HUD approves Mississippi grant program for Katrina victims

Housing and Urban Development Department Secretary Alphonso Jackson today announced he is approving a $3.4 billion plan to assist Mississippi victims of Hurricane Katrina.

Two months ago, Jackson allocated $5 billion in Community Development Block Grant funding to assist Mississippi's long-term recovery efforts, and the latest plan will provide up to $150,000 in assistance for each qualified homeowner.  more...

ZipRealty eyes third Texas market

ZipRealty today announced it plans to begin operations in Austin, Texas, during the third quarter of 2006,

Joining Dallas-Ft. Worth and Houston, Austin will be the third market for ZipRealty in the state.

ZipRealty is a national full-service real estate brokerage that rebates home buyers 20 percent of its commissions and home sellers up to 25 percent less than the standard market commission.

In Austin, ZipRealty plans to operate in Travis and Williamson counties.  more...

FHA official: agency has fallen down on the job

The Federal Housing Administration has faltered in its goal of helping low-income Americans buy homes, but intends to make up lost ground, its leader told a real estate service providers' group Monday.

"I know we need to make changes to make FHA a viable player again," Brian Montgomery, HUD's assistant secretary for housing and federal housing commissioner, told the Real Estate Services Providers Council's board of directors on Monday, the first day of the group's annual conference in Washington, D.C.

Also, the assistant secre  more...

Zillow looks to improve technology and algorithms

Zillow.com has formed a technical advisory board to provide independent advice on improving the technology and algorithms that support the company's online services for real estate consumers, the company said Monday.

Zillow launched its beta site in February, offering consumers free information and valuations on more than 60 million homes in the United States.

The company's entrance into real estate has been all but quiet as industry observers speculated over the last year what services Zillow would offer.  more...

Minnesota apartment manager accused of steering renter

The U.S.  more...

NAR tries to reverse bank regulator's power

The National Association of Realtors and New York State Association of Realtors on Monday filed a brief with the U.S. Court of Appeals that relates to state authority over national banks.

The Realtors trade group has aggressively fought to block the entry of major national banks into the business of real estate brokerage, and the court brief is in step with the group's desire to check the powers of national banks.

The state and national Realtor trade groups support the reversal of an earlier decision in which a U.S.  more...

Texans charged in $10 million real estate loan scheme

Two Texans were charged by a federal grand jury Friday in connection with an alleged $10 million mortgage fraud scheme, officials said.

Michael D.  more...

Big gains in overnight real estate rates

Long-term mortgage interest rates shot up Monday, and the benchmark 10-year Treasury bond yield inched up to 4.86 percent.

The 30-year fixed-rate average jumped to 6.04 percent, and the 15-year fixed-rate climbed to 5.73 percent. The 1-year adjustable was up at 5.05 percent.

The 30-year Treasury bond yield increased to 4.9 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...