Austin real estate posts record November

Home sales and prices in the Austin, Texas, area reached new highs for the month of November, signaling a still-hot market, the Austin Board of Realtors reported today.

According to the latest Multiple Listing Service report, a record 1,902 single-family homes were sold last month, up 6 percent from approximately 1,795 sales in November 2005. Last month was the 11th consecutive month of year-over-year sales gains, according to statistics.

The median home price of $175,000, although unchanged from October, set a record for November and was up 3 percent from a year ago.  more...

NAR worried about rising foreclosure rate

The National Association of Realtors has issued a statement to express concern "over the rising rate of defaults and foreclosures occurring in many areas around the country, and many Realtors believe that some families don't understand the risks of taking out 'exotic' mortgages."  more...

Home loan apps tumble

Overall mortgage application volume fell significantly last week on a seasonally adjusted basis from the week before, as interest rates continued to climb, the Mortgage Bankers Association reported today.

The market composite index, which measures total home loan volume, dropped to 647.6 last week, down 10.2 percent from 721.2 a week earlier. The seasonally adjusted refinance index decreased by 14.6 percent to 1,968.8 from 2,304.4 the previous week, and the purchase index decreased by 5.9 percent to 436.5 from 463.8 one week earlier.  more...

Overnight real estate rates idle

Long-term mortgage interest rates were mostly flat Tuesday, and the benchmark 10-year Treasury bond yield inched up to 4.59 percent.

The 30-year fixed-rate average stayed at 5.68 percent, and the 15-year fixed rate gained slightly to 5.44 percent. The 1-year adjustable was down at 5.31 percent.

The 30-year Treasury bond yield increased to 4.72 percent.

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