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Outsourcing innovation thrives in real estate

By Janis Mara, Tuesday, August 16, 2005.

Innovation in outsourcing is coming largely from small- to medium-sized companies such as real estate businesses, and can be leveraged as a strategic tool, according to a report by UniSeva released in late July.

"Outsourcing is anything you use outside the four boundary walls of the corporation," said Ravi Renduchintala, president of UniSeva. UniSeva is a global servicing strategy and business technology firm that enables businesses to innovate, he said.  more...

Oodle expands online classified ads

By Inman News, Tuesday, August 16, 2005.

Oodle, a search engine that aims to become the Google of online classified ads, has rolled out new sites in Phoenix, Minneapolis/St. Paul and Milwaukee, the company said Tuesday.

The free, online service now accesses classified listings in 22 metropolitan areas, making it easier for consumers and businesses to buy, sell and give using local classified ads.  more...

FDIC helps banks fight real estate fraud

By Inman News, Tuesday, August 16, 2005.

As mortgage fraud continues to increase in the United States, a federal agency has released a guide for banks and other institutions on how to implement a fraud hotline.

The Federal Deposit Insurance Corp. has released a Financial Institution Letter, "Guidance on Implementing a Fraud Hotline," (FILL-80-2005, Aug. 16, 2005), to help financial institutions implement fraud hotlines.  more...

Condo craze takes hold in Massachusetts Premium Content

By Inman News, Tuesday, August 16, 2005.

Despite a cooling of detached single-family homes in the second quarter, demand for condominiums set a new record in Massachusetts, the Massachusetts Association of Realtors reported.

During the spring quarter, the MAR report found that detached single-family home sales slowed, falling 5.2 percent from 14,888 homes sold in the three months from April-June 2004 to 14,118 in the comparable period this year.  more...

HomeServices expands in Alabama

By Inman News, Tuesday, August 16, 2005.

HomeServices of America Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Roberts Brothers Inc. Realtors, in Mobile, Ala., which expands the company's presence in the Southeast. Roberts Brothers has about 200 sales associates operating out of six offices in the greater Mobile area.  more...

Real estate career does not bring instant riches Premium Content

By Inman News, Tuesday, August 16, 2005.

Realtors with two or less years of experience earned a median income of $12,850 in 2004, according to the latest member survey by the National Association of Realtors trade group, while members with six to 10 years of experience earned a median $58,700.

The 2005 National Association of Realtors Member Profile, last conducted in 2002, also found that Realtors with at least 26 years of experience earned $92,600, up 37.2 percent  more...

Real estate refis jump

By Inman News, Tuesday, August 16, 2005.

Overall mortgage applications grew 2.2 percent last week on a seasonally adjusted basis from the week before, boosted by a jump in refinancings, according to the Mortgage Bankers Association's weekly survey.

The seasonally adjusted refinance index increased by 5 percent to 2,285.5 from 2,176.5 one week earlier, while the seasonally adjusted purchase index increased by 0.1 percent to 499.3 from 498.8 the previous week.  more...

Overnight real estate rates trend lower

By Inman News, Tuesday, August 16, 2005.

Long-term mortgage interest rates fell again Tuesday, and the benchmark 10-year Treasury bond yield dropped to 4.21 percent.

The 30-year fixed-rate average sank to 5.34 percent, and the 15-year fixed-rate dipped to 4.96 percent. The 1-year adjustable was up at 3.85 percent.

The 30-year Treasury bond yield declined to 4.42 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...

Colorado regulator made title insurance sexy Premium Content

By Janis Mara, Tuesday, August 16, 2005.

Erin Toll, deputy insurance commissioner of Colorado and former title insurance researcher, launched a national title insurance scandal, won a payment of about $24 million for consumers and did something no one was ever able to do before: she made title insurance sexy.

Toll's investigation of nine Colorado title insurers eventually led to the refunding of about $24 million to consumers by First American Title Insurance Co., and sparked dozens of similar investigations nationwide in states including Florid  more...

Chaos erupts when lender's mistake brings foreclosure sale

By Robert Bruss, Tuesday, August 16, 2005.

Michael and Ruth Selesia fell behind on payments for their $15,000 home mortgage held by Bank of America. The lender began foreclose on the house.

Just four days before the scheduled foreclosure sale, the borrowers paid the late payments at a Bank of America branch and their mortgage was reinstated.

Purchase Bob Bruss reports online.

However, Bank of America failed to cancel the foreclosure sale after the mortgage was reinstated.  more...

Safety a key issue in popcorn-ceiling removal

By Bill and Kevin Burnett, Tuesday, August 16, 2005.

Q: My daughter just bought a fixer-upper. Do you know of any fairly inexpensive, somewhat-easy solutions for dealing with 1970s blown-on ceilings – you know, the kind that looks like flat popcorn?

A: Blown-on acoustical ceilings were all the rage in new homes in the '60s and '70s. For the life of us, we can't understand why. We don't imagine they deadened sound to any great degree. As far as adding any architectural interest, well, fuhgeddaboutit.  more...

Land grab avoided with owner's title insurance policy

By Robert Bruss, Tuesday, August 16, 2005.

DEAR BOB: Twelve years ago, I bought some rural land and received a warranty deed. My seller has been dead at least 10 years. I have leased the property all these years to a farmer who grazes his cattle there. Now an adjoining farmer (not my tenant) claims about seven acres of my fenced land belongs to him. He threatens to sue me for using his land for the 12 years I have been allegedly using his land. What should I do? – Althea W.  more...

Homestore dives into lead generation Premium Content

By Inman News, Tuesday, August 16, 2005.

Homestore Inc., the company that operates Realtor.com and other home-search Internet sites, announced today that it is rolling out an online lead-generation product for Realtors called Top Marketer. The company alluded to the launch of the new product in a second-quarter earnings announcement earlier this month.  more...

Preferred Freezer assets sold to GMAC

By Inman News, Tuesday, August 16, 2005.

Marcus & Millichap arranged the sale/leaseback of the Preferred Freezer 12-property portfolio to General Motors Acceptance Corp. for $261 million.

Under the sale-leaseback agreement, Preferred Freezer will lease the properties for 25 years with subsequent five-year options. With the bond-type lease, the lessee is responsible for all costs and expenses relating to the property and its operation, maintenance and repair.  more...

Archstone-Smith gains high-rise apartments

By Inman News, Tuesday, August 16, 2005.

Archstone-Smith recently purchased two high-rise apartment communities in New York City, adding nearly 500 units to its Manhattan portfolio.

The total value of the transactions was $282.6 million.

The company acquired The Aston, a 266-unit community in Manhattan's Chelsea neighborhood, for $195 million, and The Foundry, a 222-unit community in Manhattan's Clinton neighborhood, for $87.6 million.  more...

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