Consumer confidence hits two-year low

Four servicers agree to streamline California workouts

Four companies that service 25 percent of outstanding subprime loans in California have agreed to streamline the loan modification process to allow some borrowers with adjustable-rate mortgages to avoid interest rate resets.

California Gov.  more...

Mortgage loan applications, interest rates fall

Mortgage loan applications for the week ending Nov. 16 fell 3.6 percent on a seasonally adjusted basis from a week earlier, with refinance and adjustable-rate mortgages accounting for a larger share of applications than the week before, the Mortgage Bankers Association reports.

The MBA's Market Composite Index, a measure of mortgage loan application volume, was 681.7, a decrease of 3.6 percent on a seasonally adjusted basis from 707.3 one week earlier.  more...

Real estate journalism fellowships awarded

The National Association of Real Estate Editors has named Alan J. Heavens of the Philadelphia Inquirer and Seattle-based freelance writer Jane Hodges, who writes for Dow Jones and the Seattle Times, as the winners of the Sixth Annual NAREE Bivins Fellowship.

The NAREE Bivins Fellowship entries were independently judged by Professor George Harmon, head of the Business Writing Program at the Medill School of Journalism at Northwestern University. NAREE announced award recipients at its Fall Summit in Las Vegas.  more...

Economic outlook darkens

The U.S. leading index, a key indicator of economic conditions, fell sharply in October after a small increase in September.

According to the Conference Board, the leading index decreased 0.5 percent last month and now stands at 136.9, with only three of the 10 leading indicators that make up the index increasing.

Most of the leading indicators contributed negatively to the index in October, led by large declines in housing permits, initial claims for unemployment insurance and index of consumer expectations.  more...

Real estate rates mostly flat overnight

Long-term mortgage interest rates barely budged Tuesday, and the benchmark 10-year Treasury bond yield edged up to 4.1 percent.

The 30-year fixed-rate average held at 5.9 percent, and the 15-year fixed rate gained to 5.47 percent. The 1-year adjustable rose to 5.49 percent.

The 30-year Treasury bond yield was up at 4.5 percent.

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

Thrifts gain mortgage market share, see higher losses

Thrifts -- savings and loans institutions that use depositor's funds to make loans -- increased their share of originations of mortgages for one- to four-family homes to 30 percent during the third quarter, compared with 21.5 percent a year ago.

But the savings and loan industry's enthusiasm for mortgages also had a downside, with profits falling 84 percent to $704 million, according to a report by the Office of Thrift Supervision.  more...