Clarification

In an Inman News story, "The real estate Web lead machine," which ran on Jan. 16, 2006, part of a quote by Matt Coffin, CEO of LowerMyBills was missing. Inman News regrets the mistake. The quote should read:

"In general, what is happening is that people are concerned for their own brand but consumers are voting with their clicks. There are many evolutionary or revolutionary models that have come on the Web.  more...

Title insurance fraud costs man $2 million, prison time

A Michigan businessman and former chiropractor will spend 33 1/2 months in federal prison and must pay restitution of nearly $2 million to a title insurance company he defrauded in early 2002, in part so he could buy an Arena Football League team in Florida, The Flint Journal reported Wednesday.

"Frankly, I think your conduct was deplorable," U.S. District Judge Paul V. Gadola said Tuesday as he sentenced Thom D.  more...

Wall Street Journal launches online home listings section

The Wall Street Journal's guide to property, RealEstateJournal.com, has teamed up with Builder Homesite, a consortium of 36 of the nation's largest home builders, to create a new-home listings section, Builder Homesite said today.

The "New Construction" area on RealEstateJournal.com contains hundreds of thousands of searchable new-home listings containing descriptions, photos, maps, plans and more, the companies said.

RealEstateJournal.com's New Construction section is powered by Builder Homesite's flagship product, New Home Source.  more...

Weichert expands in three states

Weichert Real Estate Affiliates, the franchise arm of Weichert, Realtors, announced its expansion into three new states with the openings of its first affiliated offices in Arkansas, Indiana and Missouri.

The Weichert franchise organization, which launched its first affiliate in January 2002, now includes more than 190 signed offices in 20 states and is home to some 4,000 sales associates. 

The new Weichert affiliates include:

• Weichert, Realtors - Pat Mote Properties, Benton, Ark.  more...

SoCal new-home price gains expected to cool

Demand for new homes in Southern California remains stable and average prices have been flat for the past year, according to a market report by Real Estate Economics, a real estate information company.

The fourth-quarter 2005 market report, which includes data from Ventura, Los Angeles, Orange, San Diego, Riverside and San Bernardino counties, shows that total inventory of new homes for sale is up about 15.9 percent, while monthly sales are up about 29.4 percent since fourth-quarter 2004.

The pace of new-home sal  more...

Ad campaign spotlights hurricane victims' housing rights

The Department of Housing and Urban Development and the Ad Council launched a national campaign Thursday that aims to increase hurricane victims' knowledge of fair housing rights and reporting of housing discrimination.

The campaign consists of television, radio, newspaper and magazine advertising, which dramatically illustrate the difficulties many hurricane survivors face -- "the storm isn't over." The TV spots feature scenes from the hurricanes' devastation and highlight the excuses often heard.  more...

Overnight real estate rates up

Long-term mortgage interest rates moved higher Thursday, and the benchmark 10-year Treasury bond yield rose to 4.37 percent.

The 30-year fixed-rate average gained to 5.64 percent, and the 15-year fixed-rate edged up to 5.2 percent. The 1-year adjustable was up at 4.52 percent.

The 30-year Treasury bond yield increased to 4.55 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Trulia gets funding boost

Trulia, an online real estate search site that pools property listings from California brokers, with plans to expand nationwide, has received an injection of $5.7 million in investor funding.

Co-founder Pete Flint said that the Series B financing, from venture capital firm Accel Partners, is an endorsement of the company's business model.  more...

Newspaper group launches new real estate product

Douthit Communications, an Ohio company that owns a suburban newspaper group, today announced the release of an enhanced version of AdWriter, an automated advertising management system that is available to real estate brokers.

The company also owns and publishes the national specialty magazine group, Homes Illustrated, which publishes 13 residential real estate homes-for-sale magazines in the Midwest, Rocky Mountain and Southwest markets.

The new offering, called AdWriter AdVantage, allows brokers and agents to  more...