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Riverdale Apartments purchased for $10M

By Inman News, Wednesday, July 11, 2007.

The Riverdale Apartments in Hemet, Calif., have been purchased by a limited liability company for $10.4 million.

Riverdale Condominiums Hemet LP acquired the 96-unit complex from Pacific Community Builders II.

Located at 1250 S. Cawston Ave. and 4100 W. Thornton Ave., the 99,168-square-foot property sits on 2.8 acres and features eight buildings comprised of three-bedroom, two-bath units. There are two floor plans each measuring approximately 1,033 square feet.  more...

Luxury Dallas apartment sale

By Inman News, Wednesday, July 11, 2007.

Windsor Realty Fund-III recently purchased Trianon, a 331-unit apartment property in Dallas, Texas, for an undisclosed price.

The buyer, a joint venture between GID Investment Advisers LLC and the California Public Employees' Retirement System, will rename the property Trianon by Windsor, according to a press statement.  more...

TIC investors add space near Atlanta

By Inman News, Wednesday, July 11, 2007.

Tenant-in-common investors have acquired an approximately 99,000-square-foot office building in Norcross, Ga., for an undisclosed price.

The property, Engineering Drive, is a four-story building located in the Technology Business Park of Peachtree Corners.

Southeast Partners sold the asset, which was fully leased at the time of sale to eight tenants that included Fair Isaac Corp. and Novasoft Information Technology Corp.

Stewart Title accused of captive reinsurance scheme

By Matt Carter, Wednesday, July 11, 2007.

California regulators are seeking $41.6 million in fines and penalties from Stewart Title Guaranty Corp.  more...

Cyberhomes partners with AOL

By Inman News, Wednesday, July 11, 2007.

Fidelity National Real Estate Solutions is ramping up its stake in online real estate through a new partnership with AOL to provide property listings and home valuation data from its Cyberhomes Web site.

The partnership announced today makes Cyberhomes the exclusive provider of automated home valuations to AOL's real estate portal, which claims some 3 million monthly visitors.  more...

Title insurers boost profits in down market

By Inman News, Wednesday, July 11, 2007.

Despite a $400 million drop in written premiums, title insurers boosted net income more than 5 percent in 2006, in part by shifting business from affiliated business arrangements to direct operations, according to a new report by consulting and financial analysis firm Demotech Inc.

At 4.94 percent, the industry's loss ratio was slightly better than 2005, but remains near a 10-year high, Demotech said.  more...

HUD to increase scrutiny of mortgage lending practices

By Inman News, Wednesday, July 11, 2007.

The U.S.  more...

Study: Income magnifies racial disparities in high-cost lending Premium Content

By Matt Carter, Wednesday, July 11, 2007.

It's no secret that minorities are more likely than whites to take out high-cost mortgage loans, but a new study finds racial disparities are even more pronounced among middle- and upper-income borrowers.  more...

CEOs more 'pessimistic' about economy

By Inman News, Wednesday, July 11, 2007.

A key indicator that measures chief executives' confidence in the economy fell in the second quarter of 2007, The Conference Board reported Wednesday.

The Chief Executives' Confidence Measure, which had improved to 53 in the first quarter of 2007, fell to 45 in the second quarter, according to The Conference Board's latest survey of nearly 100 business leaders in a wide range of industries.  more...

Mortgage rates climb this week

By Inman News, Wednesday, July 11, 2007.

Improvement in the job market and consumer spending helped pushed mortgage rates higher this week, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.73 percent from 6.63 percent a week ago, and the 15-year fixed gained from 6.3 percent to 6.39 percent. Points, which are fees lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.  more...

Foreclosures come down off 30-month high

By Inman News, Wednesday, July 11, 2007.

National foreclosure activity was down in June compared to the previous month, but is still well above activity for the same month a year ago, a foreclosure reporting service said today.

According to RealtyTrac, a total of 164,644 foreclosures were filed in June, down 7 percent from May and up 87 percent from June 2006. The company's report also shows a national foreclosure rate of one foreclosure filing for every 704 U.S. households for the month.  more...

Overnight real estate rates barely budge

By Inman News, Wednesday, July 11, 2007.

Long-term mortgage interest rates were mostly flat Wednesday, and the benchmark 10-year Treasury bond yield rose to 5.09 percent.

The 30-year fixed-rate average sank to 6.3 percent, and the 15-year fixed rate held at 6.01 percent. The 1-year adjustable dipped to 5.54 percent.

The 30-year Treasury bond yield was up at 5.19 percent.

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

Consumers, lawmakers take issue with trigger lists Premium Content

By Matt Carter, Wednesday, July 11, 2007.

Editor's note: In this three-part series, Inman News looks at how the changing market is impacting lead generation, how agents are competing for top spots on Google, and how the lending industry faces increased criticism of its use of trigger lists.  more...

Burglars won't come around here anymore

By Helene Lesel, Wednesday, July 11, 2007.

With warm weather in the forecast and summer activities on the calendar, being alert to intruders and crime should also be in your plans.

How to avoid being vulnerable to intruders both inside and out? First, use common sense. Leaving valuables on display, such as your big screen television, computer or fancy camera is not a good idea. When goodies arrive in boxes, don't leave them out on the curb to advertise your new purchases. Take a minute and cut boxes into pieces and recycle if possible.

Windows and doors are the first place burglars try to gain access.  more...

Best way to acquire elderly neighbor's house

By Robert Bruss, Wednesday, July 11, 2007.

DEAR BOB: I take care of my 85-year-old widowed neighbor. She has no family other than a nephew she has never met who lives in Europe. She has willed her home to him. I told her I would like to buy the house from her now and he can inherit the money instead. The home is about 40 years old and in original condition. I would let her live her life there and I would manage the property. What is the best way to handle this and how can I avoid taxes? Or is it better if she wills the property to me and I pay the nephew at the time of death? --Karen C.  more...

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