Realtors launch ad campaign to protest tax recommendations

The National Association of Realtors this week launched an advertising campaign warning that home values could drop significantly if the recommendations of a federal tax reform panel to reduce the mortgage interest deduction were implemented.

"All homeowners will suffer if this policy is enacted, whether they take advantage of the mortgage interest deduction or not," said Thomas M. Stevens, NAR president and senior vice president of NRT Inc.  more...

Pending real estate sales dip in October

An index that is a gauge for future home sales dropped 3.2 percent in October to its lowest reading since March, the National Association of Realtors reported today.

David Lereah, NAR's chief economist, said a decline was expected. "The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector," he said. "The index is pointing to a soft landing for home sales, which will help to correct the inventory shortages that have dominated housing over the last five years.  more...

Relay, Team Double-Click form real estate partnership

Relay and Team Double-Click have teamed up to give real estate brokers and agents access to virtual transaction coordinators using the Relay system to manage real estate transactions, the California Association of Realtors said Monday.

Additionally, as a certified reseller of Relay, Team Double-Click will offer a two-hour online training course for brokers and agents who have purchased Relay to process transactions, CAR said.

Relay is an online transaction system for real estate professionals.  more...

Toronto real estate sales hit record

Existing-home sales in Toronto, Canada, climbed 5 percent in November from a year ago, setting a record for the month, the Toronto Real Estate Board announced today.

A total of 6,646 homes changed hands during the month, eclipsing the previous mark of 6,301 transactions recorded a year ago, the board reported.

"Activity in the Toronto area has remained very strong throughout the autumn season," said Toronto Real Estate Board President John Meehan.  more...

Overnight real estate rates drift higher

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

The 30-year fixed-rate average climbed to 5.86 percent, and the 15-year fixed-rate rose to 5.43 percent. The 1-year adjustable was up at 4.49 percent.

The 30-year Treasury bond yield increased to 4.76 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...

Consumer protection issues raised over new mortgages

The nation's banking regulator has raised concern over the use of negative amortization in consumer loan products – such as mortgages and credit cards – and indicated that regulators could issue guidance for these types of loans by the end of the year.

Comptroller of the Currency John C.  more...