New foreclosure auctions rise 247% in Los Angeles area

A foreclosures report by real estate research and data company PropertyShark.com for four major U.S. metro areas revealed a 247 percent rise in foreclosures in Los Angeles in the third quarter compared to the same quarter last year.

The report defines a foreclosure as a property scheduled for a foreclosure auction for the first time during the period and focuses on new foreclosures -- not properties that have been in and out of foreclosure or have had auctions postponed.  more...

New foreclosure auctions rise 247% in Los Angeles area

A foreclosures report by real estate research and data company PropertyShark.com for four major U.S. metro areas revealed a 247 percent rise in foreclosures in Los Angeles in the third quarter compared to the same quarter last year.

The report defines a foreclosure as a property scheduled for a foreclosure auction for the first time during the period and focuses on new foreclosures -- not properties that have been in and out of foreclosure or have had auctions postponed.  more...

Mortgage rates down on weak home sales

Long-term mortgage rates came down this week on news that home sales and prices fell to lows not seen in several years, 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 6.37 percent from 6.42 percent last week, while the average 15-year fixed rate sank to 6.03 percent from 6.09 percent.  more...

Overnight real estate rates move lower

Long-term mortgage interest rates declined Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.56 percent.

The 30-year fixed-rate average sank to 6.05 percent, and the 15-year fixed rate dipped to 5.68 percent. The 1-year adjustable stayed at 5.71 percent.

The 30-year Treasury bond yield was up at 4.8 percent.

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

Move Inc. COO resigns

Realtor.com operator Move Inc. this week reported in a U.S. Securities and Exchange Commission filing that Jack D. Dennison, the company's chief operating officer since 2002, on Sept. 28 notified the company that he would resign two days later.

Dennison had joined the company, then known as Homestore, more than five years ago as a new management team swept in following an accounting scandal that nearly brought the company to its knees. Homestore's former CEO, Stuart Wolff, resigned in 2002 during an internal investigation.  more...

Bear Stearns trims 310 jobs in mortgage consolidation

Bear, Stearns & Co. Inc. will cut 310 jobs in the process of combining its mortgage origination lending businesses, Bear Stearns Residential Mortgage and Encore Credit, into a single unit, the company said Wednesday.

Bear Stearns completed its acquisition of Encore in February and brought 660 workers on board in a $26 million deal in which the purchase price was credited against debts the subprime lender owed Bear Stearns.  more...