Job market may stay sluggish into '08

A key economic indicator measuring the volume of job ads in major U.S. newspapers dipped one point in October, a sign that the sluggish labor market may continue into spring 2008, The Conference Board reported today.

The organization's Help-Wanted Advertising Index dropped from 24 in September to 23 last month, and is down from 29 a year ago. Based on monthly help-wanted, print-advertising volume in 51 U.S.  more...

Rates on 'agency-eligible' conforming loans fall

Rates on adjustable-rate and jumbo mortgages that exceed the $417,000 conforming loan limit continue to climb, even as rates on 30-year fixed-rate mortgages hit lows not seen since March.

Bankrate.com's weekly survey of lenders showed the average conforming 30-year fixed mortgage rate at 6.17 percent, with an average of 0.36 discount and origination points. That's down from 6.29 percent a week ago. Average rates on 15-year fixed-rate mortgages -- often used to refinance -- fell by a similar amount, to 5.85 percent with 0.34 points.  more...

RE/MAX tests property valuation tools

RE/MAX International Inc. is testing a free property-valuation tool at its remax.com Web site that is based on a comparison with similar home sales in the same neighborhood.

The valuation tools do not provide an estimated value for a specific property, though they provide a price range based on the sale price of comparable properties.

Many other Web sites offer online home valuations, too, including ColdwellBanker.com, Zillow.com, Cyberhomes.com, and RealEstateABC.com, among others.  more...

Median price of new U.S. home plunges 13%

The sales rate for new single-family homes rose in October for the first time since April, but fell about 23.5 percent compared to October 2006, the U.S. Census Bureau and the Department of Housing and Urban Development reported today.

Also, the median sales price of new homes dropped 13 percent in October compared to October 2006.  more...

Nevada leads U.S. in rate of foreclosures

Nevada led the nation with a rate of one foreclosure filing for every 154 households in October -- it was the 10th consecutive month that the state topped this list, online foreclosure research company RealtyTrac reported today.

Nevada had 6,618 foreclosure filings in October, up 196.9 percent compared to October 2006, RealtyTrac reported.  more...

Mortgage scheme bilks nearly $30 million from 800-plus victims

A 71-year-old Pennsylvania man faces up to 30 years in prison after pleading guilty to a federal mail fraud charge stemming from a mortgage finance scheme prosecutors said cheated more than 800 investors out of nearly $30 million.

Wesley A. Snyder, of Oley, Pa., entered the guilty plea Wednesday in U.S. District Court for the Eastern District of Pennsylvania. The plea agreement was announced Nov. 9 by the U.S. Attorney for the Middle District of Pennsylvania.  more...

Overnight real estate rates lower

Long-term mortgage interest rates dropped further Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.03 percent.

The 30-year fixed-rate average sank to 5.79 percent, and the 15-year fixed rate fell to 5.35 percent. The 1-year adjustable stayed at 5.52 percent.

The 30-year Treasury bond yield was up at 4.43 percent.

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

Mortgage securitizations drop 23% in Q3

An estimated $476.6 billion in mortgage loans were bundled up and sold as securities to Wall Street investors during the third quarter, down 23 percent from the previous quarter, according to a report by the Securities Industry and Financial Markets Association.  more...