Move Inc. reports $5.3 million Q4 loss

Last year was "the toughest real estate market in 50 years," Move Inc. CEO Mike Long said during an earnings presentation Thursday, noting that the company grew revenue in key business segments while reporting a $4 million loss for the year and a $5.3 million loss in the fourth quarter.  more...

Wells Fargo tightening standards in distressed markets

Wells Fargo & Co. is tightening underwriting standards today in more than 200 markets it has identified as distressed or soft, increasing down-payment requirements and making stated-income loans off limits in some markets.  more...

AIG expects second year of mortgage-insurance losses

Billions in write-downs on derivates and other losses related to mortgages put insurer American International Group Inc. deeply in the red during the fourth quarter, and the company expects another "significant operating loss" at its mortgage insurance division in 2008.

AIG said a $5.3 billion fourth-quarter loss was largely driven by $11.2 billion in write-downs of credit default swaps that cover investments with exposure mortgages.  more...

California single-family building permits sink 62%

New-home construction in California, as measured by building permits issued, dropped 62 percent in January compared to the same month last year, the California Building Industry Association reported today, and fell 27.6 percent compared to December 2007.

Multifamily building permits fell 34.3 percent in January compared to January 2007, and fell 46.5 percent compared to December 2007.  more...

Overnight real estate rates drop sharply

Long-term mortgage interest rates fell considerably Thursday, and the benchmark 10-year Treasury bond yield was down at 3.67 percent.

The 30-year fixed-rate average dove to 5.88 percent, and the 15-year fixed rate plunged to 5.28 percent. The 1-year adjustable rate dipped to 4.83 percent.

The 30-year Treasury bond yield sank to 4.51 percent.

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

Senate won't hear bankruptcy cramdown bill

The Senate voted Thursday against holding a vote on a bill that included a proposal to allow bankruptcy judges to modify the mortgages of troubled borrowers to help them avoid foreclosure.

That aspect of the bill was strongly opposed by the lending industry, which maintained that it would undermine investor confidence in secondary markets where mortgages are bought and sold, resulting in higher interest rates and larger down-payment requirements for borrowers.  more...