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When title companies compete, consumers lose

By Jack Guttentag, Sunday, June 18, 2006.

(This is Part 1 of a three-part series. See Part 2 and Part 3.)

"The title insurance industry has been much in the news recently for a variety of alleged abuses of consumers. Is there something fundamentally wrong with this industry?"

I think there is, but the abuses reported by the media aren't the problem. The abuses are the consequences of a dysfunctional market.  more...

Price reductions escalate in today's housing market

By Dian Hymer, Sunday, June 18, 2006.

In March, a home seller in Oakland, Calif., put his home on the market and listed it for $925,000, which was above the price his agent recommended. The house, a charming Mediterranean, was newly painted inside and out. It was decorator perfect.

The listing was well received at the agent and public open houses. But, at the end of the first week on the market, the listing agent hadn't received a single inquiry.

The listing was located in a desirable neighborhood. It showed well. And it had a lovely setting.  more...

Which home mortgage fees are justified?

By Robert Bruss, Sunday, June 18, 2006.

DEAR BOB: Which home mortgage fees are proper for a lender to charge borrowers? I recall you said some fees are unnecessary junk or garbage fees to avoid --Stephen O.

DEAR STEPHEN: Mortgage lenders are constantly working 24 hours a day, seven days a week, to create new names for unnecessary junk or garbage fees to impose on innocent borrowers who have no clue when they are being ripped off.  more...

Inland sinks money into pricey Arizona mall

By Inman News, Sunday, June 18, 2006.

An affiliate of The Inland Real Estate Group of Cos. has purchased nearly 50 percent of the Yuma Palms Regional Shopping Center in Yuma, Ariz.

The value of the transaction was $95.7 million.  more...

Madison Warehouse fills space near Chicago

By Inman News, Sunday, June 18, 2006.

Grubb & Ellis Co. on Wednesday announced that Madison Warehouse Corp. inked a lease agreement for 393,095 square feet of industrial space in Joliet, Ill.

The value of the transaction was not disclosed.

The property, located at 4100 Rock Creek Blvd., is one of three separate buildings in the Rock Run Business Park owned by Itasca, Ill.-based Industrial Developments International. It features 32-foot clear ceilings, 41 docks, 3,000 square feet of office space, and a full sprinkler system.  more...

Crane Co. sells Michigan complex to developer

By Inman News, Sunday, June 18, 2006.

Binswanger on Thursday announced it has negotiated the sale of the 327,048-square-foot Crane Co. facility in Bay City, Mich.

The value of the transaction was not disclosed.

The property is located at 4675 W. Wilder Road.

Stamford, Conn.-based Crane Co., which makes industrial products for the power generation, aviation, construction and chemical industries, sold the property after ceasing operations at the Bay City facility nearly five years ago.  more...

Consumer group slams real estate 'cartel' Premium Content

By Glenn Roberts Jr., Sunday, June 18, 2006.

Discrimination against non-traditional real estate brokers, status quo commission structures, unregulated multiple listing services, lack of consumer knowledge, and the large share of real estate professionals who serve on state real estate regulatory commissions stifle competition in the real estate industry, according to a report released today by the Consumer Federation of America.

In the eight-page report, "How the Real Estate Cartel H  more...

Real estate agent injured in triple shooting

By Glenn Roberts Jr., Sunday, June 18, 2006.

The real estate community is rallying to raise money for a longtime Mississippi real estate agent who was shot four times during a triple-shooting Thursday that left a homeowner dead in Wiggins, Miss.

Dottie Lanier, a 27-year real estate veteran who worked for the Wiggins office of Prudential Gardner, Realtors, this morning was moved out of an intensive care unit at Forrest General Hospital in Hattiesburg, Miss., said Rick Haase, general manager for the Metairie, La.-based real estate company.

Ha  more...

Foreclosures, home loan delinquencies slip in first quarter Premium Content

By Inman News, Sunday, June 18, 2006.

Residential mortgage foreclosures and delinquencies slipped in the first quarter of 2006 from the previous quarter and year-ago figures, according to a national industry survey released today, with modest increases expected in the quarters ahead.

The percentage of home loans in the foreclosure process was 0.98 percent at the end of the first quarter, down 1 basis point from the previous quarter and 10 basis points from a year ago.  more...

Real estate sales dip in Toronto

By Inman News, Sunday, June 18, 2006.

In the first half of June, the Toronto-area resale housing market showed a slight drop in closed transactions compared to the same period a year ago, the Toronto Real Estate Board reported today.

Realtors documented 4,074 home sales during the first half of June, down 5.4 percent from the same period a year ago when 4,308 home sold. Average time on the market for each sale remained very low at 32 days.

"Market conditions have been very good all spring, and the strong activity we've seen is a reflection of that," said TREB President John Meehan said.  more...

Pair accused of $2.9 million real estate fraud scheme

By Inman News, Sunday, June 18, 2006.

A Southern California duo are accused of perpetrating a $2.9 million real estate fraud scheme in an eight-count felony complaint filed last week by the Ventura County District Attorney's office.

The office's Real Estate Fraud Prosecution Unit filed a complaint against Manuel "Manny" John Perez, Jr., 34, and Michele Galindo, 37, of Oxnard, Calif., charging them with seven counts of grand theft arising from their actions under the guise of Perez's wholly owned businesses, Casa Bonita Realty, Creative Mortgage Solutions and Elite Escrow, District Attorney Gregory D.  more...

KB Home revenue up 22% in second quarter Premium Content

By Inman News, Sunday, June 18, 2006.

Home builder KB Home has reported $2.59 billion total revenues in the second quarter, up 22 percent from second-quarter 2005. The company also lowered its full-year earnings forecast to $10 per diluted share, which would be a 5 percent increase over 2005 earnings.

The company reported a 6 percent growth in unit delivery volume and a 15 percent increase in the average selling price. Second-quarter net income grew 14 percent from the second-quarter of 2005 to $206.6 million.  more...

Overnight real estate rates mostly flat

By Inman News, Sunday, June 18, 2006.

Long-term mortgage interest rates barely budged Friday, and the benchmark 10-year Treasury bond yield rose to 5.13 percent.

The 30-year fixed-rate average held at 6.24 percent, and the 15-year fixed-rate increased to 5.95 percent. The 1-year adjustable was up at 5.28 percent.

The 30-year Treasury bond yield increased to 5.17 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...

VoIP technology sharpens agent response times Premium Content

By Jessica Swesey, Sunday, June 18, 2006.

The Internet is a goldmine of information, but occasionally you hit a wall where you need a real person to answer a question.

Albert Clark saw that wall about seven months ago when he was booking some complicated flights through Continental Airlines online at about 11 p.m. He'd already spent a lot of time entering information about his trips when he had a question about the airline's cancellation policy.

Clark said a button popped up on the Web page he was viewing and asked if he had any questions.  more...