2007 title insurance premiums near 5-year low

Last year may have been the worst since 2002 for title insurers, who will need to reduce costs and contain losses to firm up their bottom lines as premium volumes fall.

That's according to a new report from Demotech Inc. analyzing the title industry's third-quarter results. The quarterly update showed net income for the year down 25 percent at the end of the third quarter, and Demotech projects direct premiums written will total $14.5 billion for the year, the lowest level in five years.  more...

GMAC blames mortgage unit for $724 million Q4 loss

GMAC Financial Services said today losses at its mortgage lending subsidiary drove a $724 million loss for the quarter and a $2.3 billion loss for the year.

Residential Capital LLC's fourth-quarter losses totaled $921 million, GMAC said, blaming write-downs on credit residuals and mortgage-backed securities, higher funding costs, market-driven impairments on real estate assets and equity investments, and restructuring charges. For the year, ResCap's losses totaled $4.35 billion.  more...

Real estate advertising franchise grew in 2007

Real estate media company Homes & Land grew its franchise division by 7.5 percent to 340 franchises in 2007, the company said today.

The company also announced its recent entrance into new markets, including Rhode Island and Vermont, offering real estate agents in those states property advertising in the Homes & Land magazines and on the company's Web portal at HomesAndLand.com.  more...

Yahoo up, MSN down in latest Hitwise real estate site rankings

Yahoo Real Estate jumped four places in the ranking of most-visited real estate Web sites since December to number three on the list in January, behind second-place HomeGain.com and consistent leader Realtor.com, according to a report released today by Web metrics company Hitwise.  more...

Nightly real estate rates increase

Long-term mortgage interest rates rose Monday, and the benchmark 10-year Treasury bond yield grew to 3.65 percent.

The 30-year fixed-rate average climbed to 5.52 percent, and the 15-year fixed rate gained to 4.97 percent. The 1-year adjustable rate, however, sank to 5.05 percent.

The 30-year Treasury bond yield was up at 4.38 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...

Bush proposes modest increase in HUD budget

The Bush administration proposes scaling back or eliminating six Department of Housing and Urban Development programs to save $1.6 billion, while boosting the department's overall budget by $1 billion, to $38.5 billion.

The administration's proposed fiscal-year 2009 budget for HUD would include $2 billion for federal block grants for affordable housing for low-income families -- a $263 million increase in funding for the HOME Investment Partnerships Program. The increase will help an additional 13,000 families find affordable housing, HUD said.  more...