HouseValues raises first-quarter outlook

HouseValues Inc. on Thursday raised its outlook for the first quarter of 2006 on better-than-expected progress in its mortgage business and continued strong demand for its real estate marketing services, the Kirkland, Wash.-based company said.

HouseValues now expects first-quarter revenue to be approximately $26.8 million, and adjusted EBITDA to exceed $4 million, up from its previous estimates of $25.5 million to $26 million in revenue and $3 million to $3.5 million in adjusted EBITDA.  more...

Real estate rates at highest level in nearly 4 years

Mortgage rates this week climbed for the fourth straight week to highs not seen since the summer of 2002, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage rose to an average 6.53 percent for the week ended today, with an average 0.6 point, up from last week's average of 6.49 percent. The 30-year fixed has not been higher since the week ending July 12, 2002, when it averaged 6.54 percent.  more...

Bank of America Q1 profits up

Bank of America Corp., one of the nation's top mortgage lenders by volume, today reported that first-quarter net income climbed 14 percent to $4.99 billion from $4.39 billion a year ago.

Per-share diluted earnings were unchanged from a year earlier at $1.07. Return on average common equity for the first quarter was 15.4 percent.  more...

Real estate agent accused of selling lot to 21 different people

The Riverside County Sheriff's Department is investigating fraud allegations against Haydee Jerez Verdugo, a Palm Desert real estate agent, according to news reports.

Several former clients have said that Verdugo sold them all the same vacant lot in North Palm Springs, and have filed legal complaints charging that she took thousands of dollars from them, The Desert Sun newspaper reported.

Sheriff's deputies in March searched Verdugo's former business and residential add  more...

Economy sluggish again

The U.S. leading index, a key barometer of economic conditions, fell for the second straight month in March, the Conference Board reported today.

The leading index dipped 0.1 percent last month and now stands at 138.4. Based on revised data, this index decreased 0.5 percent in February and increased 0.4 percent in January. During the six-month span through March, the leading index increased 1.9 percent, with seven out of 10 components advancing.

Just five of the 10 indicators that make up the leading index increased in March.  more...

Survey: Consumers expect housing-bubble burst

Seven in 10 consumers expect a housing bubble to burst in the United States in the next year, while only a small portion expect housing prices to decline 5 percent or more, according to the latest Experian-Gallup Personal Credit Index survey.

Seventy-one percent of surveyed consumers said a bubble burst is likely, while 24 percent say such a housing bubble is not likely. In contrast, a much smaller number of consumers, 32 percent, expect the collapse of a housing bubble within their own area in the next year, and 65 percent say it is not likely.  more...

Alta Communications buys New Homes Realty

Alta Communications, a Boston-based private equity firm formed in 1996 to focus exclusively on the media and telecommunications industries, has acquired New Homes Realty Inc., the companies announced last week.

Clearwater, Fla.-based New Homes Realty provides buyer's agent services for new and resale homes in 38 states through a network of more than 400 licensed real estate agents and brokers.  more...

Austin real estate sales smash record

Single-family home sales in the Austin, Texas, area continued their double-digit annual growth in March and set a record for the month, according to the latest Multiple Listing Service report from the Austin Board of Realtors.

Single-family home sales totaled 2,373 last month, up 18 percent from a year ago when approximately 2,010 homes were sold.

Selling at a median price of $166,500, homes last month experienced a 7 percent increase from approximately $155,500 reported in March 2005.  more...

Radian profit grows 42%

Mortgage insurance provider Radian Group said on Wednesday its first-quarter profit surged 42 percent, driven by growth in the company's mortgage insurance and financial guaranty businesses.

Income for the quarter was $163.7 million, or $1.96 per share, up from $115.6 million, or $1.24 per share, a year ago. Revenue for the quarter rose 15 percent to $353.7 million from $306.6 million last year.

"The first quarter was successful for us in several respects," said S.A. Ibrahim, the company's CEO, in a statement.  more...

RealEstate.com opens brokerages in West

RealEstate.com has opened two real estate brokerages in the West in the last month, following through with a plan announced last summer to enter the real estate brokerage business in select markets during the first half of 2006.

The company launched a brokerage operation in Denver last Thursday and one in Portland, Ore., at the end of March, a company spokeswoman confirmed.  more...