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Real estate pros breaking political molds Premium Content

By Inman News, Wednesday, August 4, 2004.

Editor's note: With 1 million Realtors in the U.S. backed by a trade association with one of the largest Political Action Committees, there's no doubt that real estate has a powerful political voice in this country.  more...

A new look at working where you live

By Glenn Roberts Jr., Wednesday, August 4, 2004.

Researchers at the University of San Francisco have a new approach to the popular practice of working where you live.

Their concept, dubbed "enterprise housing," is simple: Provide child care and elder care services, and communal work facilities such as studios and kitchens in affordable, condominium-type developments that allow people to work where they live while building equity.

Eugene J.  more...

Homestore and Barry Diller stocks get smacked

By Inman News, Wednesday, August 4, 2004.

Investors on Wall Street are not being kind to the two purported leaders of online real estate: HomeStore and InterActiveCorp, which owns LendingTree, Domania, Realestate.com and recently acquired ServiceMagic.

Since May, Homestore (Nasdaq: HOMS) stock has fallen more than 50 percent to $2.67 per share today after reaching nearly $6 per share at the end of April. InterActiveCorp (Nasdaq: IACI) reached a high of $39 in October of 2003, but is trading at $22.57 today.  more...

Innovation confronts the real estate monopoly

By Glenn Roberts Jr., Wednesday, August 4, 2004.

SAN FRANCISCO–As a child, Lawrence Lessig spent hours clipping MLS listings and arranging them on index cards for his mother, a real estate agent. He suggested to his mom that computers could revolutionize this tedious process.

But then he learned about the layers of MLS rules and policies that stood in the way.

Today, Lessig, a Stanford Law School professor, author and copyright expert, is a radical free-thinker who promotes the ideas of people who've gone against the grain.

If you can't beat innovation, then join the new revolution ... or run, Lessig said.  more...

Two Virginia industrial buildings sold

By Inman News, Wednesday, August 4, 2004.

Continental Pickett's Line LLC has purchased two industrial buildings in Newport News, Va., in a transaction valued at $5.8 million.

 

The Nippon Express buildings are located at 28  more...

Real estate firm closes $29 million deal

By Inman News, Wednesday, August 4, 2004.

Marcus & Millichap announced the sale of the 312-unit Rancho Viejo Apartments in Las Vegas.  more...

Florida retail center changes hands

By Inman News, Wednesday, August 4, 2004.

Berwind Property Group, a Philadelphia-based privately held real estate investment firm, has purchased a community shopping center in Orlando, Fla.

 

The transaction was valued at $  more...

Experts predict surge in foreclosures Premium Content

By Jessica Swesey, Wednesday, August 4, 2004.

SAN FRANCISCO–Real estate investors are eying an expected increase in foreclosures over the next year due to rising interest rates and slowing home-price appreciation. But the Internet and new technologies are changing the methods used to obtain these investment properties.

Alexis McGee, president of Foreclosures.com, said more than 90 percent of homes that are in default don't appear on the Multiple Listing Service.  more...

Large cities have bigger share of low-income households Premium Content

By Inman News, Wednesday, August 4, 2004.

About 25 percent of households in the nation's 100 largest cities are in the lowest income rung, according to a study by The Brookings Institution, while about 17 percent of big-city households are in the top income bracket. The study compares household income distribution in U.S.  more...

Upward pressure on mortgage rates eases Premium Content

By Inman News, Wednesday, August 4, 2004.

Long–term mortgage rates slipped this week, according to surveys by Freddie Mac and Bankrate.

 

 more...

Freddie Mac hires new president

By Inman News, Wednesday, August 4, 2004.

Freddie Mac has appointed a new president and chief operating officer, effective September 1.

Eugene M. McQuade, who most recently served as president of Bank of America Corp., will report to Freddie Mac chairman and CEO Richard F.Syron.

McQuade, 55, also has served as president and COO at FleetBoston Financial Corp. before helping to bring about the April 1, 2004 merger between that company and Bank of America. McQuade joined Fleet in 1992 and became chief financial officer in 1993.  more...

Mortgage rates slip again

By Inman News, Wednesday, August 4, 2004.

Long-term mortgage interest rates were lower Wednesday, and the benchmark 10-year Treasury bond yield sank to 4.42 percent.

The 30-year fixed-rate average dipped to 5.65 percent, and the 15-year fixed-rate fell to 5.08 percent. The 1-year adjustable was unchanged at 3.34 percent.

The 30-year Treasury bond yield remained at 5.17 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Parking rules may violate tenant rights

By Robert Griswold, Wednesday, August 4, 2004.

Question: I am living in a large apartment complex and they recently changed the parking rules to state that no more than two cars per apartment are allowed on the complex. Also, all guests are no longer allowed to park onsite, as they must park out on the street even though unmarked spots are open. They are now issuing two stickers per apartment and will manage it that way. Would it be OK to ask a neighbor for one of their stickers and use it? I'm worried they would consider it a sublease and get my neighbor in trouble. Don't they have to allow onsite visitor parking?  more...

Investors find shelter in real estate exchanges

By Tom Kelly, Wednesday, August 4, 2004.

The real estate agent brought the elderly couple an unsolicited offer for the small store they've owned for nearly three decades.

They were torn by the decision. They didn't really want to sell the store, loved the monthly income from the place but wanted to travel more and get out from behind the maintenance and bookkeeping. In addition, they had an opportunity to buy a big piece of an apartment complex with members of their bridge club, an attractive spot very similar to the community where they now lived.  more...

Early inspection jeopardizes real estate purchase

By Robert Bruss, Wednesday, August 4, 2004.

DEAR BOB: We had the final walk-through inspection on our home on Monday. The mortgage funding and closing were on Wednesday. The seller then had 72 hours to vacate. On Sunday when we moved in, we discovered damaged walls, toilets clogged, pipes leaking, and the wood floors scratched. What recourse do we have after all the funds were transferred to the home seller? – Frank W.  more...