Realogy shrinks newspaper ad spend

Richard A.  more...

Standard & Poor's downgrades $3.8 billion in second loans

A week after downgrading $6.39 billion in mortgage-backed securities backed by first-lien subprime loans, Standard & Poor's Ratings Services says it's downgrading $3.8 billion in securities backed by second mortgages.

The downgrades of 418 classes of MBS represent 6.1 percent of the $62 billion in ratings issues on second-lien collateral for the two years ending in January 2007, Standard & Poor's said.  more...

Economy downshifts in June

The economic outlook soured in June on news that building permits hit a 10-year low and jobless claims rose, The Conference Board reported today.

The U.S. leading index, a key barometer of future economic conditions, sank 0.3 percent last month to 137.5, with just three of 10 indicators advancing. Based on revised data, the index rose 0.2 percent in May and dropped 0.2 percent in April.

The drop in building permits made the largest negative contribution to the leading index in June, followed by rising claims for unemployment insurance and souring consumer expectations.  more...

Foreclosures become breeding grounds for mosquitoes

Foreclosed homes don't just depress prices in their surrounding neighborhoods -- they are a public health threat, according to officials in Contra Costa County east of San Francisco.

Homes in foreclosure are a potential breeding ground for mosquitoes that carry the deadly West Nile virus because the bugs inhabit swimming pools or other standing water on neglected properties.  more...

Mortgage rates stuck in narrow range

Mixed economic indicators caused long-term mortgage rates to move sluggishly this week, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage held at an average 6.73 percent, while the 15-year fixed-rate mortgage dipped to 6.38 percent from 6.39 percent a week ago.  more...

Stewart Title accused of hiring unlicensed title examiners

Stewart Title Guaranty and a subsidiary, Electronic Closing Services, have agreed to pay $1.5 million to settle allegations by California regulators that they hired an unlicensed company to help prepare more than 2,000 title insurance policies.

Richmond Title Services, the Tennessee-based company accused of operating as an unlicensed underwritten title company, was not a party to the settlement.  more...

Overnight real estate rates still sluggish

Long-term mortgage interest rates were mostly flat again Wednesday, and the benchmark 10-year Treasury bond yield dipped to 5.03 percent.

The 30-year fixed-rate average dipped to 6.31 percent, and the 15-year fixed rate held at 6.01 percent. The 1-year adjustable sank to 5.54 percent.

The 30-year Treasury bond yield was down at 5.12 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...

Bernanke promises new rules to combat unfair lending practices

The Federal Reserve will propose new rules to combat unfair or deceptive mortgage lending practices later this year, Chairman Ben Bernanke told members of the House Financial Services Committee Wednesday.

Bernanke's announcement that the Fed will exercise its rule-making authority under the Home Ownership and Equity Protection Act (HOEPA) marks a departure from an emphasis on tighter guidelines for lenders and improved disclosures for borrowers.  more...

Blogger Renaissance the new Summer of Love

Forty years ago this summer about 100,000 young people from around the world flocked to San Francisco's Haight-Ashbury district to join in a cultural experience known as the "Summer of Love."

This year, San Francisco again will be the meeting place, but this time it will be remembered as the "Renaissance in Real Estate Media." Starbucks will replace the old psychedelics with double nonfat lattes, and laptops and iPhones will replace platforms and headbands.  more...