Fed keeps key funds rate at 1%

The Federal Reserve's Open Market Committee decided today to keep its target for the federal funds rate at 1 percent.

The Fed said that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal.

The Fed said that the probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation.  more...

NRT buys New York brokerage

The Corcoran Group, a member of the NRT family of companies, today announced it has acquired Dayton-Halstead LLC in East Hampton, N.Y.  more...

MISMO breaks free, launches software compliance service

The Mortgage Industry Standards Maintenance Organization (MISMO), which was created by the Mortgage Bankers Association, today announced it has become an independent corporation and has launched MX Compliance Service, a new compliance initiative designed to test and certify new software as MISMO compliant and/or compatible.

The announcements were made at the association's 2004 National Technology in Mortgage Banking Conference & Expo in Phoenix.  more...

ServiceMagic, MSN sign deal

ServiceMagic.com today announced a strategic relationship with MSN, establishing itself as the exclusive provider of home improvement contractor services on the MSN House and Home Web site.

More than 45,000 service professionals currently use ServiceMagic to find targeted leads for home building, remodeling, architectural services, roofing, fences, decks, painting, flooring, plumbing, landscaping and HVAC, according to a company statement.  more...

Houston real estate breaks record

Houston home sales in February jumped 14 percent from the same month a year ago and set an all-time high for the month, according to the Houston Association of Realtors.

Total property sales, which included single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, reached 4,692, the highest number of total sales ever recorded during the month of February.  more...

Appraisers see the electronic light

Appraisal software provider a la mode Inc. today debuted its new technology, Mortgage Xsites, which enables mortgage brokers, loan officers and other lender representatives to set up and maintain Web sites geared toward getting business from home buyers and borrowers looking to refinance their home loans.

Mortgage XSites allows users to seamlessly interface with eligible appraisers. Appraisers can import appraisal order details, complete assignments and deliver complete electronic appraisal reports.  more...

Home construction loses strength

Privately owned housing starts in February were at a seasonally adjusted annual rate of 1.85 million, down 4 percent from the revised January estimate of 1.93 million, according to estimates reported today by the U.S. Commerce Department's Census Bureau.

February's pace, however, is 13.1 percent above the February 2003 rate of 1.64 million.

Single-family housing starts in February 2004 were at a rate of 1.49 million, 4.1 percent below the January figure of 1.55 million. The February estimate for units in buildings with five units or more was 336,000.  more...

Real estate experts discuss privacy risk prevention

Three real estate privacy experts will discuss privacy concerns in real estate transactions during an audio conference sponsored by the International Association of Privacy Professionals next week.

The conference, "Privacy and the Real Estate Industry: Building Customer Trust," is slated for March 24. Registration details are available at www.privacyassociation.org.  more...