Builder confidence in 5-month slide

Builder confidence is at its lowest level in more than 16 years, according to the latest survey by the National Association of Home Builders and Wells Fargo.

The NAHB's Housing Market Index (HMI) declined four points in July, to 24 -- the lowest level since January 1991, the group said. A number over 50 indicates more builders see sales conditions as good than poor.

The index was last above 50 in April 2006, and has fallen every month since hitting a high for the year of 39 in February.  more...

FDIC, NeighborWorks partner in foreclosure prevention

The Federal Deposit Insurance Corp. is teaming up with an industry-sponsored foreclosure effort in nine regions to step up efforts to identify homeowners at risk of foreclosure and to increase lender support for foreclosure intervention.  more...

States urged to follow federal guidance on subprime loans

The Conference of State Bank Supervisors has issued a statement on subprime lending that's intended to speed adoption of recently issued federal guidance at the state level.

Finalized on June 29, the federal guidance -- which instructs banks and other lenders making many types of adjustable-rate mortgage (ARM) loans to qualify borrowers at the fully indexed rate -- does not apply to lenders regulated by the states.  more...

Foreclosure auctions soar in Los Angeles in Q2

Housing markets across the country are experiencing a downturn in sales and prices and mortgage lending standards are tightening, causing many markets to see a rise in foreclosures.

According to real estate data provider PropertyShark.com, foreclosures were on the rise in Los Angeles, New York and Miami in the second quarter, but have recovered in Seattle.

PropertyShark.com recorded 3,793 first-time trustee sales in Los Angeles, 643 foreclosure auctions in New York City, 1,282 in Miami-Dade County, and 334 in Seattle fo  more...

Forecast: Fed likely to raise interest rates this year

The Conference Board today reported that after a very long wait, long-term Treasury bond yields have begun to reflect a better outlook for the U.S.  more...

Overnight real estate rates stay flat

Long-term mortgage interest rates barely moved Monday, and the benchmark 10-year Treasury bond yield dipped to 5.04 percent.

The 30-year fixed-rate average stayed at 6.31 percent, and the 15-year fixed rate edged up to 6.02 percent. The 1-year adjustable was up at 5.55 percent.

The 30-year Treasury bond yield was down at 5.13 percent.

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

Alliance Bancorp, sister companies file for bankruptcy liquidation

Three subsidiaries of ARH Mortgage Inc. that originated at least $2.6 billion in Alt-A loans in 2006 plan to liquidate their assets in bankruptcy court.

Alliance Bancorp of Brisbane, Calif., filed a Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court in Wilmington, Del., that also names its parent company, Alliance Mortgage Investments Inc., and Alliance Bancorp Inc. of Oakbrook, Ill.

All three companies are subsidiaries of ARH Mortgage Inc.  more...