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Zillow clear to operate in Arizona

By Inman News, Wednesday, July 4, 2007.

Zillow and other Web services and automated valuation providers can continue doing business in Arizona without having to obtain an appraiser's license.

A three-month-long battle ended Monday when Arizona Gov.  more...

Think big

By Marc Davison, Wednesday, July 4, 2007.

Some dude in Brazil just picked lint from his belly button. Someone in Belgium just bought an iPhone. Another guy is stranded at Glasgow airport due to terrorist attacks.

As I weave through these granular posts each day on Twitter I gain a telepathic sense of the entire world around me.

Global is the new local

Small is the new big, they say. Fifty is the new 30. New ideas replace the old. We need effective prioritization and speed to embrace a changing world. Smarter is the new harder.  more...

Phillips Edison bags $449 million portfolio

By Inman News, Wednesday, July 4, 2007.

Phillips Edison & Co. this week announced the acquisition of 52 shopping centers from Developers Diversified Realty Corp., with plans to close on an additional 11 properties in the near future.

The 52 retail centers, whose names and locations were not disclosed, total 4.1 million square feet and were purchased for $449 million. The second closing will bring the total to $603 million for 5.7 million square feet of neighborhood and community shopping centers in 16 states.  more...

KBS, Kaufman sell SoHo space

By Inman News, Wednesday, July 4, 2007.

A joint venture this week announced the recent sale of an 86,000-square-foot, low-rise office and retail building in New York City for $112 million.

KBS Realty Advisors, in partnership with the Kaufman Organization, sold 130 Prince St. to 130 Prince Street Associates LLC.

The property's square footage includes 12,500 square feet of ground-floor retail space and 65,000 square feet of office space.  more...

Large multifamily deal in Tucson

By Inman News, Wednesday, July 4, 2007.

Paragon Management Co. this week announced it has acquired Sienna Springs Apartments, a 224-unit multifamily complex in Tucson, Ariz., for an undisclosed price.

The property comprises one- and two-bedroom units and includes two swimming pools, a spa, laundry rooms, BBQ areas and lavish courtyards.

The seller's identity was not disclosed.

Ricardo Jinich, co-founder of Paragon, said in a prepared statement that Sienna Springs was acquired at "below replacement cost" in a market with "strong employment and population growth."

HouseValues leader always eyeing next step

By Inman News, Wednesday, July 4, 2007.

As chief executive of HouseValues, Ian Morris led the successful initial public offering of the online real estate marketing and lead-generation company in late 2004. HouseValues continues to grow with new product offerings and expanded agent and broker clients, and is aggressively eyeing the online share of real estate advertising dollars.

Morris is a high-energy Harvard grad who first made his mark on the real estate world 10 years ago when he started working for Microsoft's online real estate business.  more...

Mortgage rates all over the map this week

By Inman News, Wednesday, July 4, 2007.

Moderating inflation and the July 4 holiday kept long-term mortgage rates mixed this week, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.63 percent from 6.67 percent last week, and the 15-year fixed fell from 6.34 percent to 6.3 percent.  more...

Fair-housing quiz

By Inman News, Wednesday, July 4, 2007.

How much do you know about federal housing laws? InmanWiki contributor Leo Romero has offered a short quiz for readers to test themselves:

True or False?  more...

Home loan apps rise slightly

By Inman News, Wednesday, July 4, 2007.

Mortgage applications inched up last week as interest rates fell, the Mortgage Bankers Association reported today.

The market composite index, which measures total home loan volume, gained 0.1 percent on a seasonally adjusted basis from the week before.

Despite a 2.6 percent drop in refinancings, the index that tracks home purchases rose 2 percent, which pushed overall activity higher.  more...

Manhattan market still on the rise

By Inman News, Wednesday, July 4, 2007.

Real estate brokerage company Prudential Douglas Elliman, in a second-quarter Manhattan Market Overview released Tuesday, reported that the median sales price for Manhattan condominium and cooperative sales increased 1.7 percent while the average sales price dropped 3.8 percent compared to the same quarter last year.

The average sales price of studio co-ops and condos declined 1.9 percent in the second quarter compared to the same quarter last year, fell 1.7 percent for two-bedroom units, and increased 2.3 percent for one-bedroom units, 17.6 percent among three-bedroom units and 36.2  more...

Landlord won't pay full cost to fix air conditioner

By Robert Griswold, Wednesday, July 4, 2007.

Question: I have a commercial retail building and have received a bill from my tenant for the repair of the air conditioner. I was not called prior to repair, no bids were taken, and the bill is a rather high total amount. The tenant's explanation was that she was in the middle of classes and had to repair it immediately. My tenant did not attempt to call me or advise me of this until two weeks after the air conditioner was repaired. I am not inclined to comply with the request for full reimbursement because of the manner in which this was handled.  more...

Future homeowners pay for poor paint job

By Bill and Kevin Burnett, Wednesday, July 4, 2007.

Q: I own a stucco home that was built in the late 1940s. It was last painted about 10 years ago and is flaking.

When I lift the flakes off with a putty knife, the underside is white and chalky. The more I lift off, the farther it goes. Although some areas appear tight, some show lifting a day later. There are also some hairline cracks.  more...

Delinquency rate on home equity loans up in Q1

By Inman News, Wednesday, July 4, 2007.

The delinquency rate on home equity loans jumped 24 basis points to 2.15 percent during the first quarter, the American Bankers Association said Tuesday.

Delinquencies on home equity lines of credit -- which have the lowest delinquency rate of categories tracked in the ABA's Consumer Credit Delinquency Bulletin -- were also up 3 basis points from the fourth quarter of 2006, to .6 percent.  more...

Mortgage broker in 2001 fraud scheme kept ties to lenders

By Inman News, Wednesday, July 4, 2007.

A former southern California mortgage broker sentenced this week to prison for a mortgage fraud scheme that ended in 2001 continued to work in the mortgage lending business after his license was revoked, prosecutors said.

Kenneth C.  more...

Edgeio on InmanTV

By Inman News, Wednesday, July 4, 2007.

Keith Teare, CEO of online listings syndication service Edgeio, talks to InmanTV about new trends in listings syndication for real estate and who's leading the online classified space.

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