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13
2007

Guest Post: Local search comes of age

By Patrick Kitano, Thursday, September 13, 2007.
Local search is becoming a major focus for the search engine companies. The space is now gearing up because the visual presentation of mapping tools has become the defacto standard for ease of use in finding local resources -- much...  more...

Growth to Glut

By Glenn Roberts, Jr., Thursday, September 13, 2007.
U.S. Census Bureau estimates released this week highlight county areas with major growth in new housing units during a period spanning from July 1, 2005, to July 1, 2006. Rapid growth is not always a good thing -- especially when...  more...

Duh?

By Matt Carter, Thursday, September 13, 2007.
A new Federal Reserve study out this week finds a correlation between higher-priced loans and delinquencies (see Inman News story). This may seem like a no-brainer, but it's interesting to see a graphical representation (click "continue reading" below to see...  more...

Addressing addresses ...

By Glenn Roberts, Jr., Thursday, September 13, 2007.
Real estate professionals say street names and even numbers can influence home buyers -- the "pretty" names sell better -- but there is also the important issue of ensuring the name is unique and not confusing to 9-1-1 responders, according...  more...

Subprime post mortem

By Matt Carter, Thursday, September 13, 2007.
It's official: Lesley Stahl has become 60 Minutes' real estate correspondent. After exploring discount brokers in a piece featuring Redfin CEO Glenn Kelman, Stahl has scored an interview with former Fed Chairman Alan Greenspan. CBS is promoting the interview, which...  more...

Mortgage data links higher-priced loans with delinquencies Premium Content

By Matt Carter, Thursday, September 13, 2007.

A new Federal Reserve Board analysis of millions of home loans made in 2006 shows a correlation between higher-priced loans that carry heftier interest rates and the rate of serious delinquencies.

As in past years, data collected under the Home Mortgage Disclosure Act revealed blacks and Hispanics were more likely to take out such loans than whites, although it remains a matter of debate whether they are targeted for such loans.  more...

Builders rank high on service despite financial losses Premium Content

By Glenn Roberts Jr., Thursday, September 13, 2007.

While many large home-building companies are struggling with large losses during this housing-market decline, some are still scoring high with consumers.

J.D.  more...

S.F. Bay Area office, land deals top $70 million

By Inman News, Thursday, September 13, 2007.

A property owner in the San Francisco Bay Area has sold a three-property portfolio to an out-of-state real estate investment company and acquired another property in deals that total approximately $71 million.

Encinal Industries sold two office buildings and a vacant parcel of developable land to Portland, Ore.-based ScanlanKemperBard Cos., and then bought a 36,020-square-foot parcel at 1900 Broadway in Oakland that it plans to develop into a 60-story retail-office-hotel-residential project.  more...

Buyer pays all cash for Arizona apartments

By Inman News, Thursday, September 13, 2007.

A California investor has paid approximately $9.6 million in cash for a 135-unit apartment complex in Glendale, Ariz.

Tom Behr, a private investor based in San Diego, bought the Glenridge Apartments from an unidentified entity. The sales price represents $70,925 per unit or $101 per square foot.  more...

Houston's 3355 West Alabama sold

By Inman News, Thursday, September 13, 2007.

Brokerage company Holliday Fenoglio Fowler L.P. this week announced it closed the sale of 3355 West Alabama, a 234,231-square-foot office building in Houston, Texas, for an undisclosed price.

HFF represented L&B Realty Advisors in its sale to KBS Realty Advisors, which bought the property free and clear of debt.

The building, which rises 12 stories, is situated on a 2.6-acre site. At the time of sale, it was 80.9 percent occupied, and includes a seven-level, 788-space parking garage.  more...

Countrywide lines up $12 billion in financing

By Inman News, Thursday, September 13, 2007.

Countrywide Financial Corp. said Thursday it had secured $12 billion in additional financing, even as loan fundings in August fell by 17 percent from a year ago and the company moves forward with plans to lay off up to 12,000 workers.

Countrywide, which received a $2 billion cash infusion from Bank of America in August after drawing down an $11.5 billion line of credit from 40 banks, said that since then it has arranged for $12 billion in additional secured borrowing capacity "through new or existing credit facilities."  more...

NCREX kicks off with two MLS acquisitions

By Inman News, Thursday, September 13, 2007.

The Northern California Real Estate Exchange, or NCREX, this week announced the first stage of a planned merger by four San Francisco Bay Area multiple listing services.

NCREX has acquired RE InfoLink MLS and Central Valley MLS, which unifies 23,000 MLS subscribers. Contra Costa MLS and Bay East MLS have also been involved in the creation of NCREX but have not yet formally been acquired by this regional MLS.  more...

Mortgage rates drop swiftly this week

By Inman News, Thursday, September 13, 2007.

Long-term mortgage rates dropped considerably this week following the release of August's dismal employment report, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the rate on 30-year fixed-rate mortgages fell to an average 6.31 percent from 6.46 percent last week, and the 15-year fixed rate declined to 5.97 percent from 6.15 percent.  more...

First Horizon plans to shed 1,500 jobs by early 2008

By Inman News, Thursday, September 13, 2007.

First Horizon Home Loans will cut its mortgage sales force in half, reduce support staff, and close "underperforming" mortgage branches, its parent company said Wednesday, as part of a plan to eliminate at least 1,500 jobs companywide by early next year.  more...

Real estate rates end night higher

By Inman News, Thursday, September 13, 2007.

Long-term mortgage interest rates inched up Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.41 percent.

The 30-year fixed-rate average edged up to 5.94 percent, and the 15-year fixed rate gained to 5.59 percent. The 1-year adjustable rose to 5.64 percent.

The 30-year Treasury bond yield was up at 4.68 percent.

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

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