Twin Cities real estate sales dive

Home sales in the Twin Cities, Minn., area fell for the fifth consecutive month in February, while the median home price grew modestly from a year ago, according to three metro Twin Cities Realtor associations.

Realtors reported 2,523 home sales last month, down 6.9 percent from the same month a year ago. During the same period, the median home price gained 3.5 percent in the 13-county metro area, rising to $225,000.  more...

Former title co. owner sentenced in real estate fraud

The former owner of Missouri-based Phoenix Title and James Andrew GMAC Real Estate (JAGMAC) was sentenced to 63 months in prison and ordered to pay more than $2 million to the victims of a mortgage fraud scheme, officials said Thursday.

Thurman, 41, of St. Charles, Mo., pleaded guilty to one felony count of wire fraud in August 2005, according to U.S. Attorney Catherine L.  more...

Freddie Mac delays financial results report

Freddie Mac today said it would delay the release of its quarterly and full-year 2005 financial results by two months to implement an accounting change, but said the change would not affect prior results.

Freddie Mac said it would report quarterly and full-year 2005 results in May. The government-sponsored enterprise had previously planned to report those results by the end of March.

The second-largest U.S.  more...

Mortgage fraud investigators need more money

Amidst the growing occurrence of mortgage fraud in the United States, an industry trade group has asked Congress for additional funding to help fight the crime.

In a March 6 letter to Sen. Richard Shelby, R-Ala., the Mortgage Bankers Association asked for $6.35 million per year, over a five-year period, of dedicated funding for the FBI's efforts in tracking down and prosecuting mortgage fraud.

"This important funding would provide for 30 new FBI field investigators, two new dedicated prosecutors at the Department of Justice to coordinate prosecution efforts with the U.S.  more...

Manhattan condo prices rise 20%

Median condo prices in Manhattan jumped 20 percent in 2005 to $770,000, while coop prices climbed 6 percent to $649,000, the Real Estate Board of New York announced this week.

REBNY represents commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate industry.

REBNY's Cooperative and Condominium Reports found that the downtown area  more...

Nashville real estate sales bloom

Home sales in the Greater Nashville, Tenn., area posted another month of double-digit growth in February, the Greater Nashville Association of Realtors reported.

There were 2,610 home closings reported for the month of February, up 11.6 percent from the 2,337 closings reported a year ago. Year-to-date closings through February are 4,981, a 12 percent increase from the 4,448 closings reported through February 2005.

"Home sales in Greater Nashville continued the strong start to this year with a double-digit increase over last year," said GNAR President Christie Wilson.  more...

Overnight real estate rates a mixed bag

Long-term mortgage interest rates were varied Thursday, and the benchmark 10-year Treasury bond yield held at 4.73 percent.

The 30-year fixed-rate average rose to 5.93 percent, and the 15-year fixed-rate remained at 5.6 percent. The 1-year adjustable was up at 4.71 percent.

The 30-year Treasury bond yield stayed at 4.72 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...