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Phillips Edison lands third mall in Dallas area

By Inman News, Sunday, October 14, 2007.

Retail real estate developer Phillips Edison & Co. recently closed on the purchase of Northgate Plaza in Waxahachie, Texas, for an undisclosed price.

The shopping center comprises 196,590 square feet, and at the time of sale included tenants such as JC Penney, Baylor Fitness Center and Showcase Cinema.  more...

Arizona's Northwest Garden sells

By Inman News, Sunday, October 14, 2007.

Southwest Equity Partners recently paid $15 million to purchase a 198-unit multifamily community in Peoria, Ariz.

The property, Northwest Garden, is located at 9350 North 67th Ave. and totals 159,078 square feet.

Holualoa, a Tucson-based investment company, sold the asset at a price that represents $75,758 per unit.  more...

JV buys self-storage portfolio in Texas

By Inman News, Sunday, October 14, 2007.

A joint venture comprised of three entities has completed the acquisition of five self-storage properties in the northern suburbs of Houston, Texas.

Neither the seller's identity nor the sales price was disclosed.

The JV buyers -- 180 Development Services LLC, Harrison Street Real Estate and Morningstar Properties -- picked up a total of 290,507 rentable square feet and 1,911 storage units in the deal.

The storage facilities now operate under the trade name Morningstar Mini-Storage, according to a press statement.

Interthinx grows fraud-fighting technologies

By Inman News, Sunday, October 14, 2007.

Mortgage fraud detection technology provider Interthinx is growing its fraud-fighting tools and services with the purchase of NIA Consulting, the company announced Friday.

Early detection of mortgage fraud and loan misrepresentations continues to be an important aspect to fighting loan fraud, which has escalated over the years, the company said.  more...

Banks band together to bring billions to credit market Premium Content

By Inman News, Sunday, October 14, 2007.

Several major banks are working together to establish a multibillion-dollar investment fund intended to lessen the credit crunch by improving liquidity for mortgage securities and other investments.

The U.S. Department of Treasury facilitated discussions among the group of banks and investment managers, according to a Bank of America announcement today. Bank of America Corp., Citigroup Inc. and JP Morgan Chase & Co. are among the group of banks that are setting up the fund, which could be worth up to $100 billion, according to some reports.  more...

Some housing markets seeing strength

By Inman News, Sunday, October 14, 2007.

While national statistics show an overall slowdown in home sales and a drop in prices, some individual markets are experiencing growth due to healthy local economic conditions and other factors.

The top housing markets expected to see the strongest growth in home values through the second quarter of next year are in North and South Carolina, Texas, Utah and New Mexico, according to a forecast released today.  more...

Drop in overnight real estate rates

By Inman News, Sunday, October 14, 2007.

Long-term mortgage interest rates dipped Friday, and the benchmark 10-year Treasury bond yield rose to 4.68 percent.

The 30-year fixed-rate average sank to 6.11 percent, and the 15-year fixed rate slipped to 5.73 percent. The 1-year adjustable was down at 5.75 percent.

The 30-year Treasury bond yield climbed to 4.9 percent.

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

Markets stall on housing questions

By Lou Barnes, Sunday, October 14, 2007.

Mortgage rates are about the same (6.5 percent); the defining 10-year Treasury market is about the same (at 4.65 percent defying several opportunities for higher); the stock market is about the same (globalized optimism); and the credit crunch is about the same.

Markets are stalled in the agonizing wait to know the compound damage done by the credit crunch and housing recession.  more...

Cash-out refi vs. second loan: which is cheaper?

By Jack Guttentag, Sunday, October 14, 2007.

"My house is worth $400,000. The balance of my 5.5 percent first mortgage is $270,000, and I need $50,000 to pay off debts and make some improvements. I spoke to three mortgage brokers, and all advised me to refinance my first mortgage for about $325,000. I was thinking that I would just take a second mortgage for $50,000, but the brokers all rejected that idea. What am I missing here?"

What you are missing is a realization that, in selecting between a cash-out refinance and a second mortgage, the broker's interest and yours may be in conflict.  more...

Don't buy home without checking title report

By Dian Hymer, Sunday, October 14, 2007.

How would you feel if you bought a home that seemed perfect, only to find out you couldn't use the property like you thought you could?

One buyer bought a home with a good-sized yard that he thought would be perfect for his large dogs to roam free. Soon after the sale closed, he hired a contractor to construct a fence around the property. The day the work started, a neighbor showed up to inform the new homeowner that he couldn't completely fence the property because of an easement that ran across his property.  more...