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Oct

16
2007

DOJ vs. MLS of Hilton Head Island Inc.

By Glenn Roberts, Jr., Tuesday, October 16, 2007.
The U.S. Department of Justice today announced that it has reached a settlement agreement with the Multiple Listing Service of Hilton Head Island Inc. over MLS policies that the DOJ alleged are in violation of federal antitrust law (see Inman...  more...

The Dark Files: So long Bouncepad

By Jessica Swesey, Tuesday, October 16, 2007.
Sifting through the Inman News archives from 2000-2002, you'll quickly meet up with quite a few real estate dot-com carcasses left dead on the side of the dot-bomb road. Anyone remember JumpHome, Home-Link or the bankruptcy that nearly brought Homes.com...  more...

Real Estate Connect NYC 2008 Keynote and Networking Opportunities

By Inman News, Tuesday, October 16, 2007.
We're excited to announce our keynote speaker for Real Estate Connect NYC 2008; Dr. Michael Shermer. Dr. Shermer is the author of Why People Believe Weird Things and is the Founding Publisher of Skeptic Magazine and Executive Director of The...  more...

U2 on HUD secretary's playlist

By Matt Carter, Tuesday, October 16, 2007.
HUD Secretary Alphonso Jackson, preceding Bono on stage at the Mortgage Bankers Association's convention in Boston today, told the U2 frontman he admires his music and his advocacy. "Pride (In the Name of Love)" -- U2's tribute to Dr. Martin...  more...

$20M Phoenix business center sale

By Inman News, Tuesday, October 16, 2007.

Pinnacle Park Business Center II, a multitenant industrial park in Phoenix, Ariz., has sold for more than $20 million to a limited liability company.

The three-building project, located at Pinnacle Peak Road and 11th Avenue, was completed in 2006 and contains approximately 159,714 square feet of space.

COP-Pinnacle Peak LLC purchased the property from LaPour Deer Valley North LLC at a price that represented $126 a square foot.

At the time of sale, the property was 96 percent occupied.

TIC group buys 200,000 square feet in Texas

By Inman News, Tuesday, October 16, 2007.

A New York City-based joint venture recently sold the Parkdale Shopping Center in Waco, Texas, for an undisclosed amount.

The Brooklyn, N.Y., partnership unloaded the 201,392-square-foot property on a Southern California-based tenant-in-common group.

Located at 5900 Bosque Blvd., Parkdale Shopping Center is situated on a 16-acre lot at the intersection of North Valley Mills Drive and Bosque Boulevard. Retailers at the time of sale included Hobby Lobby, Big Lots, FedEx Kinko's, Papa John's Pizza, Chili's and Drug Emporium.

Hollywood's Sterling Apartments purchased

By Inman News, Tuesday, October 16, 2007.

Beverly Hills, Calif.-based StarPoint Properties LLC this week announced the disposition of the 80-unit Sterling Apartments in nearby Hollywood for a price of $21.7 million.

The community, located at 1800 N. Normandie Ave., features a unit mix of 16 singles, 40 one-bedroom/one-bath and 24 two-bedroom/one-bath units.  more...

Regulators set stage to cut conforming loan limit in 2009

By Inman News, Tuesday, October 16, 2007.

As lawmakers debate whether to increase the conforming loan limit to allow Fannie Mae and Freddie Mac to purchase more loans, regulators who oversee the government-sponsored entities are making plans to reduce the limit in 2009 in conjunction with falling housing prices.

The Office of Federal Housing Enterprise Oversight today said its previous plan to leave the conforming loan limit unchanged at $417,000 in 2008 stands, regardless of how steeply home prices fall this year.

But if cumula  more...

Builder confidence hits 22-year low

By Inman News, Tuesday, October 16, 2007.

Builder confidence in the market for new single-family homes fell to a 22-year low in October as weak home sales and mortgage credit problems continued to dissuade potential buyers, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.

The HMI dropped two points this month to 18 -- its lowest point since the series began in January 1985 -- and has now fallen in each of the past eight months, according to NAHB.  more...

Treasury Secretary urges action on housing downturn

By Inman News, Tuesday, October 16, 2007.

Treasury Secretary Henry M. Paulson on Tuesday called for aggressive action to work through the current housing correction that he says will continue to adversely impact the U.S. economy and struggling homeowners for some time.

"The ongoing housing correction is not ending as quickly as it might have appeared late last year," Paulson said in remarks to students at the Georgetown Law Center this morning.  more...

Bernanke: Housing will continue to drag U.S. economy

By Inman News, Tuesday, October 16, 2007.

The housing slump is expected to stymie U.S. economic growth through early 2008, Federal Reserve Chairman Ben S. Bernanke said during a speech Monday at the Economic Club of New York.  more...

FHA, GSEs seen as alternative to subprime Premium Content

By Matt Carter, Tuesday, October 16, 2007.

BOSTON -- Delinquencies and foreclosures will continue to rise in 2008, keeping Wall Street investors who bankrolled subprime mortgage loans that fueled the housing boom on the sidelines, industry executives said Monday.

Until investor confidence returns, FHA guarantee programs and mortgage repurchasers Fannie Mae and Freddie Mac will have to fill the gap, was the oft-heard mantra at the Mortgage Bankers' Association annual convention in Boston.  more...

Real estate rates end night mixed

By Inman News, Tuesday, October 16, 2007.

Long-term mortgage interest rates varied Monday, and the benchmark 10-year Treasury bond yield stayed at 4.68 percent.

The 30-year fixed-rate average held at 6.11 percent, and the 15-year fixed rate rose to 5.74 percent. The 1-year adjustable was down at 5.74 percent.

The 30-year Treasury bond yield climbed to 4.91 percent.

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

Big mistake to forego home inspection

By Barry Stone, Tuesday, October 16, 2007.

Dear Barry,  more...