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Advice for the Rookie Realtor

By Inman News, Wednesday, June 2, 2004.

Re: 'Rookie Realtor makes first sale' (June 2)

Dear Rookie:

Congratulations on your first accepted offer!  more...

BofA to cut 500 mortgage employees

By Inman News, Wednesday, June 2, 2004.

About 500 Bank of America mortgage employees learned this week they soon will no longer have a job.

Rising interest rates and declining volumes of refinanced loans prompted the layoffs, which were announced to employees Tuesday. The bank had bulked up its staffing last summer in response to increased demand for mortgages, but had not yet scaled back those levels as other lenders have, spokeswoman Julie Davis said today.

"What we're doing is just bringing our staffing back in line with a more normalized environment, which we haven't seen for awhile," Davis said.  more...

Coldwell Banker brokerages merge in Texas

By Inman News, Wednesday, June 2, 2004.

Coldwell Banker United, Realtors today announced a merger with Coldwell Banker Stepp Tuttle Realty in Rock Hill, Texas.

Coldwell Banker Stepp Tuttle will join forces with Coldwell Banker United to strengthen its position as a provider of real estate services in the Charlotte-, Rock Hill- and Columbia-area markets.

Stepp Tuttle currently has four offices located in Rock Hill, Fort Mill, Lancaster and Chester. Coldwell Banker United currently has 11 sales offices in the Charlotte and Columbia areas, and corporate offices in both cities.  more...

Berwind buys apartments in Southeast

By Inman News, Wednesday, June 2, 2004.

Madison Apartment Group, the multifamily operating affiliate of Berwind Property Group, purchased six apartment communities spread across North Carolina, Georgia and Florida.

The total value of the transactions was approximately $84 million.

The apartment communities contain 1,640 units and are located in Charlotte, N.C., Macon, Ga., and Fort Myers, Fla.  more...

Stonegate Village sells in Arizona

By Inman News, Wednesday, June 2, 2004.

The Bascom Group recently acquired a 234-unit apartment community known as the Stonegate Village Apartments in Chandler, Ariz.

The value of the transaction was $18.9 million.

The property, located at 2225 West Frye Road, was in bankruptcy and the sale closed on May 28, 2004.  more...

Pet supply co. renews warehouse lease

By Inman News, Wednesday, June 2, 2004.

Central Pet, a division of Lafayette, Calif.-based Central Garden and Pet Co., has renewed its lease agreement for 210,000 square feet of distribution space in Mahwah, N.J.

The value of the transaction was not disclosed.

Central Pet will occupy the 301 Island Road property for a seven-year term.

Representing Central Pet in this transaction was the Newmark team of Nick Cangemi, associate director of the Long Island office, and Dan Frankel, principal of Newmark's Woodbridge, N.J., office. Robert Lang represented the ownership, the estate of Meyer Lang.  more...

Technology enables real estate fraud

By Inman News, Wednesday, June 2, 2004.

TransUnion buys RentPort

By Inman News, Wednesday, June 2, 2004.

TransUnion, a global information services company, today announced it has purchased RentPort, a provider of online applicant scoring and decisioning tools used in the property management industry. The terms of the deal were not disclosed.  more...

Mortgage rates come to a standstill

By Inman News, Wednesday, June 2, 2004.

Mortgage rates remained virtually flat this week, awaiting the Fed's labor market report tomorrow, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.28 percent for the week ended today, down slightly from last week when it averaged 6.32 percent.

The average for the 15-year fixed-rate mortgage this week is 5.63 percent, down a little from last week when it averaged 5.69 percent.  more...

Upromise signs up real estate lenders

By Inman News, Wednesday, June 2, 2004.

Upromise Inc., an online company that aims to help families save for college, today announced the launch of the Upromise Mortgage program with Awards for Mortgage & Real Estate.

Through this new program, members now can earn 0.25 percent of their total home loan amount at closing in Upromise ScholarDollars when they finance, refinance or secure a Home Equity Line of Credit.  more...

Real estate honor roll

By Inman News, Wednesday, June 2, 2004.

A company that offers real estate agents a certificate program in customer service has announced its honor roll of agents, selected by consumer ratings.  more...

Real estate services bundling grows

By Inman News, Wednesday, June 2, 2004.

Old Republic National Title Insurance Co. has launched a new division dedicated to providing bundled services to its network of independent agents and direct operations.  more...

Mortgage broker accused of deception

By Inman News, Wednesday, June 2, 2004.

The Federal Trade Commission has charged a California mortgage brokerage that advertised extremely low mortgage rates with violating federal laws.  more...

Storm victims to get mortgage relief

By Inman News, Wednesday, June 2, 2004.

Fannie Mae, the nation's largest source of financing for home mortgages, has mortgage relief provisions in place for West Virginia borrowers facing hardships as a result of widespread flooding and mudslides caused by severe storms over the Memorial Day weekend.  more...

Overnight interest rates rise

By Inman News, Wednesday, June 2, 2004.

Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.73 percent.

The 30-year fixed-rate average rose to 5.95 percent, and the 15-year fixed-rate increased to 5.32 percent. The 1-year adjustable was down at 3.43 percent.

The 30-year Treasury bond yield climbed to 5.42 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

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