HouseValues profit more than doubles

Kirkland, Wash.-based HouseValues, an online marketing partner to real estate and mortgage professionals, today reported its third-quarter earnings more than doubled from the same period a year ago.

Third-quarter 2005 net income was $4.3 million, or 16 cents per diluted share, compared to $1.6 million, or 7 cents per diluted share, in net income for the third quarter of 2004.

HouseValues had an 82 percent increase in revenue for the third quarter of 2005, at $23.3 million.  more...

Fidelity enters $2.5 million settlement with Washington state

Fidelity National has entered into a $2.5 million settlement with the Washington State Department of Insurance for alleged kickbacks, guaranteeing nearly 600 Washington consumers a share of the settlement.

According to the agreement, some consumers who used Wells Fargo to finance their home loans were directed to Fidelity National for title insurance.  more...

ZipRealty co-founder departs

Scott Kucirek, ZipRealty's executive vice president of new market development, has left the company and its board of directors "to pursue other interests and spend time with his family," according to a statement filed with the Securities and Exchange Commission Friday.

Industry innovator Kucirek  more...

First Advantage buys mortgage credit-reporting business

First Advantage Corp., a global risk mitigation and business solutions provider and a subsidiary of The First American Corp., today announced that it has acquired the mortgage credit-reporting assets of Credit Data Services (CDS) from Experian.

The transaction provides additional Southeastern market share to First Advantage's mortgage credit company – First American CREDCO – and is the latest acquisition in the execution of First Advantage's growth strategy.  more...

Fannie Mae hits its marks

Fannie Mae has achieved a major government-imposed requirement, boosting its reserve cushion against risk, its regulating agency said last week.

The mortgage giant brought its reserve cushion up to 30 percent surplus capital, the Office of Federal Housing Enterprise said.

OFHEO ordered Fannie Mae to increase its capital reserve after an accounting scandal last year at the government-sponsored company, which is the biggest buyer of home mortgages in the United States.  more...

ZipRealty gets hammered on Wall St.

Shares of ZipRealty on Friday slumped to their lowest level since the real estate company went public last year after it reported earnings on Thursday that missed its own estimate and were below Wall Street's expectations.

ZipRealty stock on Friday fell $4.74, or 36 percent, to $8.43 a share on the Nasdaq, where it was the biggest percentage loser. Zip went public in November of 2004 at $13 per share.

The company's stock sank even further Monday, trading at $8.20 a share.  more...

Homestore gets $100 million

Bono, the lead singer of rock group U2, and Fred Anderson, former executive vice president and chief financial officer for Apple Computer, are part of a team that now has a vested interest in Homestore, a company that operates home-search Web sites including Realtor.com and HomeBuilder.com.

Homestore announced today that Elevation Partners, a private equity firm, has agreed  more...

Toronto real estate sales approach record

A near-record number of homes sold in the Greater Toronto area in October as the market grew 8 percent from a year ago, the Toronto Real Estate Board announced today.

Sales totals for the month of October hit 7,164, up 8 percent from 6,666 sales a year ago and within 1 percent of the best October ever, in 2003.

The number of resale homes that have changed hands so far this year surpassed the record pace of 2004 during October, putting 2005 on pace for a new all-time record, Toronto Real Estate Board President John Meehan said.  more...

Overnight real estate rates up for sixth straight day

Long-term mortgage interest rates were up again Friday, and the benchmark 10-year Treasury bond yield edged up to 4.66 percent.

The 30-year fixed-rate average rose to 5.89 percent, and the 15-year fixed-rate gained to 5.48 percent. The 1-year adjustable was up at 4.46 percent.

The 30-year Treasury bond yield increased to 4.86 percent.

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