Real estate slowdown deepens in Midwest

Home sales in Ohio and Illinois continued to fall in June from their year-ago levels, while prices eked out modest gains, according to Realtor associations in both states.

In Ohio, sales of new and existing homes last month dipped to 15,217, a 0.9 percent decrease from the 15,359 sales posted during the month last year, the Ohio Association of Realtors reported.

The average Ohio sales price of $169,925 is a 2.9 percent increase from last year's $165,151, according to the association.

In Illinois, total homes sales (which include single-family and condominiums) were dow  more...

House passes bill to boost home ownership under FHA

The U.S. House of Representatives on Tuesday passed legislation that aims to increase home-ownership opportunities for low- and moderate-income Americans through restructuring of Federal Housing Administration policies.

The bill, H.R. 5121, dubbed "The Expanding American Homeownership Act," was created in response to rising home prices and outdated loan limits that eliminated FHA financing for buyers in many U.S.  more...

Real estate loan applications decline

Despite another dip in mortgage rates, overall home loan applications sank 1.3 percent last week on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index decreased by 2.4 percent to 389 from 398.5 the previous week, and the refinance index increased by 0.6 percent to 1,385.2 from 1,377.6 one week earlier.

The refinance share of mortgage activity increased to 35.6 percent of total applications from 35 percent the previous week.  more...

Profits at Fidelity National Financial fall 30%

Fidelity National Financial Inc. (FNF) said Tuesday lower title and escrow premiums pushed second-quarter profits down 30 percent, to $132.6 million, compared to the same quarter last year.  more...

LandAmerica profits up 18%

Title insurer LandAmerica Financial Group Inc. announced Tuesday $35.6 million in second-quarter profits, up 18 percent over the same quarter last year. The company said the increase was partially attributable to the $21.3 million spent or set aside in the same quarter last year to settle legal claims related to captive reinsurance practices.

Earnings per share were $2.06, compared with $1.70 in the second quarter of 2005.  more...

Program helps teachers buy homes

Realty Executives International announced the national launch of Homeworks, a marketing initiative piloted in Phoenix this past spring to help make teachers more aware of special loan programs that already exist for educators. The program aims to help teachers buy homes.

According to a study conducted by the American Federation of Teachers two years ago, teachers in the U.S. earn an average of just $46,597 and, last year, salaries increased at a rate lower than inflation. First-year-teacher salaries averaged just $31,794.  more...

Better Business Bureaus see upswing in real estate lending scams

The Council of Better Business Bureaus has issued an alert to stem what it says is a growing number of incidents involving lenders who prey on heavily indebted homeowners.

With rising interest rates driving an increase in foreclosures, unscrupulous lenders are combing through public records for victims, the council reports.

"At-risk homeowners are bombarded with offers that arrive by mail, over the phone or are tacked to neighborhood telephone poles," said Steve Cole, the council's president and CE  more...

Real estate foreclosure listings site rolls out LAVA

Foreclosure.com, which provides online information about foreclosure and other types of properties, today announced a new listing technology that allows real estate professionals to host the site's database on their own Web sites.

The technology, called LAVA, "provides real estate professionals with the ability to offer ... access to more than 1.2 million listings from the Foreclosure.com database on their own Web sites while generating ...  more...

Overnight real estate rates stand pat

Long-term mortgage interest rates were unchanged Tuesday, and the benchmark 10-year Treasury bond yield rose to 5.06 percent.

The 30-year fixed-rate average held at 6.24 percent, and the 15-year fixed-rate stayed at 5.94 percent. The 1-year adjustable was steady at 5.46 percent.

The 30-year Treasury bond yield increased to 5.12 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...

Welcome to Real Estate Connect

SAN FRANCISCO -- Welcome to San Francisco and to Inman News' Real Estate Connect conference, the annual industry event where real estate meets technology.  more...