California real estate foreclosures hit 4-year high

Residential foreclosure activity in California reached its highest level in more than four years in the third quarter, real estate data company DataQuick Information Systems reported.

Lending institutions sent 26,705 default notices to homeowners in the state during the three-month period ending in September, DataQuick announced, which was the highest number since first-quarter 2002, when 30,225 default notices were issued.

That was up 28.3 percent from 20,812 for the prior quarter, and up 111.8 percent from 12,606 for 200  more...

Title insurance probe could prompt new regulations

Claiming title insurance companies have been landing business by illegally wining and dining real estate agents, bankers and lenders, Washington state officials are laying the groundwork for increased regulation of the industry.

Washington State Insurance Commissioner Mike Kreidler issued a report this week on an 18-month investigation of a dozen title companies in King, Snohomish and Pierce counties.

Kreidler said the investigation found "all the major players in the gr  more...

Houston home sales smash September record

Real estate sales in Houston, Texas, jumped from their year-ago level for the 12th straight month in September, with single-family homes breaking more sales and price records, the Houston Association of Realtors reported today.

Total property sales, which include single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,163 last month, up 17.8 percent from September 2005.

Sales of new and existing single-family homes posted a record for the month of September at 5,954, up 19.3 percent from 4,990 a year earlier  more...

Builder confidence edges up in October

After eight consecutive monthly declines, an index that gauges builder confidence in the single-family housing market gained one point in October.

The National Association of Home Builders/Wells Fargo Housing Market Index, reached a level of 31 -- a score over 50 indicates that more builders view sales conditions as good than poor, and the reverse is true for scores below 50, the builders group reported this week.

Derived from a monthly survey that the builders trade group has conducted for the past  more...

U.S. housing starts plummet 20%

The rate of single-family housing starts dropped 20.3 percent in September compared to September 2005, the U.S. Census Bureau and the Department of Housing and Urban Development announced today, while total housing starts dropped 17.9 percent.

Privately owned housing starts reached a seasonally adjusted annual rate of 1.77 million in September, which is about 5.9 percent above the revised August estimate.  more...

Rates rise, refis fall

Overall mortgage applications dipped 2.2 percent last week on a seasonally adjusted basis from the week before, as rising interest rates took a toll on refinancings, the Mortgage Bankers Association reported today.

The seasonally adjusted refinance index decreased by 5.3 percent to 1,758.2 from 1,857 the previous week, while the purchase index increased by 0.4 percent to 384.7 from 383.3 one week earlier.

The refinance share of mortgage activity decreased to 45 percent of total applications from 46.4 percent the previous week.  more...

Comptroller urges stronger mortgage underwriting

A top banking regulator says states must follow the federal government's lead and institute stronger underwriting and disclosure requirements for lenders who offer exotic mortgages.

Speaking at an annual convention of community bankers, Comptroller of the Currency John C. Dugan said he sympathized with concerns that new guidelines for nontraditional mortgages apply only to federally insured banks.

The guidelines, issued Sept.  more...

Overnight real estate rates sink

Long-term mortgage interest rates were down Tuesday, and the benchmark 10-year Treasury bond yield dipped to 4.77 percent.

The 30-year fixed-rate average slipped to 5.9 percent, and the 15-year fixed rate dropped to 5.6 percent. The 1-year adjustable stayed at 5.33 percent.

The 30-year Treasury bond yield decreased to 4.9 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...