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More slow growth expected in economy Premium Content

By Inman News, Tuesday, October 24, 2006.

Economic growth will continue to slow through the rest of 2006 but should return to near normal growth during 2007 and 2008, according to the latest economic forecast released this week by the Mortgage Bankers Association.  more...

New reverse mortgage debuts in high-cost markets

By Tom Kelly, Tuesday, October 24, 2006.

Reverse Mortgage of America, a subsidiary of Seattle Mortgage and the third-largest producer and servicer of reverse mortgages in the country, plans to roll out the first new reverse product in nearly a decade when its privately funded jumbo program -- The Lifestyle Plan -- hits the market in the next few weeks. 

The new product initially will be available in Washington, Oregon and California. It will be marketed to the remainder of the country early next year.  more...

How to prevent wood floors from 'cupping'

By Bill and Kevin Burnett, Tuesday, October 24, 2006.

Q: I enjoyed your recent column on silencing squeaky floors. I have one more question for you that I really hope you can answer.

Last summer we had 1,000 square feet of Brazilian cherry professionally installed on the first and second floors of our home. It cupped. We then had the crawlspace under our house lined.

I bought a hydrometer and took humidity readings. Our bedroom on the second floor and other rooms still seem to have too much moisture -- 60 percent after we wake up in the morning -- before showers.

What should I do?  more...

Zoning changes require home seller disclosure

By Robert Bruss, Tuesday, October 24, 2006.

DEAR BOB: Is it a disclosure requirement for a home seller to tell the buyer that the home has just been re-zoned into a nonconforming status? Are there times when an owner just does not know? --Dick B.

DEAR DICK: A property use that does not comply with the current zoning is known as a nonconforming use. For example, a single-family house located within a commercial zone is a nonconforming use.  more...

Religious group hits snag in quest for new temple

By Robert Bruss, Tuesday, October 24, 2006.

The Guru Nanak Sikh Society applied for a building permit to construct a temple that would seat 75 people on a 1.9-acre parcel on the outskirts of town. But the neighbors protested because there would be considerable traffic on the residential streets. The permit was denied.

To meet these objections, the members purchased a 28-acre parcel in an agricultural zone further away from the city. They applied for a building permit.  more...

Joint venture buys Yankee Candle headquarters

By Inman News, Tuesday, October 24, 2006.

Jones Lang LaSalle negotiated the sale of the Yankee Candle Co. headquarters and its primary distribution center in South Deerfield, Mass.

The value of the transaction was not disclosed.  more...

Commonwealth Centre sells in Virginia

By Inman News, Tuesday, October 24, 2006.

Thalhimer/Cushman & Wakefield arranged the sale of One Commonwealth Centre, a 62,863-square-foot office building in Richmond, Va.

The value of the transaction was approximately $9.4 million.

Statewide Property Management LLC purchased the class A office building, located at 5309 Commonwealth Centre Parkway, as an investment. 

At the time of sale by Commonwealth Centre Ventures LLC, the property was 87 percent leased.

Morton G. Thalhimer Inc. is an independent real estate services company.

Mayo Group expands residential portfolio

By Inman News, Tuesday, October 24, 2006.

NAI Hunneman Commercial brokered the sale of a 128-unit apartment complex in West Warwick, R.I.

The value of the transaction was $7.5 million.

Known as Quaker Towers, the seven-building apartment complex is located at 337 Cowesett Road and is comprised of 36 studio apartments, 58 one-bedroom apartments and 34 two-bedroom apartments.

The Mayo Group, a Boston-based, privately owned real estate company, purchased the property from an unidentified seller.  more...

Federal funds rate stays at 5.25%

By Inman News, Tuesday, October 24, 2006.

The Federal Reserve voted to keep the federal funds rate at 5.25 percent Wednesday, raising expectations that the benchmark short-term interest rate will remain unchanged for the near future.

In voting not to raise the federal funds rate, members of the Federal Open Market Committee said economic growth has slowed over the course of the year, partly reflecting a cooling of the housing market.  more...

'Exurbs' offer glimpse at future growth trends Premium Content

By Glenn Roberts Jr., Tuesday, October 24, 2006.

Exurbia -- that urban fringe beyond the suburbs -- grew 31 percent in the 1990s, which is more than twice as fast as the metro areas that exurban communities surround.

"Finding Exurbia: America's Fast-Growing Communities at the Metropolitan Fringe," a report by The Brookings Institution, uses a wealth of statistical information to define exurban communities and describe their growth trends.

The report's authors conclude that exurbs may repr  more...

Golden State home sales dive

By Inman News, Tuesday, October 24, 2006.

The rate of existing-home sales decreased 31.7 percent in September compared to September 2005, the California Association of Realtors trade group reported today, while the statewide median price for an existing single-family detached home increased 1.8 percent to $553,050.

The September 2006 median price declined 4 percent since August.

Closed escrow sales of existing, single-family detached homes in California totaled 444,780 in September at a seasonally adjusted annualized rate, according to information co  more...

Mortgage-backed securities may be exempt from new accounting rule

By Inman News, Tuesday, October 24, 2006.

Investors who hold $3.5 trillion in agency mortgage-backed securities would not be required to recognize gains and losses that are driven by interest rates if proposed changes to a new derivatives accounting rule are approved by regulators.

In a 6-1 vote today, the Financial Accounting Standards Board, which sets U.S.  more...

Demand for Florida real estate wanes

By Inman News, Tuesday, October 24, 2006.

Existing-home sales in Florida plummeted 34 percent in September from their year-ago level, falling for the 10th straight month, as several markets reported higher inventory levels, the Florida Association of Realtors reported.

A total of 13,485 existing single-family homes sold statewide last month, down from the 20,451 homes sold during the previous September, according to FAR.  more...

ResCap profits plunge 73%

By Inman News, Tuesday, October 24, 2006.

Residential Capital LLC today reported third-quarter net income of $76 million, down 73 percent from the $280 million earned in the same quarter last year.

The decrease was attributed to ResCap's U.S. residential mortgage business, where competitive pricing pressures negatively impacted margins and lower gains despite year-over-year increases in loan production.  more...

Georgia couple sentenced to 9 years for mortgage fraud

By Inman News, Tuesday, October 24, 2006.

A former bank branch manager and his wife have both been sentenced to nine years in prison on charges including conspiracy to commit mortgage fraud.

Carl F. Hairston, 32, and Janice Reena Hairston, 38, of Roswell, Ga., were also ordered to pay $416,652 in restitution when they were sentenced Tuesday, the U.S. Attorney for the Northern District of Georgia said in a press release.  more...

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