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Aug

7
2007

Got RETS?

By Glenn Roberts, Jr., Tuesday, August 7, 2007.
The Real Estate Transaction Standard, or RETS, which is designed to facilitate real estate data standardization and make for smoother data transfer, may soon get a new governance structure. A RETS workgroup has drafted a document proposing the creation of...  more...

A Greener Real Estate Transaction

By Glenn Roberts, Jr., Tuesday, August 7, 2007.
Macdonald Realty, a Canadian real estate brokerage, offers its clients the opportunity to go green by choosing to donate a portion of an agent's commission fee to programs that are intended to offset greenhouse gas emissions. "The Macdonald Realty real...  more...

Guest Post: Real estate guru gets 88 months in prison

By Marlowe, Tuesday, August 7, 2007.
Wade Cook, a cab driver turned entrepreneur, real estate flipper and seminar leader, was sentenced last Thursday to seven years and four months in federal prison for income tax evasion, filing false tax returns and obstructing a tax investigation. On...  more...

Guest Post: Connect SF impressions

By Patrick Kitano, Tuesday, August 7, 2007.
It may be gauche to discuss my impressions of last week's Inman ConnectSF on the Inman blog, but here it is: Web 2.0 hovered over the Palace Hotel starting with the unprecedented Blogger's Connect. This beta conference graduated immediately as...  more...

Hitachi headquarters sold

By Inman News, Tuesday, August 7, 2007.

A 69,900-square-foot office building in San Diego's Scripps Ranch submarket has sold for approximately $17.9 million.

MHMS Inc. purchased the property from Bixby Land Co.

The single-story facility, located at 10277 Scripps Ranch Blvd., currently houses the corporate headquarters for Hitachi Data Systems, the building's sole occupant since 1992. Located along the I-15 corridor, the property sits on approximately 5.4 acres.

Developer dumps Wood Village Town Center

By Inman News, Tuesday, August 7, 2007.

Irvine, Calif.-based GM Realty Advisors, developer of Wood Village Town Center, sold the project to M&J Wilkow Properties Inc., a Chicago-based pension fund advisor, in a deal valued at $34.9 million.  more...

Book publisher secures 809,000-square-foot lease

By Inman News, Tuesday, August 7, 2007.

Hachette Book Group USA (HBG), a publishing company owned by the largest publishing company in France, has signed a 10-year lease for 809,225 square feet of space in Lebanon, Ind.

The value of the transaction was not disclosed.

Hachette Book Group is consolidating its Tampa returns center with Lebanon's, which will allow the Lebanon center to retain 250 jobs and gain 38 additional jobs once construction is completed.

The property, located at 121 N. Enterprise Blvd., is owned by Dugan Realty LLC.

Federal funds rate stays at 5.25%

By Inman News, Tuesday, August 7, 2007.

While acknowledging that "credit conditions have become tighter for some households and businesses" as financial markets react to upheaval in the mortgage lending industry, Federal Reserve officials aren't ready to slash the federal funds rate.

The Federal Reserve's Open Market Committee voted unanimously Tuesday to leave the key short-term rate at 5.25 percent, saying worries about inflation continue to trump the potential impact of the downturn in the housing market.  more...

American Home's explosive growth capped by bankruptcy Premium Content

By Inman News, Tuesday, August 7, 2007.

American Home Mortgage Investment Corp., a publicly traded real estate investment trust that grew rapidly during the housing boom to become the nation's 10th-biggest residential mortgage lender, has filed for Chapter 11 bankruptcy protection.

American Home employed about 7,500 workers at more than 550 loan production offices in 47 states and the District of Columbia.  more...

Is mortgage market veering toward meltdown?

By Jack Guttentag, Tuesday, August 7, 2007.

Recently I have been getting a lot of mail from mortgage brokers and small lenders complaining that they are no longer able to get funding for loans that previously were never questioned. One of them described it as a market meltdown. I promised to take a hard look.

Fortunately, I have been developing a database on wholesale mortgage prices that lets me peer into the heart of the problem, if there is one.  more...

Coldwell Banker announces international expansion

By Inman News, Tuesday, August 7, 2007.

Coldwell Banker Real Estate LLC on Monday announced the signing of a master franchise agreement that expands company franchising rights into 23 countries in Central Europe and Eastern Europe.  more...

Overnight real estate rates still lower

By Inman News, Tuesday, August 7, 2007.

Long-term mortgage interest rates were down again Monday, and the benchmark 10-year Treasury bond yield rose to 4.74 percent.

The 30-year fixed-rate average fell to 6.22 percent, and the 15-year fixed rate sank to 5.9 percent. The 1-year adjustable inched up to 5.52 percent.

The 30-year Treasury bond yield was up at 4.91 percent.

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

Support grows for MLS consolidation Premium Content

By Glenn Roberts Jr., Tuesday, August 7, 2007.

Support is growing for large-scale multiple listing service consolidation, according to a survey conducted by the National Association of Realtors' Center for Realtor Technology.

About 34 percent of association members stated in survey responses that the ideal size for a consolidated MLS is statewide -- it was the top choice among responses for that question.  more...

NovaStar to resume wholesale loans

By Inman News, Tuesday, August 7, 2007.

NovaStar Financial Inc. said it will resume funding loans through its wholesale channel today after disruptions in the secondary loan market forced it to suspend commitments for new loans last week.

The Kansas City, Mo.-based lender said it is adjusting its pricing and underwriting guidelines for the wholesale channel, but continues to honor all existing commitments and fund all loans that had already been approved.  more...

Everybody's mum on cracked furnace

By Barry Stone, Tuesday, August 7, 2007.

Dear Barry,

My parents bought a house about a year ago and had a home inspector check it out. The inspection report said the furnace had no problems. But recently, a heating contractor did a routine inspection and said the furnace blower is cracked. He told us this could let carbon monoxide into the house and that the furnace needs to be replaced. My parents have carbon monoxide detectors in their home, and these have never gone off. And our suspicions were raised when the furnace man refused to show us the crack.  more...

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