IndyMac earnings fall 57%

Alt-A lender IndyMac Bancorp Inc. saw second-quarter earnings fall 57 percent from a year ago, to $44.6 million, thanks to higher credit costs and lower profit margins.

Single-family mortgage production for the second quarter actually grew by 12 percent over last year, to $22.5 billion.

But IndyMac was able to sell only 90 percent of the loans it produced during the quarter, totaling $20.2 billion, for a $101 million gain on sale.  more...

Consumer confidence rebounds

Consumer confidence bounced back in July to highs not seen in nearly six years as Americans grew more upbeat about the economy, The Conference Board reported today.

The Consumer Confidence Index climbed to 112.6 this month from 105.3 in June, and hasn't been this high since hitting 114 in August 2001.

"An improvement in business conditions and the job market has lifted consumers' spirits in July," Lynn Franco, director of The Conference Board Consumer Research Center, said in a prepared statement.  more...

MGIC, Radian stand to lose $1 billion in subprime investments

Two mortgage insurance giants that plan to merge -- MGIC Investment Corp. and The Radian Group Inc. -- say they could lose their entire $1 billion investment in a subsidiary, C-BASS LLC, that's heavily invested in credit risk of subprime mortgages.

The news prompted Fitch Ratings to downgrade the senior debt rating of MGIC Investment Corp. from A+ to A, and the insurer's financial strength of subsidiaries Mortgage Guaranty Insurance Corp. and MGIC Australia Pty Ltd. from AA+ to AA.  more...

Seattle tops nation for annual home-price growth

A home-price index that tracks 20 U.S. metropolitan areas showed a 2.8 percent decline in the annual home-price growth rate for May, according to a report released today.

It was the 18th consecutive decline in the monthly Standard & Poor's/Case-Shiller 20-City Composite index, which has been in negative territory since January 2007 when compared to index results in 2006.  more...

Condo.com scoops up condo listings from NCI

Network Communications, one of the largest real estate publishers in the country, said today it will be sending condo and townhome listings to Condo.com for display under a new partnership.

The deal will have NCI feeding its resale and new construction listings to Condo.com in an attempt to gain more exposure for advertisers who currently place listings in NCI's The Real Estate Book, New Home Finder, New Home Journal, New Homes & Ideas, and Unique Homes.

Condo.com claim  more...

LendingTree reports loss in Q2

IAC/Interactive Corp. today reported a 78 percent surge in profits for the second quarter, despite taking a loss in its real estate holdings, which include LendingTree and RealEstate.com.

Overall, IAC reported $96 million in net income, or 32 cents a share, while revenues were up 5.6 percent to $1.5 billion for the quarter.  more...

Residential construction spending takes a hit

Spending on U.S. residential construction continued to decline in June, as the seasonally adjusted annual construction rate fell 16.4 percent from a year ago, the Census Bureau reported today.

The value of home construction put in place last month registered a rate of $544.3 billion, compared with $650.9 billion the same time last year. Compared to May, the rate was down 0.7 percent, marking the 16th consecutive monthly decline.  more...

Slight gain in overnight real estate rates

Long-term mortgage interest rates edged up Monday, and the benchmark 10-year Treasury bond yield grew to 4.8 percent.

The 30-year fixed-rate average rose to 6.27 percent, and the 15-year fixed rate increased to 5.94 percent. The 1-year adjustable stayed at 5.52 percent.

The 30-year Treasury bond yield was up to 4.95 percent.

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