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Yahoo! News: Business - Real Estate
Con man could get life under Calif. 3-strikes law (AP) 9/2/2010 3:26 PM
AP - A man accused of bilking elderly South Los Angeles residents out of their homes in a foreclosure scam is facing a potential life sentence in a rare use of California's three-strikes law for a white-collar crime.
Oil prices rise after mixed economic news (AP) 9/2/2010 1:51 PM

A petrol station worker refuels a U.S.-made 1932 Ford car in Havana September 1, 2010. Cuba's oil industry wants to work with its counterparts in the United States and Mexico to promote safe drilling practices and avoid the kind of well blowout and spill seen recently in the Gulf of Mexico, a leading drilling industry expert said recently. Cuba currently produces about 60,000 barrels of oil per day (bpd), all from onshore wells. It receives about 115,000 bpd from ally Venezuela on favorable terms. REUTERS/Desmond Boylan (CUBA - Tags: SOCIETY TRANSPORT ENERGY)AP - Oil prices ended higher Thursday after an initial retreat as investors put a positive spin on reports about jobs, manufacturing and home sales.
Summary Box: Mortgage rates hit low of 4.32 pct. (AP) 9/2/2010 11:22 AM
AP - RECORD LOWS: Mortgage rates fell to the lowest levels in decades for the tenth time in 11 weeks, mortgage buyer Freddie Mac said Thursday. The average rate for a 30-year fixed loan was 4.32 percent. The 15-year fixed loan hit 3.83 percent.
How to Get a Government-Backed, Zero-Down-Payment Mortgage (U.S. News & World Report) 9/2/2010 11:13 AM
U.S. News & World Report - More than four years after real estate values peaked, the historic plunge in home prices remains fresh in the minds of mortgage lenders. After taking painful losses on delinquent home loans, banks have imposed tougher standards--such as increased credit scores and higher down payment requirements--on applicants of all stripes. And as investors fled for the hills, the exotic mortgage products that helped fuel the real estate boom have largely disappeared from the private market. But that doesn't mean all buyers need a big pile of cash to snag a home loan. ...
Pending home sales rise 5.2 percent in July (AP) 9/2/2010 11:12 AM

In this Aug. 31, 2010, photograph, a house with a sale pending sign is shown in San Francisco. The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.(AP Photo/Jeff Chiu)AP - The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.
Summary Box: Pending home sales up 5.2 pct in July (AP) 9/2/2010 11:00 AM
AP - PENDING HOME SALES RISE: The number of buyers who signed contracts to purchase previously occupied homes increased by 5.2 percent in July from June.
Mortgage rates hit record low: Freddie Mac (Reuters) 9/2/2010 9:25 AM
Reuters - U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Communities key in foreclosure fight: Fed officials (Reuters) 9/2/2010 8:44 AM

The U.S. Federal Reserve Building is pictured in Washington, December 15, 2009. REUTERS/Hyungwon KangReuters - Two top U.S. Federal Reserve officials on Thursday called for a more community-focused approach to the country's ongoing foreclosure crisis, which is weighing on its economic recovery.
Instant View: Pending home sales rise in July (Reuters) 9/2/2010 8:34 AM
Reuters - Pending sales of previously owned U.S. homes rose unexpectedly in July, an industry group said on Thursday, suggesting a tax credit-related housing market decline was close to bottoming.
Mortgage rates hit decades-low of 4.32 percent (AP) 9/2/2010 8:27 AM

A home is offered for sale in Hawthorn Woods, Illinois. New home sales plunged to the lowest levels in half a century and the pace of orders for goods indicated the manufacturing sector slowed markedly, with business capital spending contracting massively.(AFP/Getty Images/File/Scott Olson)AP - Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.

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