Virginia home sales dive, prices follow

Home sales across Virginia declined for the 13th straight month in September, falling 27 percent from their year-ago pace, giving way to lower prices, the Virginia Association of Realtors reported.

Realtors recorded 8,537 single-family home sales last month, down from 11,693 in September 2005.  more...

Consumer confidence improves in October

Consumer confidence recorded its eighth-largest monthly gain in the October 2006 survey from the University of Michigan as consumers looked more positively on the pace of economic growth.

"Declines in gas prices sparked the initial gains in late August, but the more substantial October gains were driven by the expectation of an improved pace of economic growth, larger wage gains and a low unemployment rate during the year ahead," according to Richard Curtin, the director of the University of Michigan's Survey of Consumers.  more...

Mortgage fraud involving 83 Indianapolis homes alleged

Fraudulent appraisals and false loan applications were used to obtain more than $4 million in loans in a mortgage fraud scheme involving 83 homes in low-income neighborhoods of Indianapolis, prosecutors allege.

An Indianapolis man, John Wagner, was charged Thursday for his role in the scheme, the U.S.  more...

Survey reveals buyers turn equally to newspapers, Web

Real estate buyers turn equally to newspapers and the Internet when shopping for property, according to a report by The Kelsey Group, a research company that focuses on advertising and online media.

A Kelsey Group consumer study found that 24 percent of sellers first look to newspapers and 19 percent to signs to advertise real estate for sale.  more...

Best September ever for Austin real estate

Austin, Texas, home sales set another record in September as single-family transactions rose 2.7 percent over their year-ago level, the Austin Board of Realtors reported.

According to the latest Multiple Listing Service report, 2,341 single-family homes were sold last month, up from 2,280 sales in September 2005.  more...

LandAmerica earnings fall 64%

The slowdown in the housing market sent third-quarter profits at LandAmerica Financial Group down 64 percent compared to last year, the company reported.

LandAmerica's third-quarter earnings totaled $15.2 million, or $.89 per share, down from $42.4 million, or $2.35 per share, during the same period last year.

But the company has experience weathering such downturns in the business cycle and increasing its national market share even as it cuts costs during the downturn, said President and Chief Executive Officer Theodore L. Chandler Jr.  more...

Overnight real estate rates tumble

Long-term mortgage interest rates came down Thursday, and the benchmark 10-year Treasury bond yield dropped to 4.72 percent.

The 30-year fixed-rate average fell to 5.89 percent, and the 15-year fixed rate sank to 5.61 percent. The 1-year adjustable was down at 5.36 percent.

The 30-year Treasury bond yield decreased to 4.84 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...