Survey: average home purchase price up 4.3% from May to June

The Federal Housing Finance Board reported today that the average home purchase price increased 4.3 percent from May to June, to $309,700.

The FHFB's data, based on a monthly survey of conventional purchase loans made by major lenders, excludes FHA- and VA-guaranteed mortgages and balloon loans.  more...

Search engine advertising a top choice for real estate

Despite a weak housing market, nearly 47 percent of real estate brokers and agents said they plan to spend more money on marketing and advertising over the next year.

That's according to a new research report released today on "The State of Real Estate Marketing." The report from Inman News looks at online advertising and marketing spend habits of real estate professionals, as well as who is spending money offline in print publications.

Search engine keywords remain a popular form of advertising, the report found, with  more...

Fidelity National Financial earnings fall 36%

Higher interest rates and the slowdown in the mortgage lending and housing markets helped push Fidelity National Financial's second-quarter profits down 36 percent from last year, to $84.8 million. 

Revenue for the quarter totaled $1.49 billion, down 44 percent from $2.64 billion for the same quarter last year.

"We expect the second half of 2007 to remain a challenge and we will continue to monitor order counts and employee headcount in our quest to maximize earnings from our title business," FNF Chairman of the Board William P.  more...

June existing home sales down 11.4% to 2002 levels

Sales of existing homes fell 11.4 percent in June compared to a year ago, to a seasonally adjusted annual rate of 5.75 million homes, the National Association of Realtors reported today.

The last time home sales dipped below that pace was November, 2002, when the rate was 5.73 million homes per year. In 2005, at the height of the housing boom, sales of existing homes hit 7.08 million.  more...

Beazer says SEC inquiry now a formal investigation

Beazer Homes USA -- already the subject of a criminal fraud investigation -- says it's now the subject of a formal Securities and Exchange Commission inquiry.

Beazer revealed no further details of the investigation, but the Charlotte Observer said the inquiry was opened shortly after the newspaper reported that several customers who bought homes in 2001 were paid for answers on customer satisfaction surveys.  more...

Borrowers pull back from home purchase loans

Mortgage applications decreased last week, while mortgage rates also slipped, according to the latest survey from the Mortgage Bankers Association trade group.

The market composite index, a measure of mortgage application volume, fell 3.6 percent on a seasonally adjusted basis from a week earlier.  more...

Real estate rates steady overnight

Long-term mortgage interest rates were unchanged Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.91 percent.

The 30-year fixed-rate average stayed at 6.29 percent, and the 15-year fixed rate froze at 5.97 percent. The 1-year adjustable dipped to 5.56 percent.

The 30-year Treasury bond yield was down at 5.03 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...