Residential real estate construction slows in California

Single-family housing starts have declined 27.2 percent for the first five months of the year compared to the first five months of 2005, according to a report by the California Building Industry Association, and starts were 22.4 percent lower in May 2006 than in May 2005.

Housing starts increased 2.6 percent from April to May this year, and starts for the year are expected to be the fourth-highest annual total in the past 17 years, the association reported.

In May, permits were pulled for 11  more...

Consumer confidence improves in June

Consumer confidence improved in June despite rising interest rates and high gas prices, according to a survey released today.

The Index of Consumer Sentiment was 84.9 in the June 2006 survey, up from 79.1 in May, but well below the 96 recorded in June of 2005, according to the University of Michigan's Survey of Consumers. Most of the June gain was in consumers' evaluations of current economic conditions, and most of the loss compared with a year ago was in consumers' future economic prospects.  more...

California insurer to slash homeowners' rates

In the latest action to defend homeowners against excessive insurance rates, California Insurance Commissioner John Garamendi on Thursday announced he will approve an 18 percent decrease in homeowner and renter premium rates by The Hartford Insurance Co.

The Hartford, which filed for rate review earlier this year, has worked with the department over the last several months to achieve a rate reduction that reflects its current claims payment experience, Garamendi's office said.  more...

Existing-home sales in Canada smash record

Canadian existing-home sales via the Multiple Listing Service surged to a new high in May, according to statistics released today by The Canadian Real Estate Association.

Actual (unadjusted) sales activity totaled 54,184 units last month -- the highest activity level for any month on record -- and is an increase of 5.5 percent compared to the previous record set in May 2005. Seasonally adjusted sales activity posted a monthly increase of 2.9 percent due mainly to higher sales in Ontario and British Columbia.  more...

Mobile phone tech company launches real estate tool

A company that specializes in text-messaging and interactive voice response technologies has introduced a Web-based mobile marketing tool for real estate professionals.

SkyWire Media Inc., based in Las Vegas, Nev., has launched Virtual Agent, which allows consumers to dial a toll-free number and enter a property code to receive information about a specific property, including photographs, on a mobile phone.  more...

Overnight real estate rates flat

Long-term mortgage interest rates were mostly unchanged Thursday, and the benchmark 10-year Treasury bond yield dropped to 5.2 percent.

The 30-year fixed-rate average held at 6.4 percent, and the 15-year fixed-rate dipped to 6.09 percent. The 1-year adjustable was up at 5.48 percent.

The 30-year Treasury bond yield decreased to 5.25 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...