Archive - Oct 2007 | Real Estate and Technology News for Agents, Brokers and Investors

Date

Blood bath continues for real estate stocks

By Marcie Geffner, Wednesday, October 31, 2007.

October was yet another bad month for real estate stocks. Only two of the 10 companies that comprise the hypothetical Inman Index escaped negative returns for the period, and none of the companies is in positive territory for the first 10 months of this year.

Shares of Toll Brothers posted a healthy jump of 13 percent in October while shares of HouseValues eked out an insignificant gain of one cent for the one-month period. more...

Move Inc. reports $4.6 million loss

By Inman News, Wednesday, October 31, 2007.

Realtor.com operator Move Inc. today reported a third-quarter net loss applicable to common stockholders of $4.6 million, or 3 cents a share, citing impact from the housing downturn.

The third-quarter loss compares with a $980,000 profit Move reported during the same quarter in 2006. more...

Foxtons listings go to highest bidders

By Matt Carter, Wednesday, October 31, 2007.

Consumers who enter into listing agreements with real estate brokerages are contracting for generic services that can be provided by any brokerage firm, and are not establishing a personal contract with an individual agent.

That's the view of the judge handling the Chapter 11 bankruptcy filing of Foxtons Inc., in allowing the company to auction off about 4,300 listing agreements in New Jersey and New York to the highest bidder.

Maplewood Homebuilders LLC snatched up the lion's share of the listings, about 3,000 properties in New Jersey, for $100,000, plus a 10 percent referral more...

Appraisers accused of inflating home values

By Inman News, Wednesday, October 31, 2007.

New York Attorney General Andrew Cuomo said today that a major real estate appraisal company conspired with one of the largest mortgage lenders in the nation to inflate the appraised value of homes.

Cuomo is suing First American Corp. more...

Sevens Building sells in Missouri

By Inman News, Wednesday, October 31, 2007.

A limited liability company recently purchased a 24-story, class A office building just outside St. Louis, Mo., for an undisclosed price.

NNN 2003 Value Fund LLC bought The Sevens Building, which includes approximately 197,000 square feet in the city of Clayton, from Sevens St. Louis LLC.

Built in 1972, The Sevens Building was completely renovated between 1998 and 2000, and includes a 10-level, 875-space parking garage. more...

West Hollywood retail commands big price

By Inman News, Wednesday, October 31, 2007.

An unidentified private investor paid $13.9 million for a three-building retail portfolio in West Hollywood, Calif.

The property, located at 624-630 N. La Cienega Blvd., includes 9,270 square feet and was purchased for the land value.

Nolaci Investments sold the portfolio, which at the time of sale was occupied by Train West Hollywood, a private gym with more than 100 personal trainers offering one-on-one private training. more...

LLC sheds North Carolina business park

By Inman News, Wednesday, October 31, 2007.

Interstate Business Park, a nine-building property in Charlotte, N.C., has sold to a joint venture for $12.3 million.

California-based CIP Real Estate and Maryland-based Alex Brown partnered to purchase the 167,763-square-foot asset from Norfolk, Va.-based Charlotte Park Associates LLC.

The property, which includes single-story office/flex/warehouse buildings, is located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77. It was constructed between 1981 and 1984. more...

Mortgage rates hit lowest levels since May

By Inman News, Wednesday, October 31, 2007.

Long-term mortgage rates came down this week to near six-month lows as waning consumer confidence and weak home sales cast doubt on the strength of the economy, Freddie Mac and Bankrate.com reported today. more...

Mortgage rates hit lowest levels since May

By Inman News, Wednesday, October 31, 2007.

Overnight real estate rates move higher

By Inman News, Wednesday, October 31, 2007.

Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield climbed to 4.47 percent.

The 30-year fixed-rate average gained to 5.9 percent, and the 15-year fixed rate edged up to 5.52 percent. The 1-year adjustable was up at 5.65 percent.

The 30-year Treasury bond yield rose to 4.75 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time. more...

RealtyTrac reports Q3 foreclosures up nearly 34%

By Inman News, Wednesday, October 31, 2007.

An estimated 446,726 properties were hit with foreclosure filings during the third quarter, a 33.9 percent increase from the previous quarter and more than double the number a year ago, according to data aggregator RealtyTrac.

Nevada, California and Florida posted the highest rates of foreclosure in the nation, followed by Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas. more...

Can tenant break lease because of illness?

By Janet Portman, Wednesday, October 31, 2007.

Q: We rent a single-family house and have a two-year lease. A month into the lease, the owners told us they'll be selling the property, and sure enough, we've had droves of real estate agents and potential buyers traipsing through our home. My wife has a serious medical condition (she's in a wheelchair and uses a ventilator) and needs peace and quiet so she can rest, but with this commotion it's impossible. The landlord refuses to be reasonable. We want to leave, but do we have grounds to break our lease? --Steve F. more...

Oct

2007

Can I modify that loan for you?

By Matt Carter, Wednesday, October 31, 2007.

Lenders participating in a Bush administration initiative to help troubled borrowers avoid foreclosure are planning their first concerted action: a mass mailing of more than 200,000 letters that will offer a toll free number to call for financial counseling. The... more...

Guest Post: Finally, a useful application of Zillow heatmaps

By Marlowe, Wednesday, October 31, 2007.

I have always known that I reside in the Halloween "Capitol" of Seattle, but until now I have not had scientific proof. In a move of utter brilliance, Capitol Hill Seattle blog has published this Ultimate Guide: Fancy Pants Capitol... more...

Happy Halloween

By Joel Burslem, Wednesday, October 31, 2007.

(h/t Blown Mortgage) more...