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Jan

17
2008

A penny for your stock?

By Matt Carter, Thursday, January 17, 2008.
OZ's VOICE: "Pay no attention to that man investment banker behind the curtain. Go -- before I lose my temper! The Great and Powerful Oz -- has spoken!" Toto (Standard & Poors Ratings Services) pulls back the curtain to reveal...  more...

Heard on the cul de sac

By Jessica Swesey, Thursday, January 17, 2008.
Wondering where all those execs and managers went when they left Point2 Technologies at the same time in December? (For back story see, "Point2 Technologies confirms group of resignations.") Meet VendAsta, which according to its Web site, is a new...  more...

Talk openly, agent to agent

By Jessica Swesey, Thursday, January 17, 2008.
Agents who've been using Trulia Voices to answer questions and interact with consumers on the site now have their own agent corner. Trulia announced on its blog today the launch of Agent2Agent, which will enable agents to discuss issues with...  more...

Dog's carpet accident could cost thousands to fix

By Robert Griswold, Thursday, January 17, 2008.

Question: My husband and I, along with our two small children and one dog, recently moved out of a townhome that we lived in for 2 1/2 years. The property manager is telling us that due to the use of a store-bought steam vacuum cleaner to clean up where the dog had an accident, the carpet in the entire house has to be replaced. He said it will cost us within the vicinity of $1,400-$1,800. We put down $600 for a deposit and $400 for the pet deposit.  more...

Smokers having tougher time finding rentals

By Helene Lesel, Thursday, January 17, 2008.

Q: I've had a tough time finding a rental because I smoke. I found a great place but was told it was a "smoke-free" building, inside and out. Don't I have a right to smoke wherever I want?

A: The right to smoke depends on when and where you want to light up. Smoking has become a huge source of conflict, especially in light of health concerns regarding secondhand smoke. Fanning the flames are smokers who maintain that smoking is their right and should not be compromised.  more...

Legal remedies when buyer skips out on closing

By Benny Kass, Thursday, January 17, 2008.

Q: We are under contract to sell our single-family house and settlement was to have occurred a week ago. Our buyers did not show up at the title attorney's office on the date spelled out in the sales contract, despite having been given notice of the time and place. Our real estate agent has not been able to get an explanation. What remedies do we have against the buyers?

A: Your sales contract should spell out what rights and remedies you have if your buyer is in default. But first, you have to make absolutely sure that there is a default.  more...

Beware of renting vacation home that's up for sale

By Janet Portman, Thursday, January 17, 2008.

Q: I have located a beachfront condominium for a three-month rental by my elderly parents. The condo owner has agreed to a three-month lease and will give us a standard written lease for my parents to sign.  more...

LandAmerica pays $1.5 million fine to settle California rate charges Premium Content

By Matt Carter, Thursday, January 17, 2008.

LandAmerica Financial Group Inc. has agreed to pay up to $3.5 million in penalties and refunds to consumers to settle allegations by California regulators that three title insurers under the company umbrella overcharged -- or in some cases, undercharged -- consumers.

The settlement was the result of an examination conducted nearly three years ago of LandAmerica subsidiaries Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co., and Transnation Title Insurance Co.  more...

More signs of recession emerging Premium Content

By Inman News, Thursday, January 17, 2008.

Another wave of worrisome news about the economy Thursday heightened interest in how the Federal Reserve, the Bush administration and Congress might respond in coming weeks.

Merrill Lynch & Co. today said it wrote down $14.1 billion in investments tied to securities backed by subprime mortgages and other debts, contributing to its largest quarterly loss in company history -- $9.8 billion.  more...

BPG pays cash for Boston Capital REIT

By Inman News, Thursday, January 17, 2008.

BPG Properties Ltd., on behalf of its Investment Partnership VIII & VIIIA LP, has completed the acquisition of Boston Capital Real Estate Investment Trust for $13.30 per share in an all-cash transaction.

As a result of the transaction, the firm has acquired an 11-property multifamily portfolio totaling 3,098 units located in the markets of Seattle, Portland, Salt Lake City, Dallas and Jacksonville. The communities will be managed by Madison Apartment Group L.P. (Madison), BPG's multifamily operating arm.  more...

AMB acquires Wal-Mart facility

By Inman News, Thursday, January 17, 2008.

AMB Property Corp., a global developer and owner of industrial real estate, this week announced it expanded its portfolio in the Inland Empire submarket of Los Angeles with the acquisition of a 902,000-square-foot industrial facility occupied by Wal-Mart Stores Inc.

Neither the seller of the AMB Loma Grande Distribution Center nor the exact location was disclosed.

With this acquisition, AMB now owns more than 22 million square feet of distribution space in Southern California.  more...

ING Clarion settles on New Jersey space

By Inman News, Thursday, January 17, 2008.

ING Clarion Partners on Wednesday announced it purchased 34 Englehard Drive, a 203,000-square-foot industrial building in Monroe Township, N.J. for an undisclosed price.

The single-story, rail-served, warehouse/manufacturing building was fully leased to Berry Plastics Corp., one of the largest plastic packaging producers in the world, at the time of purchase. It sits on approximately 12 acres just two miles from Exit 8A of the New Jersey Turnpike.  more...

LandAmerica pays $1.5 million fine to settle California rate charges Premium Content

By Matt Carter, Thursday, January 17, 2008.

LandAmerica Financial Group Inc. has agreed to pay up to $3.5 million in penalties and refunds to consumers to settle allegations by California regulators that three title insurers under the company umbrella overcharged -- or in some cases, undercharged -- consumers.

The settlement was the result of an examination conducted nearly three years ago of LandAmerica subsidiaries Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co., and Transnation Title Insurance Co.  more...

Mortgage rates fall on more bad economic news

By Inman News, Thursday, January 17, 2008.

A disappointing December for retail sales helped push mortgage rates lower this week, with rates on 30- and 15-year fixed mortgages down to their lowest levels since July 2005, Freddie Mac reported today.

The average rate on 30-year fixed mortgages dropped 18 basis points in the last week, from 5.87 percent to 5.69 percent, and the average 15-year fixed mortgage tumbled 22 basis points, from 5.43 percent to 5.21 percent.  more...

Housing starts decline to 16-year low

By Inman News, Thursday, January 17, 2008.

Housing starts in December fell to their lowest level since 1991 as the credit crunch and slowdown in sales continued to hobble the industry, according to a report released jointly today by the U.S. Census Bureau and Department of Housing and Urban Development.  more...

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