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Court finds no fault in ban of public access to real estate listings

By Glenn Roberts Jr., Tuesday, May 23, 2006.

An appellate court today upheld an earlier ruling that the Cincinnati Area Board of Realtors did not break the law in pulling property listings from public view at its CincyMLS.com Web site.

The Web site is maintained by the Multiple Listing Service of Greater Cincinnati Inc., a subsidiary of the Cincinnati Area Board of Realtors.

"Complete vindication," said Patrick F. Fischer, a lawyer for Keating Muething & Klekamp who represented the Realtor board in the lawsuit.  more...

Cleaning the Augean stables: obstacles to fighting loan fraud Premium Content

By Janis Mara, Tuesday, May 23, 2006.

Editor's note: In this five-part series, Inman News examines the rising tide of mortgage fraud in the U.S., giving an overview of the problem, describing how it works, explaining obstacles to fighting it and describing technologies that combat it and legislation that aims to defeat it. more...

Mortgage risk rises

By Inman News, Tuesday, May 23, 2006.

Growing risk has led to a sharp increase in collateral scrutiny by mortgage lending institutions during the last 12 months, a consumer Web site reported today.

Risk scores nationwide increased by 14.3 percent during the October-to-April period compared to the prior six-month period.  more...

'Exotic' real estate loans examined Premium Content

By Inman News, Tuesday, May 23, 2006.

While the use of so-called "exotic" or "nontraditional" mortgage loan products has soared during the housing boom, new research suggests that middle and moderate income borrowers with less-than-stellar credit scores are carrying the brunt of these riskier loans.

An analysis from the Consumer Federation of America found that African American and Latinos were more likely to receive payment-option mortgages than whites and African Americans were more likely to receive interest-only mortgages.

The new research findings appear in the group's newly released study, "Exotic or Toxic?  more...

HomeServices buys Atlanta real estate company

By Inman News, Tuesday, May 23, 2006.

HomeServices of America Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Harry Norman, Realtors, an Atlanta-area full-service real estate firm that offers brokerage, mortgage, title and insurance services.

The 76-year-old Harry Norman, Realtors company is the third-largest residential real estate firm in Atlanta, with 20 offices and about 1,200 realtors.  more...

Trulia plants property search engine in new markets

By Inman News, Tuesday, May 23, 2006.

Trulia.com, a real estate search Web site, now offers property listings in Florida, Texas and Pennsylvania in addition to its California, New York and New Jersey markets.

The San Francisco-based company today announced its expansion and has plans to add five more markets by July.

The site, which first launched in California last year, searches multiple brokerage Web sites for property listings and displays that information at its Web site.  more...

Real estate licensees are booming in California

By Inman News, Tuesday, May 23, 2006.

The California Department of Real Estate announced today that there are about 500,000 real estate licensees in the state – which means that one in every 52 adults in California has a real estate license.

In 2005, the number of licensees grew 14 percent over the previous year to a then-record 476,000 licensees. That total represented a 57 percent increase compared to the number of California real estate licensees in 2000.  more...

Buyers gain ground as real estate market turns

By Inman News, Tuesday, May 23, 2006.

Real estate sales dropped 15 percent in first-quarter 2006 and the listing inventory grew 65 percent compared to the same period last year in the San Francisco Bay Area, according to a report released this week by Prudential California Realty.

Consumer uncertainty and unseasonable rainfall contributed to the market slowdown, the company reported.

Meanwhile, prices were up 8 percent in the quarter compared to first-quarter 2005.  more...

Real estate loan applications decline

By Inman News, Tuesday, May 23, 2006.

Mortgage application volume was down last week as interest rates declined on long-term mortgages, according to the latest survey from the Mortgage Bankers Association.

The market composite index, a measure of mortgage loan application volume, was 552.6, a decrease of 6 percent on a seasonally adjusted basis from 588 one week earlier.  more...

Pace of new-home sales steps up in April

By Inman News, Tuesday, May 23, 2006.

The rate of new single-family home sales increased about 4.9 percent from March to April but was down about 5.7 percent compared to April 2005, the U.S. Census Bureau and the Department of Housing and Urban Development reported today.

Home sales were at a seasonally adjusted annual rate of about 1.2 million in April.  more...

Overnight real estate rates climb

By Inman News, Tuesday, May 23, 2006.

Long-term mortgage interest rates were higher Tuesday, and the benchmark 10-year Treasury bond yield fell to 5.02 percent.

The 30-year fixed-rate average increased to 6.21 percent, and the 15-year fixed-rate climbed to 5.87 percent. The 1-year adjustable inched up to 5.31 percent.

The 30-year Treasury bond yield slid to 5.12 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...

Real estate maps can churn out Web leads Premium Content

By Janis Mara, Tuesday, May 23, 2006.

"Put the map interface front and center and you're going to see value," was one of many tips for real estate agents with regard to online mapping shared by a panel of industry participants Monday.

"Maps have gone from something that was buried multiple clicks down to something that appears at the beginning of a user's (real estate) search," added Ian Pilling, marketing manager of MapQuest and one of the panelists at the Inman News audio conference, "Mapping: Best Practices to Drive Leads & Accelerate S  more...

Removing paint without chemical stripper

By Bill and Kevin Burnett, Tuesday, May 23, 2006.

Q: I am restoring a 1917 Craftsman bungalow. It's a basic house that was painted all white on the inside. Everything was painted white--all the Douglas fir moldings, baseboards, everything.

I have been stripping the paint for years. Fortunately, a lot of the built-up layers were painted over varnish, making removal a little less time-consuming, since the paint never became part of the wood.

But now I need to know how to remove the residual paint, the little specks here and there.  more...

Must homeowner's insurer pay for shooting victims' injuries?

By Robert Bruss, Tuesday, May 23, 2006.

John S. Keck went to the home of his ex-girlfriend Karen Adams to demand she choose between him and her new boyfriend Andrew Slentz. Adams chose Slentz.

Keck left and returned 30 minutes later with a rifle. He shot at Adams several times from close range, wounding her. Then he chased Slentz and eventually shot him. Keck then killed himself.

Purchase Bob Bruss reports online.

Adams and Slentz sued Keck's estate, along with Continental Insurance Co.  more...

Don't negotiate listing agent's commission up front

By Robert Bruss, Tuesday, May 23, 2006.

DEAR BOB: My wife and I are selling our first home. What is the average sales commission? I don't want to overpay. Can we negotiate the broker's fee? --Anthony W.

DEAR ANTHONY: Great questions. Before signing a listing to sell your home, please interview at least three successful agents who sell homes in your vicinity.  more...

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