New study banishes real estate bubble

Most U.S. cities show little evidence of a housing bubble as of the end of 2004, according to a study by two prestigious universities released today.

Recent house-price jumps are largely explained by economic fundamentals such as low interest rates, strong income growth and unusually low housing prices in the mid-1990s, said a study of 46 single-family housing markets from 1980 to 2004 by researchers from Columbia Business School, the Federal Reserve Bank and the Wharton School of the University of Pennsylvania.  more...

Home builder confidence sinks

Uncertainties in the economy and the post-Katrina environment eroded single-family home builders' confidence slightly, but overall confidence is still high, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index, released today. The index dropped two points to 65 in September, its lowest level since July 2003 when it also hit 65.  more...

Police arrest man accused of stealing grandmother's house

A Connecticut man accused of stealing his grandmother's house was arrested Thursday, according to a statement from the Connecticut Chief State's Attorney Christopher L. Morano.

Gregory Ferraro, 24, of North Branford, was arrested and charged with two counts of larceny in the first degree and three counts of larceny in the second degree of a victim over age 60, officials said.  more...

Toronto real estate sales rise

Existing-home sales in the Toronto, Canada, metro area rose 3 percent during the first half of September compared to the same period a year ago, the Toronto Real Estate Board reported.

Neighborhoods stretching from Toronto's midtown area to suburbs north of the city showed particular strength during the first half of the month. In the Davisville area of Toronto, the number of transactions increased by 38 percent over the first half of September 2004.  more...

KB Home launches new Mid-Atlantic Division

KB Home has established a Mid-Atlantic Division in a move to expand into the rapidly growing Washington, D.C.-area housing market, the company said today.

KB Home's entry into Maryland and Virginia brings the number of markets in which KB Home builds to 39. The company's previous eastern U.S. presence includes divisions throughout Florida, Georgia, North Carolina and South Carolina.

The company plans to open five communities in this region in 2006.  more...

Real estate more costly than expected in West, South

About one in five U.S. adults who purchased a home within the last three years as their primary residence say they spent above their suggested price range, while two-thirds stayed within their price range and 12 percent were below their price range, according to a Wall Street Journal Online/Harris Interactive Personal Finance Poll.  more...

Prudential real estate expands in Rhode Island

Prudential Real Estate Affiliates today announced that Gammons Realty, a four-office brokerage serving Rhode Island, has joined the affiliate network.

The company will now do business as Prudential Gammons Realty.

Prudential Gammons Realty, with offices in N. Kingstown, Coventry, Exeter and East Greenwich, includes a staff of more than 65 sales professionals.  more...

Real estate foreclosure danger increases

There are some warning signs that the Las Vegas-area housing market is slowing down, according to Alexis McGee, president of Foreclosures.com. Price appreciation is flattening and existing-home sales are dropping, which "could indicate that the price boom in Clark County, Nev., could be coming to an end," McGee reported in an announcement today.

Foreclosures.com offers foreclosure data, analyzes housing trends and assists investors in six U.S.  more...

Fraud prevention technology on the rise

A real estate collateral valuation and appraisal review product provider is offering an automated loan fraud-screening tool, responding to a growing need for early loan fraud detection in the mortgage lending industry.  more...

Overnight real estate rates crawl

Long-term mortgage interest rates mostly flat Friday, and the benchmark 10-year Treasury bond yield gained to 4.27 percent.

The 30-year fixed-rate average inched up to 5.33 percent, and the 15-year fixed-rate held at 4.89 percent. The 1-year adjustable was up at 3.9 percent.

The 30-year Treasury bond yield jumped to 4.57 percent.

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