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End of a real estate era

By Marc Davison, Monday, August 20, 2007.

"... and in the end, the love you take is equal to the love you make." --Lennon/McCartney

As the tectonic shift in the housing market grinds beneath our nervous feet, this lyric spins in a loop -- the soundtrack to what was, what is and what soon will be in our industry.

Karma

I don't wear Birkenstocks, or snack on brown rice with mushrooms, chard and fresh tofu. There's no haze of Nag Champa or cloud of bong smoke wafting in my den. Not that there is anything wrong with any of that.  more...

Aug

20
2007

It takes money to make money

By Matt Carter, Monday, August 20, 2007.
Countrywide Financial Corp.'s plan to sail the stormy seas of the mortgage lending liquidity crisis can be summed up as follows: move all of its mortgage lending over from Countrywide Home Loans Inc. to Countrywide Bank by the end of...  more...

The days of wine and title

By Matt Carter, Monday, August 20, 2007.
Times may be tough in the title insurance industry -- second quarter profits at Fidelity National Financial were down 36 percent from last year -- but company CEO William P. Foley II is making more wine than ever. Foley just...  more...

'$50 million is the new $30 million'

By Glenn Roberts, Jr., Monday, August 20, 2007.
A 2007 Mid-Year Luxury Report by Stribling Private Brokerage states that a rumor of a $30 million sale in the Manhattan real estate market "used to fly through the industry like hot news," though after the sale of a $53...  more...

Housing Market on Fire

By Glenn Roberts, Jr., Monday, August 20, 2007.
In a scathing report, "Bonfire of the Builders," BusinessWeek chronicles trouble with the lending practices of some large home-building companies. "Even as the housing supply began to exceed demand last year, builders kept sales brisk by pushing adjustable-rate, interest-only, and...  more...

Tiny apartment building goes for $10 million

By Inman News, Monday, August 20, 2007.

A 39-unit apartment building located at 550 Veteran Ave. in the Westwood district of Los Angeles has sold for $10 million.

The Harwit-Klaris Joint Venture sold the three-story apartment building to Robert Business Park -- Santa Fe Springs LLC.

The building has a mix of 24 two-bedroom/two-bath, three one-bedroom/one-bath and 12 single units, and is situated on a large corner lot.

The buyers plan to invest in interior and exterior building upgrades and landscaping.

Downtown L.A. data center signs new tenant

By Inman News, Monday, August 20, 2007.

Net2EZ Managed Data Centers signed an 11-year lease for 20,000 square feet with Digital Realty Trust at its 600 West 7th St. facility in downtown Los Angeles.

The value of the transaction was $24.5 million.

The lease agreement includes 15,000 square feet of Turn-Key Datacenter space as well as 5,000 square feet of operations and office space. The new space will support Net2EZ's growing corporate operations and expanding technology infrastructure in Southern California.  more...

LLC dumps N.C. apartments

By Inman News, Monday, August 20, 2007.

The River Ridge apartments in Asheville, N.C., recently sold to a group of tenant-in-common investors for an undisclosed price.

The 252-unit multifamily complex, sold by Easy Access Properties LLC, is situated on approximately 44 acres and features 26 two-story apartment buildings totaling nearly 270,000 square feet with an average unit size of 1,070 square feet.  more...

Countrywide reportedly laying off workers in Alt-A division

By Inman News, Monday, August 20, 2007.

Countrywide Financial Corp. has begun laying off an unspecified number of workers in its Full Spectrum Lending unit, the Wall Street Journal reported, citing an e-mail sent Friday to employees of the division.

The unit handles Alt-A mortgages, which Countrywide has announced it will cut back on in an effort to make 90 percent of the loans it originates eligible for repurchase by Fannie Mae and Freddie Mac or consistent with its banking division's investment criteria.

Countrywide did not respond to requests for comment from Inman News.  more...

Real estate feedback site also offers monitoring tools

By Inman News, Monday, August 20, 2007.

Prudential California Realty, a HomeServices of America subsidiary that has about 4,600 sales associates and 82 offices in Southern and Central California, is testing out new tools that are intended to aid its agents in monitoring online consumer feedback.

Agent Scoreboard, a company that offers customer feedback and tracking tools for the real estate industry, announced that Prudential California Realty will engage in a pilot program using its Brand  more...

Lawmakers push for stronger Fannie, Freddie Premium Content

By Matt Carter, Monday, August 20, 2007.

Mortgage repurchasers Fannie Mae and Freddie Mac should be allowed to play a greater role in easing the mortgage lending credit crunch, say lawmakers who want to raise the conforming loan limit and lift caps on Fannie and Freddie's loan portfolios.

Rep. Barney Frank, chairman of the House Financial Services Committee, said a bill passed by the House this spring overhauling oversight of the government-sponsored entities, or GSEs, should have gone farther in raising the conforming loan limit -- the maximum-size loan Fannie and Freddie normally purchase or guarantee.  more...

Economic outlook brightens

By Inman News, Monday, August 20, 2007.

Expectations for the economy improved in July, boosted by fewer jobless claims and brighter consumer sentiment, The Conference Board reported today.

The U.S. leading index, a key barometer of future economic conditions, rose 0.4 percent last month to 138.1, with six of 10 indicators advancing.  more...

NovaStar laying off 500, closing wholesale operations

By Inman News, Monday, August 20, 2007.

NovaStar Financial Inc. said it is in the process of laying off 500 workers as it stops seeking new loans in the wholesale market and closes wholesale operations centers in California and Ohio.

The layoffs, which amount to about 37 percent of the troubled lender's remaining workforce, will also result in staff reductions at the company's headquarters in Kansas City, Mo., the company said in a press release.  more...

Real estate rates drop overnight

By Inman News, Monday, August 20, 2007.

Long-term mortgage interest rates came down Friday, and the benchmark 10-year Treasury bond yield rose to 4.68 percent.

The 30-year fixed-rate average fell to 6.24 percent, and the 15-year fixed rate sank to 5.89 percent. The 1-year adjustable dipped to 5.61 percent.

The 30-year Treasury bond yield increased to 4.99 percent.

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

Indianapolis-area MLS changes name to BLC

By Glenn Roberts Jr., Monday, August 20, 2007.

Citing confusion about the concept of "multiple listing service" and "MLS," an Indianapolis-area Realtor board is phasing out those terms and redefining its own MLS as a "Broker Listing Cooperative," or "BLC."

The Metropolitan Indianapolis Board of Realtors, which has about 8,000 members, notified members last month about the change in branding and definition of its MLS to PropertyLinx BLC.  more...

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