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22
2007

Realtors, Realtors everywhere

By Glenn Roberts, Jr., Wednesday, August 22, 2007.
To counter media reports about a decline in the population of Realtors, the National Association of Realtors trade group today announced that Realtor ranks have actually grown since the end of 2006. Membership in the trade group has increased from...  more...

My well-plenished house is a' vanished away

By , Wednesday, August 22, 2007.
"Our house rent and taxes we've had for tae pay, Now my well-plenished house is a' vanished away." --From "The Unemployed Breakin' Stanes" by John Wilson (click image at left). What a week. Since Friday, banks and mortgage lenders have...  more...

Mapping a market mess

By Glenn Roberts, Jr., Wednesday, August 22, 2007.
The Real Estate Cafe, a real estate brokerage company based in Cambridge, Mass., said in a blog post that the company hopes to identify and map for-sale properties that have been impacted by problems in the mortgage market. According to...  more...

Top 40 Words from Hedge Fund Apologies

By , Wednesday, August 22, 2007.
Last week, Venture Capitalist and entrepreneur Paul Kedrosky took a collection of apology letters from hedge managers to their investors (originally compiled by the Wall Street Journal) and applied a tag cloud to see which were the most popular words/excuses...  more...

STAG Capital's latest Ohio acquisition

By Inman News, Wednesday, August 22, 2007.

STAG Capital Partners recently bought a 114,532-square-foot office and warehouse facility in Cincinnati, Ohio, for an unidentified amount.

The subject property is situated on nearly 7.3 acres at 1011 Glendale Milford Road and was fully leased to American Education Centers Inc. and G3 Packaging and Service Corp. at the time of sale.

Woodlawn Partners Limited Partnership sold the facility.

Westcore sells San Jose building

By Inman News, Wednesday, August 22, 2007.

Westcore Properties has sold a three-story office building in San Jose, Calif., for $13.5 million.

The property, located at 97 East Brokaw Road, is comprised of 56,000 square feet of space on a 2.9-acre lot. The asset features an outdoor patio, ample parking and recently upgraded interior finishes.

Read Investments purchased the property from Westcore entities Westcore Milford LLC, Broadway Center Associates and Westcore Thompson II LLC.  more...

Georgia's Wesley Paces changes hands

By Inman News, Wednesday, August 22, 2007.

Tenant-in-common investors recently purchased a 260-unit apartment community in Norcross, Ga., for an undisclosed amount.

The property, Wesley Paces, sold by Euramex Management Group LLC, comprises approximately 296,000 square feet and is situated on 22 acres. A total of 10 residential buildings and a separate building that houses the community's clubhouse and leasing center are included. Community amenities include a lagoon-style pool with sundeck, car wash, fitness center, executive business center with conference room, and controlled-access entry gates.  more...

Study finds riskiest lenders' problems are no secret

By , Wednesday, August 22, 2007.

Nearly all of the mortgage lenders who engaged in the riskiest underwriting practices during the housing boom have gone bankrupt, been sold, or curtailed their operations. But Wall Street investors may stay wary of private mortgage-backed securities until home prices stabilize, a new study suggests.

A study of 163 of the largest U.S. lenders by SMR Research Corp.  more...

Manhattan real estate antitrust lawsuit proceeds

By , Wednesday, August 22, 2007.

A U.S. District Court judge in New York has ruled that portions of an antitrust lawsuit filed against a Manhattan real estate trade group and several brokerage firms and technology companies may proceed to trial, while invalidating other aspects of the complaint.  more...

Accredited Home Lenders to exit retail mortgage lending

By Inman News, Wednesday, August 22, 2007.

Accredited Home Lenders is closing down its retail lending business and laying off about 1,150 workers companywide in an attempt to keep the company's doors open.

The San Diego-based subprime lender said it will close 60 retail branch locations and five support locations by Sept. 5, laying off 480 employees, and five of the company's 10 wholesale divisions, eliminating 490 positions.  more...

Home loan apps dip

By Inman News, Wednesday, August 22, 2007.

The number of mortgage applications fell last week as interest rates moved higher, the Mortgage Bankers Association reported today.

The market composite index, which measures total home loan application volume, was down 5.5 percent last week on a seasonally adjusted basis from the week before.  more...

Builder: Credit crunch may shrink pool of buyers

By Inman News, Wednesday, August 22, 2007.

Luxury-home builder Toll Brothers Inc., in a preliminary earnings announcement today, reported net income of $26.5 million for the quarter ended July 31, with cancellations totaling 23.8 percent of contracts for the quarter.

The quarterly net income in the third quarter was down 84.8 percent compared with third-quarter 2006 net income of $174.6 million, the company reported.  more...

Overnight real estate rates trend lower

By Inman News, Wednesday, August 22, 2007.

Long-term mortgage interest rates continued to sink Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.59 percent.

The 30-year fixed-rate average fell to 6.19 percent, and the 15-year fixed rate sank to 5.82 percent. The 1-year adjustable dropped to 5.5 percent.

The 30-year Treasury bond yield decreased to 4.95 percent.

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

Rate cut could be Fed's next move

By Inman News, Wednesday, August 22, 2007.

Expectations that the Federal Reserve will cut the federal funds rate this year rose Tuesday after Sen.  more...

MLS public listing sites gain support

By Jessica Swesey, Wednesday, August 22, 2007.

Editor's note: Long a crucial center of a healthy, functioning housing market, the MLS now finds itself having to adjust and reinvent to keep up with changing times. This three-part series examines new initiatives in data-sharing and consolidation, as well as debates over public-facing property search sites and the MLS's role in broker cooperation and offers of compensation.  more...

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