HUD settles captive title reinsurance allegations for $1.95M

Three home builders -- Shea Homes Inc., William Lyon Homes and Fulton Homes -- have agreed to pay the Department of Housing and Urban Development $1.95 million to settle allegations they engaged in captive reinsurance.

The agreements include a $950,000 settlement with Shea Homes and its captive title reinsurance company Shea Financial Services Inc.; an $850,000 settlement with William Lyon Homes and its captive title reinsurance company Duxford Title Reinsurance Inc.; and a $150,000 settlement with Fulton Homes, an Arizona builder.

HUD said the home builders violated the Rea  more...

Canadian home sales drop in Q3

Third-quarter sales via the Multiple Listing Service in Canada dropped 6 percent compared to third-quarter 2005 sales and fell 2.5 percent compared to second-quarter 2006 sales, The Canadian Real Estate Association trade group reported today.

Sales activity for the first nine months of the year remained slightly ahead of levels recorded during the same period in 2005, and remains on a record pace, the association also reported.

Seasonally adjusted home sales activity via the Canada's major markets totaled 82,119 units in the thi  more...

Quicken Loans to open Arizona office in 2007

Web-based lender Quicken Loans Inc. plans to hire 400 people to staff a Scottsdale, Ariz., mortgage lending office that will serve the western United States.

The office will open with about 90 workers in 2007, expanding to 400 employees within two to three years, the Arizona Republic reported.

Based in Livonia, Mich., Quicken employs 3,700 people in suburban Detroit and is hiring 250 employees per month, the newspaper said.  more...

Freddie Mac recruits new COO from Health Net Inc.

Freddie Mac has lured Anthony S. "Buddy" Piszel away from Health Net Inc. to become the government-sponsored mortgage repurchaser's chief financial officer.

Piszel, 51, has been named executive vice president and CFO effective Nov. 13. He will report directly to Freddie Mac president and chief operating officer Eugene M. McQuade.

Piszel has served as executive vice president and chief financial officer for Health Net, a managed health care company, since August 2004. The former auditor and Prudential Financial Inc.  more...

FTC releases real estate guide for sellers

The Federal Trade commission has released a real estate guide for consumers that includes information about commissions, contracts and business models.

The guide, "Selling Your Home? Tips for Selecting a Real Estate Professional," notes that real estate commissions are negotiable.

"They are neither fixed by law nor by any local real estate associations (at 6 percent or any other level)," the guide states.  more...

South Carolina real estate market cools

Home sales in South Carolina fell for the fourth straight month in September, while price growth slowed to a modest pace, according to statistics provided by the South Carolina Association of Realtors.

Realtors recorded 5,720 sales in September, down 12.5 percent from 6,539 sales in September 2005.  more...

Home buyers, renters spend $170 billion on move-related expenses

A survey conducted by Move Inc., which operates home-search Web sites including Realtor.com, found that the average household spends about $9,000 on products and services directly linked to a move.

The 2006 Mover Survey, which examined about 40 purchase categories, also found that about half of the moving-related spending is for a variety of household goods and services, including home decorating, improvement and repair.  more...

U.S. real estate companies low in lawsuits

The average U.S. real estate company faces an average of 10 separate lawsuits pending in U.S. courts each year -- one of the lowest among industries covered in an annual survey.

The U.S.  more...

Overnight real estate rates in 6-day climb

Long-term mortgage interest rates were up again Friday, and the benchmark 10-year Treasury bond yield climbed to 4.8 percent.

The 30-year fixed-rate average increased to 5.94 percent, and the 15-year fixed-rate rose to 5.63 percent. The 1-year adjustable was up at 5.33 percent.

The 30-year Treasury bond yield increased to 4.93 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...