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Arkansas industrial building snags buyer

By Inman News, Monday, September 11, 2006.

An industrial property in Forrest City, Ark., has been sold for $1.8 million.

The 256,700-square-foot building is situated on 37 acres located at 3105 N. Washington in Forrest City.

The one-story building previously was used for manufacturing and assembling hoists for the automotive and marine industries.  more...

Most commercial real estate sectors continue to improve Premium Content

By Inman News, Monday, September 11, 2006.

Most commercial real estate markets can expect tightening vacancy rates and rising rents, and large investors are pouring funds into commercial sectors, according to a report from the National Association of Realtors.

David Lereah, NAR's chief economist, said that most commercial market fundamentals are solid. "Commercial real estate markets move in response to changes in fundamental demand, which remains solid as a result of sustained job creation and economic growth," he said.  more...

Corporate center sells for $38 million

By Inman News, Monday, September 11, 2006.

The Scripps Wateridge Corporate Center in Sorrento Mesa, Calif., has been sold in a deal worth $38 million.

The center is comprised of two office buildings totaling 124,290 square feet.

The two steel-frame class A corporate office buildings, located at 6925 and 6965 Lusk Blvd.  more...

Clarification

By Inman News, Monday, September 11, 2006.

In a Sept. 11, 2006, article, "Realtor groups support new-home construction in Gulf Coast," Inman News would like to clarify that the homes being constructed in another location and shipped, as well as those being built on site, will be located throughout the Gulf Coast area, not just New Orleans, as the original article stated.

Also, the reference to the first home built through this Realtor effort is actually the first home built in New Orleans through this effort.  more...

Minorities often pay higher rate for mortgages Premium Content

By Matt Carter, Monday, September 11, 2006.

Blacks and Hispanics were more likely than whites to take out higher-priced home loans in 2005, while Asians were slightly less likely to borrow money on such terms, according to a Federal Reserve report.

According to data lenders provide to the government, 54.7 percent of African-American borrowers took out "higher-priced loans," compared with 17.2 percent of whites in 2005. Hispanics took out higher-priced loans 46.1 percent of the time, compared with 16.6 percent for Asians.

Minorities were also more likely to be turned down for loans then whites, the report found.  more...

Oak Street Mortgage to exit residential loan business

By Inman News, Monday, September 11, 2006.

Indianapolis-based Oak Street Mortgage LLC plans to leave the residential mortgage origination business as part of an agreement to sell 21 retail office locations and other assets to NovaStar Mortgage.

"A significant number" of Oak Street's employees are expected to go to work for NovaStar when the deal closes in the fourth quarter of this year, the companies  more...

HSBC rolls out Spanish-language mortgage process in Texas, California

By Inman News, Monday, September 11, 2006.

Home buyers in Texas and California can now complete their entire mortgage application process in Spanish at 16 HSBC Credit Center Inc. branch offices, the company announced today.

HSBC Credit Center offers traditional first mortgage fixed-rate and adjustable-rate loans, and 40-year mortgage options.  more...

Iowa enters real estate slowdown

By Inman News, Monday, September 11, 2006.

Home sales in Iowa declined 5 percent in July compared to the same month last year, while prices remained flat, according to statistics provided by the Iowa Association of Realtors.

Realtors recorded 3,797 sales in July, down from the year-earlier total of 3,981.

The overall median price of an Iowa home registered $129,350 in July, up just 0.5 percent from $128,700 a year earlier.  more...

TransUnion debuts semi-automated real estate valuation tool

By Inman News, Monday, September 11, 2006.

TransUnion, a company that provides services for residential lenders, today announced the launch of a semi-automated property valuation tool that is intended to provide accurate values when traditional automated models are inadequate but a physical property inspection is not required.

The new tool, called Appraiser Assisted Collateral Market Value, is based on the company's automated valuation model, called Collateral Market Value.  more...

Inventory takes toll on Nashville home sales

By Inman News, Monday, September 11, 2006.

Home sales in the Greater Nashville, Tenn., area dropped in August from their year-earlier level, while prices grew by double digits, the Greater Nashville Association of Realtors reported Monday.

Realtors recorded 3,772 home sales in August, down 3.5 percent from 3,909 sales a year ago, and down from July's total of 3,976.  more...

Overnight real estate rates bumped higher

By Inman News, Monday, September 11, 2006.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield rose to 4.8 percent.

The 30-year fixed-rate average gained to 5.94 percent, and the 15-year fixed-rate edged up to 5.65 percent. The 1-year adjustable held at 5.31 percent.

The 30-year Treasury bond yield increased to 4.94 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...

Should buyers forego inspection in a hot market?

By Barry Stone, Monday, September 11, 2006.

Dear Barry,

In a past article, you wrote, "It is the height of professional irresponsibility for any real estate agent to advise a client against having a home inspection." In most cases, I would agree with this advice. But in a hot market, purchase offers that call for a home inspection are often rejected by sellers. Buyers hoping for an accepted offer sometimes must forego a home inspection, particularly when there are competing offers for a home. Wouldn't you agree that there are exceptions to your rule, when as-is offers are more likely to be accepted?  more...

Buyers eye benefits of manufactured homes

By Robert Bruss, Monday, September 11, 2006.

If you are thinking about building a new home, want to save money and have ideas of what you want in your residence, first read "Kit Homes" by Rich Binsacca. Starting with a short history of the more than 75,000 Sears Roebuck kit homes built between 1908 and 1940, this unique book explains the pros and cons of today's factory-built homes.

As author Rich Binsacca quickly explains, there are many choices and sources for customizing these new homes to meet the buyer's wishes.  more...

Ex-wife's credit jeopardized by divorce

By Robert Bruss, Monday, September 11, 2006.

DEAR BOB: My wife and I divorced last year. Her name is still on the mortgage. She wants her name taken off. She signed a quitclaim deed. I sent this to the mortgage company asking them to take her name off. I do not want to refinance because the mortgage has a good interest rate. The mortgage company refused to remove my ex-wife from the mortgage obligation. Is there any way to do this without refinancing or selling? --Michael T.

DEAR MICHAEL: No. There is nothing your ex-wife can do to get her name off the mortgage obligation.  more...