Real estate remodeling slows in 3rd quarter

Growth of remodeling activity slowed moderately in the third quarter of 2005, according to the National Association of Home Builders' Remodeling Market Index. Today's third-quarter results receded from the seasonally adjusted second quarter of 2005, but remained in the positive growth range.

"A softening of the overall rental market has led to an acute decline in rental remodeling expenditures," said Remodelors Council Chairman Don Novak, a remodelor from Cedar Rapids, Iowa.  more...

Two Pennsylvania men plead guilty in real estate fraud

Two Pennsylvania loan officers pleaded guilty in federal court to committing bank fraud while working as loan officers at a Monroeville, Pa., mortgage company, according to the office of U.S. Attorney Mary Beth Buchanan.

Daniel M. Laffey, 49, of Squirrel Hill, Pa., and Michael D. Altman, 42, of Wilkins, Pa., each face a maximum penalty of 30 years in prison and a fine of as much as $1 million, officials said.

The two will be sentenced Feb.17 by U.S. District Judge Gary Lancaster, according to the U.S. Attorney's Office.

Between Aug.  more...

Three Colorado residents arrested in $2.5M real estate loan fraud

Three Colorado residents have been arrested and indicted in connection with an alleged scam said to have cheated 36 Colorado victims out of $2.5 million, officials said today.

Raymond P. Morris, a Denver resident, Janet L. Morris and Gregory C. Erpelding were arrested and indicted for allegedly defrauding investors in real estate and foreign currency trading schemes, John Suthers, Colorado's attorney general, said today.

"These defendants are accused of defrauding Coloradoans out of millions of their hard earned dollars," said Suthers.  more...

D.C. has highest percentage of interest-only home loans

The use of interest-only loans for home purchases was unheard of just a few years ago, but in the last year these loans have exploded, giving many home buyers leverage against escalating home prices and enabling them to buy homes.

Interest-only loans are loans in which borrowers pay only the interest due for a specified time.

The District of Columbia topped a list of the 20 states/districts with the highest percentage of interest-only loans during the period of January to June 2005, according to data released by LoanPerfor  more...

Washington Mutual shutting El Paso site

Washington Mutual, which bought credit card issuer Providian Financial Corp. last month for $6.1 billion, is closing a former Providian call center in El Paso, Texas, cutting as many as 371 jobs, the San Antonio Express-News reported today.

The layoffs will begin this month and last at least through March, the Seattle-based company said in a letter Thursday to the Texas Workforce Commission, according to the Express-News.  more...

Real estate developer buys thousands of acres near Las Vegas

Home builder Standard Pacific Corp. today announced that the company and its partner, Olympia Group, won a bid for 2,675 acres of land in North Vegas at a U.S. Bureau of Land Management auction held Nov. 16.

Olympia Group will serve as a master developer for a planned community in which 12,000 to 14,000 single-family homes, town houses and apartments are planned. The development will also include shopping, parks, schools and other amenities, Standard Pacific announced.  more...

Most Americans lack real estate loan savvy

More than half (52 percent) of all U.S.  more...

Overnight real estate rates come down

Long-term mortgage interest rates continued to fall Monday, and the benchmark 10-year Treasury bond yield dipped to 4.46 percent.

The 30-year fixed-rate average sank to 5.8 percent, and the 15-year fixed-rate slipped to 5.38 percent. The 1-year adjustable was up at 4.45 percent.

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

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