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Fed raises federal funds rate to 3.75%

By Inman News, Monday, September 19, 2005.

The Federal Reserve again has boosted the key federal funds interest rate to 3.75 percent, the 11th increase in a year.

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points, the committee said in a statement.  more...

Antitrust lawyers expect Realtor-DOJ case to settle Premium Content

By Glenn Roberts Jr., Monday, September 19, 2005.

It's not surprising that the federal government sued the National Association of Realtors over alleged antitrust violations – trade groups can be a breeding ground for anticompetitive activities, and Realtors have clashed with regulators before on antitrust issues, say legal experts, adding that it won't be surprising if an agreement is reached before the lawsuit goes to trial.

On Sept. 7, the U.S.  more...

Property insurer finds space in New Jersey

By Inman News, Monday, September 19, 2005.

Mack-Cali Realty Corp. announced that American Home Assurance Co. has leased 117,118 square feet at an office building it owns in Parsippany, N.J.

The value of the transaction was not disclosed.

The 317,040-square-foot property, which is now fully leased, is located at 5 Wood Hollow Road.

The lease carries a term of 13 years.

Mack-Cali Realty Corp. is a self-administered real estate investment trust that owns primarily office and office/flex buildings located in the northeastern United States.

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CarrAmerica buys Chancellor Park project

By Inman News, Monday, September 19, 2005.

CarrAmerica Realty Corp. has acquired Chancellor Park, a two-building, 195,733-square-foot office project in San Diego.

The value of the transaction was approximately $56 million.

The class A property is located at 4510 and 4520 Executive Drive within the University Town Center submarket.

Completed in 1989, Chancellor Park is comprised of two four-story buildings and a three-story parking structure. Tenants in the building at the time of sale included BioCom, EMN8, and Reynolds & Reynolds.  more...

Upscale apartment complex sold

By Inman News, Monday, September 19, 2005.

Marcus & Millichap negotiated the sale of the 384-unit Red Hawk Ranch Apartments in Thornton, Colo.

The value of the transaction was $43.9 million.

Baron Properties LLC sold the complex to CH Realty III/Red Hawk LLC, a Delaware limited liability company.  more...

Austin real estate sees growth spurt

By Inman News, Monday, September 19, 2005.

Home sales in the Austin, Texas, area climbed 28 percent in August from a year ago, the Austin Board of Realtors reported today.

Single-family home sales totaled 2,759 last month, up from approximately 2,150 sales in August 2004.

The median price at which these properties sold was $169,620, an increase of 9 percent from a year ago, but down slightly from $169,740 in July.

Multifamily property sales increased by 108 percent during the last 12 months to 179, while townhouse/condominium sales increased 40 percent to 256.  more...

Freddie Mac exec: ARMs, interest-only loans safe

By Inman News, Monday, September 19, 2005.

More than a third of real estate business comes from Web

By Inman News, Monday, September 19, 2005.

Realtors are embracing the Internet, with more than a third of their business now being generated from the Web, according to an industry survey.

That was one of the findings of the California Association of Realtors "2005 Use of Technology Survey" released today during the trade group's annual convention in San Diego.

The survey release coincides with C.A.R.'s full day of comprehensive technology training for Realtors that kicks off the event.  more...

Lead management software teams with online newspapers

By Inman News, Monday, September 19, 2005.

Katabat, a real estate sales lead management software provider, is now integrating leads from daily newspaper Web sites into its system for brokers.

The company on Monday said its Pipeline Manager software will electronically process incoming home buyer leads originated through the real estate Web sites of more than 150 U.S. daily newspapers that make up the Homescape Network.  more...

Housing starts decline

By Inman News, Monday, September 19, 2005.

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for August 2005:  more...

Software attacks real estate paperwork

By Inman News, Monday, September 19, 2005.

Real estate software provider VREO today released Real Estate Dashboard, an electronic signature and document management software for the real estate industry.

Real Estate Dashboard is optimized for use on VREO's REDtablet, a tablet PC configured specifically for the real estate industry, but will run on any tablet PC hardware.

Major features of Real Estate Dashboard include easy e-signatures and paperless document management capabilities.  more...

Online job ads rebound in August

By Inman News, Monday, September 19, 2005.

The number of new online job ads rose to 2.13 million in August, according to The Conference Board Help-Wanted OnLine Data Series, up more than 4 percent from early summer (June 2005), with gains in eight of the nine Census regions.

The Help-Wanted OnLine Data Series measures the number of new online job ads posted on more than 1,200 major Internet job boards and smaller job boards that serve niche markets and smaller geographic areas.  more...

Uptick for overnight real estate rates

By Inman News, Monday, September 19, 2005.

Long-term mortgage interest rates gained ground Monday, and the benchmark 10-year Treasury bond yield fell to 4.24 percent.

The 30-year fixed-rate average inched up to 5.35 percent, and the 15-year fixed-rate rose to 4.91 percent. The 1-year adjustable was up at 3.93 percent.

The 30-year Treasury bond yield dipped to 4.55 percent.

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

Rebuilding New Orleans the right way

By Inman News, Monday, September 19, 2005.

Katrina and mortgage lender forbearance

By Jack Guttentag, Monday, September 19, 2005.

How will mortgage lenders treat borrowers caught by Katrina? Speculations about this abound, some plausible, some ridiculous. This note lays out the alternatives, and their implications for both parties. I will illustrate them with an example.

The loan balance of the affected borrower is $100,000, the rate is 6 percent, the loan has 300 months (25 years) to run, and the monthly payment is $644.31. Five hundred dollars of this payment is interest and $144.31 is principal. Assume the borrower needs a "payment holiday period" of three months.  more...

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