Growth in home loans to minorities outstrips whites in most areas

Immigration and lower home-ownership rates among African Americans and Hispanics make minority buyers the fastest-growing segment of new home-purchase mortgages, according to a study of government loan data.

The study, "2005 Minority Home Buying Surge," found the percentage increase for all minority loans in high-volume areas was three times greater than for white households. Minority borrowers had a greater percent change in mortgages originated in 320 of 388 metro areas analyzed.  more...

Ipix assets going on the auction block

The assets of Ipix, the bankrupt company that pioneered the virtual home tours that are a staple of real estate Web sites, will go on the auction block next month.

The U.S. Bankruptcy Court for the Eastern District of Virginia has set Monday, Oct. 23, as the deadline for sealed bids on assets including Ipix's 360 Degrees Digital Immersive Video business line, its still photography line, and patents on an experimental high-resolution camera developed through a federal government research project.  more...

Nevada mortgage broker settles SEC investigation

A Nevada mortgage brokerage that raised capital by selling real estate investment funds to the public misled investors about the rate of return its funds achieved, according to a Securities and Exchange Commission investigation.

In a settlement, Vestin Mortgage Inc. and Vestin Capital Inc. have agreed to hire an outside consultant to review its sales materials for two years, and founder and principal Michael V.  more...

Home prices fall, mortgage rates follow

Mortgage rates fell further this week to lows not seen since March on news that home prices are down from year-ago levels, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage dropped to an average 6.31 percent, down from last week when it averaged 6.4 percent; it is now at its lowest since the week of March 2, 2006, when it averaged 6.24 percent.  more...

Regulators rebut NAR claims about bank-related real estate projects

Federal regulators say recent rulings that gave three banks the go-ahead to invest in commercial developments do not set a precedent allowing banks to act as real estate investors, developers or brokers.

In testimony before a congressional panel Wednesday, the top lawyer at the Office of the Comptroller of the Currency rebutted claims by the National Association of Realtors that the OCC is loosening prohibitions intended to keep banks out of the real estate business.

NAR President Thomas Stevens told lawmakers that three OCC rulings in which banks were given the green light t  more...

Single-family building permits fall in California

Building permits issued for single-family homes in California dropped 41.8 percent in August compared to August 2005, the California Building Industry Association reported today, and building permits dropped 5.9 percent compared to July 2006.

Meanwhile, total single-family and multifamily housing starts in August climbed 14.4 percent compared to July while falling 25.3 percent compared to August 2005.

A statewide total of 7,838 permits were pulled for single-family homes statewide, down 5.9  more...

Mixed movement in overnight real estate rates

Long-term mortgage interest rates were mixed Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.6 percent.

The 30-year fixed-rate average edged up to 5.76 percent, and the 15-year fixed-rate held at 5.47 percent. The 1-year adjustable was down at 5.24 percent.

The 30-year Treasury bond yield increased to 4.74 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...

Canadian real estate sales maintain record pace

The rate of Canadian home sales via the country's multiple listing service dropped 7.1 percent in August compared to the same month in the prior year, though year-to-date home sales are still on a record pace, The Canadian Real Estate Association reported today.

Seasonally adjusted home sales numbered 39,725 units in August 2006, which was up 0.7 percent from July.  more...

HUD won't raise insurance premiums for multifamily projects

Premiums for mortgage insurance policies required for some FHA-backed multifamily housing developments will stay at current 2006 levels, HUD has announced.

The National Association of Home Builders today lauded the decision as a "victory for affordable housing," saying an increase in mortgage insurance premiums would have increased the cost of building rental housing.

"Builders rely on this (FHA) financing method to produce affordable multifamily housing for working families," said NAHB President David Pressly  more...