Four real estate companies join together in Michigan

Four Michigan real estate brokerages have combined to form the second-largest real estate company in the state, Coldwell Banker Schmidt Realtors announced this week.

The deal combines AJS Realty and Westdale Realty Co., of Grand Rapids, and Woodland Realty of Holland, Mich., with Coldwell Banker Schmidt Realtors, based in Traverse City.

In the new corporate structure, which includes 40 offices and 800 sales agents, the firms will do business under the Schmidt Real Estate brand.  more...

First American foundation backs affordable housing in Sun Belt

First American Title's charitable foundation is giving $50,000 to eight Florida nonprofits, which the company says will help build more than 600 affordable homes and provide home buyer education and counseling services to 1,000 or more households.

The grants, from the First American Homeownership Foundation, come on the heels of a July 10 donation of $25,000 to the San Antonio Alternative Housing Corp.  more...

ROOT gets backing, board member from Chicago Board of Trade

ROOT -- the company behind ROOT Exchange, an online marketplace where Internet-generated mortgage leads are traded like commodities -- has landed $1 million in backing from the Chicago Board of Trade.

Chicago Board of Trade Chief Executive Officer Bernard W. Dan said he will also serve on ROOT's board of directors.

Dan said the Chicago Board of Trade was the first exchange to begin trading interest-rate futures contracts more than 30 years ago.  more...

Canadian home sales on record pace in major markets

The rate of existing-home sales fell 6.6 percent in August compared to August 2005 but rose 1.4 percent in the first eight months of the year compared to the same period in 2005, the Canadian Real Estate Association reported.

Year-to-date sales activity reached the highest level on record in Calgary, Edmonton, Saskatoon, Winnipeg, Ottawa and Montreal, among other markets, the association reported.

According to seasonally adjusted MLS data, there were 47,117 new residential listings in  more...

Settlement checks in title insurance suit bounce

Lawyers who won a $27.5 million settlement from four title insurance companies are having some headaches distributing the proceeds to more than 66,000 Michigan homeowners who were plaintiffs in the case.

The checks, averaging $345, went in the mail last week.  more...

Maryland home sales drop 25%

Maryland home sales declined for the 11th straight month in August, as the state's median home price maintained modest growth, the Maryland Association of Realtors reported.

Realtors reported 7,694 sales last month, down 25.2 percent from a year earlier when 10,284 sales were recorded.  more...

'Irrational Exuberance' author to keynote real estate confab

Real estate industry thought leaders and financial experts including Robert Shiller, author of "Irrational Exuberance," will convene at Inman News' Connect High Net 2006 conference in Miami, Oct. 15-17, to explore a wave of changes happening in real estate causing property investment to look more like the stock market each day.

High-net-worth individuals and institutions have the opportunity for the first time to invest in or hedge housing exposure without buying or selling physical real estate assets.  more...

Overnight real estate rates climb

Long-term mortgage interest rates were up Thursday, and the benchmark 10-year Treasury bond yield rose to 4.79 percent.

The 30-year fixed-rate average increased to 5.94 percent, and the 15-year fixed-rate rose to 5.64 percent. The 1-year adjustable was up at 5.33 percent.

The 30-year Treasury bond yield increased 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...