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LA Fitness sale tops $10M

By Inman News, Tuesday, May 22, 2007.

A property wholly occupied by LA Fitness in Santa Ana, Calif., has been sold for $10.5 million.

Southern California-based SAVEH LLC purchased the property, located at 1501 N. Tustin Ave., from Northern California-based Eden Group.

Built in 2004, the property is situated on .63 acres and totals 35,000 square feet. The facilities include a swimming pool, basketball court and other related amenities.

LA Fitness holds a long-term NNN lease for the space, according to a press statement.

Investcorp sheds noncore Texas holdings

By Inman News, Tuesday, May 22, 2007.

Investcorp has sold a portfolio of six retail properties across Texas for a combined price of nearly $60 million.

The portfolio comprises 497,737 square feet and includes the following properties: Minyards Plaza in Dallas (65,295 square feet); Barker Cypress in Houston (66,945 square feet); Bandera Festival (195,438 square feet) and Wurzbach (59,771 square feet) in San Antonio; Sterling Plaza in Irving (65,765 square feet); and Village by the Park in Arlington (44,523 square feet).  more...

Deloitte & Touche relocates

By Inman News, Tuesday, May 22, 2007.

High-profile accounting firm Deloitte & Touche USA has signed a long-term lease for 160,000 square feet of office space in Parsippany, N.J.

In a relocation and expansion from 2 Hilton Court, the company will occupy more than four floors at the five-story, 175,000-square-foot building for its northeast regional headquarters.

The space is located at 100 Kimball Drive, a newly built spec property owned by a joint venture partnership comprising Mack-Cali Realty Corp., JPMorgan Asset Management and the Hampshire Real Estate Cos.  more...

Correction

By Inman News, Tuesday, May 22, 2007.

Wednesday's article, "House passes GSE reform bill," contained out-of-date information about the number of appointments the president would make to the boards of Fannie Mae and Freddie Mac under the provisions of HR 1427. Under their current charters, Fannie's and Freddie's boards are to consist of 18 members, five of whom appointed by the president. The Bush administration, which opposes federal appointments to the boards, has left those positions vacant.  more...

American Express will let customers charge mortgage payments

By Inman News, Tuesday, May 22, 2007.

American Express will let customers who pay a one-time fee of $395 use their credit cards to make their monthly mortgage payments automatically, earning points that can be redeemed for services or cash.

The $395 fee covers mortgage lenders' processing and account expenses, with American Home Mortgage Investment Corp., the first participating lender, the company said in a press release.  more...

Former FBI director tapped for Fannie Mae board

By Inman News, Tuesday, May 22, 2007.

Former FBI Director Louis Freeh has been elected to serve on Fannie Mae's board of directors, making him the eighth new member of the board since 2004, when accounting and management scandals forced the company to restate earnings and remove top managers.  more...

Property I.D. sues to get HUD off its back Premium Content

By Matt Carter, Tuesday, May 22, 2007.

Property I.D., a company that shared the profits it made providing natural hazard disclosure reports to home buyers with real estate brokers, says it's filed suit to end a nearly two-year-long investigation of the company's business practices by federal regulators.

The investigation of Property I.D. dates to August 2005 when officials at the Department of Housing and Urban Development and the Federal Trade Commission notified the company's partners in a joint venture -- Cendant and Coldwell Banker Residential Brokerage Corp.  more...

Refis, home purchases rise

By Inman News, Tuesday, May 22, 2007.

Overall mortgage application activity picked up last week as interest rates sprang higher, the Mortgage Bankers Association reported today.

The market composite index, a measure of home loan application volume, climbed 1.6 percent last week on a seasonally adjusted basis from the week before, taken higher by a third straight week of increased refinancings.

The index that tracks refinancings advanced 1.9 percent last week, boosting the refi share of mortgage activity to 42.3 percent of applications, while the purchase index edged up 1.3 percent.

The adjustable-rate mortg  more...

Overnight real estate rates mixed

By Inman News, Tuesday, May 22, 2007.

Long-term mortgage interest rates were mixed Tuesday, and the benchmark 10-year Treasury bond yield rose to 4.83 percent.

The 30-year fixed-rate average held at 5.9 percent, and the 15-year fixed rate edged up to 5.61 percent. The 1-year adjustable increased to 5.69 percent.

The 30-year Treasury bond yield gained to 4.98 percent.

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

NAR plans to create credit union and tech incubator Premium Content

By Glenn Roberts Jr., Tuesday, May 22, 2007.

The National Association of Realtors will raise membership dues in 2008 as part of an initiative that has a goal to raise $60 million to $100 million in the next three to five years for a variety of projects, including the creation of a technology corporation and a credit union.

The $16 annual dues increase approved by the association's directors on Saturday would bring NAR membership dues to $80, a rate that would continue through at least 2010.  more...

Inman TV: Housing credit squeeze

By Inman News, Tuesday, May 22, 2007.

The subprime mortgage mess has stirred much debate over whether tightened lending standards would help the situation or make it worse yet.

Inman News managing editor Jessica Swesey and founder and publisher Bradley Inman discuss Federal Reserve Chairman Ben Bernanke's recent public statements.

 more...

House passes GSE reform bill

By Inman News, Tuesday, May 22, 2007.

The House of Representatives passed legislation Tuesday that would strengthen oversight of Fannie Mae and Freddie Mac, but some provisions of the bill are expected to be the subject of further Senate debate.

Approved by the House in a 313-104 vote, the Federal Housing Finance Reform Act of 2007 would create a new federal regulator for Fannie and Freddie, the Federal Housing Finance Agency.  more...

Vacation-home owners: Think before exchanging

By Tom Kelly, Tuesday, May 22, 2007.

As popular as tax-free exchanges have become to investors and second-home buyers, facilitators are still facing the basic questions that were asked two decades ago.  more...

What's causing my mold infestation?

By Bill and Kevin Burnett, Tuesday, May 22, 2007.

Q: I have mold developing underneath a window in my bedroom. The window faces north-northwest and never has sun on it. I wonder if the mold could be caused simply by moisture accumulating in the room, or is it a more serious problem, such as a leaking window frame?

I have no idea whom to consult. One inspector wrote in his report that the paint job was poor, but didn't say why. There's a contractor in my neighborhood, but how do I know he knows what he's talking about?  more...

Second home just a reverse mortgage away

By Robert Bruss, Tuesday, May 22, 2007.

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, March 19, 2006.

DEAR BOB: I would like to buy a second home in Phoenix, but all my money is tied up in retirement accounts. I am thinking a reverse mortgage will give me the money I need (about $250,000). Can I continue to live in my current residence? Are there annual fees for the reverse mortgage? --Roger D.  more...

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