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Nov

12
2007

Maybe staging would help

By Matt Carter, Monday, November 12, 2007.
Imagine you are the past president of the National Association of Realtors, and you put your house on the market at the tail end of the housing boom for $1.45 million. More than two years later, you've knocked $165,000 off...  more...

What goes up ...

By Glenn Roberts, Jr., Monday, November 12, 2007.
Paper Economy, a real estate bubble blog, has added more functionality to a chart that features home-price statistics from the Standard & Poor's/Case-Shiller index. See the chart at this link: http://www.papereconomy.com/CSI.aspx. The latest home-price decline on this chart is beginning...  more...

Rent-to-own risks, rewards

By Glenn Roberts, Jr., Monday, November 12, 2007.
Some home sellers are turning back the pages of an old playbook in offering to turn renters into buyers. The market slump has resurfaced contracts that can bring rental income to sellers and give renters the ability to work toward...  more...

NAI retail, residential deals top $11 million

By Inman News, Monday, November 12, 2007.

NAI BT Commercial recently brokered the sale of a Northern California apartment complex and a Walgreens retail store in Texas in separate deals that totaled approximately $11.5 million.

In the first deal, G.W. Williams Co. sold the 52-unit Woodside Creek Apartments in Citrus Heights, Calif., for a price of $5.3 million. The 22-year-old property, purchased by Sukh and Suruj Singh, features 32 one-bedroom/one-bath units and 20 two-bedroom/two-bath units, and was fully occupied at the time of sale.  more...

E-LOAN shedding more than 500 workers

By Matt Carter, Monday, November 12, 2007.

Online lender E-LOAN is in the process of laying off 513 employees, or two-thirds of the company's workforce, as parent company Banco Popular North America reports mounting losses related to subprime mortgage loans.

The layoffs are part of a move to concentrate on loans eligible for repurchase to Fannie Mae and Freddie Mac, according to a U.S. Securities and Exchange Commission filing by BPNA's parent company, Popular Inc.  more...

Kentucky apartments change hands

By Inman News, Monday, November 12, 2007.

A limited liability company has purchased The Fountains at Andover multifamily community in Lexington, Ky., for $28.5 million.

The 318-unit property, sold by Northwestern Mutual to B & M Management Co. LLC, is located at 3200 Todd Road. The property was completed in 1998 and features studios and one-, two- and three-bedroom units averaging 861 square feet each. Community amenities at the property include a clubhouse, business center, pool, fitness center, tennis court and car wash area.

At the time of sale, the complex was 97 percent occupied.

Real estate startup targets high-end market Premium Content

By Glenn Roberts Jr., Monday, November 12, 2007.

Southern California is recovering from a series of wildfires while its housing market is in a dive and a credit crisis threatens to deepen the crater. You might think that's a recipe for disaster for a startup real estate brokerage company.

But the high-end luxury market is a unique beast. And Lou Piatt, an industry veteran who is co-founder and CEO of a new real estate brokerage firm, Teles Properties, said he believes this new company will thrive despite the slowdown.  more...

Overnight real estate rates a mixed bag

By Inman News, Monday, November 12, 2007.

Long-term mortgage interest rates were either flat or lower Friday, and the benchmark 10-year Treasury bond yield dropped to 4.22 percent.

The 30-year fixed-rate average held at 5.97 percent, and the 15-year fixed rate sank to 5.55 percent. The 1-year adjustable slipped to 5.56 percent.

The 30-year Treasury bond yield fell to 4.6 percent.

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

NAHB opposes tax increase provisions in 'tax relief' bill

By Inman News, Monday, November 12, 2007.

The National Association of Home Builders is opposing a congressional bill, which passed the House of Representatives on Monday, that it said could have a "significant negative impact on the multifamily housing industry."  more...

Credit crunch tightens rules for appraisals

By Dian Hymer, Monday, November 12, 2007.

Lenders' underwriters are scrutinizing all aspects of the mortgage process, not just the borrower's creditworthiness. Even a borrower with a high credit score, a cash down payment and verifiable income can run into snags in the mortgage approval process today if the lender's underwriters are concerned about the value of the property.  more...

Amerisave helps borrowers find loan's retail markup

By Jack Guttentag, Monday, November 12, 2007.

(This is Part 2 of a two-part series. Read Part 1, "Wholesale mortgage prices uncover true costs.")

Wholesale mortgage prices are "inside" prices, available to mortgage brokers and lenders but not to borrowers -- until now. Through a special arrangement with Amerisave, I now provide wholesale interest rates on my Web site.  more...

Higher property taxes feared on inherited home

By Benny Kass, Monday, November 12, 2007.

DEAR BENNY: Will the real estate tax rate increase if I inherit my father's house? My dad said it might not if I take the home as a distribution. I am currently living in his house, which is under his name. My concern is that when I have the option to purchase the home, the tax rate will go up, but it may not if I inherit it by this "distribution"? Your help is appreciated. Thank you. --Lynette  more...