Google profits soar sevenfold

Google reported a sevenfold increase in profit Thursday, and its stock soared similarly, jumping more than 12 percent Friday in the wake of the news.

The Internet search giant earned $381 million, or $1.32 a share, in the third quarter, up from its $52 million, or 19 cents a share, a year ago. The company outdid Wall Street expectations for the fifth consecutive quarter since its initial public offering in August 2004.

The company's stock soared similarly this morning in the wake of the announcement, to $340.23 a share, a 12.21 percent leap, at 11:26 a.m.  more...

Realtor rentals get more play at Realtor.com

Homestore, the company that operates Realtor.com and other real estate-related Web sites, has altered its presentation of Realtors' online rental listings.

Consumers who searched for rental properties at Realtor.com, an official site of the National Association of Realtors trade group, would previously click through several screens to access Realtors' rental listings at Realtor.com, or would click on a menu that directed them to Homestore's  more...

20 indicted in multimillion-dollar real estate scheme

A federal grand jury indicted 19 Michigan residents and one Californian in an alleged multimillion-dollar Michigan mortgage fraud scheme, officials said Tuesday.

The indictment charges that starting in January 2003, the 20 defendants and others conspired to get fraudulent loans on numerous Michigan properties, splitting up the ill-gotten gains, Stephen J. Murphy, U.S. Attorney for the Eastern District of Michigan, said.

The individuals face charges including wire fraud and mail fraud, Murphy said.

According to the indictment, Myron L.  more...

Realtor survey finds public image is improving

Realtors are improving their image, according to the latest National Association of Realtors' annual survey that gauges public opinion.

The survey's composite image score of 19 beliefs, opinions and attitudes about Realtors rose from 56 percent in 2004 to 59 percent this year – up 11 points since 2002, the group announced today.  more...

Overnight real estate rates increase

Long-term mortgage interest rates increased Thursday, and the benchmark 10-year Treasury bond yield dipped to 4.43 percent.

The 30-year fixed-rate average increased to 5.66 percent, and the 15-year fixed-rate climbed to 5.24 percent. The 1-year adjustable was up at 4.3 percent.

The 30-year Treasury bond yield fell to 4.66 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

The cutting edge of luxury home marketing

Inman Stories and New York city real estate leader Prudential Douglas Elliman have launched a new private-label video magazine that showcases New York properties using Internet movies produced by Inman News.

"We're excited to be working with an innovative real estate company like Prudential Douglas Elliman," said John McWeeny, VP Business Development for Inman Stories.  more...