Mortgage rates climbed for the third straight week following recent reports that home sales and consumer spending performed better than expected in November, Freddie Mac and Bankrate.com reported today in their weekly surveys.

In Freddie Mac’s survey, the 30-year fixed-rate mortgage climbed this week to an average 6.18 percent from 6.13 percent last week, and the 15-year fixed-rate mortgage gained from 5.89 percent to 5.93 percent.

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

Government allowed 100% FDI under the ‘automatic route’ in order to spur investment in the vital infrastructure sector; Construction companies raised money from capital markets. PSU banks leading the race to extend credit to the realty sector. The sector outperformed market which has witnessed an astronomical appreciation in the market prices of real estate stocksThe real estate market size as of now is estimated to be $12 billion, which is expected to grow at 33% to $50 billion by 2010. There will be about 5 times increase in office space in the next 5 years, 200-million sq ft for organised retail by 2010 and over 50,000 new hotel rooms are going to be added in the next 5 years.

 WASHINGTON (AP) - U.S. sales of existing homes eked out a small increase in November but the price of homes sold fell for a record fourth consecutive month, a real estate trade group reported Thursday.

The National Association of Realtors reported that sales of previously owned homes rose 0.6 per cent in November to a seasonally adjusted annual rate of 6.28 million units.

That followed a 0.5 per cent sales increase in October and marked the first back-to-back sales gains since the spring of 2005.

(AP) BOSTON Massachusetts’ housing market continued its slump in November, although declines in home sales and prices were not as steep as in previous months, the Massachusetts Association of Realtors said Thursday.

Statewide single-family home sales fell 12.6 percent in November compared with the same month a year ago, the association said. It was the eighth consecutive month sales in the state have fallen. But the November decline was smaller than October’s 16.5 percent drop and the 23.4 percent decline in the third quarter, between July and September.

NORWALK - A couple who say their spurned real estate agent used her influence as head of the city’s Zoning Board of Appeals to cite them for an illegal second kitchen is challenging the violation in court.Carlos and Diana Diez have filed a lawsuit over the ZBA’s Dec. 7 decision allowing the zoning violation to stand. They say it has prevented the sale of their raised ranch on Heather Lane.

Although three of the five ZBA members present supported the couple’s appeal, it was denied because four votes were needed.

The case has been scheduled for Jan. 16 in state Superior Court in Stamford.