Kokomo, L.A., opposites in affordability

Indiana is home to the most affordable small and large metro housing markets in the country, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Kokomo, Ind., with an estimated 90.9 percent share of homes affordable for median-income families, ranked as the most affordable small city area with a population under 500,000 in the second quarter.

The Indianapolis-Carmel, Ind., area, with an 86.8 percent share of homes affordable for median-income families, ranked as the most afford  more...

MGIC, Radian merger derailed

The fate of a planned merger of mortgage insurers MGIC Investment Corp. and The Radian Group Inc.  more...

Blog petition promotes affordable housing

A national group has launched a blog-based petition drive to gather support for affordable housing.

The National Association of Housing and Redevelopment Officials, along with groups including the National Association of Realtors, Mortgage Bankers Association and National Association of Home Builders, among others, are supporting the Housing America 2007 petition.

The petition, at http://HousingAmerica.blogspot.com, seeks to gather support for the prioritization of  more...

Countrywide confirms Alt-A, subprime layoffs

Even as it recruits new sales staff from troubled competitors, Countywide Financial Corp. says it's laying off some workers in divisions that handle loans the company is cutting back on.

Countrywide said it cut 500 positions last week in its Full Spectrum Lending division, which handles Alt-A loans, and the subprime lending unit of its wholesale lending division.

There's been a significant contraction in the volume of subprime mortgage lending across the industry, Countrywide said in a statement released Monday.  more...

RealtyTrac: Nevada remains tops in foreclosure rate

Foreclosure activity nearly doubled in July compared to the same month last year, to a rate of one foreclosure filing for every 693 U.S. households, data provider RealtyTrac reported today.

The U.S. Foreclosure Market Report for July shows 179,599 foreclosure filings for the month, which includes default notices, auction-sale notices and bank repossessions. Foreclosure activity across the country increased 93.4 percent year-over-year in July.  more...

Overnight real estate rates down again

Long-term mortgage interest rates dipped further Monday, and the benchmark 10-year Treasury bond yield fell to 4.63 percent.

The 30-year fixed-rate average fell to 6.22 percent, and the 15-year fixed rate sank to 5.87 percent. The 1-year adjustable dropped to 5.52 percent.

The 30-year Treasury bond yield decreased to 4.96 percent.

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