First American Corp. to split in two

First American Corp. announced today that it will separate its financial and real estate information segments by spinning off its title insurance and related businesses into a separate company.

The new company, to be known as First American Financial Corp., will include First American's residential and commercial title operations, its home warranty and homeowners insurance businesses, and its trust and banking services.  more...

Survey shows ARM loans losing their advantage

Adjustable-rate mortgages accounted for a smaller share of prime loans in 2007 as their interest-rate advantage over fixed-rate loans shrank and lenders offered smaller discounts on introductory rates.

Those are among the findings of Freddie Mac's annual survey of prime adjustable-rate mortgage (ARM) loans, which found 3/1 and 5/1 hybrid ARMs were the most widely available ARM loan.  more...

CEOs lose confidence in economy

A key indicator that measures chief executives' confidence in the economy fell to a seven-year low in the fourth quarter of 2007, as fewer business leaders see improvement in the months ahead, The Conference Board reported today.

The Conference Board Measure of CEO Confidence, which had declined to 44 in the third quarter of 2007, fell to 39 in the final quarter of 2007, according to a survey of nearly 100 business leaders in a wide range of industries. A reading of more than 50 points reflects more positive than negative responses.  more...

Another drop in overnight real estate rates

Long-term mortgage interest rates were lower again Monday, and the benchmark 10-year Treasury bond yield dropped to 3.77 percent.

The 30-year fixed-rate average sank to 5.45 percent, and the 15-year fixed rate slipped to 4.98 percent. The 1-year adjustable rate was down at 5.29 percent.

The 30-year Treasury bond yield fell to 4.36 percent.

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

NAR's Political Action Committee raises more than $5 million

Real estate money favors Hillary Clinton in the 2008 presidential race, according to statistics posted at opensecrets.org, a Web site operated by The Center for Responsive Politics, a Washington, D.C.-based nonpartisan, nonprofit research group.

Real estate industry contributors gave $3.94 million to the presidential campaign of U.S. Sen. Hillary Clinton, D-N.Y., according to data released on Oct. 29 by the U.S. Federal Election Commission.  more...

PMI: Odds favor price declines in 13 top markets

The chance that home prices will fall during the next two years increased in 39 of the 50 largest U.S. markets during the third quarter, according to the latest quarterly risk index from PMI Mortgage Insurance Co.

PMI's Winter 2008 U.S. Market Risk Index showed a greater than 50 percent chance of price declines in 13 of the nation's 50 largest housing markets, up from 10 in the previous quarter.  more...