California home sales fall, prices rise in March

The rate of single-family home sales plummeted 20.8 percent while home prices rose 3.2 percent in March compared to the same month last year, the California Association of Realtors trade group reported today.

The condo sales rate dropped 13.5 percent while condo prices rose 1.2 percent year-over-year in March.

The median price of an existing, single-family detached home in the state in March was $580,090, while the median price of an existing condo was $435,770.

The seasonally adjusted annual rate for closed-escrow sales o  more...

Old Republic sues Florida title agency

An independent title agency in Florida is facing a civil suit alleging its owner used escrow funds to purchase real estate and luxury cars, including a BMW coupe and a Hummer H2.

The lawsuit, filed by Old Republic National Title Insurance Co., seeks $700,000 in damages from Lakeland, Fla.-based Independent Title Agency LLC, The Ledger of Lakeland, Fla., reported.  more...

Washington-based subprime lender closes doors

Wholesale lender Mortgage Investment Lending Associates Inc. has closed its doors and laid off 300 employees.

The Mountlake Terrace, Wash., company specialized in subprime loans, using an automated online system that provided mortgage brokers with fast commitments on loans that were bundled for sale to Wall Street investors.  more...

NAR blames weather, subprime woes for sales drop

The rate of existing-home sales fell 11.3 percent and the median price dropped 0.3 percent in March compared to the same month last year, the National Association of Realtors reported today.

Existing-home sales -- including single-family homes, townhomes and condominiums -- fell to a seasonally adjusted annual rate of 6.12 million in March, down 8.4 percent compared to Febru  more...

Subprime fallout's impact on your market

Have you ever wanted to write for Inman News? To showcase your ideas and expertise to the rest of your peers?

Now we're giving you that chance. Each week we'll be giving you a new subject to think about. If you've got something to say, submit an article to the InmanWiki and if we like what you've written, we'll publish it for all to read in an upcoming edition of Inman News.  more...

Consumer confidence worsens

Rising gas prices and weaker job and economic expectations spelled more bad news for consumer confidence in April, The Conference Board reported today.

The Consumer Confidence Index fell to 104 this month from 108.2 in March, as consumers grew warier about current and future economic conditions.

"Unlike the decline in March, which was solely the result of apprehension about the short-term outlook, this month's decline was a combination of weakening expectations and a less favorable assessment of present-day conditions," Lynn Franco, director of The Conference Board Consumer Re  more...

Affordable-housing advocacy group sues FEMA

A nonprofit group that advocates for affordable housing has filed a lawsuit against the Federal Emergency Management Agency seeking access to housing assistance information related to the victims of hurricanes Katrina and Rita.

"The records requested ...  more...

Overnight real estate rates calm

Long-term mortgage interest rates were steady Monday, and the benchmark 10-year Treasury bond yield fell to 4.64 percent.

The 30-year fixed-rate average stayed at 5.77 percent, and the 15-year fixed rate held at 5.51 percent. The 1-year adjustable jumped to 5.61 percent.

The 30-year Treasury bond yield decreased to 4.82 percent.

Rates and bonds 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...