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ZipRealty CEO resigns

By Inman News, Sunday, June 3, 2007.

Richard Sommer, CEO for ZipRealty, a real estate brokerage company that offers discounts and rebates to consumers, has resigned "for personal reasons" after less than a year in the position, the company announced Monday, and the resignation is "effective immediately."

J. Patrick Lashinsky, the company's president, will fill in as CEO while continuing in his current role.  more...

MLS merger blocked, for now

By Glenn Roberts Jr., Sunday, June 3, 2007.

The shareholder Realtor groups that filed a lawsuit to block the merger of two Chicago-area multiple listing services have blocked -- at least temporarily -- a final vote on the deal.  more...

What is up with the real estate industry? Premium Content

By Bradley Inman, Sunday, June 3, 2007.

As we approach Real Estate Connect, the time is right to figure out where real estate is headed. The conference provides insight into where the industry stands, what will shake it up and where it is going. Connect involves a diverse set of players who together help us answer questions about the future.

Where does the industry stand?

Short-term, the real estate industry is trimming down because the housing market is threatened by a serious downturn.  more...

L.A. retail reaps hefty price tag

By Inman News, Sunday, June 3, 2007.

Charles Dunn Co. recently negotiated a two-building retail portfolio sale in West Hollywood, Calif., and a single retail building sale in the Los Angeles area of Los Feliz Village for a total consideration of approximately $10.8 million.

The Cord Family sold the 6,300-square-foot, two-building portfolio at 8474 and 8478 Melrose Ave. in West Hollywood to a private investor for $8.8 million.  more...

Phillips Edison grows in Utah

By Inman News, Sunday, June 3, 2007.

A 199,703-square-foot shopping center in Price, Utah, has been sold for an undisclosed price.

Phillips Edison & Co. purchased the asset, Creekview Plaza, from an unidentified seller.

Creekview Plaza features a 91,266-square-foot Kmart anchor and a 42,000-square-foot Albertson's, according to a press statement.

Brookside Apartments undergo sale

By Inman News, Sunday, June 3, 2007.

The Brookside Apartments complex in Tampa, Fla., recently sold for $17.8 million.

Brookside Tampa Apartments Ltd. sold the 354-unit property to Brookside Tampa LLC. Both entities are based in Florida.

Located at 5008 Sierra Place, Brookside Apartments features a mix of 10 different floor plans for one-, two- and three-bedroom units, ranging in size from 538 square feet to 1,461 square feet.

The sales price represents a cost of $50,141 per unit, according to a press statement.

No bottom yet for housing downturn Premium Content

By Jessica Swesey, Sunday, June 3, 2007.

PHILADELPHIA -- We have yet to see the bottom of the current housing downturn, and the recovery will be slow and steady and heavily dependant on local economic conditions, affordability factors and level of exposure to poorly performing subprime loans, economists told a group of real estate reporters last week.  more...

Consumers don't know much about real estate, says CFA Premium Content

By Inman News, Sunday, June 3, 2007.

A consumer survey released today revealed that most respondents believe a 5 percent to 6 percent commission paid to real estate professionals for the sale of a $300,000 home is too high; 41 percent believe the real estate industry or its agents set the commission rate; and 13 percent believe commissions are set by state law.  more...

Real estate stocks bounce back

By Marcie Geffner, Sunday, June 3, 2007.

Investors displayed renewed optimism about the outlook for real estate company stocks in May.  more...

Overnight real estate rates rise again

By Inman News, Sunday, June 3, 2007.

Long-term mortgage interest rates continued their climb Friday, and the benchmark 10-year Treasury bond yield increased to 4.95 percent.

The 30-year fixed-rate average rose to 6.05 percent, and the 15-year fixed rate gained to 5.75 percent. The 1-year adjustable slipped to 5.69 percent.

The 30-year Treasury bond yield was up at 5.06 percent.

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

Colorado enacts bills to combat mortgage fraud, foreclosures

By Inman News, Sunday, June 3, 2007.

Colorado Gov. Bill Ritter has signed five bills into law that are intended to address mortgage fraud and foreclosures.

Most of the bills are focused on the conduct of mortgage brokers, who will also be required to obtain licenses from the state. Colorado lawmakers, with the approval of the governor, are also requiring title insurance companies to help pay for increased oversight of the industry.  more...

The blogging series: Lockhart Steele

By Inman News, Sunday, June 3, 2007.

Lockhart Steele says the growth of blogging has created a "giant ecosystem of new information" that zooms down to the neighborhood and street level.  more...

Tennessee governor signs bill banning cash rebates

By Inman News, Sunday, June 3, 2007.

Tennessee Gov. Phil Bredesen has signed legislation opposed by the U.S. Justice Department that bans real estate licensees in the state from paying cash rebates to consumers. The legislation became effective when the governor signed the bill on Wednesday.  more...

Adjustable-loan borrowers are the big losers

By Jack Guttentag, Sunday, June 3, 2007.

(This is Part 3 of a five-part series.  more...

Sellers view contingent-sale offers with caution

By Dian Hymer, Sunday, June 3, 2007.

Some sellers won't even consider a contingent-sale offer. If the buyer's house doesn't sell, the deal if off and the seller has to find another buyer. To increase your chance of success if you make an offer contingent on the sale of your home, it helps to look at your offer from the seller's perspective.

Keep in mind that the seller knows nothing about you or the property you need to sell. Common seller concerns are: How salable is your property? Will you price it right for the market?  more...

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