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Colonial Properties gains apartments

By Inman News, Monday, September 20, 2004.

Colonial Properties Trust acquired Villas on South Creek, a 232-unit multifamily property in Austin, Texas.

The value of the transaction was not disclosed.

The class-A property is located at 1111 South Creek Drive in the Round Rock sub-market.

Following Colonial Properties branding program, the property will be renamed Colonial Village at Sierra Vista. The property has one- to three-bedroom apartments ranging from 750 to 1,200 square feet.

Colonial Properties Trust is a diversified REIT that owns a portfolio of multifamily, office and retail properties.  more...

Mixed-use complex sells in New Jersey

By Inman News, Monday, September 20, 2004.

AEW Capital Management acquired The Metropolitan, a 128-unit luxury apartment and retail property, in Hoboken, N.J.

The value of the transaction was approximately $37 million.

Clinton Street Apartments LLC sold the property, located at 1300 Clinton St.

The Metropolitan maintains was 98 percent occupied at the time of sale, and tenants enjoy a gated garden and 24-hour fitness center. The 4,000-square-foot retail component was fully leased to four tenants, including Ganache, at closing.  more...

Profitability looms in student housing

By Inman News, Monday, September 20, 2004.

With many of the 75 million "Echo Boomers" born between 1976 and 1994 headed to college this decade, student housing is becoming one of the apartment industry's most important niche opportunities, according to a new research report by the National Multi Housing Council.

Student Housing 101: Where are the Opportunities? provides a snapshot of the current market conditions for off-campus, privately owned student housing in 64 college towns across the country.  more...

Short-term interest rates rise; mortgage rates down

By Samantha Peterson, Monday, September 20, 2004.

The Federal Reserve's Open Market Committee today continued its course of raising its target for the federal funds rate by 25 percent, bringing it to 1.75 percent.

Despite the short-term rate hike, mortgage rates have stayed much lower than originally predicted, keeping the hot housing market humming. At the beginning of the year, economists predicted that interest rates for mortgages would come close, if not hit, 7 percent by the end of the year.  more...

Rookie Realtor under attack

By Inman News, Monday, September 20, 2004.

I've got a virus.

No, not that kind of virus that sends you to a doctor, but rather a high-tech virus that has infected my computer.

The 1,000-plus "contact list" of potential clients that I've worked so hard to create in my first year in the real estate sales business has been destroyed by a high-tech hacker.  more...

FBI tightens cuffs on real estate fraud Premium Content

By Inman News, Monday, September 20, 2004.

Six individuals in North Carolina were charged last week for their roles in a mortgage fraud ring that cost lenders up to $130 million in potential losses, according to the FBI. The Bureau in 2002 began sending undercover agents into seven organizations involved in the fraud ring, which led to the identification of the fraudulent loans.  more...

David Barry takes on real estate antitrust Premium Content

By Glenn Roberts Jr., Monday, September 20, 2004.

Editor's note: In this three-part series we examine the real estate record on antitrust. Since realty professionals 24 years ago became subject to federal antitrust law, dozens of lawsuits and regulatory actions have been taken. Learn what some of those cases are, who's behind them and how the industry has reacted.  more...

Fannie Mae may have manipulated earnings

By Inman News, Monday, September 20, 2004.

Fannie Mae's federal regulator has suggested that the mortgage giant may have manipulated earnings to justify bigger bonuses to executives, according to news reports.

The regulator, the Office of Federal Housing Enterprise Oversight, presented the results of its long-running review to Fannie Mae's board of directors Monday night, according to the Washington Post.  more...

KB Home posts record revenue Premium Content

By Inman News, Monday, September 20, 2004.

Homebuilder KB Home this week announced record financial results for the third quarter, with total revenues reaching $1.75 billion, up 21 percent from third-quarter 2003 results. Housing revenues increased 24 percent from third quarter 2003 to third quarter 2004, to $1.72 billion, the company also announced.

The average selling price rose 5 percent in that time, to $214,400, and housing unit deliveries were up 17 percent to 8,041 units.

Some other KB Home third-quarter statistics:  more...

Consumers confused about credit scores

By Samantha Peterson, Monday, September 20, 2004.

Most Americans do not understand credit scores despite the scores' increasing importance in obtaining loans, insurance, housing and even jobs, according to a survey released today by the Consumer Federation of America and Providian Financial.

Most consumers do not understand what credit scores measure, what good and bad scores are, and how scores can be improved.  more...

New-home construction rises

By Inman News, Monday, September 20, 2004.

New-home construction gained in August from the previous month, the U.S. Census Bureau and U.S. Department of Housing and Urban Development announced today, while building permits slowed.

Privately owned housing starts in August rose 0.6 percent in August from the previous month, registering a seasonally adjusted annual rate of 2 million units. Last month's pace is 9 percent above the August 2003 rate of 1.83 million units.

Single-family housing starts in August 2004 were at a rate of 1.67 million, up 0.4 percent above the July figure of 1.66 million.  more...

Overnight mortgage rates barely budge

By Inman News, Monday, September 20, 2004.

Long-term mortgage interest rates were flat Monday, and the benchmark 10-year Treasury bond yield fell to 4.06 percent.

The 30-year fixed-rate average dipped slightly to 5.32 percent, and the 15-year fixed-rate held at 4.74 percent. The 1-year adjustable was up slightly at 3.22 percent.

The 30-year Treasury bond yield decreased to 4.86 percent.

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

Mortgage broker reveals insider home-loan secrets

By Robert Bruss, Monday, September 20, 2004.

When I first saw "Mortgages 101" by David Reed on the bookstore shelf, I wasn't sure if it was a college mortgage course or perhaps a basic "how to get a mortgage book." It is neither. Instead, it offers a unique survey of 250 mortgage questions (they aren't numbered and I didn't keep count) and answers that explain how the multibillion-dollar home-mortgage industry really works.  more...

Sneaky builder attempts to undermine home warranty

By Barry Stone, Monday, September 20, 2004.

Dear Barry,

I purchased a brand-new home less than one year ago and expected to be covered by the builder's warranty. But the builder refuses to repair any of the defects I've reported to him. For example, black mastic has seeped through the tile joints in my bathroom counter. He says I should have noticed these conditions during my final walkthrough inspection, prior to purchase. Since I did not see this condition then, he says it's not covered by the warranty. What should I do? –Carolyn

Dear Carolyn,  more...

Mortgage insurance may be a waste of money

By Robert Bruss, Monday, September 20, 2004.

DEAR BOB: I carry a senior citizen reverse mortgage with a $100,000 line of credit. The market value of my home is about $500,000. I pay a hefty PMI (private mortgage insurance) charge each month. Since there is no default danger for the lender, as my house is worth far more than the mortgage balance, what is the lender insuring against? How can I get out of these PMI payments? – Joseph I.  more...