Gas prices erode consumer confidence

Consumer confidence fell sharply in August due to the surge in gasoline prices, according to the latest Survey of Consumers by the University of Michigan.  more...

Midwest real estate sales mixed

Home sales activity throughout Ohio heated up in July to record levels, while sales in Illinois slowed from a year ago, according to the Realtor associations in those states.

Ohio sales in July reached a record-breaking 13,996, up 1.7 percent from the 13,763 sales posted during the month last year, which previously served as the market's best ever, reports the Ohio Association of Realtors.

The month's average sales price of $165,283 is a 5 percent increase over the July 2004 average sales price of $157,391, OAR reported.  more...

Fannie Mae shrinks real estate loan portfolio

Mortgage giant Fannie Mae, the largest U.S. home funding company, said on Thursday its mortgage portfolio slumped an annualized 25.3 percent in July, the portfolio's ninth consecutive monthly decline.

Fannie Mae's retained portfolio totaled $788.8 billion at the end of July, down from $808.2 billion at the end of June.

The portfolio has shrunk at an annualized 20.9 percent so far this year as Congress continues to work on legislation that will curb or slash the company's mortgage holdings following an accounting scandal.  more...

Atlanta attorney gets 30 years for real estate fraud

A former Atlanta real estate closing attorney has been sentenced to 30 years in federal prison for masterminding a local multimillion-dollar mortgage fraud scheme, according to media reports.

Chalana C. McFarland, 37, was sentenced on charges of conspiracy, bank fraud, wire fraud, mail fraud, identity theft, fraudulent use of social security numbers, money laundering, obstruction of justice and perjury, reports said.  more...

Dumpster divers charged in credit info theft ring

Five Dallas individuals were indicted last week for their role in a mail theft ring that operated in the area since February 2004, according to a U.S. Attorney's office statement.  more...

Realtor name brings riches

The Realtor brand generates an average of $32,000 in incremental income for every Realtor during membership in the National Association of Realtors trade group, according to a brand valuation conducted for the association.  more...

East Coast real estate sales scattered

Home sales in North Carolina during July posted strong growth from a year ago, while sales slowed across Virginia and Massachusetts, according to Realtor associations in those states.

In North Carolina, existing-home sales jumped 12 percent from a year ago, with Realtors reporting 13,674 closed transactions last month, compared with 12,263 in July 2004, according to the North Carolina Association of Realtors.  more...

Mixed movement for overnight real estate rates

Long-term mortgage interest rates were varied Thursday, and the benchmark 10-year Treasury bond yield sank to 4.16 percent.

The 30-year fixed-rate average inched up to 5.32 percent, and the 15-year fixed-rate stayed at 4.92 percent. The 1-year adjustable was up at 3.86 percent.

The 30-year Treasury bond yield decreased to 4.37 percent.

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