Realogy begins self-tender offer for 32 million shares

Realogy Corp. today announced that it has commenced a modified "Dutch Auction" self-tender offer for up to 32 million shares of its common stock.

Stockholders can tender some or all of their shares at a price not less than $20 per share, nor more than $23 per share, the company said in a statement.

Realogy expects to fund the tender offer using a portion of the net proceeds paid to it in connection with the sale of Travelport, which was completed on Aug.  more...

Bank officer allegedly stole $14M from mortgage unit

A retired junior officer of Harris Trust and Savings Bank in Chicago has been arrested and charged with embezzling $14 million from the bank's mortgage servicing unit.

Jacques Antoine, 58, is accused of taking the money during a six-year period, and using it to purchase eight properties in Chicago and a home in Weston, Fla., where he was arrested this month.

An assistant vice president earning $48,500 when he retired two years ago, Antoine's duties included processing personal and mortgage loans to employees.  more...

Investors lose confidence in residential real estate

Investor optimism hit an annual low in August, and has steadily declined since January, according to the latest UBS/Gallup index, released today.

The Index of Investor Optimism dropped two points since July to 53 in August, and has fallen 40 points since January. The index is based on a monthly survey and had a baseline score of 124 when it was established in October 1996.

"One key issue of growing concern to investors is the residential real estate market," UBS announced today.  more...

Central Ohio: 'Now is the time to buy'

Central Ohio home sales dropped 14.1 percent in July from their year-ago level as prices continued to fall amid record for-sale inventory, the Columbus Board of Realtors reported.

According to statistics, 2,283 homes were sold last month, down from 2,657 sales in July 2005. Year to date, Central Ohio has recorded 15,562 home sales, which is 0.6 percent below the same period last year.

"The drop in sales comes as no shock," said Chris Reese, president of the Columbus Board of Realtors.  more...

Housing recovery program progresses in Louisiana

Forty-two applicants will receive total compensation of about $1.5 million in the next few weeks through a pilot program offered by the state of Louisiana, the state's Office of Community Development announced.

The state's Road Home program provides financial assistance to residents who suffered losses from Hurricane Katrina or Rita. The Road Home is the largest housing recovery program in U.S.  more...

Overnight real estate rates unchanged

Long-term mortgage interest rates held steady Friday, and the benchmark 10-year Treasury bond yield dipped to 4.78 percent.

The 30-year fixed-rate average stayed at 5.96 percent, and the 15-year fixed-rate remained at 5.68 percent. The 1-year adjustable was up at 5.35 percent.

The 30-year Treasury bond yield decreased to 4.92 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...