Texting, IMs bring consumers closer to real estate agents

CellSigns Inc. has a new product line aimed at small- and medium-sized companies that allows consumers to use their Web sites to reach sales reps or real estate agents by text messaging or start an instant-message chat session.

Mobile Connect is an application that allows Web site operators to create mobile notification systems on existing inquiry forms across their Web site.  more...

Freddie Mac: 89% of refis involve cash out

Freddie Mac reports that 89 percent of people who refinanced loans owned by the government-backed mortgage repurchaser in the third quarter took cash out -- the highest level recorded since 1990.

Although the percentage of people taking cash out when refinancing their homes is up, the total dollar value cashed out declined, because fewer people are refinancing or signing up for new purchase mortgages.

In the third quarter, Freddie Mac saw $82.8 billion cashed out, down from $90.6 billion in the second quarter.  more...

Most ARM borrowers not worried about making payments

About one in five Americans in the lower 48 states have an adjustable-rate mortgage, and 36 percent say they are concerned that they will not be able to make their monthly payments if their interest rate resets, according to an Associated Press-AOL Real Estate poll.  more...

Residential construction spending dips 6.9%

The rate of spending on residential construction dropped about 6.9 percent in September compared to September 2005, according to a report today by the U.S. Census Bureau of the Department of Commerce.

Residential construction spending was at a seasonally adjusted annual rate of about $610 billion in September, down 1.1 percent from the revised August estimate.  more...

Central Indiana: still a buyer's market

Central Indiana home sales fell considerably in September from their year-ago level, while prices stayed flat, according to the latest MLS statistics from the Metropolitan Indianapolis Board of Realtors.

Home sales in the nine-county region surrounding Indianapolis totaled 2,441 in September, a 17.3 percent drop from a year ago when 2,951 homes were sold.

The average sales price in September rose to $155,731, up slightly from $155,684 in August, and up 0.7 percent from $154,592 in September 2005.

Although 8.3 percent fewer new listings were placed on the MLS in Septemb  more...

Lawsuit against NovaStar Mortgage reaches class-action status

A lawsuit claming NovaStar Mortgage paid mortgage brokers extra fees to arrange loans with higher interest rates has been granted class-action status by a U.S. District Court judge in Tacoma, Wash.

The lawsuit alleges that the yield spread premium on the loans was not disclosed to borrowers until the day of closing, if at all.  more...

Pending sales index falls in September

The rate of pending home sales fell 13.6 percent in September compared to the same month in 2005, according to a report by the National Association of Realtors, and was down 1.1 percent compared to August 2005.

The Pending Home Sales Index, derived from pending sales of existing homes, fell to 109.1 in September -- the lowest level so far this year.

A sale is listed as pending when the contract has been signed and the transaction has not closed, th  more...

Real estate loan applications drop 3%

Significantly lower interest rates last week weren't enough to boost home buying and refinancing, as overall mortgage application volume declined 3 percent on a seasonally adjusted basis from the week before, the Mortgage Bankers Association reported today.

The seasonally adjusted refinance index decreased by 4.5 percent to 1,709.2 from 1,790.4 the previous week, and the purchase index decreased by 1.8 percent to 375.6 from 382.4 one week earlier.

The refinance share of mortgage activity decreased to 45 percent of total applications from 45.6 percent the previous week.  more...

Overnight real estate rates head south

Long-term mortgage interest rates were down Tuesday, and the benchmark 10-year Treasury bond yield dropped to 4.6 percent.

The 30-year fixed-rate average sank to 5.84 percent, and the 15-year fixed rate fell to 5.55 percent. The 1-year adjustable was unchanged at 5.35 percent.

The 30-year Treasury bond yield declined to 4.72 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...