Loan fraud prevention tool debuts

A new real estate loan fraud detection product for lenders and investors promises to reduce loss due to fraudulent transactions while improving loan quality.  more...

Regulator details plan for Fannie Mae, Freddie Mac oversight

The Office of Federal Housing Enterprise Oversight, regulator of Fannie Mae and Freddie Mac, has plans to strengthen oversight of the two mortgage corporations with more in-depth examinations and coordination among federal agencies to enhance the nation's housing finance system.

Also included in the federal regulator's plan for fiscal years 2006-2011 released on Friday were a review of capital standards for the government-sponsored enterprises, or GSEs, and the establishment of a new regulatory regime through legislative change.

OFHEO, Fannie Mae and Freddie Mac have been the  more...

NAR: Home sales may have hit bottom

An index that tracks pending home sales increased 4.3 percent from July to August but sank 14.1 percent compared to August 2005, the National Association of Realtors trade group reported today.

The Pending Home Sales Index, based on contracts signed in August, reached 110.1 in August, compared with 105.6 in July.

The index is based on pending sales of existing homes.  more...

Construction spending tops $1.2 trillion pace

The rate of construction spending in August was estimated at $1.2 trillion, which is 4.4 percent above the August 2005 estimate and 0.3 percent above the July estimate, the U.S. Census Bureau announced today.

Spending on private residential construction was at a seasonally adjusted annual rate of $617 billion in August, which was 1.5 percent below the July estimate and 5.2 percent below the August 2005 rate.  more...

Demand slips for Central Ohio real estate

Central Ohio home sales were off 5 percent in August from a year ago, as near-record inventory continued to cut into prices, the Columbus Board of Realtors reported.

According to statistics, 2,732 homes were sold in August, down from 2,875 a year earlier. Year to date, Central Ohio has recorded 18,389 sales, which is 1.5 percent below the same period last year.

Inventory maintained a near-record high of 18,753 homes at the end of August, as 4,913 new listings were added to the market, the board reported.  more...

Overnight real estate rates stall

Long-term mortgage interest rates were unchanged Friday, and the benchmark 10-year Treasury bond yield rose to 4.63 percent.

The 30-year fixed-rate average held at 5.8 percent, and the 15-year fixed-rate stayed at 5.5 percent. The 1-year adjustable was down at 5.23 percent.

The 30-year Treasury bond yield remained at 4.76 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...