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Commercial, multifamily loan debt outstanding rises Premium Content

By Inman News, Thursday, September 21, 2006.

The level of commercial/multifamily mortgage debt outstanding grew by 2.8 percent in the second quarter, reaching $2.76 trillion, according to the Mortgage Bankers Association analysis of the Federal Reserve Board Flow of Funds data.

At the end of second-quarter 2006, the Federal Reserve recorded $2.76 trillion in commercial/multifamily mortgage debt outstanding, an increase of $76.6 billion from fourth-quarter 2005. Multifamily mortgage debt outstanding grew to $703 billion at the end of the second quarter, up by $9.4 billion, or 1.3 percent, from the first quarter.  more...

Apartment homes snagged in Manhattan's Upper West Side

By Inman News, Thursday, September 21, 2006.

Archstone-Smith purchased Key West, a 207-unit, 13-story high-rise community in Manhattan, N.Y.

Representing a purchase price of $110 million, the acquisition is expected to be funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company's long-term investment criteria, according to a press statement.  more...

Phillips Edison grows Portland portfolio

By Inman News, Thursday, September 21, 2006.

Phillips Edison & Co. acquired Hillsboro Town Center, a 111,189-square-foot retail center in Hillsboro, Ore.

The value of the transaction was not disclosed.

This is the second center for Phillips Edison in Oregon, having acquired Highland Fair Shopping Center in Gresham in 2003.

At the time of sale, Hillsboro Town Center was anchored by a Bi-Mart and Office Depot.  more...

War of words breaks out in MLS merger debate Premium Content

By Glenn Roberts Jr., Thursday, September 21, 2006.

The heated debate in the Chicago area over a proposed joining of a large association-owned multiple listing service with a competing broker-owned MLS is now boiling over as an all-out war of words.

Five of the 10 Realtor associations that own the MLS of Northern Illinois -- one of the largest MLSs in the nation with about 51,000 members -- are opposing a proposed transaction that would combine MLSNI with smaller competitor MAP MLS (the MLS of Mount Prospect, Arlington Heights, Palatine and Prospect Heights) and create a new MLS entity dubbed Newco.

The debate over the proposed  more...

Energy prices fall, mortgage rates follow

By Lou Barnes, Thursday, September 21, 2006.

The Treasury-bond market has had its best week in 18 months, the 10-year T-note today 4.61 percent, and that dragged low-fee mortgage rates below 6.5 percent. The improvement in mortgages was not as big as the Treasury move, but catch-up trading should soon take us to 6.25 percent.

The unsettling backdrop to this decline: nobody has a good explanation for why.

A drop in long-term rates at the end of a Fed tightening cycle is always associated with a slowdown in the economy, usually an abrupt one.  more...

Tips for agents facing short-sale obstacles Premium Content

By Bernice Ross, Thursday, September 21, 2006.

(This is Part 2 of a two-part series. Read Part 1.)

Many areas are experiencing a serious real estate market slowdown. If prices are decreasing in your area, you may soon face the prospect of representing home sellers who need a "short sale."

The term "short sale" refers to a situation in which the seller lacks sufficient equity to close a transaction unless the lender takes a reduction in the homeowner's loan payoff. Negotiating this is difficult.  more...

Indymac keeps CEO with promise of up to $8.94M in pay

By Inman News, Thursday, September 21, 2006.

Indymac CEO Michael Perry could take home up to $8.94 million in salary and incentives next year under a new five-year, performance-based contract.

Indymac director John Seymour, who is the chairman of the board's compensation committee, said Perry has done a "remarkable job" leading the company for 14 years and is "absolutely the right CEO" to lead the company into the future.

"When Mike joined the company in 1993, we had only four employees and almost no business, and we were marginally profitable," Seymour said in a  more...

Demand for Houston real estate jumps in August

By Inman News, Thursday, September 21, 2006.

Houston, Texas, real estate sales gained from their year-ago levels for the 11th straight month in August, breaking more sales and price records, the Houston Association of Realtors reported today.

Total property sales, which include single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 8,451 last month, up 5.5 percent from August 2005.

Sales of new and existing single-family homes posted a record for the month of August at 7,052, up 5.9 percent from 6,661 a year earlier.  more...

KB Home reports partial results: 6% rise in Q3 revenues Premium Content

By Inman News, Thursday, September 21, 2006.

KB Home reported partial results for the third quarter this week, though the company is not reporting some earnings information based on an investigation of stock-option-grant activities.

Total revenues for the third-quarter ended Aug. 31 reached $2.67 billion, up 6 percent from the $2.53 billion reported for third-quarter 2005.  more...

Bad property renovations

By Alison Rogers, Thursday, September 21, 2006.

When I edited a newspaper real estate section on a weekly basis, I spent a lot of time doing stories about renovations: "How to Survive Your Renovation! Renovations That Make You Money! Cheap Fixes that Work!" "Floor Profit!"

And now that I am looking at properties as an agent, I realize I forgot a category: "Don't Try This at Home."

There I was, busy instructing readers about what to do, when I realize that I should have been spending much more time telling them what NOT to do.

For example, I love vibrant color.  more...

Housing, confidence slow economy

By Inman News, Thursday, September 21, 2006.

The U.S. leading index, a key barometer of economic conditions, sank 0.2 percent in August, the Conference Board reported, taken lower by sagging home construction and waning consumer confidence.

The leading index now stands at 137.6. Based on revised data, this index decreased 0.2 percent in July and increased 0.1 percent in June.  more...

Tighter standards for new mortgages coming soon Premium Content

By Matt Carter, Thursday, September 21, 2006.

New guidelines that would require banks to tighten underwriting standards and track portfolio risks on nontraditional mortgages while providing more comprehensive disclosures to borrowers will be finalized this fall, a federal regulator told members of the Senate Banking Committee Wednesday.

Kathryn E. Dick, deputy comptroller of the Office of the Comptroller of the Currency, said that interest-only and payment-option adjustable-rate mortgages (ARMs) are complex products that are often marketed to people who don't understand their risks.  more...

Overnight real estate rates ride downtrend

By Inman News, Thursday, September 21, 2006.

Long-term mortgage interest rates were down again Thursday, and the benchmark 10-year Treasury bond yield fell to 4.64 percent.

The 30-year fixed-rate average sank to 5.86 percent, and the 15-year fixed-rate declined to 5.57 percent. The 1-year adjustable was down at 5.33 percent.

The 30-year Treasury bond yield dropped to 4.77 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...

Feeling the pressure for a great cleaning job

By Paul Bianchina, Thursday, September 21, 2006.

From a greasy barbeque grill or a dusty car that needs cleaning to a deck or a whole house that's ready for painting or refinishing, pressure washers can be wonderfully useful tools to speed up the process and improve results. But selecting the right kind of pressure washer and then using it correctly can seem like an overwhelming task, and used incorrectly they can damage both property and people.  more...

Five steps for selling home in a buyer's market

By Robert Bruss, Thursday, September 21, 2006.

Just in case you haven't been paying attention, most cities are now in a "buyer's market" for home sales. That means there are more houses and condos listed for sale than there are qualified home buyers actively in the market. Nationally, home sales volume is down about 10 percent compared to 2005.

The best way to tell if your area is in a buyer's or seller's market is to check the average number of days homes are on the market before selling. When this number rises above 60 days, it's definitely a buyer's market.  more...