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Real estate sales on track for third-best year

By Inman News, Tuesday, February 7, 2006.

Home sales this year are expected to stay below the peak levels in 2005 but will remain historically strong, the National Association of Realtors reported today.

David Lereah, NAR's chief economist, said the sales slowdown has already occurred. "Right now, home sales are a little lower than projected, but they can be sustained around current levels," Lereah said. "Sometimes people lose sight of the fact that real estate is cyclical.  more...

New fraud-fighting center established

By Inman News, Tuesday, February 7, 2006.

A new online clearinghouse and research center designed to help the fight against fraud opened Monday, sponsored by Florida State University in Tallahassee, Fla., and St. Thomas University in Miami, Fla.

The Center for the Study of Economic Crimes, jointly operated by FSU's College of Criminology and Criminal Justice and the St.  more...

Overnight real estate rates retreat

By Inman News, Tuesday, February 7, 2006.

Long-term mortgage interest rates were down Monday, and the benchmark 10-year Treasury bond yield gained to 4.55 percent.

The 30-year fixed-rate average sank to 5.82 percent, and the 15-year fixed-rate decreased to 5.42 percent. The 1-year adjustable fell to 4.53 percent.

The 30-year Treasury bond yield increased slightly to 4.62 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...

Correction

By Inman News, Tuesday, February 7, 2006.

In a Feb. 2 story, "Agents debate value of real estate designations," Inman News reported that Boston Realtor John A. Keith said he paid about $400 for classes related to the ABR and ePRO designations, though he didn't complete the paperwork process for the ABR designation. The story instead should read: Keith said he paid about $400 for classes related to the ABR designation, though he didn't complete the paperwork process and is unable to use the designation.  more...

DOJ charges that NAR 'misses the mark' with court filing

By Inman News, Tuesday, February 7, 2006.

Lawyers for the U.S.  more...

Scandal hits Florida Habitat for Humanity

By Janis Mara, Tuesday, February 7, 2006.

A Florida Habitat for Humanity affiliate has ceased to exist in the wake of a scandal involving its past president and a real estate agent who reportedly made thousands of dollars from buying and selling two Habitat homes.

The affiliate, formerly Lighthouse Habitat for Humanity, has been absorbed by Habitat for Humanity of Palm Beach County, according to Carolyn Vickey, executive director of the Palm Beach Habitat affiliate.

"The blending of the two groups is complete," Vickey said Monday.  more...

Home buyers denied recourse in plumbing break

By Barry Stone, Tuesday, February 7, 2006.

Dear Barry,

Our home is 10 years old. When we bought it, the sellers disclosed that a leaking water line below the slab floor had just been repaired. We called the plumber who did the repair and he said there was no evidence of further problems. With this assurance, we bought the home. But a month later, another leak developed under the slab. The plumber open the floor and this time found numerous pinhole leaks. He advised us to re-pipe the house. We called the builder, but he said the pipes were installed to code, in a protective layer of sand, and he was not liable.  more...

Potential problems of group vacation-home purchase

By Robert Bruss, Tuesday, February 7, 2006.

DEAR BOB: My two daughters and their husbands are buying a vacation home with all costs split between the two families. They intend to take advantage of the tax write-offs for mortgage interest and property taxes. What is the best way for them to take title and to document how costs are to be split, as well as an exit strategy if one wants to sell? They are borrowing the funds from us, secured by a recorded mortgage. Would a living trust be advantageous?  more...

Tips and traps of real estate negotiations

By Robert Bruss, Tuesday, February 7, 2006.

Every home buyer, seller and real estate agent should study "Tips and Traps When Negotiating Real Estate" by Robert Irwin to become aware of the tricks and tactics savvy realty negotiators might use against you. This is, by far, the best real estate negotiation handbook I have ever read. The publisher should charge 100 times the absurd low price.

Irwin, the prolific author of at least 30 excellent real estate books, has written his best book, by far. This book cannot be recommended too highly to beginner and experienced realty buyers, sellers and especially real estate sales agents.  more...

Apartment properties trade hands in tight market

By Inman News, Tuesday, February 7, 2006.

Cushman & Wakefield has brokered three multifamily communities in Southern California for a total of $156 million.

The first acquisition was Ventura Pines, a 309-unit apartment complex in Ventura, purchased by Coastline Capital Partners for $50 million. Built in 1971, Ventura Pines is located at 1241 Petit Ave. and is situated on more than 12 acres, featuring five courtyards, each with a resort-style pool, landscaped gardens and large open-air cabanas.

JSB Trust sold the asset.  more...

Investor buys former Giant Foods campus

By Inman News, Tuesday, February 7, 2006.

Preferred Real Estate Investments Inc. has acquired the former Giant Foods Headquarters Campus in Landover, Md.

The value of the transaction was not disclosed.

Located inside the Beltway at 6400 Sheriff Road, within one mile of Washington, D.C., the newly named National Commerce Park will yield over 1.5 million square feet of industrial space and approximately 350,000 square feet of modern office space spanning 100-plus acres.  more...

24 Hour Fitness property sold

By Inman News, Tuesday, February 7, 2006.

Faris Lee Investments facilitated the sale of a 44,375-square-foot 24 Hour Fitness facility in Scottsdale, Ariz.

The value of the transaction was approximately $12.8 million.

The property, located at 13220 N. Scottsdale Road, is a single-tenant facility situated on 6.5 acres.

24 Hour Fitness is on a long-term lease at the site, which was built in 1994.

San Francisco, Calif.-based Cambra Development et al. sold the property to Costa Mesa, Calif.-based Bay Harbor Management.  more...

Titanic land-use battle heads for Supreme Court Premium Content

By Janis Mara, Tuesday, February 7, 2006.

A nearly 20-year battle over 50 acres of privately owned Michigan wetlands to be heard by the U.S. Supreme Court this month is shaping up as a showdown between property rights proponents and environmentalists.

In one corner: Heavyweights like the National Association of Home Builders and the American Petroleum Institute.  more...

NAR president 'concerned' over recent OCC rulings

By Inman News, Tuesday, February 7, 2006.

Expressing concern over three December rulings by the Office of the Comptroller of the Currency, the president of the National Association of Realtors today asked for a meeting with Treasury Secretary John Snow to discuss the rulings.

In a letter to Snow sent today, NAR President Thomas Stevens said Realtorsare "extremely concerned" over three December rulings by the OCC allowing three of the largest national banks in the nation to invest in the development of office buildings, hotels,  more...

More borrowers cash out real estate equity

By Inman News, Tuesday, February 7, 2006.

A full 80 percent of Freddie Mac-owned loans that were refinanced in the fourth quarter resulted in new mortgages with loan amounts that were at least 5 percent higher than the original mortgage balances, the mortgage giant reported today. This percentage is up from the third quarter of 2005, when the share of refinanced loans that took cash out was 73 percent, and is the highest since the third quarter of 2000.  more...

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