Feds oppose appeal by former Homestore CEO

In a court brief, federal prosecutors oppose an appeal by former Homestore CEO Stuart Wolff for a new trial.

Wolff, who was convicted in June 2006 for his role in a multimillion-dollar accounting fraud that nearly collapsed Homestore, now known as Move Inc., was sentenced to a 15-year prison term and ordered to pay a $5 million fine and an additional $8.6 million in restitution.  more...

Mortgage guarantees on Indian lands extended through 2012

Congress has reauthorized and President Bush has signed legislation that's intended to increase home ownership among Native Americans by guaranteeing private mortgage loans on Indian lands.

The Native American Home Ownership Opportunity Act of 2007 is a five-year reauthorization of the U.S. Department of Housing and Urban Development's Section 184 Loan Guarantee Program, which provides a 100 percent guarantee for mortgages on Indian lands.  more...

Governor to have final say on Arizona appraisal bill

It's up to Arizona's governor to decide the fate of a bill that would clearly exempt automated home-valuation Web sites from appraiser licensing requirements in the state, as long as those sites provide clear disclosure that their estimates are not appraisals.

The Arizona House of Representatives voted 55-4 Tuesday to pass Senate Bill 1291, which followed a 28-0 state Senate vote on Monday. The bill contains an emergency clause that would make it effective immediately with Gov.  more...

Home loan apps decline

Fewer borrowers chose to take out loans for home purchases and refinancings last week even as long-term mortgage rates ended a monthlong climb, the Mortgage Bankers Association reported today.

The drop-off in activity pushed the market composite index -- a measure of mortgage application volume -- down 3.4 percent on a seasonally adjusted basis from the week before.

Applications for refinancings declined 4.2 percent from the first week of June, and the index that tracks home purchases was down 3 percent.

Borrowing costs on long-term loans were fairly calm in the latest  more...

PMI's market risk index fine tuned for changing market

Whether you're buying your first home, your 100th investment property, or facilitating such transactions as a real estate broker or lender, imagine having a crystal ball that reveals home prices two years from now?

There is no such crystal ball, of course. But PMI Mortgage Insurance Co. publishes a periodic risk index that helps consumers and real estate professionals gauge the odds that prices will fall in the top 50 housing markets.  more...

Another slide in overnight real estate rates

Long-term mortgage interest rates slipped again Tuesday, and the benchmark 10-year Treasury bond yield sank to 5.08 percent.

The 30-year fixed-rate average fell to 6.29 percent, and the 15-year fixed rate dipped to 5.99 percent. The 1-year adjustable was down to 5.55 percent.

The 30-year Treasury bond yield dropped to 5.2 percent.

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