Real estate industry bids Oxley fond farewell

Real estate industry figures and government officials extended a warm goodbye to financial watchdog and U.S. Representative Michael G. Oxley, R-Ohio, whose retirement was announced Tuesday.

The Mortgage Bankers Association called the announced retirement of Oxley, chairman of the House Financial Services Committee, after 25 years a loss for the housing industry and consumers alike, "as he recognized the role the housing industry played in the U.S. economy."  more...

High inventory impacts Central Ohio real estate

Central Ohio home sales in September were up 6.9 percent from a year ago, while prices posted more modest gains, according to the Columbus Board of Realtors.

Realtors reported the sale of 2,420 homes in September, up from 2,264 in September 2004. Year-to-date sales totaled 21,223, which is 2.9 percent ahead of the same period last year.

The average price of a home in Central Ohio was $175,162 in September, up 2.1 percent from $171,537 reported a year ago.

However, there are more homes on the market now than in the past, the association reported.  more...

New York men charged in $600K real estate fraud

Three New York residents were charged in a case involving mortgage fraud, Nassau County, N.Y., officials said Monday.

Alton Lawson, 43, of Queens; Chester W. Matthews, 54, of Richmond Hill; and Reginald Johnson, 32, of Brookhaven, were charged with grand larceny and felonies in an alleged fraud scheme, Nassau County District Attorney Denis Dillon said Monday.

The principal defendant "attempted to steal the homes of two victims who were facing financial hardship by engaging in an elaborate real estate foreclosure rescue scam," according to Dillon.  more...

Manhattan real estate still hot

Manhattan condo prices continued to rise in the third quarter, while co-op prices dipped slightly, according to a report released today from the Real Estate Board of New York, a real estate trade association.

According to REBNY, median prices for Manhattan condominiums jumped up 22 percent to $814,000 in the third quarter of 2005, compared to a year ago.

There was mixed results for cooperatives as median prices per room for cooperatives set a record for studio/one-bedrooms jumping 24 percent to $173,000 per room, while overall median prices for cooperatives dipped 2 percent t  more...

College-town real estate gets downright affordable in Texas

Coldwell Banker today announced that its first-ever College Market Home Price Comparison Index has found Lubbock, Texas, the home of the Red Raiders, to be the most affordable college town in the nation, with an average home price of $164,133.  more...

Real estate purchases slump

Overall mortgage applications dropped 4.8 percent last week on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's latest survey.

The seasonally adjusted purchase index decreased by 6.2 percent to 437.6 from 466.4 the previous week, whereas the refinance index decreased by 2.8 percent to 1,862.8 from 1,916.8 one week earlier.

"The seasonally adjusted purchase index is down 7.6 percent since last month.  more...

NRT buys Coldwell Banker Pacific

NRT Inc., the country's largest residential real estate brokerage company, has acquired Honolulu's Coldwell Banker Pacific Properties and Coldwell Banker Commercial Pacific Properties, NRT said Tuesday.

Coldwell Banker Pacific Properties, the largest residential real estate brokerage in Hawaii, will now be owned and operated by NRT, the company said.  more...

Overnight real estate rates rise again

Long-term mortgage interest rates were up Tuesday, and the benchmark 10-year Treasury bond yield edged up to 4.56 percent.

The 30-year fixed-rate average rose to 5.78 percent, and the 15-year fixed-rate gained to 5.37 percent. The 1-year adjustable was up at 4.32 percent.

The 30-year Treasury bond yield held at 4.76 percent.

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