Federal reserve banks report weak real estate market

Most Federal Reserve Districts across the country reported declines in home sales and construction activity, "substantial increases in the inventory of unsold homes" and a general expectation of continued weakness in the housing market, according to an informal review prepared by the Federal Reserve Bank of New York.

The review, known as the Beige Book, is a collection of comments from businesses and other outside contacts submitted by the nation's Federal Reserve banks.

The ban  more...

California seeks reductions in homeowners' insurance rates

California Insurance Commissioner John Garamendi today announced that State Farm Insurance has requested a 10.6 percent reduction in homeowners' insurance rates.

The Department of Insurance in June ordered four major insurers to justify their rates after a study alleged they had been paying far less to resolve claims than they collected in premiums.

USAA filed for a 22 percent reduction in August, while Allstate is seeking a 12.2 percent increase.  more...

LandAmerica gets OK to acquire Capital Title

LandAmerica Financial Group has a green light from regulators to complete its acquisition of Capital Title Group, the companies announced Tuesday.

LandAmerica announced in March that it would buy Scottsdale, Ariz.-based Capital Title for $251 million in cash and stock. The deal was subject to approval by regulators and Capital Title's shareholders.  more...

South Florida home sales fall 29%

Residential real estate sales and prices in South Florida's Broward County dropped considerably in August from their year-ago level, as for-sale inventory continued to grow, according to statistics provided by the Realtor Association of Greater Fort Lauderdale.

Single-family home sales last month totaled 805, down 29 percent from 1,139 sales a year ago but up 3 percent from the 778 sold in July.

The total number of single-family and condo-townhouse listings on the market in August grew to 23,977, up 1.6 percent from the previous month's 23,589 and up 250 percent from 6,848 in  more...

NAR asks Supreme Court to overturn national bank decision

The National Association of Realtors trade group has filed a "friend-of-the-court" brief with the U.S.  more...

Real estate loan applications rise 1.8%

Overall mortgage applications were up 1.8 percent last week on a seasonally adjusted basis from the week before, as refinancing activity dropped for the first time since July, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index increased by 3.7 percent to 389.7 from 375.9 the previous week, while the refinance index decreased by 0.9 percent to 1,594.7 from 1,609.2 one week earlier.

The refinance share of mortgage activity decreased to 41 percent of total applications from 41.5 percent the previous week.  more...

Overnight real estate rates barely move

Long-term mortgage interest rates were mostly flat Tuesday, and the benchmark 10-year Treasury bond yield rose to 4.78 percent.

The 30-year fixed-rate average rose to 5.94 percent, and the 15-year fixed-rate held at 5.65 percent. The 1-year adjustable was unchanged at 5.32 percent.

The 30-year Treasury bond yield increased to 4.93 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...