Investment scheme lands Colorado man in prison

A Lakewood, Colo., man was sentenced this week to three years in federal prison for defrauding more than 23,000 investors through an "offshore rent/mortgage free program," federal officials said Wednesday.

Kenneth Roy Weare, 58, pled guilty on April 1, 2004, to wire fraud, mail fraud and other charges named in a March 25, 2003, indictment. He was ordered to pay $1.2 million in restitution to the victims who responded to an FBI victim survey.  more...

FTC hits home builder with $2 million penalty

California-based home builder KB Home faces a $2 million civil penalty in resolving allegations relating to the company's warranty practices, the U.S. Federal Trade Commission announced this week.

FTC officials approved a modified consent decree, submitted in federal court by the U.S.  more...

Real estate rates endure 5-week climb

Positive economic news fueled the fifth consecutive week of rising mortgage rates, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.82 percent for the week ended today, up from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.38 percent, up from last week when it averaged 5.34 percent. Points on both the 30- and 15-year averaged 0.6.  more...

Luxury home builder's contracts rise 19%

Luxury home builder Toll Brothers in its preliminary earnings release today reported record third-quarter and nine-month results for home-building revenues, backlog and contracts for the period ended July 31.

The results are preliminary and unaudited, and the company said it will announce final totals on Aug. 25.

The home builder said third-quarter contracts increased 19 percent to $1.92 billion compared with last year.  more...

HUD settles lead-disclosure case with Virginia landlord

Thousands of rental units nationwide will be rendered safe from lead-based paint hazards due to an agreement announced Wednesday involving the Department of Housing and Urban Development, the Environmental Protection Agency and an Alexandria, Va.-based landlord.

HUD applauds the owners of AvalonBay Communities Inc. for agreeing to undertake an extensive testing and abatement program after a self-audit determined the company may have failed to provide lead-based paint disclosure information to some of its tenants.  more...

Sotheby's grows SoCal real estate network

Sotheby's International Realty on Wednesday announced it acquired R.J. Young Co., which operates as Young Realtors in Westlake Village, Calif. The four Ventura County offices of Young Realtors will now operate as Sotheby's International Realty.

With this acquisition, Sotheby's International Realty Inc. gains more than 100 sales associates who accounted for over $400 million in total closed sales volume during the last 12 months, according to a press statement.  more...

Overnight real estate rates barely budge

Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield sank to 4.3 percent.

The 30-year fixed-rate average dipped slightly to 5.4 percent, and the 15-year fixed-rate held at 5 percent. The 1-year adjustable was unchanged at 3.78 percent.

The 30-year Treasury bond yield slid to 4.5 percent.

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