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Oct

26
2007

Nobody home, but please keep knocking

By Glenn Roberts, Jr., Friday, October 26, 2007.
The U.S. Census Bureau today reported growth in the share of vacant homes, from 16.6 million units in third-quarter 2006 to 17.9 million in third-quarter 2007. Vacant homes accounted for 13.1 percent of the nation's estimated 126.2 million housing units...  more...

Pop the champagne! We only lost $1.2 billion!

By Matt Carter, Friday, October 26, 2007.
It's a strange world in which a company reports $1.2 billion in losses and its stock shoots up 30 percent. Countrywide Financial Corp.'s third quarter losses were less than many expected, and the company says that after posting its first...  more...

$86M L.A. apartment purchase

By Inman News, Friday, October 26, 2007.

Seattle-based Security Properties this week sold a large, 1980s apartment complex in Los Angeles for approximately $86.3 million.

The property, purchased by San Francisco Bay Area-based Prometheus Real Estate Group, is known as the Serravella Apartments. Constructed in 1987, this mid-rise resort-style community is located at 1710 North Fuller Ave. and features 298 units.

Prometheus plans on executing a substantial renovation of the asset, according to a press statement.

Large Orange County industrial deal inked

By Inman News, Friday, October 26, 2007.

A partnership between Voit Development Co. and Buchanan Street Partners has acquired a 428,000-square-foot industrial/warehouse and data center building in Irvine, Calif., for approximately $57 million.

The seller, Nexus Windstar, purchased the building in 2000 and leased it to Exodus Communications, who put $45 million of capital improvements into the data center portion of the property.

SAVVIS Inc. is now leasing the 126,000 square-foot of data center to provide off-site data storage and backup computer systems for its clients.  more...

Minnesota big-box retail sells to investor

By Inman News, Friday, October 26, 2007.

An unidentified investor has paid $13.6 million for a retail center in St. Cloud, Minn., which represents a price of $120 per square foot.

The 113,510-square-foot property, 2nd Street Quad, is located at 400 2nd St. and was sold by an unknown party. Built in 1996, the big-box retail center sits on a 384,093-square foot lot at the intersection of 2nd Street (State Highway 23) and 2nd Avenue South.

At the time of sale, the four tenants onsite included PetSmart, Dunham's Discount Sports, Petters Warehouse and Northern Tool & Equipment.

California's mortgage defaults hit record level in Q3 Premium Content

By Inman News, Friday, October 26, 2007.

Lenders initiated foreclosure proceedings against a record number of California homes in the third quarter ended Sept. 30, real estate research company DataQuick Information Systems reported today.

The company reported 72,571 notices of default from July through September, a 34.5 percent rise compared to the second quarter and a 166.6 rise compared to third-quarter 2006.  more...

Job gains only thing keeping mortgages above 6%

By Lou Barnes, Friday, October 26, 2007.

Mortgage rates are stuck just above 6 percent, but the key indicator of anxiety, the 10-year T-note, fell into the 4.30s. The drop was brisk following news of deepening weakness in housing and credit.

Stocks are holding a key level, in Dow terms, 13,500. That market recovered once this week on the rumor that things were so bad that the Fed would cut its rate before its Halloween meeting. A Fed panic would be good news?  more...

Inventory of vacant U.S. homes rises

By Inman News, Friday, October 26, 2007.

The total inventory of vacant homes increased about 8 percent in the third quarter compared to the same quarter last year, while the home-ownership rate remained unchanged in the third quarter after three consecutive quarterly declines, the U.S. Census Bureau reported today.

The home-ownership rate for the third quarter stood at 68.2 percent, which compares with 69 percent in third-quarter 2006.  more...

BofA exiting wholesale mortgage lending

By Inman News, Friday, October 26, 2007.

Bank of America Corp. will lay off 700 workers as part of a plan to exit consumer wholesale mortgage lending by the end of the year and make more loans through the retail channel.  more...

Countrywide's $1.2 billion quarterly loss first in 25 years Premium Content

By Inman News, Friday, October 26, 2007.

Countrywide Financial Corp.  more...

Standard Pacific reports $120 million quarterly loss Premium Content

By Inman News, Friday, October 26, 2007.

Standard Pacific Corp. (NYSE:SPF), a home-building company that some analysts have suggested may be heading toward bankruptcy, on Thursday reported a net loss of $119.7 million in the third quarter, or $1.85 per share.  more...

Mortgage insider explains loan rip-offs Premium Content

By Alison Rogers, Friday, October 26, 2007.

I love insiders. Maybe it's because I'm a New Yorker, but I always want to find the "insider connection" who will get me the "best deal."

So I was very excited to interview Carolyn Warren, a former mortgage loan officer who wrote a book explaining the ins and outs of her industry. Warren explains: "I had been working in the industry about 10 years; I think the turning point was when I had lunch with a mortgage broker and he told me he had just closed a loan and made $40,000."  more...

Further declines in overnight real estate rates

By Inman News, Friday, October 26, 2007.

Long-term mortgage interest rates were down again Thursday, and the benchmark 10-year Treasury bond yield gained to 4.38 percent.

The 30-year fixed-rate average slipped to 5.87 percent, and the 15-year fixed rate fell to 5.48 percent. The 1-year adjustable was down at 5.66 percent.

The 30-year Treasury bond yield rose to 4.68 percent.

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

Big referral fees lure agents into second-home market Premium Content

By Bernice Ross, Friday, October 26, 2007.

Would you like to receive $5,000 or more for a single telephone call?  more...

Credit crunch slams California home prices, sales Premium Content

By Inman News, Friday, October 26, 2007.

The sales rate of previously owned single-family homes fell 38.9 percent in September compared to the same month last year, while the median price declined 4.7 percent and the months' supply bloated to 16.6 months, the California Association of Realtors reported today.  more...

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