By Carol Lloyd, Wednesday, June 30, 2004. (This is Part 1 of a two-part series. See Part 2: Real estate dictatorships threaten 'American Dream.') "In the whole U.S., I would say in the whole world, there has not been another intruding, dictatorial act perpetrated on the owners of free residences as here. And...for 50 years, a dictatorship that has lasted longer than any political dictatorship in the world, including in Cuba." –Mrs. U. more...
By Inman News, Wednesday, June 30, 2004. NRT subsidiary The Corcoran Group today announced it has acquired McCann Coyner Clarke Real Estate Inc. in Palm Beach, Fla. McCann Coyner Clarke's 45 sales associates in its two Palm Beach offices will now do business under the banner of The Corcoran Group. Pamela Liebman, president and chief executive officer for The Corcoran Group, will continue in her role overseeing operations in New York City, the Hamptons and Palm Beach. more...
By Inman News, Wednesday, June 30, 2004. A stipulated final court order by the Federal Trade Commission on Tuesday effectively shut down a scheme in which an Arizona-based company defrauded consumers nationwide by offering a $399 "service" to safeguard their personal financial information from unscrupulous telemarketers. The Commission action settles all charges against defendants Vector Direct Marketing LLC and its principals, Mike Stafford and Lisa Miller. more...
By Inman News, Wednesday, June 30, 2004. Approximately 7,000 real estate brokers and agents have registered at House.com since its official launch in September 2003, the company said Tuesday. The company cited statistics from comScore Media Metrix that show it was the second most visited real estate Web site with 1.15 million unique monthly visitors for June. House.com connects consumers with qualified real estate agents. The company hopes to double the number of agents using its service over the next three months. more...
By Inman News, Wednesday, June 30, 2004. The average American household spent $13,148, or nearly 33 percent of its total expenditures on housing in 2001-2002, according to statistics released by the U.S. Census Bureau. By comparison, residents in the West spent an average $15,150, or 34 percent of total expenditures on housing. Households in San Diego spent $17,050, or 40 percent of total expenditures on housing, and residents in San Francisco spent more than $21,000, or 38 percent during the same time period. more...
By Inman News, Wednesday, June 30, 2004. Freddie Mac today reported 2003 net income of $4.9 billion, down 52 percent from $10.1 billion in 2002. Diluted earnings per common share were $6.79 for 2003, down from $14.18 for 2002. The company said the net decrease for 2003 was driven primarily by a "substantial" decrease in total non-interest income. Non-interest income results continue to be affected by changes in unrealized gains and losses on certain financial instruments as well as interest rate volatility, the company said in a statement. Freddie Mac financed homes for about six million families in 2003. more...
By Inman News, Wednesday, June 30, 2004. The First American Corp. today signed a definitive agreement to acquire Basis100 Inc., a major supplier of automated valuation models to the U.S. mortgage lending industry. The transaction, which is subject to approval by Basis100's shareholders and debenture holders, is expected to close in the third quarter of 2004. The transaction will be immediately accretive to First American earnings. more...
By Inman News, Wednesday, June 30, 2004. Overall loan applications dropped by 4.4 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 4.2 percent to 435.4 from 454.5 the previous week. The seasonally adjusted refinance index decreased by 4.7 percent to 1,386.9 from 1,454.6 one week earlier. more...
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