S.F. Bay Area real estate sales fall 19%

Sales of San Francisco Bay Area homes declined for the 14th month in a row in May, as the median home price edged up to another record, a real estate information service reported today.

A total of 9,064 new and resale houses and condos were sold in the nine-county region last month, down 19.8 percent from 11,308 for May last year, according to DataQuick Information Systems.

Last month was the slowest May since 2001 when 7,864 homes were sold, DataQuick reported. The strongest months of May since 1988 were May 2004 with 12,028 sales, and last year.  more...

Real estate groups urge FHA reform

The National Association of Realtors has joined other industry organizations advocating reform of the Federal Housing Administration's single-family mortgage insurance program.

NAR President Thomas M.  more...

First American expands title business to Poland

The First American Corp., a provider of business information and title insurance services, has expanded its title operations to Poland, the company said today, making another push towards the company's international title development plans.

First Title Poland, a limited liability company, will offer title insurance services for lenders, investors and developers, the company said.

First Title's insurance policies have been tailored to address title issues unique to Poland, and aim to help simplify, quicken and standardize rea  more...

Rising rates cut into real estate refinancings

Overall mortgage applications dipped 0.8 percent last week on a seasonally adjusted basis from the week before, with refinancings taking the biggest hit, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index increased by 0.1 percent to 414.8 from 414.6 the previous week, while the refinance index decreased by 2.2 percent to 1,466.1 from 1,499.4 one week earlier.

The refinance share of mortgage activity decreased to 35.5 percent of total applications from 35.7 percent the previous week.  more...

Overnight real estate rates continue climb

Long-term mortgage interest rates were up Tuesday, and the benchmark 10-year Treasury bond yield rose to 5.15 percent.

The 30-year fixed-rate average inched up to 6.27 percent, and the 15-year fixed-rate increased to 5.98 percent. The 1-year adjustable was up at 5.33 percent.

The 30-year Treasury bond yield increased to 5.19 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...