Real estate agent gets 14 years in fraud scam

A former Northern California real estate agent was sentenced to 14 years in prison yesterday for using his client's stolen identities to purchase properties in a $1 million scheme, according to media reports.

John Shaw, 47, of Sunnyvale, last year was found guilty of forgery, grand theft, identity theft, conspiracy, perjury and intimidating a witness, according to an AP report.

Shaw stole at least five people's identities, purchased real estate in their names and then sold the property to other names he assumed, prosecutors said.

Shaw's wife, Mary M.  more...

Northern California claims fastest-growing U.S. city

Elk Grove, Calif., had the nation's fastest growth rate among large cities (100,000 or more population) between July 1, 2004, and July 1, 2005, according to new U.S. Census Bureau population estimates.

Located south of Sacramento, Elk Grove is a relatively new city, having incorporated less than six years ago. Elk Grove's population increased 11.6 percent during the yearlong period, to 112,338.  more...

Houston home buyers and sellers increase Web savvy

Nearly three quarters of Houston home sellers used a Realtor when selling their homes, and most said they would use a Realtor again, according to a survey from the Houston Association of Realtors and the University of Houston Center for Public Policy.

The survey examined home buyer and seller habits in the Houston area, and found that more are now using the Internet, challenging real estate professionals to add value to their transactions.

Among sellers who used the Internet, 40 percent rated the Houston association's site as the most important Web site in their home-selling  more...

Supreme Court to hear case on banking regulation

The U.S. Supreme Court will grant a hearing on a case related to state vs. federal authority to regulate operating subsidiaries of nationally chartered banks.

In a Sixth Circuit U.S. Court of Appeals decision in December, Judge Boyce F. Martin Jr.  more...

North Carolina real estate sales pick up

Existing-home sales in North Carolina gained 4 percent in May from a year ago, and increased significantly from April's slowdown, the North Carolina Association of Realtors reported.

According to statistics compiled by NCAR, 13,308 residential units were sold in May, up from 12,778 a year ago and up 15 percent from 11,569 units sold in April.

The average existing-home sales price climbed 3 percent in May to $216,343, up from $209,962 reported in May 2005.

Unlike 2005, however, which saw mou  more...

Overnight real estate rates rise again

Long-term mortgage interest rates were up again Thursday, and the benchmark 10-year Treasury bond yield climbed to 5.21 percent.

The 30-year fixed-rate average inched up to 6.33 percent, and the 15-year fixed-rate increased to 6.02 percent. The 1-year adjustable was up at 5.4 percent.

The 30-year Treasury bond yield increased to 5.24 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...

USC experts predict 'soft landing' in real estate

SAN FRANCISCO -- Unless there are substantial job losses, the real estate market appears on track for a soft landing, said economists for University of Southern California's Lusk Center for Real Estate.

"We don't believe the housing market is going to fall off a cliff.  more...