National foreclosures up 17% from previous quarter

National property foreclosures were up in the third quarter compared to the previous quarter and year-ago findings due to a softening real estate market and higher interest rates, a foreclosure tracking service reported today.

In the third quarter, 318,355 properties entered some stage of foreclosure, up 17 percent from the previous quarter and up 43 percent from the same period last year, according to RealtyTrac. The nation had a foreclosure rate of one foreclosure filing for every 363 households during the quarter, slightly hi  more...

Mortgage broker defrauds lenders, goes to prison

A former mortgage broker in Charlotte, N.C., has been sentenced to five years and five months in prison after pleading guilty to conspiring to defraud mortgage lenders through an elaborate home-selling scheme.

Gordon George, 37, convinced buyers to purchase homes at inflated prices by promising to provide renters who would make the mortgage payments before selling the homes at a profit, prosecutors said. George and his co-conspirators provided false information to lenders to secure loans on the properties, pocketing excess loan proceeds of about $7 million, said U.S.  more...

Survey: 14% of homeowners hold adjustable-rate mortgages

One in seven homeowners have adjustable-rate mortgages, and 79 percent are concerned about the interest rate on their mortgage increasing, according to a survey of 1,361 homeowners who closely mirror the U.S. population.

The survey, conducted in August for Wells Fargo, found that 56 percent of those holding ARMs plan to refinance when their interest rate resets, while 21 percent plan to take no action.

The young and those with higher incomes were the most likely to hold an ARM, the survey found.  more...

Single-family building permits drop 57% in California

The number of residential building permits issued in California in September dropped to the lowest level for that month since 1996, the Construction Industry Research Board reported, and fell 46.6 percent compared to September 2005.

The number of single-family building permits issued in the state dropped 56.7 percent in September compared to September 2005 and was down 15 percent compared to August.  more...

Iowa home sales, prices tumble

Home sales and prices across Iowa dropped considerably in September from their year-ago levels, according to statistics provided by the Iowa Association of Realtors.

Realtors recorded 3,213 property sales last month, down 5 percent from 3,390 in September 2005.

The overall median price of an Iowa home sank to $110,000 in September, down 14 percent from both the August and year-ago medians of $128,300.

Sales in Des Moines, the state capital, were down 16 percent last month from the same time last  more...

Overnight real estate rates trend lower

Long-term mortgage interest rates were down again Friday, and the benchmark 10-year Treasury bond yield dropped to 4.67 percent.

The 30-year fixed-rate average fell to 5.86 percent, and the 15-year fixed rate sank to 5.57 percent. The 1-year adjustable was down at 5.35 percent.

The 30-year Treasury bond yield decreased to 4.79 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...