Real estate market is weak, but won't crash

An economic report by the American Express Bank Ltd. concludes that a crash in U.S. house prices and an economic recession are unlikely, though the housing market "is particularly weak."

"U.S.  more...

Ohio attorney general goes after abusive lending

Ohio Attorney General Jim Petro has proposed new rules to crack down on predatory lending in the state -- a practice where lenders use dicey sales tactics to target certain borrowers with expensive loans.

The state official on Friday proposed new administrative rules defining unconscionable mortgage lending practices in Ohio, such as home loans that the customer cannot afford to pay, loans that do not provide a tangible net benefit to the borrower, and other predatory lending practices.

Ohio's new Homebuyer's Protection Act, passed with bipartisan support earlier this year,  more...

August home sales dip in Montreal

Total home sales fell 4 percent in August in Montreal, though the resale market remains strong compared to last year, an industry group reported today.

A total of 3,390 home sales were recorded in August, compared with 3,519 in 2005, the Greater Montreal Real Estate Board said. Sales for the whole year so far have totaled 35,665, up 2 percent from the same period last year.

Condominium resales decreased 7 percent in August compared with last year.  more...

Realtor groups support new-home construction in Gulf Coast

Realtor associations across the country and internationally are sponsoring the construction of 54 homes in New Orleans in partnership with a local Habitat for Humanity group.

Half of the homes will be constructed in another location and shipped to the Gulf Coast area, while half will be built on site in Gulf Coast neighborhoods.  more...

South Carolina home sales plummet

Home sales in South Carolina dropped 13.4 percent in July from their year-ago level, while the median home price maintained annual growth, the South Carolina Association of Realtors reported.

Realtors recorded 6,166 sales in July, down from 7,122 in July 2005.

A total of 41,457 homes were sold year to date, which is 0.7 percent below the 41,746 sales during the same period last year.

The overall median price for single-family, condo and villa homes was $165,500 in July, up approximately 11 percent from a year earlier when the median was $149,100, but down from June's m  more...

Overnight real estate rates drop

Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield sank to 4.77 percent.

The 30-year fixed-rate average dipped to 5.93 percent, and the 15-year fixed-rate sank to 5.64 percent. The 1-year adjustable was down at 5.31 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...