Fed takes a break from interest-rate hikes

The Federal Reserve on Tuesday ended two years of 17 consecutive increases in the federal funds rate, letting it stay put at 5.25 percent. 

The Federal Open Market Committee may not be done raising interest rates to keep inflation in check, saying "some inflation risks remain." But unemployment in July rose from 4.6 percent to 4.8 percent and economic growth slowed to 2.5 percent this spring, off by nearly half from the pace of the first three months of the year.

"Economic growth has moderated from its quite strong pace earlier this year, partly reflecting a gradual co  more...

Illinois shuts down title insurers accused in mortgage rescue scheme

Illinois regulators have filed a series of complaints against operators of an alleged mortgage rescue scam they said involved seven title insurance companies.

The complaints charge that Mutual Trust Funding Corp., Charles T. White Jr.  more...

New real estate foreclosures set record in July

The number of new residential foreclosures hit its highest level of the year in July, while the active foreclosure inventory for the month actually dropped 3.1 percent from the June level, according to Foreclosure.com, a company that tracks foreclosure information.

"The decline in active foreclosures can be attributed to many of these properties being purchased," the company announced.

There were 28,130 new residential foreclosures in July -- a 4.95 percent increase over June and a 10 percent increase from July 2005.  more...

Northwest home sales stuck in 5-month rut

Home sales in western Washington fell for the fifth straight month in July, as year-over-year prices continued their impressive double-digit growth, according to the latest report from the Northwest Multiple Listing Service.

Brokers reported 8,496 sales last month, down 15 percent from a year earlier when 9,999 sales were recorded, according to MLS statistics.  more...

Existing-home sales expected to fall 6.5%

Existing-home sales are forecast to fall 6.5 percent this year to 6.61 million, which is the third-highest year on record after 2005 and 2004, the National Association of Realtors reported today in its latest annual forecast.

New-home sales are projected to drop 12.8 percent in 2006 to 1.12 million, also the third best on record.  more...

New York law aimed at foreclosure rescue scams

New York has a new law on the books aimed at fraudulent foreclosure rescue scams that trick homeowners into signing their deeds over without compensating them for the equity they've accrued in their homes.

The Home Equity Theft Prevention Act, which becomes effective Feb. 1, 2007, requires written contracts fully disclosing the terms of sales of homes in foreclosure. The law gives sellers five days to change their minds for any reason.  more...

Former Century 21 president dies

Richard J. "Dick" Loughlin, who served as president and CEO for Century 21 Real Estate Corp. from 1981-95, died Aug. 2.

Loughlin, who was named president emeritus of Century 21 after HFS bought Century 21 in 1995 for $200 million from the Metropolitan Life Insurance Co., had also served on the National Association of Realtors executive committee and on boards for several other real estate-related companies and organizations.  more...

Another dip in overnight real estate rates

Long-term mortgage interest rates were down Monday, and the benchmark 10-year Treasury bond yield rose to 4.92 percent.

The 30-year fixed-rate average sank to 6.07 percent, and the 15-year fixed-rate dipped to 5.78 percent. The 1-year adjustable held at 5.4 percent.

The 30-year Treasury bond yield increased to 5 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. Points on these mortgages range from zero to 3.5.  more...