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Stuart Wolff found guilty in accounting scandal

By Jessica Swesey, Wednesday, June 21, 2006.

Stuart Wolff, the former CEO of Homestore (now Move Inc.) was convicted in U.S.  more...

Computer-games retailer sheds headquarters, warehouse

By Inman News, Wednesday, June 21, 2006.

BPG Properties Ltd. on Monday announced it purchased two office/warehouse facilities in West Chester and Sadsbury, Pa., totaling 456,521 square feet.

The total value of the transaction was $20.8 million.

Built in 2003, 200 West Stewart Huston St., located in Sadsbury, is a 314,521-square-foot distribution facility situated on 27.9 acres of land, which allows for expansion of up to 77,600 square feet. The property offers 30-foot clear heights, 20 tailgate doors, one drive-in door, ample parking and 14,000 square feet of finished office space.  more...

AmberOaks office space sold in Texas

By Inman News, Wednesday, June 21, 2006.

Triple Net Properties LLC on Thursday negotiated the sale of AmberOaks III, a 206,770-square-foot office complex in Austin, Texas.

The value of the transaction was approximately $33 million.

T REIT Inc., a public company that owned a 75 percent interest in the property, and tenant-in-common investors that owned a 25 percent interest in the property, jointly sold the asset to Chase Merritt.  more...

New Hampshire multifamily complex sells for $54M

By Inman News, Wednesday, June 21, 2006.

CB Richard Ellis/New England arranged the sale of Boulder Park, a 482-unit, class B apartment community in Nashua, N.H.

The value of the transaction was approximately $54.4 million.

Troy, Mich.-based The Hayman Co., a national real estate investment company, sold the property to Princeton Properties.  more...

Legal risks of foreclosure investment: Evicting holdovers Premium Content

By G.M. Filisko, Wednesday, June 21, 2006.

Editor's note: With foreclosures on the rise in many parts of the country, Inman News examines the legal risks of investing in foreclosed properties at auction, describing the most common legal problems that arise and explaining how two investors had to fight in court to keep the property they purchased at auction after the former owner raised legal challenges.  more...

More Fed hikes put scare into mortgage rates

By Inman News, Wednesday, June 21, 2006.

Mortgage rates continued higher for the second consecutive week on markets' belief that the current rate of inflation will force the Fed to raise its federal funds rate through August, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.71 percent for the week ended today, up from last week's average of 6.63 percent. The 30-year fixed has not been higher since May 31, 2002, when it averaged 6.76 percent.  more...

Ancient lessons in building new communities Premium Content

By Glenn Roberts Jr., Wednesday, June 21, 2006.

SAN FRANCISCO -- Peter McMahon, president of Kennecott Land, a company that specializes in master-planned communities, said it is appropriate to look to the past when discussing designs for communities of tomorrow.

Lucca, Italy, for example, a town that was founded by the Romans in 180 B.C., has maintained much of its original community plan. There are rectangular blocks, a system of roads, public and private buildings, a theater and an amphitheater.  more...

Central Ohio real estate sales rebound

By Inman News, Wednesday, June 21, 2006.

After slowing in April, Central Ohio home sales made a comeback in May, jumping 14.4 percent from a year ago, the Columbus Board of Realtors reported.

According to statistics, 2,579 residential sales were recorded last month, up from 2,255 homes sold in May 2005.  more...

California's new-home market to ease

By Inman News, Wednesday, June 21, 2006.

New-home construction in California is expected to continue cooling off for the remainder of 2006 as the housing market adjusts from a superheated state to more normal conditions, but production this year is still expected to be the fourth-highest in 17 years, according to the midyear housing forecast issued Wednesday by the California Building Industry Association.

CBIA Chief Economist Alan Nevin said he now expects overall housing starts in California this year to total between 170,000 and 180,000, down 15 percent to 20 percent from 2005.  more...

Economy slows further in May

By Inman News, Wednesday, June 21, 2006.

The U.S. leading index, a key barometer of economic conditions, fell 0.6 percent in May, the Conference Board reported today, and now stands at 137.9.

May's decrease marked the third decline in the last six months. Based on revised data, this index decreased 0.1 percent in April and increased 0.4 percent in March.

The largest negative contributors to the leading index last month were initial claims for unemployment insurance and the index of consumer expectations.  more...

Overnight real estate rates ride uptrend

By Inman News, Wednesday, June 21, 2006.

Long-term mortgage interest rates were up again Wednesday, and the benchmark 10-year Treasury bond yield held at 5.15 percent.

The 30-year fixed-rate average inched up to 6.3 percent, and the 15-year fixed-rate increased to 6 percent. The 1-year adjustable was up at 5.35 percent.

The 30-year Treasury bond yield remained at 5.19 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...

Housing slowdown affords builders a breather

By Glenn Roberts Jr., Wednesday, June 21, 2006.

SAN FRANCISCO -- It's no secret the housing market is slowing, said Tom Dobron, president and CEO for Innovative Communities, a builder based in the San Diego area.

The company, which has 86 employees, plans to take advantage of its small size and agility to successfully navigate the transitioning real estate market, he said.

Dobron is among a group of about 34,000 industry professionals who are attending a builders' conference this week at San Francisco's Moscone Center.

They come here to network, catch up on the latest construction and buyer trends, sharpen their kno  more...

Landlord options for collecting late-payment charges

By Robert Griswold, Wednesday, June 21, 2006.

Question: My tenants pay their rent late almost every month but do not include the late fees as required under their lease. I regularly contact them in writing asking for late fees and insisting that they pay on time. They respond and acknowledge that they owe the late fees but they always have some excuse and tell me they will have to pay them later. I contacted a local governmental agency that I was referred to and they advised me that while the late charges I am seeking were very reasonable, I should be glad the tenants even pay the rent and not to pursue the late fees.  more...

Real estate inheritance could cheat sibling out of home

By Robert Bruss, Wednesday, June 21, 2006.

DEAR BOB: My husband and I, in our 70s, live in our home of 48 years. Our three children are in their 40s. Our will stipulates the house will go to the three siblings upon our death. However, since one unmarried daughter living at home has been on disability for the last 25 years, we wonder if that is a good idea? If her brother and sister want their financial share of the house, the disabled daughter would not have the money to buy their shares. Nor would she have a place to live. We want to show compassion and yet be fair. Our children are very kind, sincere and loving of each other.  more...