The percentage of borrowers who took cash out when refinancing loans with Freddie Mac dropped slightly in the fourth quarter, as did the dollar volume of cash-out refinances.

Cash-out refinance volume is expected to continue on a downward trend in 2007, due to an expected drop in the share of refinance loans and overall origination activity, said Amy Crews Cutts, Freddie Mac deputy chief economist.

Some 84 percent of borrowers who refinanced ended up with mortgages that were at least 5 percent higher than their original balances, Freddie Mac said, down from 87 percent in the third quarter. Cash-out refinances totaled $70.7 billion, down from $80.2 billion in the previous quarter.

Ohio officials are investigating a suspected mortgage fraud ring that allegedly involved buyers paying more than $250,000 over asking price for homes in upscale neighborhoods, with sellers returning the extra money.

The transactions are suspected to be part of a financial shell game in which the buyers pocket refunds from the sellers and walk away from the homes, usually purchased with no money down, the Columbus Dispatch reported.

Eight transactions handled by First Liberty Title netted $1.4 million for several sham remodeling companies, police said, and other suspicious sales in Franklin and Delaware counties are under investigation.

PORT RICHEY - Re/Max Advantage Realty, once a dominant real estate agency in Pasco County, abruptly shut down Tuesday.

Nearly 25 affected agents did not learn of the decision until Tuesday morning. At least some of them were notified by e-mail from a representative of company owner Donald J. Hachenberger.

The e-mail said agents needed to collect their personal belongings Tuesday afternoon. There was no explanation for the office’s closing.

“It wasn’t done right,” said Bill Baptista, who was standing outside the office Tuesday with a handful of other displaced agents.