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MLS alters controversial pay-per-access program Premium Content

By Glenn Roberts Jr., Monday, May 29, 2006.

A regional multiple listing service in Virginia is changing the structure of a unique and controversial program that charges consumers for online access to detailed property information.

The E-Pass program, which drew criticism from a group of MLS members when it was launched in June 2005, will continue to be available on a subscription basis to consumers through the Real Estate Information Network public Web site at hrmls.com, though agents and brokers who are m  more...

IRS down-payment-assistance ruling gets mixed reviews Premium Content

By Janis Mara, Monday, May 29, 2006.

A new ruling denying home seller-funded down-payment-assistance organizations tax-exempt status is a good idea or a threat to home buyers, depending on whom you talk to.

The Internal Revenue Service ruled May 4 that such organizations do not qualify as tax-exempt charities. The programs, such as those at Nehemiah Corp.  more...

Louisiana hurricane recovery gets $4.6 billion boost Premium Content

By Inman News, Monday, May 29, 2006.

Housing and Urban Development Secretary Alphonso Jackson today announced he is approving a $4.6 billion plan proposed by the state of Louisiana that would offer up to $150,000 for certain eligible homeowners who agree to repair, rebuild or purchase replacement homes in Louisiana.

The Road Home Program created by the funding also aims to boost production of affordable rental housing for lower-income families; restore resources to meet the needs of homeless persons and families for housing and supportive services; and offer incentives to developers to construct attract  more...

Massive Virginia mall sold

By Inman News, Monday, May 29, 2006.

Thalhimer/Cushman & Wakefield arranged the sale of the 287,000-square-foot Chesapeake Crossing Shopping Center in Chesapeake, Va.

The value of the transaction was $12 million.

452 LLC purchased the retail center from FUCMS 2000-CS Crossing Shopping LLC.

The center is located at 1903-1987 Military Highway and features tenants such as Home Emporium, Big Lots, A.J. Wright, Freight Liquidators, Salvation Army and Dollar Tree.

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

Industrial space nabbed in San Diego submarket

By Inman News, Monday, May 29, 2006.

Grubb & Ellis/BRE Commercial negotiated the sale of a 106,412-square-foot industrial building in San Diego, Calif.

The value of the transaction was approximately $13.7 million.

The single-tenant facility, located at 10015 Waples Court, is situated in one of San Diego's most prominent industrial and R&D submarkets, Sorrento Mesa. The building, completed in 1988, sits on approximately 5.4 acres, and was 100 percent leased at the time of sale to SOLA International Inc., a wholly owned subsidiary of Carl Zeis.  more...

Hampshire Cos. buys Jersey warehouse

By Inman News, Monday, May 29, 2006.

The Hampshire Cos. on Thursday announced the acquisition of a 185,140-square-foot warehouse and distribution facility in Franklin Township, N.J.

The value of the transaction was not disclosed.

The acquisition was made on behalf of Hampshire Partners Fund VI, Hampshire's institutional real estate investment fund. The seller was an unidentified pension trust fund.  more...

Mississippians charged with real estate loan fraud

By Inman News, Monday, May 29, 2006.

Ten Mississippi residents have been charged in a multimillion-dollar mortgage fraud scheme, officials said late last week.

Patrick McGee, Thomas Griffin, Edward Young and Fransene Berry were charged in a 12-count indictment with conspiracy and mail fraud charges involving 30 allegedly fraudulent mortgage loans totaling more than $10 million, U.S. Attorney Dunn Lampton and Guy Robinson of the U.S.  more...

Ohio tax preparer imprisoned for real estate fraud

By Inman News, Monday, May 29, 2006.

An Ohio tax preparer was sentenced to two years in prison and more than $20,000 in restitution in the wake of her guilty plea in a mortgage fraud case, media reports said.

Holly R.  more...

Cendant announces investor meetings for real estate spin-off

By Inman News, Monday, May 29, 2006.

Cendant Corp.  more...

Virginia real estate sales fall 14%

By Inman News, Monday, May 29, 2006.

Home sales in Virginia fell for the eighth consecutive month in April, while the median home price soared from a year ago, the Virginia Association of Realtors reported Friday.

Closed home sales totaled 9,781 last month, down approximately 14 percent from April 2005 when 11,370 sales were recorded.

Areas actually showing increases in closed transactions for the month included the Charlottesville area, Martinsville/Henry County, New River Valley, Southwest Virginia, Hampton Roads/Peninsula, Williamsburg, and  more...

Consumer confidence drops in May

By Inman News, Monday, May 29, 2006.

The Conference Board today reported that its Consumer Confidence Index, which had increased in April, fell in May to 103.2, down from 109.8 in April.

The Present Situation Index decreased to 132.5 from 136.2. The Expectations Index fell to 83.7 from 92.3.

"Consumer confidence, which reached a four-year high in April, lost ground in May," said Lynn Franco, director of The Conference Board Consumer Research Center.  more...

Rental housing heats up Premium Content

By Janis Mara, Monday, May 29, 2006.

Editor's note: This three-part series explores what's happening in the rental market, how the industry is connecting with online consumers and what technology is helping them stay in touch.  more...

Washington Mutual lays off 1,400

By Inman News, Monday, May 29, 2006.

Washington Mutual Inc. has notified 1,400 of the savings and loan's workers in Washington state and Florida that they will lose their jobs as part of a cost-saving strategy, media reports said Wednesday.

About 850 workers at a call center in the Seattle suburb of Canyon Park were told Tuesday that they would be laid off by the end of July, a spokeswoman told the Philadelphia Inquirer.

An additional 550 workers at a similar center in Jacksonville, Fla., also were told they would be laid off -- some by July 21 and others by Sept.  more...

New book reveals negatives of real estate sales

By Robert Bruss, Monday, May 29, 2006.

When I began reading "Buyers are Liars and Sellers are too!" by longtime real estate broker Richard Courtney, I thought that at last home sellers, buyers and realty agents would discover the full story about the home sales business. Lest you think Courtney doesn't have the credentials to write this book, he is the president-elect of his local association of Realtors.

Instead, I found a unique book filled with negative comments about home buyers, sellers and even real estate agents. I can't recall one positive example in the entire book about a home buyer or seller.  more...

Do asbestos air ducts require replacement?

By Barry Stone, Monday, May 29, 2006.

Dear Barry,

A man from the gas company just checked my furnace and said the air ducts are made of asbestos. The house was built in the 1960s, and I'm afraid that the old ducts may now be against the law or in violation of the building code. Am I required to have them replaced? If not, are they hazardous to the health of my family? --Jackie

Dear Jackie,

There are no laws or building codes that require homeowners to remove asbestos-containing materials from their homes.  more...

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