2005 real estate forecaster report card

Each year, Inman News reports on what the major trade group economists are forecasting for real estate the coming year. Now we are looking back at what they told us last year to see how their original predictions played out.

Here's a look at what the trade groups originally predicted was in store for 2005, compared with what each is now predicting for this year totals.  more...

Real estate sales slow in Southern California

Southern California home sales dropped from November 2004 to November 2005 in several Southern California counties while prices continue to escalate, a real estate information service reported today.

About 27,600 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November, which was down 3 percent from October and up 0.6 percent from November 2004, according to DataQuick Information Systems.

A decline from October to November is normal for the season.  more...

Rate cut sought for California title insurance

California Insurance Commissioner John Garamendi is expected to announce today that he is taking steps to make title insurers cut the rates paid by California homeowners.

Garamendi plans to hold hearings to examine title insurance premiums and, based on an upcoming study, expects "in the coming months to issue orders directing rates to be lowered to the levels at which they would be were this a competitive market."

Garamendi is expected to release the study today, a 111-page report that concludes that three insurers control 75 percent of the state's title insurance market.

Fed action sends real estate rates lower

Mortgage rates dropped this week following Tuesday's Fed announcement that its 13-month-long interest rate hikes may be winding down, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.3 percent for the week ended today, down from last week's average of 6.32 percent. The average for the 15-year fixed-rate mortgage is 5.85 percent, down from last week's average of 5.87 percent. Points on both the 30- and 15-year averaged 0.5.  more...

House passes reverse mortgage bill

The Reverse Mortgage to Help America's Seniors Act, sponsored by Reps.  more...

LendingTree founder moves up in IAC/InterActiveCorp

IAC/InterActiveCorp, the parent company to LendingTree and RealEstate.com, has named Doug Lebda president and chief operating officer, the corporation said in an announcement Wednesday.

Lebda formerly was CEO of IAC Financial Services and Real Estate.  more...

Real estate brokers sue Trump over commission

Donald Trump is being sued by three real estate brokers who say he still owes them $1.3 million after the profitable sale of land and apartments he owned in Manhattan's Upper West Side, news sources said.

Barbara Corcoran, founder of the large New York real estate brokerage The Corcoran Group, and two additional brokers allege they have a contract that calls for Trump to pay them $4 million in commissions from the real estate deal, according to an AP report.

Corcoran's attorney, Richard C.  more...

Real estate author launches mortgage fraud education site

Real estate author Ralph Roberts has launched a Web site, FlippingFrenzy.com, to provide information about real estate fraud, according to an announcement today. The site features mortgage fraud alerts, news and links, as well as contact information to report suspected fraud.

"There is no doubt in my mind that the start of this century will be remembered as the decade of real estate scandals," Roberts said in a statement.  more...

Canadian real estate sales pick up

MLS home sales in Canada's major markets continued to show remarkable strength in November and reached their sixth highest monthly level on record, according to statistics released by The Canadian Real Estate Association.

Seasonally adjusted home sales via the Multiple Listing Service in Canada's major markets totaled 28,980 units in November, an increase of 1.2 percent compared to the previous month.

Canada's resale housing market remains on track to set a new annual record in 2005, the association reported.  more...

Dip in overnight real estate rates

Long-term mortgage interest rates were down Wednesday, and the benchmark 10-year Treasury bond yield declined to 4.46 percent.

The 30-year fixed-rate average sank to 5.76 percent, and the 15-year fixed-rate dropped to 5.36 percent. The 1-year adjustable was down at 4.52 percent.

The 30-year Treasury bond yield decreased 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...