Builder confidence sinks

Builder confidence in the market for new single-family homes edged down somewhat in August but remained well within the elevated range that has characterized the past 17 months, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), which was released today.  more...

Southern California real estate prices jump

The median price paid for a home in Southern California reached a new peak for the sixth month in a row in July, while the sales pace eased back from June's record-breaking tempo, a real estate information service reported.

The median price paid for a Southern California home was $469,000 last month, up 0.9 percent from $465,000 in June, and up 16.7 percent from $402,000 for July 2004, according to DataQuick Information Systems.

Year-over-year price changes varied from 5.1 percent in San Diego County to 27.6 percent in San Bernardino County.  more...

Illinois grows second-quarter real estate sales

Real estate activity in Illinois remained robust in the second quarter with total home sales up 1.3 percent over the same period last year, the Illinois Association of Realtors reported.

A total of 54,081 single-family homes and condominiums sold across the state in the second quarter of 2005, up from 53,410 sales in second-quarter 2004.  more...

Florida real estate pros plead guilty in flipping scheme

Three people accused of operating a multimillion-dollar mortgage-fraud scheme in Florida pleaded guilty to criminal charges Friday, the same day a federal grand jury indicted four others in the case, the Florida Herald Today reported.

In a federal courtroom in Tampa, Fla., Todd A. Kolbe, Kirk McVey and Amy Samelson Kolbe – all of Sarasota County – each pleaded guilty to one count of conspiracy to commit mail and wire fraud, media reports said. Todd Kolbe also pleaded guilty to a bank fraud conspiracy charge in an unrelated case, reports said.  more...

U.S. real estate sales shatter quarterly record

Total existing-home sales, which include single-family and condos, set a new record in the second quarter, with 42 states showing higher sales than in second-quarter 2004, the National Association of Realtors trade group reported today.  more...

Ameriquest gave more than $7M to politicians, reports say

Ameriquest Mortgage Company, already contending with a flurry of lawsuits and investigations, has contributed more than $7 million to California politicians since 2002, the San Francisco Chronicle reported Friday.

The giant California subprime mortgage company disclosed earlier this month that it reached a tentative $325 million settlement with 29 states over allegations of deceptive sales practices, and now faces lawsuits nationwide by customers, the Boston Globe reported.  more...

Relief for borrowers as overnight interest rates fall

Long-term mortgage interest rates fell again Friday, and the benchmark 10-year Treasury bond yield dropped to 4.24 percent.

The 30-year fixed-rate average sank to 5.39 percent, and the 15-year fixed-rate dipped to 4.99 percent. The 1-year adjustable was up at 3.83 percent.

The 30-year Treasury bond yield decreased to 4.45 percent.

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

Inman News names new CEO