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Not all mortgage shoppers benefit from APR

By Jack Guttentag, Sunday, July 9, 2006.

What is the APR?

The APR, or annual percentage rate, is a measure of the cost of credit that includes loan fees paid to the lender upfront, as well as the interest rate. The higher the loan fees, the larger the APR will be relative to the rate.

What is the purpose of the APR?

To provide a single comprehensive measure of the cost of credit to borrowers, which they can use to compare loans of different types and features and loans offered by different loan providers.

The APR is a mandated disclosure under Truth in Lending.  more...

Elderly couple debates paying off $100,000 mortgage

By Robert Bruss, Sunday, July 9, 2006.

DEAR BOB: We have learned so much about real estate over many years from your articles. But now we need your advice. I am 72. My wife is 65. We have $160,000 in three-month T-bills. Should we use that money to pay off our approximately $100,000 mortgage at 5.7 percent interest with 28 years remaining at a $560 monthly payment? --Vinh H.

DEAR VINH: You have an excellent fixed mortgage interest rate.  more...

Carmel Partners grows holdings in L.A.

By Inman News, Sunday, July 9, 2006.

Lee & Associates recently negotiated the sale of Villa Grande, a 78-unit townhome community in Reseda, Calif.

The value of the transaction was $18.3 million.  more...

Wells REIT sells Northrop Grumman building

By Inman News, Sunday, July 9, 2006.

Wells Real Estate Investment Trust Inc. on Friday announced the sale of its Northrop Grumman building (formerly known as TRW Denver) in Aurora, Colo., to a New York-based real estate investment firm, NorthStar Realty Finance Corp.

The value of the transaction was not disclosed.

Wells REIT acquired the property in 2002, and expanded it last year. The building, located at 750 South Richfield St., was originally constructed in 1997.

Northrop Grumman's lease on the three-story, 183,529-square-foot facility runs into 2015.  more...

Former furniture plant sold in Tennessee

By Inman News, Sunday, July 9, 2006.

Binswanger arranged the sale of a 303,000-square-foot industrial facility in Jackson, Tenn.

The value of the transaction was not disclosed.

The one-story property is situated on 29.3 acres at 40 Carl Kirkland Drive, and was formerly used as a furniture manufacturing plant and a distribution center. Features include ceiling heights to 34 feet clear; 3,000 square feet of modern office space; 21 dock-high doors; two drive-in doors; and one 15-ton crane.  more...

Competitor's Web site leads to cybersquatting lawsuit Premium Content

By Glenn Roberts Jr., Sunday, July 9, 2006.

A lawsuit by Real Living Inc. against one of its former top agents has temporarily suspended the use of several Web addresses that included the Real Living name and the names of its top executives.

The lawsuit, filed June 9 in Ohio's Franklin County Common Pleas Court, alleges that David E.  more...

Two indicted in Oregon for alleged mortgage fraud

By Inman News, Sunday, July 9, 2006.

A man and woman were indicted in Portland, Ore., for allegedly defrauding mortgage lenders out of millions of dollars, according to an indictment that was unsealed in federal court Thursday.

Clifford J. Brigham and Melodie MacDuffee were charged with mail fraud, wire fraud, money laundering and Social Security fraud in connection with a scheme that defrauded lenders out of about $5 million dollars from October 2004 to August 2005, officials said.

MacDuffee, an Oregon resident, was arrested without incident Thursday in southeast Portland by IRS special agents and U.S.  more...

Home sales tumble in D.C.

By Inman News, Sunday, July 9, 2006.

Home sales in the Washington, D.C., metropolitan area dropped significantly between June 2005 and June 2006, while prices maintained modest growth, according to statistics released Friday by Metropolitan Regional Information Systems Inc.

In Washington, D.C., home sales dropped 21.2 percent in June from a year ago, falling from 970 to 764.  more...

Online buyer's agent company grows

By Inman News, Sunday, July 9, 2006.

Online real estate buyer's service BuySide Realty has expanded its East Coast footprint to Virginia, the company said today, marking the fifth state for the company that launched three months ago.

Joseph and Avi Fox, brothers who paved the way for online stock brokerages in the late 1990s, in April started BuySide Realty, which gives home buyers access to property listings, licensed real estate agents and technology used to make and manage offers via the  more...

Move launches new WelcomeWagon site

By Inman News, Sunday, July 9, 2006.

Move Inc.  more...

Northwest real estate sales slide

By Inman News, Sunday, July 9, 2006.

Home sales in western Washington dropped 6.1 percent in June compared to a year ago, as prices maintained double-digit growth, according to the latest report from the Northwest Multiple Listing Service.

Brokers reported 9,413 closed home sales last month, down from 10,027 reported in June 2005.  more...

Overnight real estate rates sink

By Inman News, Sunday, July 9, 2006.

Long-term mortgage interest rates were down Friday, and the benchmark 10-year Treasury bond yield fell to 5.13 percent.

The 30-year fixed-rate average dropped to 6.37 percent, and the 15-year fixed-rate slipped to 6.07 percent. The 1-year adjustable was down at 5.47 percent.

The 30-year Treasury bond yield decreased 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...

Paperless transactions fast, economical -- and rare Premium Content

By Janis Mara, Sunday, July 9, 2006.

Editor's note: We've come a long way in the race to slash paper from real estate deals, industry insiders say, but there's still a long way to go. More big companies, trade groups and entrepreneurs are investing in technology platforms, back-end systems and software to automate the real estate transaction, but most consumers are still closing the old-fashioned way. In this three-part series, Inman News examines where we are in the paperless real estate initiative.  more...

How many home inspections does a buyer need?

By Dian Hymer, Sunday, July 9, 2006.

Most buyers have inspections done before they conclude a home purchase. However, recommendations for further investigations often are overlooked, and this can have serious consequences.

One buyer bought a striking contemporary in a multiple-offer competition. The home inspector recommended that an engineer evaluate the foundation. The buyers failed to heed this advice. After closing, they began to worry about the unevenness in the floors.  more...