Hunt takes over Foxtons North America

Foxtons founder and CEO Jon Hunt has taken over as CEO of Foxtons North America after the buyout and departure of former CEO and founder Glenn Cohen.

Hunt will assume responsibility for the day-to-day operations of the U.S. company headquartered in West Long Branch, N.J., according to a company statement today.

Hunt opened Foxtons U.K. in 1981. The company has 600 staff and expects to list 35,000 homes in London this year. The U.S. operation has 400 employees and 10 locations in New Jersey, New York and Connecticut.  more...

California housing starts rise in January

If current trends hold, California home builders will break the 200,000-unit barrier this year for the first time since 1989, the California Building Industry Association announced Tuesday.

According to figures compiled by the Construction Industry Research Board in Burbank, builders began work on 14,292 homes and apartments in January, up 0.7 percent from January 2003 but down 10.7 percent from December 2003. However, on a seasonally adjusted basis, total housing production climbed 2.4 percent from December and 4.9 percent from January 2003.  more...

More mortgage bundling on the horizon

Patrick Stone, former CEO of Fidelity National Information Solutions, will serve as vice chairman of the Sherman Oaks, Calif.-based Metrocities Mortgage board of directors, the company said this week.

Stone recently left FNIS as a result of its parent corporation Fidelity National Financial's purchase of its remaining interest in the smaller real estate technology company. Stone continues to serve as a consultant to Fidelity and remains on its board of directors.  more...

Refi purchases hit 7-month high

Overall mortgage purchases rose 2.8 percent last week on a seasonally adjusted basis, as refinancings reached a seven-month high, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted refinance index increased by 5.1 percent to 3,532.2 from 3,361.9 one week earlier. The seasonally adjusted purchase index decreased by 0.2 percent to 422.6 from 423.5 the previous week.  more...

National banks can't ignore all state rules

National banks should respond quickly and fairly to consumer complaints passed along by state regulators, the Office of the Comptroller of the Currency said this week. The new guidance clarifies the previous assertion that the federal regulator has precedence over state banking rules.

"We expect that the paramount concern of national banks and their subsidiaries is to do the right thing for their customers," said Julie Williams, chief counsel and first senior deputy Comptroller.  more...

Web advertising secrets unveiled

Nearly half of Inman News readers who responded to a survey about Web advertising said they use search engine optimization to gain online exposure to home buyers and sellers.

About 49 percent of readers use search engine optimization, which is a combination of techniques that aim to increase a Web site's relevancy and gain high rankings in a search engine's "natural" results.  more...

Overnight mortgage rates scattered

Long-term mortgage interest rates were mixed Tuesday, and the benchmark 10-year Treasury bond yield climbed to 4.04 percent.

The 30-year fixed-rate average rose to 5.26 percent, and the 15-year fixed-rate stayed at 4.53 percent. The 1-year adjustable dipped slightly to 3.17 percent.

The 30-year Treasury bond yield increased to 4.9 percent.

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

Glenn Cohen selling interest in Foxtons

London-based Foxtons is acquiring founder Glenn Cohen's interest in Foxtons North America, a discount brokerage firm, based in West Long Branch, N.J. Cohen, 42, is leaving the firm.  more...