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Indiana real estate measure irks DOJ, Angie Premium Content

By Glenn Roberts Jr., Wednesday, August 9, 2006.

A company that operates an online database with consumer reviews of local contractors is lobbying against new real estate laws that require licensees to perform a specific set of services for clients.

Angie Hicks, founder of Angie's List, seeks to change a law enacted July 1 in Indiana and block similar legislation in Michigan. Hicks said in a statement that the Indiana law "is anticompetitive and limits the choices consumers have for selling their home.  more...

Wells REIT II grows Chicagoland portfolio

By Inman News, Wednesday, August 9, 2006.

Wells Real Estate Investment Trust II Inc. recently acquired the suburban Chicago headquarters building of OfficeMax, a five-story class A property leased to the retailer until 2016.

The value of the transaction was not disclosed.

The 354,000-square-foot building, located at 263 Shuman Blvd. in Naperville, Ill., was built in 1986 and recently renovated. It was fully leased at the time of sale to OfficeMax.

A partnership between GlenStar Properties and Prudential Real Estate Investors sold the asset, which is Wells REIT II's fifth acquisition in metro Chicago.  more...

RREEF buys Research Center Pointe

By Inman News, Wednesday, August 9, 2006.

Grubb & Ellis/BRE Commercial recently negotiated the sale of a 122,093-square-foot flex/R&D building in Carlsbad, Calif.

The value of the transaction was $15.6 million.

The building, known as Research Center Pointe, is located at 2210 Faraday Ave. in the Carlsbad Research Center. The seller, an entity of Newport National Corp., recently completed extensive renovations to the building that included an entirely new southern elevation.

The buyer was RREEF, a full-service real estate investment advisor.  more...

Developer buys Atlanta's Mt. Vernon apartments

By Inman News, Wednesday, August 9, 2006.

GID Investment Advisers LLC -- on behalf of affiliate Windsor Realty Fund III Acquisition LLC -- has acquired the 412-unit Mt. Vernon Place luxury apartment community in Atlanta, Ga.

The value of the transaction was not disclosed.  more...

Company offers free FSBO real estate listings

By Inman News, Wednesday, August 9, 2006.

ByOwnerMLS.com, an online source of for-sale-by-owner home listings, this week announced the launch of a free, online, public-domain listing service.

"ByOwnerMLS.com has developed relationships with multiple FSBO listing companies to provide would-be home buyers more access to residential properties in more neighborhoods, while also increasing exposure for private home sellers.  more...

Fed pauses, mortgage rates dive

By Inman News, Wednesday, August 9, 2006.

Mortgage rates dropped for the third consecutive week after the release of a disappointing labor market report and the Federal Reserve's subsequent decision to discontinue its interest-rate hikes, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage fell to an average 6.55 percent this week, down from last week's average of 6.63 percent. The average for the 15-year fixed-rate mortgage also sank from last week, falling from 6.27 percent to 6.2 percent.  more...

Nashville home sales post July record

By Inman News, Wednesday, August 9, 2006.

Despite falling slightly from June, home sales in the Greater Nashville, Tenn., area hit a record high for the month of July, the Greater Nashville Association of Realtors reported Wednesday.

Realtors recorded 3,976 home sales in July, up 4.1 percent from 3,819 sales in July 2005 but down from 4,060 sales in June, according to GNAR.  more...

NAR president says Fed did right thing for real estate

By Inman News, Wednesday, August 9, 2006.

The Federal Reserve's Federal Open Market Committee decision Wednesday to freeze the federal funds rate after 17 consecutive increases "indicated that the Federal Reserve recognizes the value of the housing economy to the national economy as a whole," according to a National Association of Realtors announcement.

Thomas M.  more...

Overnight real estate rates slide

By Inman News, Wednesday, August 9, 2006.

Long-term mortgage interest rates were down Wednesday, and the benchmark 10-year Treasury bond yield increased to 4.94 percent.

The 30-year fixed-rate average dipped to 6.07 percent, and the 15-year fixed-rate slipped to 5.79 percent. The 1-year adjustable was up at 5.41 percent.

The 30-year Treasury bond yield increased to 5.05 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...

Internet is one big lead generation tool Premium Content

By Matt Carter, Wednesday, August 9, 2006. Editor's note: In this three-part series, Inman News looks at what industry insiders and participants expect will drive change and technology development in the next few years. We'll drill down on two of the hottest Web trends that are expected to get hotter for real estate: mapping and Web applications that drive consumers to broker and agent Web sites. (Read Part 1 and Part 2.)

Search-engine optimization.  more...

Cendant reports Q2 real estate-related earnings Premium Content

By Inman News, Wednesday, August 9, 2006.

Second-quarter revenue for Realogy Corp., a company formed this year through a spinoff of Cendant Corp.'s Real Estate Services division, fell $140 million, or 7 percent, from the division's revenue in second-quarter 2005, according to a Cendant earnings report released Wednesday.

It was the last quarterly earnings report by Cendant, which has already begun the process of splitting up its business segments into three publicly traded and one privately held company.

Earnings before interest, taxes, depr  more...

Lockhart says Fannie Mae, Freddie Mac will take years to fix Premium Content

By Matt Carter, Wednesday, August 9, 2006.

It will be "several more years" before Fannie Mae and Freddie Mac fix accounting and management problems, says the federal official in charge of overseeing them, and the government-backed lenders continue to pose "substantial systemic risk" to U.S. banks.

In a speech to banking and finance lawyers Wednesday, James B.  more...

Can a reverse mortgage be used to buy a home?

By Robert Bruss, Wednesday, August 9, 2006.

DEAR BOB: I heard there is a way to buy a house or condo with a reverse mortgage and not have to make any monthly mortgage payments. Is this true? Is this a way for a senior citizen to buy a retirement home? --Mr. L.M.

DEAR MR. L.M.: Yes, a "reverse mortgage for home purchase" is available from Fannie Mae.  more...

Boost profits through serial home selling

By Robert Bruss, Wednesday, August 9, 2006.

A major advantage of becoming a "serial home seller" is you can qualify for owner-occupant mortgage financing from conventional lenders. But a major disadvantage of buying fixer-upper houses is many lenders won't loan on houses that are in very bad condition.

However, this can become an advantage! Working with a mortgage broker can be advantageous because many lenders will appraise a "fixer house" on both its current market value (your purchase price) and its future value after fix-up is completed.  more...