Los Angeles home ownership trails nation

Los Angeles County has had a rental shortfall of 25,000 units per year for the past four years, and that same dynamic of strong demand and insufficient new supply is expected to continue, according to a University of Southern California real estate economics forecast.  more...

California housing starts decline

California housing starts fell in February from January's 14,292-unit level, but are still on track to break the 200,000-unit barrier in 2004, the California Building Industry Association reported today.

Single-family housing starts, as measured by building permits issued, totaled 9,912 in February, down 12.1 percent from January and down 1.7 percent from February 2003, according to figures released by the Burbank-based Construction Industry Research Board.  more...

Consumer confidence remains weak

The Conference Board's consumer confidence index, which had declined sharply last month, was flat in March. The index now stands at 88.3 (1985=100), virtually unchanged from 88.5 in February.

The present situation index rose to 84.1 from 83.3. The expectations index dipped slightly to 91 from 91.9.  more...

Virginia real estate sales increase

Virginia real estate made gains in sales and prices during February from the same month a year ago, the Virginia Association of Realtors reported today.

Closed home sales increased 4.2 percent in February to 7,134, compared to 6,847 for February 2003. So far this year, 14,095 transactions have closed, up 1.4 percent over last year's 13,896 for the same period.  more...

Manhattan real estate prices skyrocket

A shrinking inventory of apartments for sale has sent prices through the roof in Manhattan, with the average sales price of condos and co-ops nearly doubling in a decade, from $450,048 in 1994 to $872,160 in 2003.  more...

Racial gap persists in lending

Changes in the mortgage industry challenge the activities of community-based organizations, and those groups must improve their lending activities because of the changes, according to a recent study by the Joint Center for Housing Studies of Harvard University.  more...

Real estate Web sites lost at sea

Real estate companies and agents have spent hundreds of millions of dollars on Web sites no one visits, according to the authors of "Real Estate Technology Guide," a new book that outlines how to make the best use of present technology and plan for what's next.  more...

Mortgage rates rise again

Long-term mortgage interest rates were higher Monday, and the benchmark 10-year Treasury bond yield rose to 3.89 percent.

The 30-year fixed-rate average increased to 5.2 percent, and the 15-year fixed-rate rose to 4.5 percent. The 1-year adjustable was up at 2.94 percent.

The 30-year Treasury bond yield climbed to 4.81 percent.

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