Miami home sales rise on low prices --

Home sales in the greater Miami area grew for the seventh consecutive month in June as low prices fueled demand taking the place of last year's federal homebuyer tax credit.
The Miami area, which includes the counties of Miami-Dade, Palm Beach and Broward, recorded 9,857 home sales in June, up 1.4% from May and 6% […]

Debt ceiling dilemma may push Treasury yields, mortgage rates higher --

A failure to raise the nation's debt ceiling by Tuesday could cause Treasury yields to drift higher and adjustable-rate mortgages tied to U.S. Treasurys to fluctuate over the coming months, real estate professionals say.
Despite having some concern about Treasury yields in the wake of a U.S. default, residential real estate investor Bruce Norris said he's […]

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Homeownership drops to 1998 level --

The U.S. homeownership rate in the second quarter dropped to its lowest level in 13 years, according to the Census Bureau, with analysts expecting even more drops ahead.
The homeownership rate fell to 65.9%, down one percentage point from a year ago. It's the lowest level measured since the first quarter of 1998. Analysts at Capital […]

Mortgage REITs fall on financing concern --

Real estate investment trusts that buy mortgage debt tumbled, adding to their biggest weekly loss in more than a year, on concern the markets that finance them will be roiled if the U.S. government defaults on its debt.
A Bloomberg index of shares of 32 mortgage REITs, including New York-based Annaly Capital Management Inc. (NLY) and […]

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DOJ sues MDR Mortgage president for bad FHA mortgages --

The Department of Justice filed a lawsuit against Robert S. Luce, founder and president of MDR Mortgage, according to a complaint filed in the U.S. District Court for the Northern District of Illinois.
Luce is accused of leading his team to wrongly originate FHA-insured mortgage that later defaulted, leading the government to face millions of dollars […]

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