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L.A.-area shopping centers sold

By Inman News, Tuesday, May 1, 2007.

New Jersey-based BlackRock Realty sold three Los Angeles-area retail centers totaling 276,831 square feet for a combined price of $94.2 million.

In the first deal, Plaza de Hacienda, a 154,692-square-foot shopping center located at 1801 N. Hacienda Blvd. in La Puente, sold for $33.8 million to a Los Angeles-based private investor. The property, which was built in 1992 with additional phases added in 1995 and 2001, was 100 percent leased at the time of sale to tenants that included Food 4 Less, A.J. Wright and Big 5 Sporting Goods.  more...

$190 million NYC deal

By Inman News, Tuesday, May 1, 2007.

KBS Realty Advisors recently sold a 303,139-square-foot office tower in Manhattan, N.Y., for $190 million.

Local investor Joseph Moinian, president and CEO of The Moinian Group, purchased the property at 245 Fifth Ave. in the Midtown South submarket.

KBS acquired the building in May 2000 and implemented cosmetic and system upgrades. At the time of sale, the property was nearly 100 percent occupied.

Barrington Regent gets new owner

By Inman News, Tuesday, May 1, 2007.

Barrington Regent, a 123-unit apartment community in Phoenix, Ariz., has sold to a Colorado-based investor for $13.1 million.

Baron Property LLC, based in Greenwood Village, Colo., purchased the property from Oppenheimer Partners Properties LLP.  more...

DreamLife founder ordered to pay $6.7 million in restitution

By Inman News, Tuesday, May 1, 2007.

A former mortgage broker who was convicted of defrauding homeowners seeking cash-out refinance loans has been ordered to repay $6.7 million to his victims, the Modesto Bee reported.

Tony J. Daniloo, the founder of Modesto, Calif.-based DreamLife Financial, was sentenced by a federal judge last month to nine years in prison.  more...

Credit lines calling the subprime tune

By Neil Morse, Tuesday, May 1, 2007.

As subprime lenders continue to fold their tents, either shutting down or being acquired (most often by secondary market firms), those who remain in business are learning that Wall Street and other funding sources are securely in the driver's seat.

"The credit line (providers) are calling the tune; they're our partners now," shrugs one monoline originator, pleased to still be in operation but not a little bitter about the loss of autonomy demanded in return for continued financial support.  more...

Fannie Mae files annual report -- for 2005 Premium Content

By Inman News, Tuesday, May 1, 2007.

As it catches up in its financial reporting, Fannie Mae said today that 2005 profits totaled $6.3 billion -- up 26 percent from 2004 -- but warned net income for 2006 will be lower because of higher borrowing costs and reductions in interest income.

Fannie Mae, which filed its annual report for 2004 in December, fell behind in financial reporting after management and accounting scandals forced the company to restate results for 2002, 2003 and part of 2004.  more...

Get the inside track on hot real estate marketing

By Inman News, Tuesday, May 1, 2007.

The downturn in many real estate markets has forced real estate brokers and agents to recharge their marketing techniques.

Some agents are thinking outside the box, using blogs, social networks and intricate online marketing plans to get noticed.

In an age of stiff competition, successful real estate professionals are finding fresh and innovative ways to acquire new clients. What are their secrets?

We want to hear from you.  more...

Correction

By Inman News, Tuesday, May 1, 2007.

An April 25, 2007, story, "Debt a growing factor in Freddie's prime loan delinquencies," overstated the investment that government-sponsored entities (GSEs) Freddie Mac and Fannie Mae have in private label mortgage-backed securities (MBS) backed by subprime loans. At the end of 2006, the GSEs held about $322 billion in AAA tranches of private-label MBS, of which about $170 billion was backed by subprime loans.  more...

Zillow shows home-value declines in first quarter

By Inman News, Tuesday, May 1, 2007.

Home-valuation and real estate marketing site Zillow announced that first-quarter home values dropped about 0.83 percent compared to values in first-quarter 2006, according to its latest Zindex.

The Zindex is a measure of median house values, based on the company's estimated values -- dubbed Zestimates -- in its database of U.S. properties.  more...

Home loan apps push higher

By Inman News, Tuesday, May 1, 2007.

Despite a slight rise in mortgage rates, overall mortgage application volume picked up last week, the Mortgage Bankers Association reported today in its weekly survey.

The market composite index, a measure of total home loan volume, inched up 0.6 percent, climbing to 657.2 on a seasonally adjusted basis from 653.3 one week earlier.  more...

Overnight real estate rates dip

By Inman News, Tuesday, May 1, 2007.

Long-term mortgage interest rates were lower Tuesday, and the benchmark 10-year Treasury bond yield climbed to 4.64 percent.

The 30-year fixed-rate average fell to 5.75 percent, and the 15-year fixed rate slipped to 5.49 percent. The 1-year adjustable was down at 5.57 percent.

The 30-year Treasury bond yield increased to 4.82 percent.

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

HouseValues co-founder to step down

By Inman News, Tuesday, May 1, 2007.

HouseValues on Tuesday reported a $1.2 million loss in the first quarter 2007, and announced that its chairman will be leaving the company later this month.

HouseValues co-founder Mark Powell is stepping down as chairman of the board, the company said in a Securities and Exchange Commission filing.

The board has elected Frank M. "Pete" Higgins to replace Powell, who is expected to officially step down on May 31, the date of the company's annual shareholder meeting.  more...

Title insurance regulator considers rate-cap alternatives Premium Content

By Matt Carter, Tuesday, May 1, 2007.

SAN FRANCISCO -- A proposal to cap title insurance rates is not California Insurance Commissioner Steve Poizner's "first instinct" for remedying an alleged lack of competition in the industry, but the plan by his predecessor has served as an incentive for further negotiations, he said.

Speaking in San Francisco at the California Land Title Association's annual convention (see video), Poizner said it's the practice of marketing title insurance products and services to real estate agents, mortgage lenders and build  more...

Chimney cleaning exposes cracked crown

By Bill and Kevin Burnett, Tuesday, May 1, 2007.

Q: I have just had my brick chimney cleaned, and the chimney sweep said the crown -- the top layer of mortar covering the top of the chimney -- is cracked in several places and needs replacement.

The sweep took a photograph and I can see what looks like smoke stains around one of the cracks. I don't have a cap, but would like to get one. My house was built in the 1970s, and I understand they didn't always put them on back then.  more...

Think twice before prepaying mortgage

By Robert Bruss, Tuesday, May 1, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, April 16, 2006.

DEAR BOB: About two years ago, we refinanced our home mortgage and obtained a 5.25 percent fixed-rate mortgage. We loved the low monthly payments. Then, about six months ago, my wife inherited enough money to pay off our mortgage in full, which we did. Next, I received an excellent buy-out offer from my employer to take early retirement, which I did.  more...

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