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Clarification

By Inman News, Thursday, August 31, 2006.

In an Aug. 30, 2006, article, "Company seeks ruling on real estate pay advances," Inman News has added some context to clarify a statement in the original article. The new text reads:

Vernon L. Jarboe, a partner with the law firm Sloan Eisenbarth Glassman McEntire & Jarboe LLC, said he filed the brief on behalf of the Kansas Association of Realtors. "From a broker's perspective, you cannot successfully supervise salespeople if you don't know when or how much they are getting paid.  more...

FSBO site served as storehouse for militant propaganda

By , Thursday, August 31, 2006.

A for-sale-by-owner Web site that is registered to a loan officer in Ohio also contained a cache of information about a suspected al-Qaeda operative captured in Pakistan last year and an Islamic militant movement.

Pages embedded within The For Sale By Owner Association Inc. Web site, at www.fsboa.com, contained Arabic writings attributed to Abu Musab al-Suri (al-Suri translates as "The Syrian"), who is also known as Mustafa Setmarian Nasar.  more...

Two-month bond rally hits bottom

By Lou Barnes, Thursday, August 31, 2006.

The two-month-long bond rally has hit bottom. It's been fun: From a peak at 5.24 percent, the 10-year T-note made it to 4.73 percent yesterday, which has taken mortgages from just below 7 percent to just below 6.5 percent.

This morning's news that August payrolls had grown by 128,000 jobs was the rally killer -- the economy is slowing, not crashing. Bonds are way ahead of a chance for Fed easing; in the presence of current inflation numbers it cannot ease unless it sees a real threat to economic growth.

We might get some inflation relief from a decline in oil prices.  more...

Web transforms real estate's future

By Bernice Ross, Thursday, August 31, 2006.

(This is Part 4 of a four-part series. Read Part 1, Part 2 and Part 3.)

Are you ready to look into the future of real estate?  more...

Multifamily complex sells in fast-growing desert town

By Inman News, Thursday, August 31, 2006.

Sperry Van Ness recently arranged the off-market sale of Desert Mirage I, a 258-unit luxury apartment community in Gilbert, Ariz.

The value of the transaction was approximately $34.4 million.

Seattle-based S-J Management purchased the property, which is located at 1333 W. Guadalupe Road, from Tempe, Ariz.-based Scott Communities.

The buyer, an apartment investor group that has purchased more than 4,000 units in the Phoenix area, beat out a prospective buyer interested in converting the property into condos, according to a press statement.  more...

Commercial condos change hands in South Florida

By Inman News, Thursday, August 31, 2006.

A joint venture between Lutz Real Estate Investments and pension fund advisor Capri Capital Advisors has purchased a 133,279-square-foot, class A commercial condominium in the central business district of St. Petersburg, Fla.

The value of the transaction was $15 million.

Parkway Properties, a real estate investment trust, sold the eight-story property, which is located at 100 Central Station. The building consists of commercial space on the first and second floors, and six floors of structured parking above.  more...

Major bank adds space in New Jersey

By Inman News, Thursday, August 31, 2006.

Mack-Cali Realty Corp. recently announced that a major international bank has leased 228,193 square feet at Harborside Financial Center Plaza 1 on the Jersey City, N.J., waterfront. The lease, which carries a term of 10 years and six months, consists of a renewal of 90,000 square feet and an expansion of 138,193 square feet.

Neither the bank's identity nor the value of the transaction was disclosed.  more...

Home-buying plans lowest since 1990

By Inman News, Thursday, August 31, 2006.

Consumers' attitudes about home buying remained low in August, with home-buying plans falling to the lowest level since 1990, according to a consumer confidence report.

Overall consumer confidence remains weak, but the pace of decline slowed significantly in late August from the July level, according to a survey released today. The overall confidence rebound was mainly due to the decline in gas prices since the start of August.  more...

California mortgage broker allegedly stole $7M from homeowners

By Inman News, Thursday, August 31, 2006.

A former California mortgage broker who allegedly defrauded customers of $7 million and convinced a university to rename a basketball arena after his company faces a 122-count indictment by a federal grand jury.

Tony J. Daniloo, 32, managed a Dublin, Calif., branch office for Residential Credit Corp. from 2000 to 2002, and went on to found DreamLife Financial in Modesto. Both companies, prosecutors claim, victimized homeowners seeking cash-out refinance loans. Daniloo allegedly altered escrow documents and diverted cash belonging to his clients into his personal bank accounts.  more...

Real estate wins, loses on Wall Street

By Marcie Geffner, Thursday, August 31, 2006.

Publicly traded real estate brokerage, mortgage and technology companies weren't awash in red ink on Wall Street in August, despite the nationwide slowdown in home sales.  more...

Home sales, prices fall in Ohio

By Inman News, Thursday, August 31, 2006.

Ohio's real estate market continued to cool in July, as home sales fell for the fourth straight month and prices dropped, the Ohio Association of Realtors reported.

Sales of new and existing homes -- including condominiums/co-ops -- reached 12,644 in July, a 9.4 percent decrease from the record 13,949 sales posted during the month a year ago.  more...

Residential real estate construction spending drops

By Inman News, Thursday, August 31, 2006.

The rate of private residential construction spending dropped 3 percent in July compared to July 2005, the U.S.  more...

The trouble with starter homes

By Alison Rogers, Thursday, August 31, 2006.

When Jeff and I saw the $495,000 alcove studio, he thought the alcove was too small -- "all I want is a queen bed, a lamp and a dresser," he said. 

Then we saw the $509,000 alcove studio, and at 11 feet, the living room really was too small, due to the way the windows broke.

We went up in price and the next place was gorgeous -- a little on the edge of civilization, but a brand-spanking-new granite/marble condo. One bedroom, gigantic kitchen, smoking balcony. $615,000. Not quite right. And I don't think it was the edge-of-civilization part that bothered him.  more...

Bill to strengthen oversight of Freddie, Fannie stalls in Senate

By Inman News, Thursday, August 31, 2006.

A bill aimed at strengthening oversight of government-sponsored mortgage purchasers Freddie Mac and Fannie Mae is not expected to emerge from Congress before the November elections, and could be stripped of provisions that would require the lenders to cut their portfolios if Democrats regain control of the Senate.

James Lockhart, director of the Office of Federal Housing Enterprise Oversight, has been stumping for the bill this summer.  more...

Pending real estate sales index drops in July

By Inman News, Thursday, August 31, 2006.

An index that gauges pending sales of existing homes was down 16 percent in July compared to July 2005 and fell 7 percent from its level in June 2006, the National Association of Realtors reported today.

The Pending Home Sales Index is derived from pending sales of existing homes.  more...

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