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Fannie Mae announces massive sale of stock

By Inman News, Thursday, December 30, 2004.

Fannie Mae announced Wednesday that it has agreed to sell an aggregate of $5 billion in two placements of preferred stock to qualified institutional buyers, representing the largest capital placement ever undertaken by the mortgage-financing giant.

The $2.5 billion series of 5.375 percent Non-Cumulative Convertible Series 2004-1 Preferred Stock has a stated value and liquidation preference of $100,000 per share and is convertible by holders into shares of Fannie Mae common s  more...

Two-country resident proud of her career journey

By Inman News, Thursday, December 30, 2004.

Sherry Chris joined Real Living Network Services after serving as executive vice president of Royal LePage, Canada's largest real estate firm.

At Royal LePage, Chris played a key role on the leadership team that spearheaded the development of an alternative business model for Canada's real estate industry.  more...

The future of real estate industry consolidation

By Samantha Peterson, Thursday, December 30, 2004.

With more than 80,000 real estate brokers across the country, observers say the fragmented real estate industry is long overdue for consolidation at a faster pace than in the past.  more...

Luxury apartments sell in New Jersey

By Inman News, Thursday, December 30, 2004.

Kushner Cos. recently sold The Curling Club luxury apartment complex in Hoboken, N.J.

The value of the transaction was $70 million.

ING Clarion Partners purchased the property.

The Curling Club comprises 240 units and is located between 11th and 12th Avenues at 1122 Grand St. Kushner Cos. acquired the former industrial site in 1998, and in late 1999, the firm completed construction of The Curling Club, which consistently has maintained occupancy rates near 100 percent, according to a press statement.

Cushman & Wakefield brokered the transaction.  more...

Buyer secured for AutoZone property

By Inman News, Thursday, December 30, 2004.

Binswanger/CBB recently sold a 212,000-square-foot building with acreage in San Antonio, Texas.

The value of the transaction was not disclosed.

The one-story property is located at 1235 Gembler Road.

Stream Realty Partners L.P. purchased the property as an investment from AutoZone, a retailer of automotive parts and accessories with locations throughout the United States and Mexico.

AutoZone consolidated operations at this facility into its brand-new, 600,000-square-foot distribution center in Terrell, Texas.  more...

Bascom, Rockwood purchase multifamily site

By Inman News, Thursday, December 30, 2004.

A joint venture between Bascom Arizona Ventures LLC and Rockwood Capital Partnership recently purchased a 582-unit apartment community known as the Tiburon Apartments in Mesa, Ariz.

The value of the transaction was $18.5 million.

FEIGA/Tiburon L.P., a Delaware Limited Partnership, sold the property.  more...

'Stepped-up basis' for inherited real estate explained

By Robert Bruss, Wednesday, December 29, 2004.

DEAR BOB: Recently you had a fascinating letter about a person who inherited a house. You said the heir received a new "stepped-up basis" to the market value on the date of the decedent's death (or valuation date used by the deceased's estate). Then you commented if the heir sells the inherited property immediately there would be no capital gains tax to pay. As I am in a similar situation, expecting to inherit several pieces of property after my terminally ill mother passes on, how soon must I sell that inherited property to avoid paying capital gains tax? – Fred R.  more...

Single-family real estate takes economy by storm

By Tom Kelly, Wednesday, December 29, 2004.

Let's get beyond the slippery accounting practices of Fannie Mae in 2004 – or that matter of Freddie Mac in 2003. Both mortgage giants are shareholder-owned yet chartered by the U.S. Congress to maintain a constant flow of loan funds for the nation's housing market. You would expect a higher standard of performance.  more...

Homeowners sue insurer after losing real estate to arson, foreclosure

By Robert Bruss, Wednesday, December 29, 2004.

In 1989 Fareed and Rashida Cassim bought their home and insured it with Allstate Insurance Co. But in December 1990, a fire resulted in at least $40,000 damage to the home, plus about $43,000 damage to their furnishings.

When Fareed and Rashida filed their claim with Allstate, they were promptly paid a $10,000 advance toward living expenses because the house was uninhabitable. But after Allstate investigated the fire, Allstate's adjuster concluded the fire was caused by arson.  more...

Kitchen floor overhaul inspires unique alternatives

By Bill and Kevin Burnett, Wednesday, December 29, 2004.

Q: We have a mid-1950s Eichler-style ranch home with radiant heat. The radiant pipes are copper, not galvanized steel. They do not leak, and the heating works beautifully. Our kitchen floor is ceramic tile that was installed way before we purchased the home six years ago.

Several years ago we had a contractor pull up and replace about 10 of the tiles that had cracked. He told us that the tiles would not settle properly because the concrete pad was inherently uneven. Sure enough, we have new cracks in both the old and new tiles.  more...

Overnight real estate rates increase

By Inman News, Wednesday, December 29, 2004.

Long-term mortgage interest rates rose Tuesday, and the benchmark 10-year Treasury bond yield jumped to 4.29 percent.

The 30-year fixed-rate average inched up to 5.38 percent, and the 15-year fixed-rate gained to 4.79 percent. The 1-year adjustable was unchanged at 3.42 percent.

The 30-year Treasury bond yield climbed to 4.91 percent.

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

Illinois real estate sales pick up pace

By Inman News, Wednesday, December 29, 2004.

Home sales in Illinois rose 18.8 percent in November and the median price of an existing single-family home increased 9.2 percent compared to the same period a year ago, the Illinois Association of Realtors reported today.

November existing single-family home sales totaled 9,977, up from 8,398 homes sold in November of 2003.

The median price of an existing single-family home in November was $184,000, up from $168,600 in November 2003.  more...

Real estate loan applications dip

By Inman News, Wednesday, December 29, 2004.

Overall mortgage applications dropped slightly last week, decreasing 1.7 from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted refinance index decreased by 7.9 percent to 1,803.9 from 1,958.2 one week earlier. The seasonally adjusted purchase index increased by 2.7 percent to 483.8 from 471.1 the previous week.  more...

Existing-home sales reach all-time high

By Inman News, Wednesday, December 29, 2004.

Sales of existing homes reached record levels in November, increasing 2.7 percent since October. Existing-home sales were at a seasonally adjusted annual rate of 6.94 million units in November, up from 6.76 million units in October, the National Association of Realtors announced today.

The seasonally adjusted annual rate projects a monthly sales total over a 12-month period.  more...

Jobs outlook improves for 2005

By Inman News, Wednesday, December 29, 2004.

The Conference Board's consumer confidence index, which had been on the decline since August, rebounded in December, as consumers grew more upbeat about job prospects and the economy.

The index now stands at 102.3 (1985=100), up from 92.6 in November. The expectations index rose to 99.9 from 90.2. The present situation index increased to 105.9 from 96.3.  more...

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