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Housing is key to economic growth in New Orleans Premium Content

By Inman News, Monday, March 27, 2006.

Housing deficiencies may restrain economic growth in the hurricane-ravaged New Orleans metropolitan area, and it will take about 50,000 housing renovations per year over the next three years to counter the projected shortage, according to a study prepared by an economics professor at Louisiana State University.

The study, supported by a research fund of the Financial Services Roundtable, reports that 71 percent of the damaged housing stock in the area must be renovated over the next three years to accommodate projected job gro  more...

Boomers see greater appeal in single-family homes

By Inman News, Monday, March 27, 2006.

Single-family homes have the most appeal for aging baby boomers, according to a survey released today.

Twenty-one percent of 50-plus consumers responding to the survey were considering a move in the next five years, and of those planning to move, 63 percent said they are looking to purchase a single-family home, while 18 percent would purchase a condo or townhouse.  more...

BPG affiliate acquires Florida apartments

By Inman News, Monday, March 27, 2006.

BPG Properties Ltd. recently announced the acquisition of The Arbors apartment complex in Deland, Fla.

The value of the transaction was $12 million.

AIMCO Arbors LLC sold the 224-unit property, which will be owned and operated by an affiliate of BPG's multifamily operating arm, Madison Apartment Group L.P.  more...

Retail developer grows in eastern Pa.

By Inman News, Monday, March 27, 2006.

Phillips Edison & Co., a retail real estate owner and developer, has acquired Weis Plaza, a 124,161-square-foot shopping center in Kutztown, Pa.

The value of the transaction was not disclosed.

At the time of sale, Weis Plaza was anchored by Weis Markets, a regional grocer based in Sunbury, Pa.

Phillips Edison plans to upgrade the shopping center, which was approximately 62 percent occupied at closing.  more...

REIT buys upscale apartments in Texas

By Inman News, Monday, March 27, 2006.

Mid-America Apartment Communities Inc. purchased Silverado, an upscale apartment community in Cedar Park, Texas.

The value of the transaction was not disclosed.

The community, located in the Cedar Park suburb north of Austin, was developed in 2003 and includes 312 apartment homes. Amenities include a swimming and lap pool, an extensive fitness center, putting green and limited-access gates.  more...

California housing starts grow 7.7%

By Inman News, Monday, March 27, 2006.

Led by a strong surge in new condos and apartments in the state's southern areas, California housing production improved in February, climbing 7.7 percent from a year ago, the California Building Industry Association announced today.

According to data compiled by the Construction Industry Research Board, total housing starts, as measured by building permits issued, totaled 15,571 in February, up from 14,463 in February 2005.  more...

Real estate markets cool nationwide

By Inman News, Monday, March 27, 2006.

Home prices in Phoenix have been flat for 60 days and are down 6.7 percent from levels six months ago levels, and home prices in Las Vegas market have fallen for two consecutive months to a median price of $309,000 at the end of February, said Alexis McGee, president of Foreclosures.com.

Year-over-year home-price appreciation in San Diego has slowed to 6.4 percent, and sales volume is down throughout Southern California, McGee added, prices in Cape Coral, Fla., have fallen 2.5 percent in the past 30 days while the inventory of  more...

Mortgage broker pleads guilty in $50 million real estate fraud

By Inman News, Monday, March 27, 2006.

A Cincinnati, Ohio, mortgage broker pleaded guilty in U.S.  more...

Architecture billings strong in February

By Inman News, Monday, March 27, 2006.

Billings at U.S. architecture firms were positive for the 17th consecutive month in February, according to new seasonally adjusted figures from the American Institute of Architects.  more...

Central Ohio real estate sales nail record

By Inman News, Monday, March 27, 2006.

Central Ohio saw a record 1,579 homes sold in February, up 10 percent from the same month a year ago, according to statistics from the Columbus Board of Realtors.

February statistics indicated that the combined sales total for the January-February period is 2,957, which is 9 percent higher than the first two months of 2005, the board reported.

"We've experienced a very active market early this year," said Chris Reese, president of the Columbus Board of Realtors.  more...

Overnight real estate rates stand pat

By Inman News, Monday, March 27, 2006.

Long-term mortgage interest rates were flat again Friday, and the benchmark 10-year Treasury bond yield dropped to 4.67 percent.

The 30-year fixed-rate average remained at 5.88 percent, and the 15-year fixed-rate held at 5.57 percent. The 1-year adjustable was up at 4.91 percent.

The 30-year Treasury bond yield fell to 4.69 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...

All eyes on Realtor commissions Premium Content

By Jessica Swesey, Monday, March 27, 2006.

Editor's note: Every few years, Realtors and their commission structure come under scrutiny and it is happening again now. In this three-part series, we examine whether commissions are going up or down and what's adding pressure to the debate.  more...

How to sell 50% interest in a townhouse

By Robert Bruss, Monday, March 27, 2006.

DEAR BOB: My daughter and another teacher co-own a townhouse. The other teacher is leaving to get married. My wife and I are going to buy her out so our daughter can avoid selling and trying to purchase again in an expensive area. To remove the other teacher's name from the deed and mortgage (preferably leaving only our daughter's name or substituting our names for the departing teacher) do we need an attorney? Or can we sign something in a government office to get her name off the deed?  more...

Borrower beware of 'dead home equity' offers

By Jack Guttentag, Monday, March 27, 2006.

Q: "I bought a house two years ago that is now worth $340,000, with a mortgage of $240,000. I am being told that my $100,000 of equity is "dead," just sitting there doing nothing for me. How can I make my equity work for me? I don't want to do anything stupid."

A: "Dead home equity," with its implication of opportunity foregone, is a meaningless concept. Home equity is equal to property value less all liens on the house, which in your case comes to $100,000. Calling equity "dead" is a distortion of the English language.  more...

Tips for jumpstarting real estate search

By Dian Hymer, Monday, March 27, 2006.

If you postponed buying a home during recent years, or found yourself unable to buy due to fierce competition from other buyers, now could be the window of opportunity you've been waiting for. Interest rates, although gradually rising, are still low. And, generally, the inventory of homes for sale is increasing.

The first step is to find out how much you can afford to pay by talking with a mortgage broker or lender. Knowing your price range will help you to determine whether you can afford to buy a single-family residence or a condominium. Condos tend to be less expensive.  more...