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Partnership aims to streamline real estate closings

By Inman News, Tuesday, December 21, 2004.

Entyre, a nationwide provider of Web-based mortgage closing tools, and LandAmerica OneStop, a provider of online, Web-based real estate transaction services for mortgage lenders, have partnered.  more...

Police officer convicted in real estate fraud scheme

By Inman News, Tuesday, December 21, 2004.

A federal trial jury in Massachusetts on Friday convicted a Springfield, Mass., police officer and another Springfield man of conspiracy, mail fraud, wire fraud and money laundering in connection with a real estate fraud scheme.

Michael J. Hutchison, 35, and Chester J. Ardolino, 37, each face up to five years in prison a fine of $250,000 for the conspiracy, mail fraud and wire fraud charges, and a fine of $500,000 for the money-laundering charges, according to a U.S. Attorney's office statement.  more...

California Realtors raise more than $1 million

By Inman News, Tuesday, December 21, 2004.

The California Association of Realtors has raised $1.01 million this year for its Housing Affordability Fund, which is disbursed among local Realtor associations that request money to support housing affordability and housing supply initiatives. California Realtors have contributed about $2.3 million to the fund since its creation in January 2003.

The state association donated $500,000, Realtors throughout the state donated about $300,000, and local Realtor associations donated about $125,000 for the fund.  more...

Housing grows more costly for U.S. families

By Inman News, Tuesday, December 21, 2004.

As housing costs continue to increase faster than wages, millions of working families will spend the holidays struggling to pay for their homes, while many others will bring in the New Year without a home at all, according to a new report released Monday by the National Low Income Housing Coalition.

The report, "Out of Reach: 2004," finds that the national Housing Wage for 2004 is $15.37 an hour, or $31,970 a year, almost three times the federal minimum wage.  more...

InterActiveCorp to split into two companies

By Inman News, Tuesday, December 21, 2004.

Barry Diller's InterActiveCorp today announced plans to separate into two publicly traded companies. The planned companies will be IAC and Expedia.

InterActiveCorp's holdings include home shopping, ticket, travel, lodging, dating, and mortgage and real estate-related businesses.  more...

Joint venture lands Orange County business park

By Inman News, Tuesday, December 21, 2004.

SSR Realty Advisors sold a 245,503-square-foot industrial park in Anaheim, Calif.

The value of the transaction was $18.8 million.

The Anaheim Tech Center is located at 950 and 955 E. Ball Road and 1045, 1047, 1051 and 1055 East St.

Voit Commercial represented developer Greenlaw Partners and investment manager Guggenheim Real Estate PLUS fund in the purchase.

Voit Commercial Brokerage, a member of CORFAC International, is a full-service brokerage company.

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East Coast shopping center sold

By Inman News, Tuesday, December 21, 2004.

Spaulding & Slye Colliers and Prospect Properties brokered the sale of a 126,000-square-foot shopping center in North Reading, Mass.

The value of the transaction was $16.5 million.

NR Plaza LLC sold North Reading Shaw's Plaza Shopping Center, located on Route 28/Main Street, to Federal Realty Investment Trust.

Shaw's Supermarket anchors the property, which includes tenants such as Blockbuster Video and Sears Hardware.

Spaulding & Slye Colliers is an international commercial real estate services company.

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Multifamily housing sells near U.C. Davis

By Inman News, Tuesday, December 21, 2004.

Marcus & Millichap brokered the sale of the Heritage House Apartments in Davis, Calif.

The value of the transaction was approximately $18 million.  more...

ServiceMagic exec helped streamline real estate loans

By Inman News, Tuesday, December 21, 2004.

Best-case scenario for housing next year

By Samantha Peterson, Tuesday, December 21, 2004.

Editor's note: The real estate industry is heading for big change in 2005. Experts once again are predicting slower home sales and easing price appreciation due to an anticipated rise in interest rates. In this Inman News forecast series, we attempt to get a clear picture of the industry next year, including what we can expect from housing numbers, who the industry should be watching and what the best and worst-case scenarios might be for housing in 2005.  more...

Printed MLS books don't stack up

By , Tuesday, December 21, 2004.

Many Realtors can recall the days when they toted a book with printed MLS listings. That was their primary source of property information – the way they found out what homes were on the market. Some Realtors don't have to recall those days because they still use the books.

While many Realtor associations across the country have phased out the books carrying property listings in favor of constantly updated computerized property listings that can be printed out or stored in handheld electronic devices, there are those who still find value in the printed books.  more...

Real estate title mess arises 40 years after homeowners' deaths

By Robert Bruss, Monday, December 20, 2004.

DEAR BOB: My grandfather and grandmother died in an auto accident in 1962. Their only child was my mother. When I was a little boy, about age 6, my father died of a heart attack. My mother's parents were killed about six months earlier. She and I moved into her parents' home and I happily grew up there. My mother died a few months ago, still living in that house. I am her only child; she never remarried. According to the county records, title to the house is still in the names of my mother's parents. As far as can be determined, nobody left any wills.  more...

Why isn't my real estate loan's APR locked?

By Jack Guttentag, Monday, December 20, 2004.

"Recently I locked my $100,000 mortgage at an interest rate of 5.75 percent and 1 point, with an APR of 5.94 percent. Now the rate is the same, but I'm told that the APR is 5.99 percent. I don't understand this, how can the rate be locked but not the APR? When I asked the lender about it, he spoke to me like I was an idiot; he said yes, of course, the APR can change...What good is the Truth in Lending statement if the APR can change all the way to closing? I close in two weeks, so I feel like I'm stuck."  more...

What are the benefits of piggyback financing?

By Dian Hymer, Monday, December 20, 2004.

When a buyer puts 10 percent or less cash down, most lenders require mortgage insurance, known as PMI, which is paid for by the buyer. The cost of PMI is about 1/2 percent of the loan amount annually. So, on a $250,000 mortgage, PMI will run about $1,250 per year.

PMI provides protection for the lender in case the buyer stops making mortgage payments. Buyers don't like PMI because it increases the cost of home ownership.  more...

Overnight real estate rates post gains

By Inman News, Monday, December 20, 2004.

Long-term mortgage interest rates were higher Friday, and the benchmark 10-year Treasury bond yield gained to 4.2 percent.

The 30-year fixed-rate average climbed to 5.33 percent, and the 15-year fixed-rate increased to 4.76 percent. The 1-year adjustable was unchanged at 3.43 percent.

The 30-year Treasury bond yield increased to 4.83 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...

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