Lenders tighten real estate loan underwriting

Fewer home loan applications are being approved with a minimum of underwriting fuss as lenders tighten scrutiny in a real estate market with narrowing margins of error, a consumer Web site reported today.

When subjected to collateral review, mortgage applications in the "slam dunk" category accounted for 66.5 percent of the last six month's application volume.  more...

Tennessee real estate appraiser acquitted

A federal jury last Friday acquitted a Tennessee appraiser accused of inflating the value of a state senator's lumber mill, a verdict that could slow any government pursuit of new charges in a case laced with political connections, media reports said.

The appraiser, James B. Passons, 61, declined to comment after the verdict as he hugged relatives and friends outside the courthouse, Associated Press reported.

Passons admitted on the stand that he prepared an inflated appraisal of a lumber mill owned by state Sen.  more...

Fidelity offers automated property valuation in Japan

Fidelity National Information Services is expanding its property valuation services to the Japanese real estate market, the company said today, providing its automated property valuation tool in that country.

Fidelity will provide Japanese mortgage lenders, secondary market participants, and consumers with ValueSure, its automated property valuation tool, with New City Corporation acting as both the data supplier and the marketer of this service in Japan, Fidelity said.

This product will initially service the Grea  more...

CEO confidence edges up

Chief executives' confidence in the economy edged up in the first quarter 2006, The Conference Board reported in its latest survey of CEOs, though more CEOs said they expect employment in their industries to decline.

The chief executives' confidence measure, which had improved to 56 in the final quarter of 2005, edged up to 57 in the first quarter of 2006, according to the survey, which includes about 100 business leaders in a wide range of industries.  more...

Illinois Realtors support proposed eminent domain law

A legislative committee in Illinois this week approved a bill that seeks to limit the eminent domain power of local government to seize private homes and businesses, especially in cases that involve private developments, according to an announcement by a coalition that includes the Illinois Association of Realtors and the Home Builders Association of Illinois.

The Coalition to Protect Illinois Property also includes the Illinois Farm Bureau, AFL-CIO, United Food and Commercial Workers, Chicagoland Cham  more...

Zillow adds photos of homes to site

Photos of homes and neighborhoods will now be served up along with home prices by Zillow, and the home valuation site has also tweaked the algorithms that calculate its estimates.

"We're adding close-up aerial photos that show houses and properties at a 45-degree angle," said Spencer Rascoff, chief financial officer of Zillow.  more...

Overnight real estate rates mostly unchanged

Long-term mortgage interest rates remained mostly the same on Wednesday, and the benchmark 10-year Treasury bond yield increased to 4.98 percent.

The 30-year fixed-rate average was unchanged at 6.07 percent, and the 15-year fixed-rate dipped slightly to at 5.75 percent. The 1-year adjustable decreased to 5.16 percent.

The 30-year Treasury bond yield increased to 5.06 percent.

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