Fed raises interest rates

The Federal Open Market Committee, headed by Federal Reserve Chair Alan Greenspan, today raised its target for the federal funds rate by 25 basis points to 4.25 percent.

The widely expected move is the 13th time in a row the Federal Reserve has raised interest rates.  more...

HUD report to Congress assesses housing affordability

The Department of Housing and Urban Development today reported the number of low-income households paying excessive rent or living in substandard conditions remains essentially unchanged from the mid-1990s.  more...

Real estate tech company ramps up MLS product

The Multiple Listing Service of Northern Illinois has implemented a new method of inputting and changing property listing information, an MLS technology company announced today.

DynaConnections, an Austin, Texas, company that builds Web-based MLS tools, announced that MLSNI is using new functions through the company's connectMLS product.

This "is the first step in MLSNI's five-part process towards a single system for every step of the real estate process, utilizing the  more...

Twin Cities real estate sales sink

Home sales in the Twin Cities, Minn., metro area fell for the second consecutive month in November, with decreases in sales levels in almost every county in the region, according to the North Metro Realtors Association.  more...

Henry Silverman to lead Cendant's real estate spin-off

Real estate franchise giant Cendant said today that it's plan to separate into four independent companies is on track, with the spin-off of the new Real Estate Services company expected in the spring of 2006.

Cendant's Chairman and CEO Henry Silverman will become chairman and CEO of the new Real Estate Services company when the spin-off is complete, and Richard Smith, who initially was to be the CEO of the new real estate company, will serve as vice chairman and  more...

Homeless Katrina victims get housing reprieve

Thousands of Hurricane Katrina victims living in hotels got a reprieve when a federal judge ruled Monday that the Federal Emergency Management Agency could not cut off rent payments in early January and must extend the program until Feb. 7, reports said.

"FEMA's actions in reference to its subsidy of hotels and motels has been notoriously erratic and numbingly insensitive," U.S.  more...

Fugitive faces charges in alleged $29M real estate scheme

A federal fugitive wanted on charges he engaged in a $29 million Chicago mortgage fraud scheme was returned to the U.S.  more...

Inman Stories adds key executives

Online video production company, Inman Stories, has landed three new executives:

Jason Puris has been named Inman Stories' vice president of production; Marc Prager will become senior director of production; and Kelly Duane will take over as content director.

Puris has a wide range of film and television experience and is the founder of Puris Entertainment, where he recently completedthe production of an original series entitled, "Guide House," which willpremiere in April 2006 on ESPN.  more...

Orbit Drop jumps into online real estate sales

Orbit Drop Inc., a drop-off store that sells its customers' items on the eBay auction Web site, announced today that its franchises have entered the real estate sales market.

"Orbit Drop has listed mountain vacation homes and plans to expand its real estate sales market," the company announced.

"Real estate is a unique sales item for the eBay resale franchise stores. It brings great revenue as well as recognition to our brand. The eBay drop-off market is always expanding.  more...

Wachovia acquires AmNet Mortgage

Wachovia Corp. on Monday announced that it has completed its acquisition of AmNet Mortgage Inc., the parent company of American Mortgage Network (AmNet), a wholesale mortgage banker.  more...