By Inman News, Sunday, August 8, 2004. Los Angeles investors have acquired an industrial building complex totaling 172,000 square feet in the City of Commerce, Calif., with plans for project renovation, announced Investment Development Services of Los Angeles. Suleman Mohammed, real estate manager for IDS, reported that the four buildings located on seven acres of land at the southeast corner of Atlantic Blvd. and Sheila St. were acquired by an investment group advised by IDS. more...
By Inman News, Sunday, August 8, 2004. Essex Property Trust acquired Vista Belvedere, a 76-unit apartment community in Tiburon, Calif. The value of the transaction was approximately $17.1 million. Vista Belvedere is comprised of several two and three-story buildings. The apartment units feature walk-in closets and wood-burning fireplaces. The property has 78,350 total rentable square feet, which is comprised of 30 one-bedroom/one-bath units, 21 two-bedroom/one-bath units, 24 two-bedroom/two-bathroom units and one three-bedroom/one and one-half bathroom unit. more...
By Inman News, Sunday, August 8, 2004. Marcus & Millichap arranged the sale of the 144-unit Whispering Apartments in Hemet, Calif. The value of the transaction was $10.4 million. Whispering Apartments is located at 201 S. Yale St. The property was constructed in 1969 and recently refurbished. The sale includes 124,402 rentable square feet on approximately 5.5 acres. The unit mix is comprised of four studio, 53 one-bedroom, 70 two-bedroom and 17 three-bedroom apartments, ranging in size from 551 to 1,300 square feet. more...
By Glenn Roberts Jr., Sunday, August 8, 2004. Jeff Byrd, president of Eagle Realty in Roseville, Minn., stood up during a real estate conference two weeks ago and asked about the legality of rebates that are paid to consumers without lenders' knowledge. more...
By Samantha Peterson, Sunday, August 8, 2004. In Alexis McGee's view, the trend toward adjustable-rate mortgages will lead to one thing–more mortgages in default and more foreclosures. That's because as interest rates inch up, so will the cost of those riskier loans, which varies over time unlike fixed-rate mortgages. more...
By Inman News, Sunday, August 8, 2004. The number of Asian Americans who rent their homes is more than 10 percent higher than the overall U.S. population, according to preliminary results of a national study focused on Asian-American home ownership. The study found that 47 percent of Asian households rent, compared to 34 percent of the general population. more...
By Lou Barnes, Sunday, August 8, 2004.
Mortgage rates fell a quarter-percent in the nanosecond after the release of July payroll data Friday, and 30-year low-fee deals are 5.75 percent for the first time since last winter. The employment market is deteriorating, July worse than a poor June: only 32,000 new jobs, versus absurdly mistaken forecasts for a 300,000-plus gain. more...
By Inman News, Sunday, August 8, 2004. Homeowners in Miami, Fla., topped the list for those who chose to sell their homes without using a real-estate broker during the last year, according to a survey of home-selling habits released today by ForSaleByOwner.com. Of the more than 26,000 homes listed with ForSaleByOwner.com in the last year, 3.3 percent came from Miami alone, the company reported. In a virtual dead heat with Miami, Detroit placed second with 3.2 percent of "independent" home sellers. more...
By Inman News, Sunday, August 8, 2004.
By Inman News, Sunday, August 8, 2004. Lenders get good marks for managing "real" credit risk such as a person's ability to repay credit granted or cases of insider loan fraud, but risk managers often overlook the potential for fraud in areas other than card portfolios, new research from TowerGroup has found. more...
By Inman News, Sunday, August 8, 2004. The Chase Credit Cos., a unit of Fiserv, has introduced ValuStar, a product that combines a merged credit report with an automated property valuation score in a single report. ValuStar, developed in conjunction with Fiserv Case Shiller Weiss, a provider of collateral valuation and scoring products, is designed for lenders, title companies and other real estate service providers. more...
By Inman News, Sunday, August 8, 2004. Countrywide Home Loans and Ence Brothers Construction have formed a joint venture, Ameristar Home Loans, Countrywide announced today. The mortgage company, an operating division of Countrywide Mortgage Ventures, aims to provide home buyers in Mesquite, Nev., and St. George, Utah, with a variety of home financing programs. Ameristar will offer zero down-payment loans and a variety of fixed- and adjustable-rate options to qualified buyers. more...
By Jack Guttentag, Sunday, August 8, 2004.
(This is Part 2 of a three-part series. See Part 1: Who should use no-cost mortgages? and Part 3: Lenders roll out no-cost-mortgage deals.) A no-cost mortgage is one where the lender charges a higher interest rate in exchange for paying most of the borrower's settlement costs. more...
By Dian Hymer, Sunday, August 8, 2004.
It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand. When this sort of shift in home sale market occurs, you usually find a larger inventory of homes of sale. Therefore, it generally takes longer for homes to sell, there are fewer multiple offers and fewer listings sell for more than the asking price. more...
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