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ZipRealty announces $20.2 million net loss in Q4 '06

By Inman News, Tuesday, March 13, 2007.

Real estate brokerage company ZipRealty Inc. today announced a net loss of $20.2 million in fourth-quarter 2006, or 96 cents per share, compared with net income of $17.9 million, or 73 cents per diluted share, in fourth-quarter 2005.

For the year ended Dec. 31, 2006, ZipRealty reported a net loss of $20.6 million, compared with net income of $20.5 million for the full year in 2005.  more...

More Charlotte office space purchased

By Inman News, Tuesday, March 13, 2007.

NNN 2003 Value Fund LLC recently purchased a five-story, 152,000-square-foot office building in Charlotte, N.C.

The value of the Four Resource Square deal was not disclosed.

Four Resource Square is a class A, multitenant building located on more than nine acres in the 1,800-acre University Research Park. Constructed in 1999, the property was 69 percent leased at the time of sale to a variety of tenants, including McKesson Information Systems and Hartford Fire Insurance.  more...

Scanlan Kemper buys massive project

By Inman News, Tuesday, March 13, 2007.

Scanlan Kemper Bard Cos. recently purchased Eastmont Town Center, a 605,959-square-foot, mixed-use project in Oakland, Calif., for $78 million.

Eastmont Oakland LLC and Eastmont Town Center Co. LLC sold the property to Portland, Ore.-based Scanlan Kemper.

The property, which is located at 7000 Bancroft Ave., consists of a two-story mall, single-story in-line retail, a building solely dedicated to housing the Oakland Police Department, and nine separate pad sites.  more...

Houston office deal tops $114 million

By Inman News, Tuesday, March 13, 2007.

A joint venture has sold a 25-story office building in Houston for $114.5 million.

The Shidler Group of San Diego, in partnership with Angelo, Gordon & Co., sold the office tower at 1301 Fannin St. to locally based Griffin Properties.

1301 Fannin features 786,400 square feet of office space and a five-level parking garage. Purchased by The Shidler Group in April 1998 from the Octagon Group for $60 million, the property has undergone more than $5.6 million in upgrades, according to a press statement.  more...

Option One's warehouse lenders can terminate obligations next month

By Inman News, Tuesday, March 13, 2007.

Subprime lender Option One Mortgage Corp.'s eight warehouse lenders will have the legal right to terminate their obligations to fund future loans at the end of April, and take away Option One's right to service existing loans.  more...

'Project Blogger' kicks off in April

By Inman News, Tuesday, March 13, 2007.

Pre-season has kicked off for Project Blogger, a real estate blogging competition created by ActiveRain that aims to take 10-15 newbie bloggers and whip them into blogging shape.  more...

More growth in refinancings

By Inman News, Tuesday, March 13, 2007.

Overall mortgage application volume increased last week despite mixed movement in interest rates, the Mortgage Bankers Association reported today.

The market composite index, a measure of home loan application volume, gained 2.8 percent last week, rising to 690.5 on a seasonally adjusted basis from 671.6 one week earlier.

The index that tracks refinancings posted the strongest growth, up 3.5 percent on a seasonally adjusted basis from the week before, while the purchase-loan index grew 2.2 percent.  more...

Probe opens on Wall Street ratings of subprime lenders

By Inman News, Tuesday, March 13, 2007.

Saying their research of subprime lenders such as New Century Financial Corp. was "very rosy," Massachusetts Secretary of State William Galvin has issued subpoenas to Wall Street investment banks UBS Securities LLC and Bear Stearns & Co., the Associated Press reported Tuesday.

Galvin said he's investigating research reports Wall Street investment firms issued on New Century and other subprime lenders. At this point in the investigation, it's too early to say if other investment firms will be subpoenaed, he said.  more...

Subprime lending meltdown seen as threat to economy Premium Content

By Matt Carter, Tuesday, March 13, 2007.

The results of the latest quarterly survey of delinquency and foreclosure rates by the Mortgage Bankers Association helped send stocks down Tuesday, reflecting investors' views that the crisis in subprime lending won't be confined to real estate.  more...

Overnight real estate rates pause

By Inman News, Tuesday, March 13, 2007.

Long-term mortgage interest rates were mostly flat again Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.49 percent.

The 30-year fixed-rate average slipped to 5.68 percent, and the 15-year fixed rate held at 5.44 percent. The 1-year adjustable sank to 5.29 percent.

The 30-year Treasury bond yield was down at 4.66 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Damn the early payment defaults, full steam ahead Premium Content

By Matt Carter, Tuesday, March 13, 2007.

Editors note: Part three of a four-part series on the crisis in subprime mortgage lending looks at how subprime lenders, having built up the infrastructure needed to originate loans in large volumes, needed to continue making risky loans to remain profitable.  more...

Remodeling gone wrong

By Bill and Kevin Burnett, Tuesday, March 13, 2007.

Q: The weekend warriors who owned my house before me did some really stupid things, such as installing a fake-wood floor over linoleum, which prevented one door from closing in the winter.

But what I'm concerned with now is paint. Apparently, from the look of spatters on pipes under sinks, they taped everything to a fare-thee-well and then went around with a spray gun, using the same awful, dead white paint on every surface -- wood, walls, even cabinets. If I set something down on a wood surface, pieces of paint come back up when I lift it.  more...

Fixed rates return to reverse mortgages

By Tom Kelly, Tuesday, March 13, 2007.

Many older homeowners prefer reliable, dependable mortgage interest rates. It helps them plan their monthly financial calendars, especially when they are battling the challenges of paying for health care on fixed incomes.

Fixed-rate mortgages have been absent from the reverse-mortgage scene for more than decade, as lenders relied primarily on adjustable-rate mortgages insured by the U.S. Department of Housing and Urban Development. These mortgages, known as Home Equity Conversion Mortgages (HECMs), account for nearly 85 percent of the reverse market.  more...

Arson gives cash-strapped homeowner hope

By Robert Bruss, Tuesday, March 13, 2007.

John D. Lummis and his ex-wife Cynthia Macbeth own a house where Lummis lived with his girlfriend, Beth Howe, and her three children. "Lummis was in a financial bind: between the $1,300 a month garnished from his wages in order to pay child support for four of his six children, and supporting Howe and her three children, he had not made a mortgage payment for almost two years."  more...

From rental to primary home: Uncle Sam takes his cut

By Robert Bruss, Tuesday, March 13, 2007.

DEAR BOB: Is it necessary to make an Internal Revenue Code 1031 tax-deferred exchange before converting a rental house to my personal residence? Is there some way I can avoid that dreaded 25 percent depreciation recapture tax when I sell it? If I want to claim the $250,000 principal-residence-sale tax exemption, must I occupy it for 24 months and own it for 60 months? --Robert B.  more...

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