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Aug

28
2007

NAHB: Mortgage woes grow recession risks

By Glenn Roberts, Jr., Tuesday, August 28, 2007.
A reporter participating in a National Association of Home Builders conference call today asked why the group was hosting a "Credit Crunch" conference call just a month after the group's Mid-Year Forecast call on July 25. She asked what was...  more...

The old one-two

By Matt Carter, Tuesday, August 28, 2007.
Another bad day for stocks today, which some analysts attributed to the one-two punch of the release of the Standard & Poor's/Case-Shiller U.S. National Home Price Index and minutes of the Federal Reserve Board Open Market Committee's Aug. 7 meeting....  more...

Marx on mortgages

By Matt Carter, Tuesday, August 28, 2007.
If your mind is boggled by the complexity of the financial markets that provided mortgage lenders with much of the capital that fueled the housing boom, imagine the headache that's in store for anyone who wants to look at mortgage-backed securities, collateralized debt obligations and interest rate and credit default swaps through the lens of Marxist theory.  more...

Baer Supply buys longtime headquarters

By Inman News, Tuesday, August 28, 2007.

Baer Supply Co., a wholesale distributor to the woodworking industry, has purchased the corporate headquarters it has leased for several years north of Chicago for an undisclosed amount.

The building, which totals 122,500 square feet, is located at 909 Forest Edge Drive in Vernon Hills, Ill.

The seller's identity was not disclosed.  more...

Desert Springs deal tops $37 million

By Inman News, Tuesday, August 28, 2007.

Desert Springs Marketplace, a 105,157-square-foot retail center in Palm Desert, Calif., has sold to an out-of-state investor for $37.3 million. Included in the deal was land for further development.

Bellevue, Wash.-based Lakha Properties purchased the asset from Irvine, Calif.-based Sanderson J. Ray-Desert Spring Partners.

The shopping center, which is located at the northwest corner of Cook Street and Country Club Drive, was 100 percent leased at the time of sale. The center is anchored by Ralphs, Rite Aid and Morton's.  more...

LLC trades Blackthorn Apartments

By Inman News, Tuesday, August 28, 2007.

A limited liability company recently sold the 192-unit Blackthorn Apartments in Greensboro, N.C., for approximately $11.3 million.

Blackthorn Apartments LLC unloaded the asset on Colonial Apartments LLC.

Located at 4231 Yanceyville St., the 179,004-square foot apartment community is situated on 11.3 acres. Built in 2002, the complex features 84 one-bedroom/one-bathroom units, 96 two-bedroom/two-bathroom units and 12 three-bedroom/two-bathroom units.

Stewart Title faces $1.95 million fine in Washington state

By Matt Carter, Tuesday, August 28, 2007.

Washington state officials are seeking $1.95 million in fines against Stewart Title Guaranty Co. for allegedly using illegal incentives and inducements to win business from real estate agents, brokers and agencies.

Insurance Commissioner Mike Kreidler said an investigation of records at Stewart Title of Snohomish County Inc. uncovered 195 violations of a state law that prohibits title insurance companies from giving more than $25 a year to individuals as business inducements.  more...

U.S. home-price index falls at record level in Q2

By Inman News, Tuesday, August 28, 2007.

An index measuring home-price changes dived at a record level in the second quarter, falling 3.2 percent compared to the same quarter last year.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index was also down 0.9 percent compared to the first quarter.

And monthly 20-city and 10-city home-price indices also had year-over-year declines in June, according to the report.  more...

Michigan MLS argues antitrust suit lacks evidence Premium Content

By Inman News, Tuesday, August 28, 2007.

A federal antitrust lawsuit against a Michigan MLS "is not about competition between 'traditional' brokers and 'discount' brokers," the MLS contends in a court filing -- rather, it is all about whether the MLS can establish different rules for different types of real estate listings.

The U.S.  more...

Consumer confidence falters

By Inman News, Tuesday, August 28, 2007.

Consumer confidence tumbled in August as troubles in business, stocks and mortgages put Americans in a darker mood, The Conference Board reported today.

The Consumer Confidence Index fell to 105 this month from 111.9 in July, reversing all of last month's gain.  more...

Realtor.com rolls out blogging features

By Inman News, Tuesday, August 28, 2007.

Property-search site Realtor.com today launched a free blogging platform for Realtors called Featured Blog that can be viewed as a standalone Web site page or within a personal Web site.

Realtors can visit http://www.featuredblogsignup.com to register for a Featured Blog. The site requires a Realtor membership number.  more...

Mixed night for real estate rates

By Inman News, Tuesday, August 28, 2007.

Long-term mortgage interest rates were either flat or lower Monday, and the benchmark 10-year Treasury bond yield dipped to 4.57 percent.

The 30-year fixed-rate average sank to 6.12 percent, and the 15-year fixed rate held at 5.79 percent. The 1-year adjustable, however, jumped to 5.99 percent.

The 30-year Treasury bond yield was down to 4.86 percent.

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

IndyMac sells $590 million in Alt-A MBS

By Inman News, Tuesday, August 28, 2007.

IndyMac Bank last week sold $590 million in bonds backed by prime jumbo loans, the company said Monday -- the first bonds the lender has traded since July 19, when "fear-induced illiquidity" froze the market.

In a statement posted on the official company blog, IndyMac communications director Grove Nichols said the bonds traded Friday sold at prices below "historical ranges" but at smaller discounts than "fire sale" trades conducted by other lenders in recent weeks.  more...

Newly built home riddled with problems

By Barry Stone, Tuesday, August 28, 2007.

Dear Barry,  more...

Should millionaire pay cash for vacation condo?

By Robert Bruss, Tuesday, August 28, 2007.

DEAR BOB: I am buying a new condominium in Waikiki, Hawaii, that will cost more than $1 million. It is being built by a reputable company. Should I pay all cash or should I finance a portion of the purchase price? I'm thinking why pay interest if I don't have to. --Ronald H.

DEAR RONALD: Paying 100 percent cash for any residence is very risky, especially when you are buying in a vacation area where market values tend to fluctuate wildly.

Purchase Bob Bruss reports online.  more...

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