Title company bites dust, leaves home buyers in limbo

Capital Title Co. of St. Louis shut down last week, delaying the closings of dozens of home sales and leaving an undetermined amount of money held in escrow by the company unaccounted for.

Details of the closure and why it happened were sketchy. Several unnamed sources told the St. Louis Post-Dispatch that funds were stolen from the company.  more...

Real estate loan fund scam lands exec in prison

Keith G. Grubba, former president of PinnFund, USA, was sentenced Monday in U.S. District Court in San Diego to 63 months in prison, followed by five years of supervised release, for his role in a mortgage business that masked one of the largest Ponzi schemes in San Diego County history.

U.S. District Judge Marilyn L. Huff ordered Grubba to pay $187 million in restitution.  more...

Record real estate prices set in California

The median price of an existing home in California in December increased 18.1 percent from a year ago to a new high, and sales increased 1.4 percent during the same period, the California Association of Realtors reported today.

The median price of an existing, single-family detached home in California during December 2004 was $474,480, compared to the revised $401,720 median for December 2003, C.A.R. reported.  more...

New magazine targets luxury real estate buffs

The publishers of the luxury real estate magazine, Unique Homes, today launched the first issue of Ultimate Homes magazine, which features a comprehensive ranking of the most expensive properties for sale in the United States.

Percentage wise, homes valued at $1 million or higher represent the fastest-growing segment in the housing market, with approximately 35,000 homes priced in excess of $1 million sold in 2004, according to a press statement.  more...

Fannie Mae management shake-ups continue

A whole lotta shakin' continues to go on at Fannie Mae as three more executives who shared responsibility for its accounting stepped down last week in the wake of the home loan financing giant's accounting woes.

Jonathan Boyles, who was in charge of accounting policy and tax, Janet L. Pennewell, who oversaw financial reporting, and Sam Rajappa, who oversaw internal auditing, have stepped down from their senior vice president roles, according to Janis Smith, a Fannie Mae spokeswoman.  more...

Existing-home sales set new record in 2004

There were 6.68 million existing-home sales in 2004 – a new annual record for the fourth time in as many years, the National Association of Realtors announced today. Home sales in 2004 were up 9.4 percent from 6.1 million in 2003. The association began tracking the sales series in 1968.

For all of 2004, the median price was $184,100, up 8.3 percent from a median of $170,000 in 2003. This is the strongest annual increase since 1980 when the median price rose 11.7 percent.  more...

Catalist Homes scores $3 million in investor funds

Southern California-based CataList Homes, a seller-focused residential real estate brokerage firm, has secured $3 million in investor funding, according to a VentureWire news report.

The Series C financing is led by new investor Presidio Merchant Partners LLC, of San Francisco.  more...

Consumers more upbeat about current economy

The Conference Board today announced that its consumer confidence index edged up for the second consecutive month in January amid improving job-market conditions.

The index now stands at 103.4 (1985=100), up from 102.7 in December. The present situation index increased to 110.9 from 105.7. The expectations index, however, declined to 98.4 from 100.7.  more...

Real estate rebel with a cause