Housing demand still strong

Housing demand generally remained high and residential real estate markets continued to be strong throughout most of the country in January, although cold temperatures and winter storms interrupted home building in some areas, according to a summary Federal Reserve report issued Wednesday.  more...

Consumer confidence surges in Rockies

The Rocky Mountain region has scored the biggest gains in consumer confidence over the last year, according to an analysis released today by The Conference Board. This area – which includes Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah and Nevada – has also registered solid increases in help-wanted job advertising in key cities in this region.  more...

Real estate buying power stands pat in California

The percentage of households in California able to afford a median-priced home stood at 23 percent in January, unchanged from December, but represented a 6 percentage-point decrease compared to the same period a year ago, according to a report released today by the California Association of Realtors.

The minimum household income needed to purchase a median-priced home at $405,720 in California in January was $94,020, based on a typical 30-year, fixed-rate mortgage at 5.7 percent and assuming a 20 percent down payment.  more...

Long-term mortgage rates drift higher

Mortgage rates nudged up this week, while financial markets await tomorrow's February employment report, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.59 percent for the week ended today, nearly unchanged from last week when it averaged 5.58 percent.

The average for the 15-year fixed-rate mortgage this week is 4.88 percent, almost unchanged from last week's average of 4.89 percent. Points on both the 30- and 15-year averaged 0.7.  more...

Countrywide, Napolitano enter joint venture

Countrywide Home Loans and Napolitano Homes today announced the formation of NCL Mortgage, a mortgage venture that aims to provide home buyers in southeastern Virginia with a wide variety of home financing programs.

NCL Mortgage, an operating division of Countrywide Mortgage Ventures, will offer zero down payment loans and a variety of fixed- and adjustable-rate options.  more...

Real estate team pleads guilty to loan fraud

A real estate developer and real estate agent in Florida each face up to 30 years in prison and fines of up to $1 million on charges related to false loan statements and income tax returns.

James Sharpe Sr., James Sharpe Jr. and Shannon Sharpe Carr last week pled guilty to making materially false statements to financial institutions in the Destin, Fla., area, U.S. Attorney Gregory Miller said Monday. Defendants will be ordered to pay restitution to all victims still owed money, and forfeit money obtained as profit for their illicit activity.  more...

Veros expands AVM platform

Veros Software on Tuesday announced the launch of VeroPHOTO+, an automated collateral assessment product that unites the VeroVALUE AVM with a digital photo of the subject property and an external property condition report completed at the time of the AVM order.  more...

LendingTree buys Domania

LendingTree, an online lending and realty services exchange, has acquired certain assets of Domania from Primedia, in a deal Inman News reported in December. Domania provides customer acquisition, retention and marketing services to real estate, banking and mortgage companies.  more...

Fannie Mae fined for soft money donations

Home loan finance giant Fannie Mae is one of three organizations fined a total of $132,000 for violating the Federal Election Campaign Act, the Federal Election Commission (FEC) reported Wednesday.

Under conciliation agreements made with the FEC, Fannie Mae will pay $10,000 in civil penalties, the Republican National Committee will pay $98,000 and the National Republican Senatorial Committee will pay $24,000.  more...