Title insurers settle with New York attorney general

Fidelity National Financial and First American will each pay a $2 million fine and cut their rates by 15 percent to settle a probe by New York's attorney general, the official said Tuesday.

New York Attorney General Eliot L. Spitzer alleged that the two title insurers gave real estate developers free or discounted title insurance in other states in exchange for giving their New York business to Fidelity and First American.  more...

Luxury home-price growth slows

In another sign of a slowing housing market, luxury home values in three prominent California cities posted small gains in the first quarter, according to the First Republic Prestige Home Index by First Republic Bank.

Los Angeles values rose 0.1 percent from the previous quarter and 12.4 percent from a year ago, with the average luxury home priced at a record $2.29 million, according to the index.

San Diego values increased 0.9 percent from the previous quarter and 6.8 percent from a year earlier, with the average luxury home priced at a record $2.1 million.

San Franc  more...

Real estate rates tick higher

Mortgage rates increased again this week, as the bond market remained rattled from the latest inflation report indicating stronger-than-expected growth, 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 6.62 percent for the week ended today, up from last week's average of 6.6 percent.  more...

Court orders Quicken Loans to refund mortgage interest

A U.S. appeals court in San Francisco ruled that California may force Quicken Loans Inc. to provide refunds to customers it allegedly overcharged on mortgage interest, media reports said Wednesday.

Monday's decision by a three-judge panel of the Ninth Circuit Court of Appeals may cost Livonia, Mich.-based Quicken, the largest Web-based direct mortgage lender, millions of dollars, reports said.

The outcome differs from a decision by another Ninth Circuit panel last August involving Wells Fargo, the No. 5 U.S.  more...

Midwest real estate sales cool

Home sales in Ohio and Illinois eased in April, as prices improved from year-ago levels, according to Realtor associations in both states.

In Ohio, sales of new and existing homes last month fell to 12,132, a 1.5 percent drop from the month's record of 12,318 sales posted a year ago, the Ohio Association of Realtors reported.

"The recent increases in mortgage interest rates, combined with higher energy costs may have helped contribute to bring the Ohio housing market back to a more traditional April sales level," said Darlene Breen, president of the Ohio Association of Realto  more...

Georgia man gets 20 years in prison for mortgage fraud

A Georgia man was sentenced to 20 years in prison Wednesday in a multimillion-dollar mortgage and church grant fraud scheme, authorities said.

Wayne Sherrod Milton, 32, of Stone Mountain, Ga., was sentenced on charges of escape from federal prison, conspiracy to commit mortgage fraud, grant fraud and aggravated assault on a Deputy U.S.  more...

Help-wanted advertising declines

A key indicator that measures job offerings in major newspapers across America dipped two points in April, the Conference Board announced today.

The Help-Wanted Advertising Index now stands at 35, down from 37 in March.

In the last three months, help-wanted advertising declined in all nine U.S. regions. Steepest declines occurred in the following regions: West South Central (-16 percent), South Atlantic (-12.9 percent) and East North Central (-8.9 percent).

"The latest data shows that job advertising softened in April, both in print and online.  more...