Widening income gap to wreak havoc on consumer confidence

Although the overall level of consumer confidence was unchanged in July, it masked a growing divergence between the rich and the poor, according to a survey released today.

The Index of Consumer Sentiment was 84.7 in the July 2006 survey, nearly identical with the 84.9 in June, but well below the 96.5 recorded in July 2005, according to the University of Michigan's Survey of Consumers.  more...

North Carolina remains a hotspot for real estate

Despite another month of double-digit drops in home sales across Massachusetts and Virginia, sales in North Carolina continued to defy the East Coast slowdown, according to Realtor associations in those states.

In North Carolina, existing-home sales gained 7 percent in June from the same month last year.  more...

First American earnings fall

The First American Corp. this week reported its second-quarter net income fell 17.7 percent from a year ago, despite record revenues.

First American said it earned $114.7 million, or $1.16 per share, in the second quarter, down from $139.5 million, or $1.43 per share, in the same quarter last year.

The company attributed its shrinking profits to an increase in the loss provision rate for the title insurance operations, a $22 million charge for certain title insurance regulatory/litigation matters, costs of inves  more...

Trulia offers free maps for broker/agent Web sites

SAN FRANCISCO -- Real estate search engine Trulia is making it possible for real estate agents and brokers to upload an interactive map of up to 50 property listings directly to their own Web sites.

The company on Thursday launched TruliaMap, a free Web mapping tool for real estate professionals that resides on the agent or broker Web site or blog.  more...

Job growth may be headed for slowdown

A key indicator that measures job offerings in major newspapers nationwide held steady in June, the Conference Board reported Thursday.

The Help-Wanted Advertising Index stands at 33, unchanged from May but down from 39 one year ago.

In the last three months, help-wanted advertising declined in all nine regions of the United States. Steepest declines occurred in the West North Central (-16.8 percent), Middle Atlantic (-15.3 percent) and the Pacific (-13.3 percent) regions.  more...

Overnight real estate rates sink

Long-term mortgage interest rates came down Thursday, and the benchmark 10-year Treasury bond yield inched up to 5.04 percent.

The 30-year fixed-rate average fell to 6.21 percent, and the 15-year fixed-rate dipped to 5.93 percent. The 1-year adjustable held at 5.42 percent.

The 30-year Treasury bond yield increased 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...

Money can buy a big house ... but not happiness

Home sellers may be at risk of earning less on the sale as the real estate market transitions to a buyer's market -- and they are at risk of losing something else, too: happiness.

Daniel Gilbert, a Harvard University psychology professor and author of "Stumbling on Happiness," said it's common for sellers to feel a loss when they are parting with something, and that loss can be more substantial to a person's happiness than the happiness that a buyer gains through a purchase.

"Sellers overvalue things relative to buyers.  more...