East Coast real estate sales not all gloomy

Despite another month of double-digit drops in home sales across Florida and Massachusetts, the North Carolina market maintained growth, albeit at a much slower pace, according to statistics provided by Realtor associations in those states.

Existing-home sales in North Carolina eked out a 0.06 percent gain last month, while sales dropped 31 percent in Florida and 9.9 percent in Massachusetts.  more...

Fannie Mae's top executive keeps his job

Fannie Mae's board of directors has decided to keep Daniel H. Mudd as chief executive, the chairman said in a statement Thursday, but he will not head an internal review of executives prompted by the company's $10.6 billion accounting scandal.

"The board conducted a thorough review of every reference to Dan in the report...The review is complete and, with the unanimous support of the board, a decision has been made that Dan will remain as the president and CEO of Fannie Mae.  more...

Existing-home sales decline

Existing-home sales eased in April on the heels of a two-month rebound, according to the National Association of Realtors.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 2 percent to a seasonally adjusted annual rate of 6.76 million units in April from a downwardly revised level of 6.9 million in March, and were 5.7 percent below the 7.17 million-unit pace in April 2005.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month  more...

Georgia attorney arrested in real estate fraud case

A Georgia real estate lawyer was arrested Monday in connection with an alleged $7 million mortgage fraud scheme, media accounts said.

Athens, Ga., attorney C. Michael Rose denied any wrongdoing after being booked into Clarke County Jail late Monday night on a racketeering charge, reports said.

"(Athens-Clarke and state fraud investigators) have a job to do. I'm sure the truth will all come out," Rose said, according to media reports.

Rose, 45, is the former law partner of Athens-Clarke Solicitor General Mo Wiltshire, according to reports.  more...

California real estate sales drop 21%

The median price of an existing home in California increased 10.2 percent in April while sales decreased 21.4 percent compared to the same period a year ago, the California Association of Realtors reported Thursday.

Closed escrow sales of existing, single-family detached homes in California totaled 516,960 in April at a seasonally adjusted annualized rate, down from the 658,060 sales pace recorded in April 2005.

The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the April pace throughout the year.  more...

Overnight real estate rates unchanged

Long-term mortgage interest rates were flat Thursday, and the benchmark 10-year Treasury bond yield rose to 5.07 percent.

The 30-year fixed-rate average remained at 6.2 percent, and the 15-year fixed-rate held at 5.86 percent. The 1-year adjustable was up slightly at 5.26 percent.

The 30-year Treasury bond yield inched up to 5.17 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...