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Jun

29
2007

Do this, don't do that

By , Friday, June 29, 2007.
It's looking like Congress is going to have to sprint through a minefield to keep the downturn in the housing market from becoming a bust. Clamp down too hard on lenders, and the resulting credit crunch will only fuel more...  more...

Detroit home prices: N/A

By Glenn Roberts, Jr., Friday, June 29, 2007.
While the Detroit metro area has had some of the steepest price declines in a monthly Standard & Poor's/Case-Shiller home-price index that compares 20 U.S. markets, the National Association of Realtors had no price information for that market area in...  more...

That's our story, and we're sticking to it

By , Friday, June 29, 2007.
Another public service announcement instructing homeowners having trouble paying their mortgages to call their lenders. This one's from the Mortgage Bankers Association (which also chipped in for the NeighborWorks/Ad Council spots noted here yesterday). The script sticks to the story...  more...

North Las Vegas tops list of fastest-growing U.S. cities

By Inman News, Thursday, June 28, 2007.

North Las Vegas, Nev., was the fastest-growing city in the U.S. from July 1, 2005, to July 1, 2006, among cities with a population of 100,000 or more, according to U.S. Census Bureau data released this week.

The city of North Las Vegas grew 11.9 percent, from a population of 176,527 in July 2005 to 197,567 in July 2006, according to the report.

McKinney, Texas, was next on the list with 11.1 percent growth, followed by Port St.  more...

New rules will disqualify many for subprime ARM loans

By , Thursday, June 28, 2007.

Federal regulators have finalized new guidance on subprime lending, instructing banks and other lenders to qualify borrowers at the fully indexed rate, and not allow stated income and reduced documentation unless mitigating factors "clearly minimize the need for verification of a borrower's repayment capacity."

The guidance on subprime lending, which applies to many adjustable-rate mortgages, also includes consumer protections including more thorough disclosure of loan terms and limits on prepayment penalties for borrow  more...

NAHB index: affordability ranges from Kokomo to Los Angeles

By Inman News, Thursday, June 28, 2007.

About 43.9 percent of new and resale homes sold in the first quarter were affordable to families earning the national income, according to the latest Housing Opportunity Index data released this week by the National Association of Home Builders trade group and Wells Fargo.

That compares to 41.6 percent of homes sold in fourth-quarter 2006 and 41.3 percent of homes sold in first-quarter 2006.

An estimated 93.5 percent of homes in Kokomo, Ind., were affordable for median-income families, according to the report,  more...

Legends and tales taking blame for housing downturn

By Lou Barnes, Thursday, June 28, 2007.

The 10-year T-note fell this week all the way to 5.05 percent from its 5.26 percent top two weeks ago. Long-term mortgage rates have settled today near 6.75 percent.

The interest rate decline has had several contributors. In approximate order of importance: fear of default on widening classes of ill-advised debt has pushed money to high-quality paper; a "retracement" from the crest of a big move is normal; and gradually improving inflation data are tilting the Fed from a tight stance toward balanced.

Lastly, regarding an accelerating U.S. economy: wait a minute fellas.  more...

Mixed-use property gathers $17 million

By Inman News, Thursday, June 28, 2007.

Garden Plaza Partners LLC has purchased a mixed-use property in Mission Viejo, Calif., for approximately $17.35 million.

The 64,031-square-foot, two-story office, medical office and retail center is located at 27001 La Paz Road in Mission Viejo. The building is in a high traffic area on the corner of La Paz Road and Marguerite Parkway.

The seller was Mission Viejo Garden Plaza LLC, which represented itself in the deal.

Lee & Associates' Newport Beach, Calif., office represented Garden Plaza Partners.

Professors Capital sells Indiana office building

By Inman News, Thursday, June 28, 2007.

Professors Capital has sold Northpoint Centre, a commercial property located at 550 North Congressional Boulevard in Carmel, Ind.

Edgewood Real Estate Holdings LLC purchased the 108,122-square-foot, three-story class B office building for an undisclosed sum.

Both the seller and buyer were represented in the sale by Colliers Turley Martin Tucker, a local commercial real estate brokerage firm.

Residential construction spending drops for 15th straight month

By Inman News, Thursday, June 28, 2007.

The residential construction spending rate dropped 17.6 percent in May compared to the same month last year, the U.S. Census Bureau announced today, falling for the 15th consecutive month and reaching its lowest level since April 2004.

Residential construction spending fell to a seasonally adjusted annual rate of $549 million in May, compared to $665.9 million in May 2006, according to the report.  more...

Rockaway corporate center changes hands

By Inman News, Thursday, June 28, 2007.

Grosvenor Investment Management and Lincoln Equities Group LLC teamed up to purchase the Rockaway 80 Corporate Center at 100 Enterprise Drive in Rockaway, N.J.

The team purchased the 259,473-square-foot class A office building from Onyx Equities for an undisclosed amount.

The property is situated in western Morris County on a 10.96-acre site, and is adjacent to the Rockaway Townsquare Mall.  more...

Bloggers chase top blog innovator title

By Inman News, Thursday, June 28, 2007.

The Inman Innovator awards will be presented Aug.  more...

Don't stay a renter forever

By Bernice Ross, Thursday, June 28, 2007.

Are your buyers waiting the market out? If so, here's how to get them off the fence and under contract.

One of the most important questions agents and brokers are asking today is, "How can we persuade our buyers to take action now rather than waiting?"

Many buyers are convinced that waiting will allow them to buy the property at a lower cost. This flawed thinking fails to consider the true costs of home ownership, not only in terms of tax consequences, but also in terms of wealth accumulation.  more...

Fair housing?

By Alison Rogers, Thursday, June 28, 2007.

A little head-scratcher for the Fourth of July: It seems odd, in the New York City of 2007, to think about Fair Housing. Everyone is priced out of Manhattan apartments, black, brown and white alike, and it is tough to imagine that, if a purple customer came falling out of the heavens with a suitcase full of cash, brokers wouldn't trip all over themselves to serve him.

But we didn't always live in today's utopia, where the majority is color-blinded by greed. A mere generation ago, people experienced housing discrimination based on the color of their skin.  more...

Real estate rates up overnight

By Inman News, Thursday, June 28, 2007.

Long-term mortgage interest rates inched up Thursday, and the benchmark 10-year Treasury bond yield gained to 5.11 percent.

The 30-year fixed-rate average rose to 6.29 percent, and the 15-year fixed rate climbed to 5.99 percent. The 1-year adjustable was up to 5.55 percent.

The 30-year Treasury bond yield was up to 5.2 percent.

Rates and bonds 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...

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