Survey: Home-buyer demand, seller supply nearly balanced

For the first time in eight years, the overall U.S. housing market is experiencing a rare balance between home-buyer demand and home-seller supply, according to HouseHunt's latest Current Market Conditions quarterly survey.

Only 45 percent of respondents reported more buyers than sellers, compared to a 61 percent-39 percent ratio six months ago. Thirty-one percent reported more sellers than buyers; the remaining 24 percent said their markets are almost evenly divided.  more...

Immigration reform could create construction worker shortage

Controversial immigration legislation currently under consideration in Congress could bring about a critical shortage of workers in the home-building industry, industry figures said.

"The home-building industry could be in danger of losing a significant portion of its labor force," if immigration reform doesn't include a guest worker program and a program to address illegal immigrant issues, according to spokesman Michael Strauss of the 225,000-member National Association of Home Builders.

Strauss was referring to legislation t  more...

HUD cracks down on housing assistance fraud

Federal government employees who are defrauding federal housing assistance programs are coming under increased scrutiny because of a new initiative dubbed "Operation FedRent," announced today by Housing and Urban Development Secretary Alphonso Jackson and HUD's Inspector General Kenneth M. Donohue.  more...

Economy, energy boost real estate rates

Mortgage rates rose again this week on word that economic growth picked up in the first quarter and inflation is on the rise, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.43 percent for the week ended today, up from last week's average of 6.35 percent. The average for the 15-year fixed-rate loan is 6.1 percent, up from last week's average of 6 percent.  more...

Wealthy more likely to put money in stocks than real estate

A survey of affluent U.S. households found that 21 percent are likely to increase their investment in real estate within the next three months, according to Phoenix Marketing International, a research and marketing company.

Investment buying sentiment among mass affluent households continued an upward trend that began in August 2005, according to the latest Phoenix Affluent Marketing Service survey.  more...

Ohio real estate loan fraud bill stalls

It seems no one's happy with an Ohio bill to crack down on fraudulent mortgage practices, a measure that's been delayed as the state House and Senate work out differences, media reports said today.

Consumer advocates who praised the Senate version say the House added loopholes that would allow brokers to keep swindling borrowers by shoving complicated paperwork at them during loan closings, the Cincinnati Enquirer and Associated Press reported.

Large banks say the House did nothing to address their worry that they will be targeted by lawsuits, even though the bill spe  more...

Toronto real estate sales up 10%

Home sales in Toronto, Canada, jumped 10 percent in March from a year ago, marking the second-best March ever, the Toronto Real Estate Board reported.

The 8,707 sales recorded last month were up from 7,904 transactions in March 2005, according to TREB, and helped to set a first-quarter record of 19,831 sales.

"There is a lot to be positive about in this market," said Toronto Real Estate Board President John Meehan.  more...

Overnight real estate rates move lower

Long-term mortgage interest rates inched lower on Wednesday, and the benchmark 10-year Treasury bond yield sank to 4.84 percent.

The 30-year fixed-rate average dipped to 6.01 percent, and the 15-year fixed-rate fell to 5.7 percent. The 1-year adjustable was up at 5.08 percent.

The 30-year Treasury bond yield decreased 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...

Colorado official seeks to increase ABA licensing

Licensing requirements for affiliated business arrangements in Colorado will increase and nearly 200 such arrangements will be shut down if a state official has her way, an industry trade group reported today.

"We need to do the right thing," Erin Toll, Colorado's deputy insurance commissioner, said on the last day of the Real Estate Services Providers Council's annual conference in Washington, D.C., according to RESPRO.

"The days when no one is enforcing rules are gone. We need greater teeth.  more...