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Attorney General shuts down Texas housing scam

By Inman News, Sunday, July 2, 2006.

Texas Attorney General Greg Abbott has permanently shut down a housing scam that allegedly defrauded primarily Hispanic consumers out of tens of thousands of dollars in the Dallas area, the attorney's office announced Thursday.

The lawsuit, filed in April 2005 under the Texas Deceptive Trade Practices Act, has resulted in a permanent injunction and default judgment against Dallas-based FCI Equities Inc., and several individuals who participated in a scheme that involved the sale of homes without valid property titles.

The court imposed fines of $103,000 toward consumer resti  more...

California man accused in investment fraud scheme

By Inman News, Sunday, July 2, 2006.

Officials launched a 102-count criminal complaint against a Northern California man Thursday for his alleged role in a real estate investment scheme.

The District Attorney of Santa Cruz County in California filed a felony complaint against Michael J.  more...

Real estate construction spending hits $1.21 trillion

By Inman News, Sunday, July 2, 2006.

Total construction spending during May 2006 was estimated at a seasonally adjusted annual rate of $1.21 trillion, which is 6 percent higher than the rate in May 2005 and 0.4 percent below the revised April estimate, the U.S.  more...

Austin real estate sales climb 15%

By Inman News, Sunday, July 2, 2006.

Single-family home sales in the Austin, Texas, area posted a fifth consecutive month of double-digit growth in May, setting a record for the month, according to latest Multiple Listing Service report from the Austin Board of Realtors.

Sales of single-family homes totaled 2,620 in May, up 15 percent from a year ago, the board reported.

The median price of a single-family home in May rose to a record-high of $174,000 for the month, up 8 percent from a year ago.  more...

Overnight real estate rates dip

By Inman News, Sunday, July 2, 2006.

Long-term mortgage interest rates came down Friday, and the benchmark 10-year Treasury bond yield dropped to 5.14 percent.

The 30-year fixed-rate average sank to 6.38 percent, and the 15-year fixed-rate slipped to 6.07 percent. The 1-year adjustable was unchanged at 5.48 percent.

The 30-year Treasury bond yield decreased 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...

Major players in title industry stifle reform

By Jack Guttentag, Sunday, July 2, 2006.

(This is Part 3 of a three-part series. See Part 1 and Part 2.)

In previous articles, I pointed out that competition for title business is directed not at borrowers but at Realtors, lenders and builders who have referral power. Competition thus often results in kickbacks to referrers rather than lower prices to borrowers.  more...

Fireplace problems may be inspector's fault

By Barry Stone, Sunday, July 2, 2006.

Dear Barry,

We have an old deteriorated fireplace in a 1914 home. There are holes in the mortar, smoke stains on the mantle, numerous cracks in the exterior stucco, and the chimney actually moves when you push against it. When we bought the home last year, the only fireplace comment in the home inspection report was "no spark arrestor." If our inspector had disclosed these additional problems, we could have insisted that they be repaired. Now that we own the home, we're stuck with a nonfunctional fireplace.  more...

Unusual properties pose valuation challenges

By Dian Hymer, Sunday, July 2, 2006.

It's relatively easy to establish the market value of a property located in a neighborhood where the houses are created in the mirror image of one another. Figuring out the valuation of an unusual property is another story.

Appraisers determine market value by comparing the property in question with three similar properties in the neighborhood that have sold and closed within the last six months

In recent years, there has been plenty of sales activity, so finding comparable sales in most neighborhoods hasn't been a problem.  more...

Homeowner mistake a key cause of probate delays

By Robert Bruss, Sunday, July 2, 2006.

DEAR BOB: About two years ago, I set up a revocable living trust and placed my checking, savings and stock brokerage accounts in it. But I recently realized the title to my condominium is not in my living trust. What must I do to place my condo into my living trust to avoid probate when I pass on? --Larry T.

DEAR LARRY: You are not alone. Millions of homeowners create their revocable living trusts to avoid probate costs and delays for their heirs but they forget to "fund" it with title to their homes.  more...

Vacation cottages can be challenging to buy, own

By Robert Bruss, Sunday, July 2, 2006.

Just in time for the peak summer season for buying and selling vacation cottages, Douglas Hunter wrote the ultra-complete "The Cottage Ownership Guide." When I first spotted this well-designed book in a major bookstore, I thought perhaps it was about architectural styles of small homes. Wrong.  more...