Three-fourths of first-time buyers can't afford California home

About 23 percent of first-time home buyers in California were able to afford a median-priced home in second-quarter 2006, compared with 30 percent in second-quarter 2005, according to a new index developed by the California Association of Realtors.

C.A.R.'s First-time Buyer Housing Affordability Index measures the percentage of first-time buyer households that can afford to purchase a home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state.  more...

Mortgage rates in 4-week freefall

Mortgage rates declined for the fourth straight week on news of disappointing home construction and a slowing economy, according to Freddie Mac's weekly mortgage survey.

In Freddie Mac's survey, the 30-year fixed-rate mortgage dipped to an average 6.52 percent this week, down from last week's average of 6.55 percent and down significantly from 6.8 percent four weeks ago.  more...

Real estate sales slow in Canada

The Canadian Real Estate Association reported today that home sales activity via the nation's Multiple Listing Service dropped 4.1 percent in July 2006 compared to July 2005, and fell 2.9 percent compared to June.

"The monthly decline in sales activity was largely the result of fewer transactions in Vancouver and Calgary, which more than offset smaller monthly increases in Edmonton and a number of other major markets," the association reported.

Sales activity reached 27,231 units in July, and year-to-date transactions in July wer  more...

Housing slows down economy

The U.S. leading index, a key barometer of economic conditions, dipped 0.1 percent in July, the Conference Board reported today, impacted by cooling home sales and less new construction.

The index now stands at 138.1. Based on revised data, this index increased 0.1 percent in June and decreased 0.5 percent in May.

From January to July, the leading index fell by 0.7 percent (a -1.4 percent annual rate), but it is still 0.9 percent above its July 2005 level.  more...

Real estate foreclosures rise 18% nationwide

RealtyTrac, a marketplace for foreclosure properties, reported an 18 percent increase in properties entering some stage of foreclosure in July compared to July 2005.

The company also reported a 5 percent increase in foreclosure activity from June to July.

The July 2006 U.S. Foreclosure Market Report found that 92,845 properties nationwide entered a stage of foreclosure during the month, resulting in a rate of one new foreclosure filing for every 1,245 U.S.  more...

Overnight real estate rates fall further

Long-term mortgage interest rates were down again Wednesday, and the benchmark 10-year Treasury bond yield dropped to 4.86 percent.

The 30-year fixed-rate average dipped to 6.02 percent, and the 15-year fixed-rate sank to 5.75 percent. The 1-year adjustable was down at 5.35 percent.

The 30-year Treasury bond yield decreased to 4.99 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...