Real estate flipping declines in California

The "flipping" of homes in California declined to its lowest level in more than three years, according to HomeSmartReports.com, a company that offers information on real estate sales trends and property values.

Investors are apparently pulling back, and "chances for a quick turnaround and profit are diminishing," according to a company statement.

During the second quarter, 2.4 percent of the existing homes that sold statewide had been owned for six months or less.  more...

Massachusetts sees 56% jump in foreclosures

July foreclosures were up 56 percent in Massachusetts compared to the same month last year, with 1,348 actions filed, according to a Web site that tracks foreclosures in the state.

ForeclosuresMass.com reports a similar increase comparing the 12-month period ending July 31, 2006, to the same period the year before, with foreclosures up 43 percent to 14,552 statewide.

Among to  more...

First responders in New Orleans become homeowners

Up to 745 New Orleans police officers, firefighters and emergency medical services personnel and their families will get help from lenders to buy homes.

A program backed by Freddie Mac, Chase, Standard Mortgage and Wells Fargo Home Mortgage provides subsidies of up to $8,000 to help first responders make a down payment and cover closing costs.  more...

First Horizon forecasts $1 billion drop in mortgage originations

First Horizon National Corp. said it expects a $1 billion reduction in its mortgage originations in the third quarter, which will help drive earnings down $35 million compared to last quarter.

The Memphis-based lender said that in addition to reduced production, earnings are down because of lower gains on sale margins and increased costs to hedge the risk of servicing its loans. Margins, which were 122 basis points in the second quarter, are expected to range between 85 and 90 basis points this quarter.  more...

Indianapolis mortgage lender plans to triple staffing levels

Indianapolis-based Ace Holding Co. says it will hire 245 workers as part of a plan to triple staffing levels to 3,700 within five years.

Ace, the parent company of Ace Mortgage and Archer Land Title, made $3.5 billion in loans last year, generating $99.5 million in revenue, the Indianapolis Star reported.  more...

Sotheby's expands real estate network

Sotheby's International Realty Affiliates Inc. announced the addition of three new franchise affiliates, including firms in Hawaii, South Carolina and Mexico's Yucatan Peninsula.

The new affiliates include:

• Riviera Maya Sotheby's International Realty in Mexico. This firm will serve the resort areas of the Mayan Riviera, including Playa del Carmen, Cancun and Tulum.

• MacArthur & Co., on the island of Hawaii.  more...

Pennsylvania housing markets stable

Pennsylvania's housing market remains relatively stable compared to other parts of the country but homes are becoming less affordable in the state, signaling a shift away from a "sellers' market," according to a second-quarter economic review released today by the Pennsylvania Association of Realtors.

Statewide sales rose at an annual rate of 8 percent in the quarter and the average price of an existing home rose 12 percent, PAR reported.

"The most important development in the state's single-family-home market last quarter was a significant drop in home affordability," said  more...

Consumer confidence takes biggest hit since Katrina

The Conference Board today announced that its Consumer Confidence Index posted a sharp decline in August -- falling from 107 to 99.6 -- as more Americans expect business conditions and job supply to worsen.

"Consumer confidence lost significant ground in August and is now at its lowest level this year," said Lynn Franco, director of The Conference Board Consumer Research Center. "Less favorable business conditions coupled with a less favorable job scenario have resulted in the largest one-month decline in confidence since Hurricane Katrina last year.  more...

Mixed movement in overnight real estate rates

Long-term mortgage interest rates were scattered Monday, and the benchmark 10-year Treasury bond yield inched up to 4.79 percent.

The 30-year fixed-rate average edged up to 5.97 percent, and the 15-year fixed-rate remained at 5.68 percent. The 1-year adjustable was down at 5.34 percent.

The 30-year Treasury bond yield increased to 4.93 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...

Yahoo! Real Estate gets new look, features

Yahoo! Real Estate launched a revamped site today that the company says will make it easier for users to find properties, loans and real estate professionals specific to their locale.

The new site offers more ways to find information that was already available at Yahoo! Real Estate, but the company did not announce any new partnerships or plans to expand the portal's offerings.

Through partners like Prudential, Zillow, Bankrate and Homegain, Yahoo!  more...