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Time to pick up after housing mess Premium Content

By Marc Davison, Tuesday, September 4, 2007.

A few months ago, I wrote a column listing the things I would do if I ran a fictitious real estate brokerage company called Davison Real Estate. (See "Real estate in a pickle: Here's a solution.")

Over the past several weeks, I have talked with dozens of brokers reeling from the credit market crisis. It has again prompted me to ask myself, "What would I do?"

It goes something like this:  more...

Sep

4
2007

Subprime mess beyond the borrowers

By Jessica Swesey, Tuesday, September 4, 2007.
The impact of the meltdown in the subprime mortgage industry continues to spiral out into various aspects of the housing industry and industries that count on it for some bread and butter earnings, such as remodeling and advertising. A piece...  more...

An essential part of home financing

By Matt Carter, Tuesday, September 4, 2007.
Note to State Department: The official bio of Roland E. Arnall, the U.S. ambassador to the Netherlands, is looking a little dated: "Previously, Ambassador Arnall was Chairman of the Board of Ameriquest Capital Corporation, a privately held financial services company...  more...

Price Reduced ... Daily

By Glenn Roberts, Jr., Tuesday, September 4, 2007.
A home for sale in Edmonton, Canada, will be $1,000 cheaper tomorrow if it doesn't sell today. Steve Sedgwick, a Realtor for Royal LePage Noralta in Edmonton, Canada, is knocking $1,000 off of the home price per day until the...  more...

BofA Center high-rise changes hands

By Inman News, Tuesday, September 4, 2007.

The Bank of America Center in downtown Houston has sold to a joint venture for an undisclosed price.

A partnership between Dallas-based Novati Group and an affiliate of General Electric Pension Trust purchased the 1.2 million-square-foot, class AA office property from Hines U.S. Office Value Added Fund.

The Bank of America Center, which features 56 stories of office space, a 12-story banking hall and underground parking for 295 vehicles, is located at 700 Louisiana St. Also included in the sale was the adjacent 966-space Alley Theatre garage.  more...

GID makes first Orange County purchase

By Inman News, Tuesday, September 4, 2007.

GID Investment Advisers LLC has acquired the 280-unit Windsor at Main Place Apartments in Orange, Calif., for an undisclosed price.

The property was constructed in 2000 and consists of one- and two-bedroom units with an average size of 888 square feet. The property sits on five acres and has three residential buildings plus a free-standing parking garage. Resident amenities include two swimming pools and spas, a business center, a clubroom and fitness facility.  more...

STAG Capital grows in Michigan

By Inman News, Tuesday, September 4, 2007.

STAG Capital Partners today announced it purchased a 310,572-square-foot warehouse and office facility in Holland, Mich., for an undisclosed price.

The building, situated on 22.5 acres of land at 900 Brooks Ave., was leased at the time of sale to The American Bottling Co., the third-largest independent bottler in the United States. The tenant, a subsidiary of Cadbury Schweppes Bottling, uses this facility as its main distribution center for its beverages that are manufactured across the street at 777 Brooks Ave.  more...

Home prices grow at slowest pace in 12 years

By Inman News, Tuesday, September 4, 2007.

Home-price appreciation slowed to an annual rate of 0.4 percent during the second quarter, the slowest quarterly growth rate in more than 12 years, Freddie Mac said in releasing its latest home-price index.  more...

Loan servicers urged to help troubled borrowers

By Inman News, Tuesday, September 4, 2007.

State and federal regulators are urging companies servicing mortgages that have been securitized and sold to investors to "determine the full extent of their authority" to employ loss-mitigation strategies to avoid unnecessary foreclosures.

Mortgage loans -- especially those offered to subprime borrowers with blemished credit -- are held for investors in securitization trusts. The servicing of loans that have been securitized is governed by contracts called pooling and servicing agreements.  more...

First American Corp. laying off 1,900

By Inman News, Tuesday, September 4, 2007.

First American Corp. says it will save $108 million a year by laying off about 1,900 workers in the second and third quarter of the year -- nearly all of them in title insurance.

The Santa Ana, Calif.-based company, which recorded a $66 million loss in the second quarter, announced Tuesday that it was also eliminating $16 million in annual perquisites and benefits for executives as a cost-cutting measure.  more...

Home construction spending falls for 17th month

By Inman News, Tuesday, September 4, 2007.

The rate of residential construction spending declined for the 17th straight month in July and hit its lowest level since February 2004, according to a U.S. Census Bureau of the Department of Commerce report released today.

Spending for private residential construction reached a seasonally adjusted annual rate of about $534 billion in July, down 16.1 percent compared to July 2006.  more...

Private financing, rate buy-downs can rescue sale Premium Content

By Bernice Ross, Tuesday, September 4, 2007.

(Read Part 1, "Low appraisals kill sales in today's market.")

A slowing real estate market, a credit crunch and an increase in foreclosures means that mortgages may be harder to obtain. What can you do when the lender turns down your qualified borrower?

Last week's article looked at how to handle a situation where the appraisal comes in low on a property.  more...

Duo charged in alleged Stockton mortgage fraud

By Inman News, Tuesday, September 4, 2007.

A federal grand jury has indicted two Northern California residents, charging them with a mortgage fraud scheme involving the sales of 10 Stockton-area homes at inflated prices.

Iftikhar Ahmad, 36, is accused of hiring straw buyers to defraud Long Beach Mortgage of more than $1.5 million in loan proceeds. A Sacramento woman, Manpreet Singh, 24, was allegedly paid $22,300 to act as a straw buyer in two of the transactions, prosecutors said.  more...

Marketing tips for Realtor Web sites

By Inman News, Tuesday, September 4, 2007.
Real Estate Video by - Real Estate Blogger

Realtor Web sites are rapidly evolving in the face of changing consumer demands.  more...

Subprime lending crisis changes buying, selling plans

By Dian Hymer, Tuesday, September 4, 2007.

It's hard to avoid negative news about the mortgage lending business. Defaults are rising, subprime lenders are closing shop, and fortunes could be lost as mortgage-backed securities go up in smoke. Sounds ominous, but how will these trends impact someone who's trying to buy or sell a home?

The first thing to understand is that lenders are moving back to basics. No- and very low-down-payment mortgages are available only to buyers with high credit scores. This means no more 100 percent and 95 percent mortgages for subprime borrowers.  more...

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