ZipRealty to cut jobs on housing woes

Citing the continued slowdown and uncertainty in the nation's housing markets, ZipRealty today said it plans to eliminate jobs and take other cost-cutting measures, and lowered its earnings guidance for 2007.

Some real estate markets have been hit hard this year by slowing sales and tightened lending standards, which have squeezed the pool of buyers and softened demand.  more...

Zillow, others eye more listings partnerships

Zillow and other online real estate sites are eyeing larger deals for property listings partnerships.

A Zillow spokeswoman said today that the company has been in discussions with the Houston Association of Realtors to receive property listings information supplied by its members.  more...

Countrywide's September loan fundings down 44%

Countrywide Financial Corp. said today it laid off nearly 5,000 workers in originations during September as mortgage loan fundings fell 44 percent from a year ago to $21 billion.  more...

Beazer says down-payment-assistance rules may have been broken

Saying there's evidence that employees of its mortgage subsidiary violated HUD regulations governing down-payment-assistance programs, Beazer Homes USA Inc. announced today it will restate earnings going back to 2004.  more...

Job gains push mortgage rates up

Long-term mortgage rates this week inched higher after September's employment report reflected a stronger-than-expected economy, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage edged up to an average 6.4 percent from 6.37 percent a week earlier, while the average 15-year fixed rate grew from 6.03 percent to 6.06 percent.  more...

Realtor group expects 23% sales decline in '07

California Association of Realtors economists expect a 23 percent decline in sales of previously owned single-family homes this year, with the median price rising 3.5 percent.

In 2008, the median price is expected to drop 4 percent statewide, with sales falling 9 percent compared to 2007. The statewide median price is expected to be $576,000 this year and $553,000 in 2008, according to the trade group's latest housing market forecast released this week.  more...

Ratings agency quizzes MBS issuers on anti-fraud measures

Standard & Poor's Ratings Services is asking issuers of mortgage-backed securities how they detect and manage fraud at the origination stage.  more...

Overnight real estate rates higher

Long-term mortgage interest rates inched up Wednesday, and the benchmark 10-year Treasury bond yield stayed at 4.65 percent.

The 30-year fixed-rate average rose to 6.11 percent, and the 15-year fixed rate gained to 5.72 percent. The 1-year adjustable held at 5.73 percent.

The 30-year Treasury bond yield was up at 4.87 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.  more...

House OKs $1 billion-a-year housing fund

The House of Representatives approved legislation Wednesday that would siphon off up to $1 billion a year from Fannie Mae, Freddie Mac and the Federal Housing Administration to build affordable rental housing and provide down-payment assistance for first-time home buyers.

Supporters of HR 2895, the National Affordable Housing Trust Fund Act of 2007, say it would be the largest expansion in federal housing programs in decades -- providing $800 million to $1 billion a year to build, rehabilitate or preserve 1.5 million units of rental housing over the next decade.  more...