Demand softens for Massachusetts real estate

Sales of detached single-family homes and condominiums declined across Massachusetts for a second consecutive month in May compared to year-ago levels, as higher mortgage rates, slow income and job growth, and a record number of homes for sale this spring prompted buyers to proceed more cautiously before purchasing a home, according to a report issued Tuesday by the Massachusetts Association of Realtors.

In the detached single-family home market, sales fell 2.9 percent last month, from 4,175 homes sold in May 2005 to 4,055 this May, while condo sales slipped 1 percent in the past ye  more...

Fidelity subsidiary buys existing Florida flood insurance policies

Fidelity National Financial's property and casualty insurance subsidiary has approval to purchase 63,000 flood insurance policies throughout Florida, the company said today.

Florida's Department of Financial Services has approved Fidelity National Property and Casualty Insurance Co.'s purchase of all existing flood insurance policies of Southern Family Insurance Co.

The transaction involves more than 63,000 flood insurance policies originated through a network of Florida independent agents in conjunction with t  more...

Surging interest rates scare off borrowers

Overall mortgage applications fell 6.7 percent last week on a seasonally adjusted basis from the week before, as sharp gains in interest rates dissuaded borrowers, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index decreased by 6.2 percent to 389 from 414.8 the previous week, and the refinance index decreased by 7.5 percent to 1,356 from 1,466.1 one week earlier.

The refinance share of mortgage activity decreased to 35.3 percent of total applications from 35.5 percent the previous week.  more...

Real estate taxes, energy costs worry potential homeowners

Rising property taxes and energy costs are among the leading worries associated with home ownership, according to an annual survey conducted by the National Association of Realtors trade group's Housing Opportunity Program.

About 34 percent of respondents stated that property taxes are a top worry, while 28 percent said they were most troubled by energy costs and 14 percent cited rising mortgage interest rates as a leading concern.

The Housing Opportunity Program, c  more...

Overnight real estate rates up for 7th day

Long-term mortgage interest rates were up again Tuesday, and the benchmark 10-year Treasury bond yield dipped to 5.2 percent.

The 30-year fixed-rate average inched up to 6.39 percent, and the 15-year fixed-rate increased to 6.09 percent. The 1-year adjustable was up at 5.48 percent.

The 30-year Treasury bond yield decreased to 5.23 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...

Get inside the commission blackbox

Every few years Realtors and their commissions come under scrutiny and it is happening again now.

The Consumer Federation of America issued a report last week, depicting the real estate industry as a "cartel" that stifles competition by discriminating against non-traditional real estate brokers, protecting a status quo commission structure via unregulated MLSs, and influencing regulators and legislators to their favor.

And Robert E.  more...