California home sales plunge 15.5%

Existing-home sales dropped significantly in California in February, falling 15.5 percent from the same period a year ago, as inventory levels climbed and median prices continued to escalate, an industry trade group reported today.

Closed escrow sales of existing, single-family detached homes in California totaled 513,745 in February at a seasonally adjusted annualized rate, down from 608,160 a year ago, according to the California Association of Realtors.  more...

Slowdown hits East Coast real estate

Home sales across Florida and Massachusetts dropped in February from their year-ago levels, according to Realtor associations in both states, while home prices posted mixed results.

In Florida, sales of single-family existing homes totaled 13,539 in February, down 20 percent from 16,916 homes a year ago, according to the Florida Association of Realtors.

The statewide median price for single-family existing homes last month was $244,200, up 24 percent from the February 2005 statewide median of $197,700.  more...

Real estate rates slide for second week

Long-term mortgage rates slipped for the second straight week on news that inflation is now less of a threat, according to the latest surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.32 percent for the week ended today, down from last week's average of 6.34 percent. The average for the 15-year fixed loan is 5.97 percent, down slightly from last week's average of 5.98 percent.  more...

New Jersey couple can sue over home's location

A three-judge state appeals court declared that a New Jersey couple may sue a real estate agency that allegedly incorrectly assured them their newly built, $740,000 house was in a particular community, Associated Press reported today.

It turns out the home, while in New Jersey's Montville Township, was located not in the section also called Montville but in the neighboring community of Towaco, reports said.

Theodore and Frances Vagias said Towaco was less prestigious, with a lower-rated school system, and filed a lawsuit against Weichert Co.  more...

Home-ownership gap widens in California

A new report released Wednesday by the California Building Industry Association found that compared to the national average of 70 percent, only 58 percent of Californians own a home, and home-ownership levels are significantly lower for California's growing Latino population.

The report, by CBIA Chief Economist Alan Nevin, also found that the state's home-ownership rate is almost dead last -- 49th of the 50 states.  more...

Real estate brokerage companies grow

Two real estate brokerage companies -- HomeServices of America and Weichert Realtors -- have expanded on the East Coast and Midwest.  more...

Home sales lag year-ago figures

Existing-home rose in February from January following five months of decline, but fell below year-ago figures, according to the National Association of Realtors.

Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- increased 5.2 percent to a seasonally adjusted annual rate of 6.91 million units in February from an upwardly revised pace of 6.57 million in January, but were 0.3 percent below a 6.93 million-unit level in February 2005.

David Lereah, NAR's chief economist, said mild weather appears to be responsible for some of th  more...

Brokerage site offers more home-search options

Real Living has launched a number of new Web site features, including a function to search and sort homes by a variety of types, including newest listings, homes with special financing options and homes priced at $750,000 and above, the company announced Wednesday.

Site visitors can flip through Real Living's entire stock of photos on the listing detail pages, which will provide a better glimpse of the home's features and attributes.  more...

Nevada title insurer must 'cease and desist' in California

Stateline, Nev.-based TSI Title & Escrow was hit with a cease and desist order in California Wednesday accusing it of conducting more than $860,000 in business without licensing for that state.

The title company agreed to provide in excess of $860,000 in coverage on properties in El Dorado and Placer Counties, collecting over $35,000 in premiums, while transacting business in California without a license, the California Department of Insurance said in a statement Wednesday.

Officials at TSI Title could not be i  more...

Overnight real estate rates mostly steady

Long-term mortgage interest rates were flat Wednesday, and the benchmark 10-year Treasury bond yield slipped to 4.7 percent.

The 30-year fixed-rate average edged down to 5.87 percent, and the 15-year fixed-rate held at 5.57 percent. The 1-year adjustable was up at 4.9 percent.

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