Fed raises target rate to 3.5%

The Federal Reserve has boosted a key interest rate to 3.5 percent, the 10th increase in the past year.

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent, the committee said today in a statement.

The move was a widely expected one. Augustine Faucher, a senior economist at Economy.com, had said, "The economy is doing quite nicely, so we expect the Fed to continue to tighten,'' the Miami Herald reported.  more...

Illinois landlord charged with Fair Housing violation

An Illinois landlord has been charged with violating the Fair Housing Act for refusing to rent on the basis of race, the U.S. Department of Housing and Urban Development said today.

The agency charged Doris Rofrano of East Moline, Ill., with violating the Fair Housing Act when she allegedly refused to rent a townhouse in East Moline to African-Americans.  more...

Surge in Cendant real estate brands

Cendant real estate brands reported a 37 percent year-over-year increase in the number of brokerage offices, according to a company announcement today.

Franchise sales were up during the first six months of 2005 at Cendant's Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty brands.  more...

Mortgage brokers plead guilty to bribery

A St. Louis mortgage agent and two mortgage brokers from California pleaded guilty to bribery charges relating to a bank scheme they participated in, federal officials said.

Derek Fenton, 30, of Wentzville, Mo.; Richard Mehlinger, 44, of Los Angeles; and Terry Gale, 42, of Los Angeles, each pleaded guilty to one felony count of bribery in connection with bank transactions, according to a U.S. Attorney's office statement.

Each defendant now faces up to 30 years in prison, up to $1 million in fines, and mandatory restitution, officials said.  more...

E-Loan's profit more than doubles

Online consumer-direct lender E-Loan this morning said its profit more than doubled in the second quarter of 2005, thanks to an increase in revenue despite a drop in loan volume.  more...

Real estate price gains expected to reach double digits

The national median existing-home price for all housing types is forecast to rise 10.5 percent in 2005 to $204,600 – the strongest rate of price growth in 25 years – while the median new-home price should increase 5.2 percent to $232,400, the National Association of Realtors reported today in its latest forecast  more...

Weichert expands in eastern U.S.

Weichert, Realtors has added five new franchise offices in Florida, New Jersey, New York, North Carolina and Pennsylvania through its Weichert Real Estate Affiliates organization, the company announced today.

Weichert launched its first franchise in January 2002 and now has 147 open offices in 16 states.  more...

Overnight real estate rates float higher

Long-term mortgage interest rates continued to climb Monday, and the benchmark 10-year Treasury bond yield rose to 4.43 percent.

The 30-year fixed-rate average increased to 5.48 percent, and the 15-year fixed-rate gained to 5.08 percent. The 1-year adjustable was up at 3.81 percent.

The 30-year Treasury bond yield increased to 4.6 percent.

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

Foxtons CEO departs 'for personal reasons'

Foxtons CEO Van Davis has left the discount real estate company for personal reasons, according to an announcement today.

Davis, 46, stepped down from Foxtons on Aug. 1, Foxtons announced. He had joined the company in July 2004 after a four-year stint as CEO and president of Century 21.  more...

New national classified ad site launches

A new national classified ad site where consumers and business owners can post classified ads for free, or pay for display banner ads, launched Monday.

ClassifiedChannel.com, a national Web-based classified advertising platform, was launched by MultiChannel Ventures of Orlando, Fla.  more...