Builder slashes earnings forecast

D.R. Horton Inc., a large Fort Worth, Texas-based home builder, cut its 2006 earnings forecast Thursday due to the slower real estate market conditions. Quarterly home sales orders were down from a year ago, while orders in the first nine months of the fiscal year were up, the builder said.

Donald R.  more...

Overnight real estate rates dip

Long-term mortgage interest rates fell slightly Thursday, and the benchmark 10-year Treasury bond yield sank to 5.07 percent.

The 30-year fixed-rate average fell to 6.33 percent, and the 15-year fixed-rate decreased to 6.03 percent. The 1-year adjustable edged up at 5.48 percent.

The 30-year Treasury bond yield decreased to 5.11 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...

Lender announces more real estate job cuts

As part of a move to shed 900 employees, Washington Mutual Inc. is all but eliminating its in-house residential appraisal department.

Layoffs announced Thursday include 350 employees in the home loans group, of which 320 are members of the residential home appraisal team, said Washington Mutual spokeswoman Olivia Riley. Riley said the bank will consolidate appraisal work formerly performed in-house and by hundreds of outside vendors with two national appraisal management companies.  more...

State lifts ban on real estate rebates

South Carolina has lifted a short-lived ban on consumer rebates and incentives in real estate services, freeing up real estate professionals to offer these types of inducements to home buyers and sellers.

The South Carolina Association of Realtors had been working to lift the ban since it was passed in 2004, according to Nick Kremydas, CEO of the trade association. Kremydas said the ban on rebates was an accidental byproduct of a poorly worded law provision that passed in 2004.

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California proposes new rules for title insurance industry

Claiming that there's not enough competition in the title insurance industry, California's Insurance Commissioner is proposing new regulations he says will result in rate reductions of at least 20 percent.

A public hearing on the proposed regulations -- which include new reporting requirements and a rate-setting formula -- is set for 10 a.m. Aug. 30 in San Francisco.

California's Insurance Commissioner has had the power to terminate title insurance rates found to be "excessive, inadequate or unfairly discriminatory" since 1973.  more...

Cendant's sale of Travelport will slash Realogy's debts

Cendant Corp. is moving forward with a spin-off its Realogy Corp. and Wyndham Worldwide Corp. subsidiaries, and will relieve the companies of much of their indebtedness through the sale of its Travelport unit.

Cendant Corp.'s board Thursday approved the spin-offs of its real estate and hospitality units, a plan put forward in February.

The spin-off will be accomplished by distributing all of the common stock of Realogy Corp. and Wyndham Worldwide Corp. to Cendant shareholders.  more...

Long & Foster expands in East Coast

The Long & Foster Companies expanded its East Coast footprint this week with the purchase of Raleigh, N.C.-based Fonville Morisey Realty, which includes 12 sales offices and 600 associates, the company announced this week.

The deal also includes the purchase of FM Lending Services, and the title insurance agency Guaranty Title.

Under the terms of the agreement, the Fonville Morisey Realty name and entire organization for all three entities will remain intact. John C.  more...