E-Loan acquisition validates online lending model

The move on the part of Puerto Rico's largest bank to acquire E-Loan for about $300 million gives added credibility to the consumer-direct online lending model, E-Loan's founder said.

Popular Inc., a Puerto Rico-based full services financial services provider with 130 branches in the United States, is the 34th largest institution in the U.S. and has $45 billion in assets, Chris Larsen, founder of E-Loan, said in an interview this morning.  more...

Detroit tops for-sale-by-owner list, company says

More homeowners in Detroit choose to sell their homes themselves, without help from a real estate broker, than any other state in the nation, a national survey revealed.

An annual survey of home-selling habits released today by independent real estate services company ForSaleByOwner.com revealed that Detroit homeowners were first in such sales, the company said.

"Detroiters are known for embracing alternatives that make a bottom-line impact on their pocketbooks," said Colby Sambrotto, COO of ForSaleByOwner.com.  more...

What consumers want in a real estate agent

Integrity, prompt response time and commitment are among the most important factors consumers consider when choosing a real estate agent, according to a new survey.

Realty Executives International queried consumers and agents in the Kansas City, Boston, San Diego and Orlando, Fla., metropolitan areas for the survey. The company's Phoenix franchise also conducted research in its local market.  more...

Accused Florida price-gouger to pay $200,000 in restitution

A Florida company accused of gouging homeowners on repairs of damages caused by last year's hurricanes has agreed to pay $200,000 in restitution and cease business operations in the state.

Florida Attorney General Charlie Crist said today that Fort Walton, Fla.-based Garner Construction LLC settled with his office in the wake of an investigation into possible price gouging.

Garner, a construction remodeling company, was alleged to have overcharged consumers for water mitigation and minor home repairs in the wake of the hurricanes that battered the state last year.

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Industry mourns loss of Web innovator

Lois M. Hekker, a Florida real estate broker who was very involved in the state's real estate industry, died Saturday, July 30, at the age of 66.

Hekker was broker/owner of Buyer's Agents International Realty in Sarasota. Her son William C. Bohack of Siesta Key, Fla., will now run the business.

She was very active in her Florida community and local affairs, and was a pioneer in the real estate industry.  more...

E-Loan to be acquired by Puerto Rico's largest bank

Popular, Puerto Rico's largest bank, said this morning it had agreed to buy online consumer-direct lender E-Loan for about $300 million in cash, expanding its U.S. lending businesses.

The transaction will expand Popular's reach in the U.S. market and complement its existing nonprime and warehouse-lending businesses. E-Loan originated more than $5 billion in mortgage, home equity and auto loans in 2004.  more...

Real estate lacks diversity

The real estate industry is falling behind in the movement towards workplace diversity in corporate America, according to a new study.

The report, completed by FPL Associates, reveals insufficient opportunities for minorities in real estate and details some successful diversity initiatives within a few real estate companies.  more...

Real estate loan insurer grows profits

Radian Group reported that its second-quarter net income rose to $140.2 million, up 16.4 percent from second-quarter 2004 when its income was $120.5 million.

The net income per share for the second quarter was $1.56, up 26.8 percent from $1.23 reported a year ago.

The company had second-quarter revenues of $310.3 million, down nearly 4 percent from the $322.8 million the same time a year ago.  more...

California real estate falls further out of reach

California households, with a median household income of $53,840, fall $70,480 short of the qualifying income needed to purchase a median-priced home in the state, according to the California Association of Realtors Homebuyer Income Gap Index report for the second quarter of 2005.

A median-priced home in California cost $530,430 in the second quarter, the association reported.

The index is a quarterly analysis of the difference between the median household income and the qualifying income needed to purchase a me  more...

Real estate refis lose steam

Overall mortgage applications barely budged last week, going down 0.3 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted refinance index decreased 3 percent to 2,250.3 from 2,320.3 one week earlier. The seasonally adjusted purchase index increased by 1.9 percent to 494.5 from 485.1 the previous week.

The refinance share of mortgage activity decreased to 41.7 percent of total applications, from 42.9 percent the previous week.  more...

U.S. real estate affordability drops

The median-income family had more than enough income to purchase a median-priced existing home in the second quarter of the year, according to an index produced by the National Association of Realtors trade group. But affordability dropped about 12 percent from the first quarter to the second quarter.  more...

Upward trend for overnight real estate rates

Long-term mortgage interest rates continued higher Tuesday, and the benchmark 10-year Treasury bond yield rose to 4.34 percent.

The 30-year fixed-rate average climbed to 5.41 percent, and the 15-year fixed-rate grew to 5 percent. The 1-year adjustable was up at 3.78 percent.

The 30-year Treasury bond yield climbed to 4.54 percent.

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