S.F. Bay Area real estate sales fall 26%

About 7,204 new and resale homes and condos sold in the San Francisco Bay Area in November, down 25.9 percent from November 2005 and down 9.7 percent compared to October, real estate research company DataQuick Information Systems reported today.

It was the lowest sales count for the month of November since 2001, when 6,644 homes sold, DataQuick reported.  more...

Mortgage rates get boost from jobs, retail sales

Mortgage rates edged up this week on news of healthy job gains and higher retail sales, Freddie Mac and Bankrate.com reported today in their weekly surveys.

In Freddie Mac's survey, the 30-year fixed-rate mortgage inched up this week to an average 6.12 percent from 6.11 percent a week ago, while the 15-year fixed gained from 5.84 percent to 5.86 percent during the period.

Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30-year and 0.5 on the 15-year loans.

"Mixed economic reports have kept mortgage r  more...

First Franklin adds employees, boosts loan production

National City Corp.  more...

Real estate prices still surging in Canada

The Canadian Real Estate Association reported today that a seasonally adjusted 27,630 homes were sold via the Multiple Listing Service in the nation's major markets in November 2006, down 5.6 percent compared to November 2005 and up 1.5 percent since October 2006.

For the first 11 months of the year, unit sales via the MLS in Canada's major markets dropped 0.2 percent compared to the same period last year, while the average price of homes for the first 11 months of this year rose 10.7 percent compared to the same period last year.

The seasonally adjusted number of new listing  more...

Twin Cities home sales tumble

Home sales in the Twin Cities, Minn., region declined for the eighth straight month in November, as still-high inventory kept a lid on prices and gave buyers more time to gauge the market, according to reports from three Twin Cities-area Realtor associations.

"Despite the falling interest rates and large number of homes on the market, buyers are surprisingly still on the sidelines for now," said Deb Greene, president-elect of the Minneapolis Area Association of Realtors (MAAR).  more...

Overnight real estate rates quiet

Long-term mortgage interest rates were mostly unchanged Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.58 percent.

The 30-year fixed-rate average held at 5.63 percent, and the 15-year fixed rate edged up to 5.4 percent. The 1-year adjustable was down at 5.29 percent.

The 30-year Treasury bond yield increased to 4.7 percent.

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

OFHEO: Fannie, Freddie must follow guidelines for nontraditional loans

Federal regulators who oversee the financial health of government-sponsored mortgage repurchasers Fannie Mae and Freddie Mac say they must follow new guidelines for nontraditional loans.

The guidelines, published in September, direct federally chartered banks to use stricter underwriting standards and fully disclose to borrowers the risks such loans carry.  more...