Fewer Californians able to afford real estate

The percentage of households in California able to afford a median-priced home stood at 19 percent in November, unchanged from the previous month, but down 6 percentage points from the same period a year ago, according to a report released today by the California Association of Realtors.  more...

Weekly real estate rates drop

Long-term mortgage rates fell further this week, according to Freddie Mac's weekly mortgage survey.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.74 percent for the week ended today, down from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.19 percent, down from last week when it averaged 5.21 percent. Points on the 30- and 15-year averaged 0.6.  more...

RE/MAX extends international real estate reach

RE/MAX has sold regional franchising rights in the Czech Republic to Prague Top Estates, the company announced Wednesday.

Prague Top Estates is run by Vojtech Kratky, a specialist in real estate legal relations and trade, whose education includes a combination of business and law. Kratky is a doctor of laws who worked in the tax and legal department of Deloitte & Touche Tohmatsu and headed a department handling the privatization of residential property in Prague 7 City District.  more...

FTC postpones effective date of Can-Spam Rule

The Federal Trade Commission has postponed the effective date of rule provisions it adopted Dec. 16, 2004, establishing criteria for determining whether the primary purpose of an e-mail message is commercial. The Commission adopted these regulations in accordance with a specific requirement of the CAN-SPAM Act.  more...

Subprime borrowers at higher risk of prepayment penalties

People with subprime home loans who live in minority neighborhoods face 35 percent greater odds of being saddled with prepayment penalties than borrowers living in predominantly white neighborhoods, according to new research from the Center for Responsible Lending.  more...

New real estate loan benefits builders, buyers

American Home Bank is expanding its home mortgage business with Home One, a new loan that allows home buyers to lock in low construction and permanent mortgage rates up front, with no long-term lock fees or monthly payments required during the construction process.

The loan is being marketed to builders who build 20-250 units per year, and the initial rollout of Home One is aimed at builders in the South and Mid-Atlantic region, American Home Bank announced today.  more...

California housing shortage to continue in '05

California's home builders will likely begin construction on as many homes and apartments in 2005 as they did in 2004, but will still fall nearly 40,000 units short of the amount of new housing that is needed to meet continued strong demand, according to a housing forecast released today by the California Building Industry Association.  more...

Television exec harnesses broadband for building industry

Scripps Networks has launched a video-rich, online network for the building industry, HGTVPro.com.  more...