Midwest real estate reports record March

Housing markets in Ohio and Illinois shattered sales records in March, while home prices continued to experience mixed movement, according to Realtor associations in both states.

In Ohio, sales of new and existing homes last month reached 12,592, a 5.4 percent increase from the previous best-ever of 11,949 sales posted in March 2005, the Ohio Association of Realtors reported.

The month's average sales price of $146,481 was down 1.4 percent from the $148,613 average posted during the same month last year.

Ohio's year-to-date sales of new and existing homes totaled  more...

IndyMac profit jumps 26%

IndyMac Bancorp, which runs one of Southern California's largest savings and loans, today reported a 26 percent rise in first-quarter profit, helped by higher mortgage production.

The company also raised its 2006 earnings forecast.

IndyMac said its net income rose to $80 million, or $1.18 a share, for the first quarter of 2006, from $63 million, or 98 cents a share, a year earlier.  more...

Consumer confidence approaches 4-year high

The Conference Board today reported that its Consumer Confidence Index, which had increased in March, improved further in April. The Index now stands at 109.6, up from 107.5 in March. This is the highest level since May 2002, when the index was 110.3.

The present situation index rose to 136.2 from 133.3. The expectations index improved to 91.9 from 90.3 last month.

"Improving present-day conditions continue to boost consumers' spirits," said Lynn Franco, director of The Conference Board Consumer Research Center.  more...

Discount HUD homes offered to hurricane evacuees

The Department of Housing and Urban Development announced Monday that it will give Gulf Coast hurricane evacuees an opportunity to purchase HUD-owned properties at a discount.

HUD provided interim rental housing to many families in the form of HUD-owned properties in the states of South Carolina, Georgia, Florida, Kentucky, Tennessee, Arkansas, Oklahoma and Texas following the hurricane disasters.  more...

Real estate sales pick up in March

The rate of existing-home sales climbed for the second straight month in March but was 0.7 percent lower than the March 2005 level, the National Association of Realtors trade group reported today.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.3 percent to a seasonally adjusted ann  more...

Congress probes title insurance industry

A U.S. House Financial Services subcommittee is holding a hearing Wednesday on competition, pricing and recent probes of illegal activity in the title insurance marketplace, the committee said Monday.

Thomas M. Stevens, president of the National Association of Realtors, will testify before the Subcommittee on Housing and Community Opportunity, chaired by Rep. Robert W.  more...

Another dip in overnight real estate rates

Long-term mortgage interest rates continued lower Monday, and the benchmark 10-year Treasury bond yield dropped to 4.98 percent.

The 30-year fixed-rate average decreased to 6.09 percent, and the 15-year fixed-rate slipped to 5.76 percent. The 1-year adjustable held at 5.19 percent.

The 30-year Treasury bond yield fell to 5.06 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...