Redfin offers seven tips for sellers

Redfin, a low-cost real estate brokerage company, today released recommendations for home sellers, based on academic research, an analysis of Web site statistics and other measures.

The recommendations, at www.redfin.com/scientist, include advice not to overprice for-sale homes, and to price at or below the thresholds of the $25,000 or $50,000 listing price increments on real estate search sites, among others.

Redfin launched a forum site at  more...

Real estate rates end night mixed

Movement in long-term mortgage interest rates varied Thursday, and the benchmark 10-year Treasury bond yield climbed to 4.2 percent.

The 30-year fixed-rate average rose to 5.81 percent, and the 15-year fixed rate held at 5.39 percent. The 1-year adjustable rate dipped to 5.57 percent.

The 30-year Treasury bond yield edged up to 4.64 percent.

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

California new-home sales sink 46% in October

New-home sales dropped 45.6 percent in California while median new-home prices fell 10.8 percent in October compared to October 2007, the California Building Industry Association and Hanley Wood Market Intelligence reported today.

The groups reported 3,292 new-home sales statewide for all new-home types in October, down from 6,047 sales in October 2006, according to the report. The median price across all new-home types was $405,900, down from $455,000 in October 2006.  more...

Large California title company closes its doors

A title company headquartered in California's Silicon Valley that once employed more than 2,000 employees at 200 branches has closed its doors without warning.

Alliance Title Co., which is licensed to do business in 34 of 58 California counties, grew quickly during the boom -- in part by hiring experienced agents away from other title companies.  more...

Foreclosures.com sees 93% rise in foreclosure filings

Initial foreclosure filings rose 93 percent from January through November compared to the same period last year, foreclosure research company Foreclosures.com reported this week, and the number of homes that ended up as bank-owned properties rose 41 percent.

An estimated 1.08 million homes, or 14.8 of every 1,000 households, entered the foreclosure process nationwide in the first 11 months of the year. And 526,936 households, or 6.6 homes out of every 1,000 households, reverted to lender ownership.  more...

Senate Democrats propose new restrictions on mortgage lenders

Senate Democrats have rolled out a bill that, like legislation passed by the House last month, is aimed at preventing mortgage brokers from steering borrowers into higher-cost loans in order to collect bigger fees, and bars prepayment penalties on subprime and high-cost loans.

The Homeownership Preservation and Protection Act of 2007, introduced Wednesday by Sen.  more...

Overnight real estate rates higher

Long-term mortgage interest rates were up Wednesday, and the benchmark 10-year Treasury bond yield climbed to 4.09 percent.

The 30-year fixed-rate average rose to 5.79 percent, and the 15-year fixed rate gained to 5.39 percent. The 1-year adjustable rate was up at 5.58 percent.

The 30-year Treasury bond yield edged up to 4.54 percent.

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

Home loan apps post gains

Mortgage application volume rose last week even as interest rates climbed, the Mortgage Bankers Association reported Wednesday.

The group's market composite index, a measure of total home loan application volume, gained 2.5 percent on a seasonally adjusted basis from the end of November, pushed higher by strong refinancing activity.

MBA reported an increase of 4.3 percent in the index that tracks applications for refinancings and a 1.7 percent gain in the purchase-loan index.  more...