South Florida mortgage fraud scheme uncovered

A mortgage fraud ring that allegedly obtained more than $10 million in loans on 30 properties in Broward County, Fla., has led to the indictment of 11 people accused of using straw buyers and stolen identities to defraud lenders.

Authorities are seeking the extradition of the alleged mastermind of the scheme, Yvette Scott Patterson, from Jamaica, along with her husband, Delroy.

Patterson, 40, allegedly used her mortgage business, Khadmilroy Inc., to carry out the scheme, taking in approximately $300,000 in loan closing fees, mortgage broker fees and yield premiums in connect  more...

Internet lead conversion company debuts

A new Internet real estate lead conversion service, LeadQual, formally launched this week, offering to connect real estate and mortgage companies with qualified consumer leads.

LeadQual aims to increase conversion rates on Web leads, which tend to be high in volume and not followed up with in a timely manner. Many Internet consumer inquiries never receive a broker or agent response, surveys have shown.

"This creates a struggle for real estate companies trying to grow their Internet presence," said co-founder Andrew Coleman.  more...

Canadian province to license mortgage brokers

The province of Ontario -- home to one in three Canadians -- has passed legislation requiring that mortgage brokers be licensed and meet minimum education standards.  more...

Midwest endures more real estate cooling

Home sales across Ohio and Illinois dropped for the seventh straight month in October, further cutting into prices, according to Realtor associations in both states.

In Ohio, sales of new and existing homes totaled 11,518 in October, down from 11,825 in September, and down 6.2 percent from the month's best-ever mark of 12,284 sales recorded last year, the Ohio Association of Realtors reported.

At $146,817, the average sales price last month dropped from $151,983 in September, and was down 5.2 percent from $154,931 posted a year ago.

In Illinois, October home sales -- i  more...

Conforming loan limit will stay at $417,000 in '07

Despite a slight decline in housing prices, the regulatory office that oversees Fannie Mae and Freddie Mac's financial health said today it will allow the conforming loan limit to remain at $417,000 in 2007.

Office of Federal Housing Oversight (OFHEO) director James Lockhart announced earlier this month that the office would defer any reduction in the conforming loan limit for one year to "ensure an orderly and transparent process for an  more...

Housing lull weighs on construction industry

An expected drop in single-family home construction will pull down the 2007 construction market by 1 percent to $668 billion, according to an industry forecast.

The construction industry "no longer has single-family housing to bolster total construction," according to Robert Murray, vice president of economic affairs and chief economist of McGraw-Hill Construction, which released the forecast at a recent conference.

The single-family construction market boomed from 2000-2005 and remained high until 2006,  more...

Consumer confidence heads south

The Conference Board's Consumer Confidence Index sank further in November, falling from 105.1 to 102.9, as fewer Americans expect improvement in labor and business conditions over the next few months.

"A tighter labor market and a more guarded short-term outlook have combined to curb consumers' confidence in November," said Lynn Franco, director of The Conference Board Consumer Research Center.  more...

Mixed movement in overnight real estate rates

Long-term mortgage interest rates barely budged Monday, and the benchmark 10-year Treasury bond yield dropped to 4.53 percent.

The 30-year fixed-rate average dipped to 5.7 percent, and the 15-year fixed rate held at 5.47 percent. The 1-year adjustable was up at 5.32 percent.

The 30-year Treasury bond yield decreased to 4.61 percent.

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