Versatile HomeGain CEO grooves to classical, hip-hop

Under Richard Sommer's leadership of HomeGain, a provider of online marketing solutions to the real estate industry, the company has expanded its innovative line of products and technology solutions to agents and brokers, helping them succeed with today's tech savvy consumers.

An industry veteran, Sommer previously served as senior vice president of business development for the mortgage banking unit at IndyMac Bank and before that was president of Homestore International.

Inman News named Sommer to the 100 Most Influential People in Real Estate in 2005.  more...

Condos buoy Illinois real estate market

Despite a dip in Illinois home sales in November from a year ago, sales for 2005 are headed for a fourth straight record year, aided by strong demand for condos, the Illinois Association of Realtors reported.

Total home sales (which include single-family homes and condominiums) were 13,390 in November, off just 0.9 percent from 13,514 sales in November 2004.

The Illinois median home price in November was $202,000, up 9.8 percent from $183,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.  more...

Real estate rates dive for third week

Mortgages rates fell for the third consecutive week as cooling home sales and economic indicators exerted influence, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.22 percent for the week ended today, down from last week's average of 6.26 percent.

The average for the 15-year fixed-rate mortgage is 5.76 percent, down from last week's average of 5.79 percent.  more...

Home builder sentenced in $3.7 million real estate fraud

A federal judge sentenced a North Carolina home builder to 27 months in prison last week, saying the man's role in a $3.7 million mortgage fraud scheme had had "dramatic and far-reaching consequences," the Charlotte, N.C. Observer reported.

Greg Smith, a Lake Norman, N.C., home builder, had pleaded guilty to three counts of mortgage fraud in September 2004, media reports said.  more...

Florida real estate market eases

The pace of Florida's housing market eased in November, with sales up only moderately from a year ago and prices continuing to rise, the Florida Association of Realtors reported today.

Statewide sales of existing single-family homes totaled 17,219 in November, a 1 percent increase over last year's sales activity of 17,110 homes.

The statewide median sales price rose 31 percent in November to $250,500; a year ago, it was $191,300. In November 2000, the statewide median sales price was $117,900, an increase of about 112 percent over the five-year period.  more...

California real estate prices expected to rise 10% next year

The California residential real estate market in 2005 is expected to sales and price records set last year, the California Association of Realtors reported this week.

The trade group announced some key housing market statistics from 2005 and a look ahead to 2006:

• Sales of detached, existing single-family homes are expected to reach 635,000 in 2005, an increase of 1.8 percent over last year's record sales of 624,700. Sales are anticipated to decline by 2 percent in 2006.  more...