REBNY reports rising residential prices in New York

The median price of New York City condominiums, cooperatives and one- to three-family dwellings rose 19.2 percent -- from $449,000 in 2006 to $535,000 in 2007 -- while the median price in Manhattan rose 11.4 percent, the Real Estate Board of New York reported today.  more...

Losses on mortgage, debt securities could top $265 billion

Losses on complex securities backed by mortgages will eventually exceed $265 billion, with losses spreading from Wall Street investment firms to regional banks, credit unions and Fannie Mae and Freddie Mac, Standard & Poor's Ratings Services said in a report.

The rating agency announced Wednesday it was downgrading or placing on a list for possible downgrades $534 billion in mortgage-backed securities (MBS) and $264 billion in collateralized debt obligations (CDOs),  more...

California housing starts hit 25-year low in 2007

New-home construction in California dropped off dramatically in 2007, with single-family building permits falling 37.1 percent compared to 2006.  more...

Employment indicator eases national recession worries

A key economic indicator measuring the volume of job ads in major U.S. newspapers rose one point in December, adding fuel to the belief that the economy will not enter a nationwide recession, The Conference Board reported today.

The Conference Board's Help-Wanted Advertising Index inched up to 22 in December from 21 in November.  more...

Mortgage rates rebound this week

Mortgage rates climbed this week after falling for five straight weeks as concerns over cheap money's effect on inflation pushed investors to put their money into stocks, Freddie Mac reported today.

Rates on mortgages are closely tied to yields on Treasury bonds, and when investors shy away from bonds, that drives bond prices down and their yields up, which pushes mortgage rates higher.

The average rates on 30-year fixed mortgages rose 20 basis points in the last week, growing from 5.48 percent to 5.68 percent, and the average 15-year fixed mortgage was up 22 basis p  more...

Nightly real estate rates up again

Long-term mortgage interest rates continued higher Wednesday, and the benchmark 10-year Treasury bond yield dipped to 3.67 percent.

The 30-year fixed-rate average edged up to 5.52 percent, and the 15-year fixed rate gained to 5.01 percent. The 1-year adjustable rate rose to 5.18 percent.

The 30-year Treasury bond yield was up at 4.39 percent.

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

UPDATED: Senate committee OKs amendments to stimulus package

Editor's note: This story has been edited from an earlier version to clarify that a proposal to raise the conforming loan limit and upper limits for FHA loan guarantee programs remains part of the economic stimulus bill to be voted on in the Senate.

The Senate Finance Committee approved a proposed economic stimulus package Wednesday that would expand tax rebates in stimulus legislation approved by the House Tuesday.

A full Senate vote on the stimulus bill adopted by the House is expected this week.  more...