LandAmerica settles California kickback probe for $4.5 million

LandAmerica has settled with California's insurance commissioner for a total of $4.5 million in an alleged title insurance kickback scheme, a settlement that includes a $2.6 million refund to customers, state officials said this morning.

LandAmerica Financial Corp., the parent company ofCommonwealth Land Title Insurance Co., Lawyers Title Insurance Corp.  more...

Real estate sales mixed in Midwest

Housing markets in Ohio and Illinois during January ran the gamut from record-breaking to cooling, according to the Realtor associations in both states.

In Ohio, home sales got off to a solid start in 2006, as statewide sales of new and existing homes totaled 7,406 last month, a 3.2 percent increase from the prior best ever of 7,175 sales posted a year earlier, the Ohio Association of Realtors reported.

"Sales activity was solid in January, with consumers continuing to take advantage of favorable interest rates and an ample supply of housing in all price categories," said OA  more...

Most markets show spending increase in new-home upgrades

The majority of markets in a new study showed an increase in optional upgrades for new-home construction, while some markets sharply decreased spending on optional upgrades, iNest Realty reported Monday.

Buyers of new homes in Orlando, Fla., spent 7.9 percent in 2003 on optional upgrades and 11.4 percent in 2005, according to iNest's survey, which reviewed more than 9,300 transactions conducted by the home builder referral network's clients from 2003 to 2005.

Meanwhile, spending on optional upgrades plummeted from 9.6 percent  more...

House subcommittee to examine fair housing after hurricanes

The House Financial Services Subcommittee on Housing and Community Opportunity will meet this morning for a hearing to examine fair housing issues in the Gulf Coast after hurricanes Katrina and Rita.

The subcommittee, chaired by Rep.  more...

Consumer confidence turns south

The Conference Board Consumer Confidence Index, which had increased in January, declined in February, as Americans grew more wary about jobs and the economy. The Index now stands at 101.7, down from 106.8 in January.

The present situation index rose to 129.3 from 128.8.  more...

Overnight real estate rates trickle lower

Long-term mortgage interest rates were lower Monday, and the benchmark 10-year Treasury bond yield rose to 4.59 percent.

The 30-year fixed-rate average slipped to 5.75 percent, and the 15-year fixed-rate dipped to 5.43 percent. The 1-year adjustable was up slightly at 4.63 percent.

The 30-year Treasury bond yield increased to 4.55 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...