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Job reports give mortgage rates a breather

By Lou Barnes, Thursday, May 4, 2006.

April job growth was slightly off expectation, and that has given long Treasury notes and mortgage rates a breather, but nothing more. 

The whole fool world of finance, including the Federal Reserve, assumes an economic slowdown near ahead, but the actual data is hot. Until this mythic slowdown appears, long-term mortgage rates remain on hair trigger for 7 percent.

Today's April payroll forecast called for 200,000 new jobs, and 138,000 actual produced a relief rally in bonds.  more...

IRS to strip down-payment gift programs of tax-exempt status Premium Content

By Inman News, Thursday, May 4, 2006.

Organizations that provide seller-funded down-payment assistance to home buyers do not qualify as tax-exempt charities, the Internal Revenue Service said in a ruling Thursday.

Down-payment-assistance programs, such as those at Nehemiah Corp. and AmeriDream, provide cash assistance to home buyers who cannot afford to make the minimum down payment or pay the closing costs involved in obtaining a mortgage.  more...

New-home contracts slide 29% at luxury builder

By Inman News, Thursday, May 4, 2006.

In another sign of a slowing housing market, luxury-home builder Toll Brothers today reported a 29 percent drop-off in signed contracts for new homes in the second quarter totaling $1.56 billion.

The Horsham, Pa.-based builder reported an 18 percent increase in second-quarter home-building revenues of $1.44 billion, in preliminary results released today.  more...

Former Hershey's plant sells in Pa.

By Inman News, Thursday, May 4, 2006.

Representing RAF Industries Inc., Binswanger recently negotiated the sale of Hershey's former 293,140-square-foot candy manufacturing plant in Pennsburg, Pa.

The sale price was $5.7 million.

The one-story building, located on approximately 30 acres at 2452 Quakertown Rd., features 9,535 square feet of modern office space and 23 large dock doors.  more...

Investor, retailer fill San Diego space

By Inman News, Thursday, May 4, 2006.

Grubb & Ellis/BRE Commercial on Wednesday announced it has completed sale and lease transactions totaling 126,193 square feet in San Diego County, Calif.

The total value of the transactions was $16 million.

In the first deal, Janez Properties sold an 86,000-square-foot industrial building located at 2310-2320 Camino Vida Roble in San Diego. RJ Realty Investors LLC purchased the property for $9.6 million.  more...

Old-school office space sold in D.C.

By Inman News, Thursday, May 4, 2006.

Transwestern Commercial Services on Thursday announced it recently brokered the sale of a 35,241-square-foot office building in Washington, D.C.

The value of the transaction was approximately $12.3 million.

The property, located at 1016 16th St., NW, is an eight-story, multitenant building located three blocks from The White House. Originally constructed in 1923, it underwent major renovations in 1986. At the time of sale, the property was leased to six tenants.  more...

Real estate negotiation and e-mail don't mix Premium Content

By Bernice Ross, Thursday, May 4, 2006.

Have you ever sent an e-mail that was misinterpreted by the recipient?  more...

Asante Real Estate launches YourHomeBid.com, HomeyRoamy.com

By Inman News, Thursday, May 4, 2006.

Asante Real Estate Group of Los Gatos, Calif., has announced a discount listing program that offers full-service real estate representation for a 1 percent commission, with up to 3 percent commission paid to the cooperating buyer's broker.

Also, the company announced the launch of a Web site, YourHomeBid.com, that allows home buyers to bid online to purchase any home in the San Francisco Bay Area.  more...

The great suburban house break-in

By Alison Rogers, Thursday, May 4, 2006.

It takes less than 15 minutes to break into an average suburban house; I know because I did it a couple of weeks ago. The house in question was my own, a two-family property out at the beach. It's the first and only house I've ever owned, and boy, it's been nothing but trouble.

The break-in first: my contractors were due out, and I had hopped a train from the city to meet them, but of course I forgot to grab the correct set of keys. Rescheduling these guys would take two weeks at least, so I just popped a window out instead.  more...

Congress to hash out details of hurricane relief bill

By Inman News, Thursday, May 4, 2006.

The U.S. Senate on Thursday voted 77-21 to approve legislation that includes $28.9 billion for states impacted by hurricanes Katrina and Rita.  more...

MGIC earnings drop in first quarter

By Inman News, Thursday, May 4, 2006.

MGIC Investment Corp. reported first-quarter-2006 net income of $163.5 million, down 10.2 percent from $182 million earned in the same quarter a year ago.

Diluted earnings per share were $1.87 for the quarter ending March 31, 2006, down 1.6 percent from $1.90 for the same quarter a year ago.

Curt S. Culver, chairman and chief executive officer of MGIC Investment Corp.  more...

Overnight real estate rates continue uptrend

By Inman News, Thursday, May 4, 2006.

Long-term mortgage interest rates were up again Thursday, and the benchmark 10-year Treasury bond yield rose to 5.15 percent.

The 30-year fixed-rate average gained to 6.2 percent, and the 15-year fixed-rate inched up to 5.86 percent. The 1-year adjustable was up at 5.28 percent.

The 30-year Treasury bond yield increased to 5.24 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...

New Mexico title insurers accused of shady dealings

By Janis Mara, Thursday, May 4, 2006.

New Mexico title insurance companies allegedly gave money to a nonprofit foundation co-founded by the state's Superintendent of Insurance in an attempt to persuade him to set high title insurance rates, according to a lawsuit filed last week.

The class-action suit, filed in the First Judicial District Court in Santa Fe, N.M., alleges that various title companies operating in the state contributed nearly $48,000 to Con Alma, a nonprofit associated with Superintendent of Insurance Eric Serna, in 2003 and 2004.

The New Mexico Public Regulation Commission's Insurance Division se  more...

Spring is best time for vital home repairs

By Paul Bianchina, Thursday, May 4, 2006.

It's all starting to come out of hibernation--plants, flowers, lawns, and even your home. Winter plays havoc on houses, and spring should be a time to toss on some shorts and take a walk around your house to get that spring chore list in order. Here are few additional areas to pay attention to:      

ROOF VENTILATION

Remember that ice dam on the roof last winter? Remember how hot your attic was when you went up there to check the antenna wire last summer?  more...

Best kitchens are all in the layout

By Katherine Salant, Thursday, May 4, 2006.

Every home builder knows that a drop-dead-gorgeous kitchen will sell a house, and the kitchens in model homes always look fabulous. But fabulous-looking kitchens can be impossible to work in.

To avoid such a distressing situation in your new house, spend some time in the kitchens that grab you and study them carefully. Pay particular attention to the sink and appliance locations, the size of the food prep area, the cabinetry and the lighting because these are the things that will make your kitchen a joy or a pain to work in.  more...

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