Home-buying plans lowest since 1990

Consumers' attitudes about home buying remained low in August, with home-buying plans falling to the lowest level since 1990, according to a consumer confidence report.

Overall consumer confidence remains weak, but the pace of decline slowed significantly in late August from the July level, according to a survey released today. The overall confidence rebound was mainly due to the decline in gas prices since the start of August.  more...

California mortgage broker allegedly stole $7M from homeowners

A former California mortgage broker who allegedly defrauded customers of $7 million and convinced a university to rename a basketball arena after his company faces a 122-count indictment by a federal grand jury.

Tony J. Daniloo, 32, managed a Dublin, Calif., branch office for Residential Credit Corp. from 2000 to 2002, and went on to found DreamLife Financial in Modesto. Both companies, prosecutors claim, victimized homeowners seeking cash-out refinance loans. Daniloo allegedly altered escrow documents and diverted cash belonging to his clients into his personal bank accounts.  more...

Home sales, prices fall in Ohio

Ohio's real estate market continued to cool in July, as home sales fell for the fourth straight month and prices dropped, the Ohio Association of Realtors reported.

Sales of new and existing homes -- including condominiums/co-ops -- reached 12,644 in July, a 9.4 percent decrease from the record 13,949 sales posted during the month a year ago.  more...

Residential real estate construction spending drops

The rate of private residential construction spending dropped 3 percent in July compared to July 2005, the U.S.  more...

Bill to strengthen oversight of Freddie, Fannie stalls in Senate

A bill aimed at strengthening oversight of government-sponsored mortgage purchasers Freddie Mac and Fannie Mae is not expected to emerge from Congress before the November elections, and could be stripped of provisions that would require the lenders to cut their portfolios if Democrats regain control of the Senate.

James Lockhart, director of the Office of Federal Housing Enterprise Oversight, has been stumping for the bill this summer.  more...

Pending real estate sales index drops in July

An index that gauges pending sales of existing homes was down 16 percent in July compared to July 2005 and fell 7 percent from its level in June 2006, the National Association of Realtors reported today.

The Pending Home Sales Index is derived from pending sales of existing homes.  more...

Overnight real estate rates mostly flat

Long-term mortgage interest rates barely budged Thursday, and the benchmark 10-year Treasury bond yield dipped to 4.73 percent.

The 30-year fixed-rate average sank to 5.94 percent, and the 15-year fixed-rate held at 5.66 percent. The 1-year adjustable was down at 5.32 percent.

The 30-year Treasury bond yield decreased to 4.88 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...