California home sales hit largest slide since 1982

Home sales were down 30.1 percent in August compared to the same month last year, the California Association of Realtors trade group reported today, while the median existing-home price rose 1.6 percent to $576,360.

"We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent," said Vince Malta, C.A.R. president, in a statement.  more...

Lender's policy on row houses discriminatory, group alleges

A mortgage lender that allegedly discriminated against minorities by refusing to make loans on row houses valued at less than $100,000 has agreed to end the practice and pay a non-profit group $500,000.

Atlanta-based SouthStar Funding LLC's lending policies discriminated against African Americans and Hispanics because row houses valued at less than $100,000 are more heavily concentrated in minority neighborhoods, the National Community Reinvestment Coalition alleged.  more...

Consumer confidence rebounds

The Conference Board today announced that its Consumer Confidence Index gained in September -- rising from 100.2 to 104.5 -- as Americans expect more jobs and rising incomes in the coming months.

"A more favorable assessment of current conditions coupled with a less pessimistic short-term outlook boosted consumer confidence this month," said Lynn Franco, director of The Conference Board Consumer Research Center.  more...

Florida home sales plummet in August

August home sales in Florida were off 34 percent in August compared to last year, while the median sale price remained unchanged at $248,400 -- suggesting that buyers were waiting for sellers to lower prices, and sellers weren't budging.

The Florida Association of Realtors said many markets reported higher inventory levels and a slowing pace of sales as buyers weighed more options.  more...

ERA real estate franchise network expands

ERA Real Estate added 18 new affiliate companies to its franchise network in July and August, the company announced, and 10 existing affiliates opened new offices or engaged in mergers or acquisitions during that period.

The ERA network includes about 38,700 sales associates in the United States and 29 other countries and territories. Each office is independently owned and operated except those offices owned and operated by NRT Inc. ERA Franchise Systems Inc. and NRT Inc.  more...

Massachusetts foreclosures jump 72% in August

ForeclosuresMass.com, a provider of Massachusetts foreclosure data for investors, real estate professionals and mortgage brokers, reported today that 1,812 foreclosures were initiated statewide in August, which is 72 percent higher than August 2005 and 266 percent above August 2004 levels.

"Foreclosures in Massachusetts continue to escalate at levels we haven't seen since the housing crash of the early 1990s," said Jeremy Shapiro, president and co-founder of ForeclosuresMass.com.  more...

Midwest real estate slowdown impacts prices

Real estate sales in Ohio and Illinois cooled for the fifth straight month in August, as rising for-sale inventory sent home prices falling, according to statistics provided by Realtor associations in both states.

In Ohio, sales of new and existing homes last month totaled 14,455, down 7.3 percent from the record 15,590 sales posted during the same month a year ago, the Ohio Association of Realtors reported.  more...

Stewart Title accused of engaging in captive reinsurance scheme

The California Department of Insurance is seeking $46.7 million in damages and penalties against Stewart Title Guaranty Co. for an alleged captive reinsurance scheme affecting 3,650 homeowners.

California Insurance Commissioner John Garamendi on Monday accused Stewart Title of channeling illegal kickbacks to shell companies created by home builders and lenders in exchange for business.  more...

Overnight real estate rates in 5-day slump

Long-term mortgage interest rates continued lower Monday, and the benchmark 10-year Treasury bond yield fell to 4.54 percent.

The 30-year fixed-rate average sank to 5.76 percent, and the 15-year fixed-rate declined to 5.49 percent. The 1-year adjustable was down at 5.27 percent.

The 30-year Treasury bond yield dropped to 4.69 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...