Utah lawmaker calls for mortgage fraud prosecutor

A Utah lawmaker plans to introduce a bill during the 2006 legislative session calling for a special prosecutor to tackle mortgage fraud cases, the Utah Standard-Examiner reported today.

State Rep. Paul Ray, R-Clinton, who is himself a commercial loan officer for Utah's Zions Bank, told the Standard-Examiner that a boom in Utah's real estate market has made the state ripe for mortgage fraud.

"It (the boom) spurs a lot of this because Utah is a hot market," Ray told the Standard-Examiner. "It brings in people who want to make a quick buck."  more...

California luxury real estate values set records

Luxury home prices posted double-digit gains and rose to all-times highs in Los Angeles, San Diego and San Francisco in the second quarter of 2005 compared to a year ago, according to an index that tracks luxury homes.

Los Angeles values jumped 21.9 percent in the second quarter compared to a year ago; San Diego values increased 16.5 percent in the same period; and San Francisco Bay Area prices jumped 10.4 percent for that period, according to first Republic Bank's Prestige Home Index.  more...

Real estate construction slows in California

Despite a sizeable decline in California's housing starts between June and July, production is still running above the year-ago pace, the California Building Industry Association reported Tuesday.

New housing units, as measured by building permits, were down 16.4 percent from June, going from 21,385 units to a total of 17,875 units in July. However, housing starts were up by a robust 8.2 percent compared to July 2004.  more...

Realtors reach out to hurricane victims

The Realtors Relief Foundation will provide funds for Hurricane Katrina victims, the National Association of Realtors said Tuesday.

The foundation will contribute $50,000 to state Realtor associations in Alabama, Louisiana and Mississippi this week in light of destruction caused by Katrina.

Realtors Relief Foundation President Pat Kaplan said the initial contributions will help fund the establishment of state relief funds. "However, much more will be needed to help the many who have lost their homes or businesses," she said.  more...

Real estate purchases cool

Overall mortgage applications fell again last week, down 4.5 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Associations' weekly survey.

The seasonally adjusted purchase index decreased by 3.6 percent to 470.6 from 488.4 the previous week whereas the refinance index decreased by 5.4 percent to 2,187.8 from 2,313.9 one week earlier.

The refinance share of mortgage activity increased to 43.8 percent of total applications from 43.7 percent the previous week.  more...

Overnight real estate rates barely budge

Long-term mortgage interest rates were mostly unchanged Tuesday, and the benchmark 10-year Treasury bond yield dropped to 4.09 percent.

The 30-year fixed-rate average dipped to 5.3 percent, and the 15-year fixed-rate stayed at 4.91 percent. The 1-year adjustable was down at 3.87 percent.

The 30-year Treasury bond yield fell to 4.31 percent.

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

MLS in crisis

The MLS is in crisis, say many large brokers, agents and industry observers. The cooperative organization plays an essential role in the U.S. housing market, matching buyers and sellers through the assistance of a Realtor. But cooperation has been replaced by acrimony, litigation and an uneasy migration to the Internet.  more...