real estate affordability sinks

The percentage of households in California able to afford a median-priced home fell to 19 percent in May, an 8 percentage-point decrease compared to the same period a year ago, according to a report released today by the California Association of Realtors.

The May Housing Affordability Index declined one point compared to April, when it stood at 20 points.  more...

Rookie Realtor gets help

Editor's note: The Rookie Realtor launched a new online chat forum called RookieTalk where real estate agents can answer questions and give tips and advice. Inman News will publish responses in this column each week.

Hi, I'm the Rookie Realtor and I need your help:

Someone today wrote a letter that was published on Inman News, and suggested I need to use the Internet more to build my business.  more...

LandAmerica to buy home warranty provider

LandAmerica Financial Group has agreed to purchase Burbank, Calif.-based Buyers Home Warranty Co./Best Home Warranty Co.

The deal is subject to regulatory approvals and other closing conditions.

Buyers Home/Best Home Warranty provides and services home warranty contracts in California, Texas, Arizona, Colorado, Nevada, New Mexico and Oklahoma. In California, the company is known as Buyers Home Warranty.  more...

Century 21 and black media giant partner

In an effort to help close the minority home ownership gap, BET.com, the official Web site of Black Entertainment Television, and Century 21 Real Estate Corp. have formed an association to help increase African-American home ownership through Internet-based education.  more...

Fixed mortgages plunge to 10-week lows

Mortgage rates this week fell to lows not seen since April after news of last month's disappointing job growth, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.01 percent for the week ended today, down from last week when it averaged 6.21 percent.

The average for the 15-year fixed-rate mortgage this week is 5.42 percent, also down from last week when it averaged 5.62 percent.  more...

Discount real estate brokerage hits growth spurt

Assist-2-Sell, among the largest residential discount real estate companies in North America, has grown about 23.5 percent this year with the addition of 70 franchises, the company announced today. In May and June alone, the company added 39 franchises.

Formed in 1987, the Reno, Nev.-based discounter has 368 franchises in the United States and Canada, and its franchises are in 44 U.S. states.  more...

Cendant considers selling mortgage business

Cendant Corp. today announced it is considering selling its mortgage origination platform and mortgage servicing business.

That is one option the company said it would consider as it looks for "strategic alternatives" for its mortgage business. Any transaction would be designed to preserve the cross-selling benefits of a "value circle" that exists between the mortgage business and the company's residential real estate brands, according to a company statement.  more...

Overnight mortgage rates steady

Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield remained at 4.47 percent.

The 30-year fixed-rate average held at 5.7 percent, and the 15-year fixed-rate remained at 5.11 percent. The 1-year adjustable was unchanged at 3.34 percent.

The 30-year Treasury bond yield held at 5.22 percent.

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