Oil prices sink mortgage rates

Long-term mortgage rates fell this week as high oil prices and weak retail sales hinted at possible economic weakness, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.8 percent for the week ended today, down from last week when it averaged 5.89 percent. The average for the 15-year fixed-rate mortgage this week is 5.4 percent, down from last week when it averaged 5.47 percent.  more...

Economy posts modest growth

The U.S. leading index, a key barometer of economic conditions, inched up 0.1 percent in July, the Conference Board reported today.

The leading index now stands at 138.3. Based on revised data, this index increased 1.2 percent in June and remained unchanged in May. During the six-month span through July, the leading index increased 1.1 percent, with six out of 10 components advancing.  more...

Ex-congressional candidate indicted for real estate fraud

A former congressional candidate from Kansas was indicted Wednesday for allegedly using campaign contributions to fraudulently obtain a loan for a $1.2 million home, the Kansas City Star reported.

A federal grand jury charged former Navy fighter pilot Adam Taff with one count of wire fraud and one count of violating the Federal Election Campaign Act for allegedly using campaign funds to secure a mortgage on a Lake Quivira, Kan., home in January 2004, media reports said.

The indictment said Taff listed as personal assets nearly $312,000 from two campaign accounts to get  more...

U.S. real estate prices at high risk of correction

A study of the top 299 U.S. real estate markets released this week by the economics department of National City Corp. concludes that 53 metro areas representing 31 percent of the total U.S. housing market are "extremely overvalued" and confront a high risk of future price correction.  more...

Coldwell real estate expands in New Jersey

Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y., acquired the assets of Singer Real Estate in Springfield, N.J., Coldwell Banker said today.

Gary and Ina Singer, who founded their namesake company three decades ago, will remain with the newly combined organization in sales roles, Coldwell Banker said.  more...

Five South Carolinans accused of real estate fraud

Five people were indicted early this month in South Carolina on federal charges of conspiracy to commit fraud in connection with alleged schemes said to have defrauded two lenders out of $875,000, media reports said.

Federal prosecutors in Charleston, S.C., charged five people with criminal fraud, including an attorney and the owner of a local real estate agency, accusing them of orchestrating home-buying schemes that defrauded two mortgage lenders, the Charleston, S.C., Post & Courier reported.

Named in the lawsuit were North Charleston real estate attorney Jeffr  more...

Real estate sales hot in Austin

Home sales in the Austin, Texas, area jumped 17 percent in July from a year ago, the Austin Board of Realtors reported Wednesday.

Realtors reported that 2,560 single-family homes sold last month, up from approximately 2,188 sold in July 2004.

The median sale price of a single-family home was $169,740 in July, a 5 percent increase from a year ago.  more...

Google maps make impact on a la mode real estate sites

A la mode, a developer of desktop, mobile and Web tools for real estate professionals, today announced that 61 percent of its real estate agent customers have already begun Google Earth-based aerial mapping technology within the first month of its launch, making it one of the top features on a la mode agent sites.  more...

Overnight real estate rates move higher

Long-term mortgage interest rates began to rise Wednesday, and the benchmark 10-year Treasury bond yield gained to 4.27 percent.

The 30-year fixed-rate average rose to 5.36 percent, and the 15-year fixed-rate edged up to 4.97 percent. The 1-year adjustable was down at 3.82 percent.

The 30-year Treasury bond yield climbed to 4.48 percent.

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

RE/MAX branch, United Title sued for alleged kickbacks

A class-action suit has been filed against a California RE/MAX branch and United Title Co. alleging illegal kickbacks, fraud and unfair competition.

The lawsuit, filed in May in the U.S.  more...