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Jan

8
2008

Off the rails

By Matt Carter, Tuesday, January 8, 2008.
If things were tough on Wall Street today -- the Dow Jones was down 238 points, or about 1.86 percent -- the picture was even worse for many real estate related stocks. With the exception of zipRealty Inc. (which was...  more...

You would like subprime loan?

By Matt Carter, Tuesday, January 8, 2008.
While TIME Magazine raised some eyebrows by naming Vladimir Putin its person of the year, the American Dialect Society is unlikely to generate much controversy by declaring "subprime" the word of the year for 2007. After all -- unlike the...  more...

Connect Countdown Nearly Complete

By Joel Burslem, Tuesday, January 8, 2008.
Only one more day til Connect kicks off. Real Estate Connect is literally right around the corner, and hopefully many of you are already on your way to New York. For those of you on the fence, not to worry...  more...

Sign of the times

By Matt Carter, Tuesday, January 8, 2008.
This came in my e-mail today, and given all the controversy over credit repair, it made me cringe a little. I thought it was worth sharing for the following reasons: A) Notice who the ad is targeted to -- mortgage...  more...

A bad market is an entrepreneur's best friend Premium Content

By Marc Davison, Tuesday, January 8, 2008.

A tale of two industries

Real estate professionals could learn a thing or two by paying attention to another industry that's been having a tough time.

Last year, Paul McCartney distributed his new CD through iTunes and Starbucks; Radiohead netted millions selling their latest album themselves; and Gene Simmons of Kiss fame turned to creative licensing to drive revenue.

During the worst year ever in the music industry -- an industry hit as hard as ours by disinterested consumers, overstocked inventory, technology overload, Internet interlopers and a tim  more...

TIC investors sell South Carolina asset

By Inman News, Tuesday, January 8, 2008.

Tenant-in-common investors recently sold Caledon Wood Apartments in Greenville, S.C., for an undisclosed price after nearly two years of ownership.

Caledon Wood, a 350-unit multifamily community, is situated on more than 24 landscaped acres. The approximately 348,000-square-foot property includes 15 two-story residential buildings, with two additional buildings that house the community's clubhouse and fitness facility. Apartment sizes average 995 square feet.  more...

STAG acquires Ohio warehouses

By Inman News, Tuesday, January 8, 2008.

STAG Capital Partners this week announced a large industrial purchase in Seville, Ohio, that included a leaseback with the seller.

An affiliate of Ohio Wholesale Inc. -- the current tenant -- sold the two warehouse facilities at 5160 and 5180 Greenwich Road for an undisclosed price.

Ohio Wholesale, which distributes decorative and functional giftware to retailers nationwide, leased back the 345,000-square-foot property on a 15-year term. The tenant wholly occupies both buildings, which sit on 27 acres.  more...

Phillips Edison makes first New Jersey purchase

By Inman News, Tuesday, January 8, 2008.

Phillips Edison & Co. today announced it has entered the New Jersey market with the purchase of a large shopping center in Bridgeton.

The retail real estate owner/developer paid an undisclosed amount for Upper Deerfield Plaza, which comprises 110,728 square feet.

At the time of sale, the property was anchored by Percussion One, an instruction center that teaches percussive arts.

Phillips Edison said in a press statement that it aims to "acquire additional value-add properties throughout the Delaware Valley."  more...

Countrywide denies bankruptcy rumors

By Inman News, Tuesday, January 8, 2008.

Rumors that Countrywide Financial Corp. was preparing to file for Chapter 11 bankruptcy protection sent the mortgage lender's stock price tumbling by more than 20 percent Tuesday, before trading was halted and the company issued a denial.

The New York Stock Exchange briefly halted trading of the company's stock to allow Countrywide to issue a statement saying there was "no substance" to the rumor or to additional speculation that rating agencies are preparing to downgrade the company's debt.  more...

KB Home loses nearly $1 billion in '07

By Inman News, Tuesday, January 8, 2008.

KB Home saw fourth-quarter losses hit $772.7 million as the company cut prices but sold fewer homes, and recognized $403.4 million in losses on its remaining inventory, joint ventures and abandoned land option contracts.

The Los Angeles-based home builder said fourth-quarter housing revenue fell 31 percent, to $2.02 billion, compared to the same quarter a year ago.

The number of homes sold during the quarter dropped 22 percent compared to a year ago, and the average p  more...

Pending home sales sink in November

By Inman News, Tuesday, January 8, 2008.

The National Association of Realtors today reported that its forward-looking indicator of existing-home sales fell in November, adding that the "exact timing and the strength of a home sales recovery is a bit uncertain."

NAR's Pending Home Sales Index, based on sales contracts signed in November, dropped 2.6 percent from October's level and was down 19.2 percent from a year ago.

Lawrence Yun, NAR's chief economist, said there is a pull and tug exerting itself on the market.  more...

Nightly real estate rates in 4-day slide

By Inman News, Tuesday, January 8, 2008.

Long-term mortgage interest rates were down again Monday, and the benchmark 10-year Treasury bond yield dipped to 3.84 percent.

The 30-year fixed-rate average sank to 5.56 percent, and the 15-year fixed rate slid to 5.08 percent. The 1-year adjustable rate was down at 5.32 percent.

The 30-year Treasury bond yield slipped to 4.34 percent.

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

Realtor.com, Move.com top Hitwise rankings Premium Content

By Inman News, Tuesday, January 8, 2008.

Realtor.com and its companion property-search site, Move.com, were the most visited real estate Web sites in December, according to the latest numbers from Hitwise.

Realtor.com, the official site of the National Association of Realtors, retained its dominance at the top of the Hitwise rankings last month, with an 8.03 percent market share.  more...

Blackened carpet could mean furnace defect

By Barry Stone, Tuesday, January 8, 2008.

Dear Barry,

Our home is about nine years old and has off-white carpet in most rooms. The edges of the carpets have gradually turned black, and we're wondering if we should clean the forced-air heating ducts. I think we should, but my husband says this would be wasted money. What do you suggest? --Carrie

Dear Carrie,  more...

Best way to eliminate roof algae

By Paul Bianchina, Tuesday, January 8, 2008.

Q: We have a house that was built in 1995, in a neighborhood of other houses all built around the same time. Our house has a gray composition shingle roof that has developed large dark stains in many areas. Other homes in the neighborhood with gray or charcoal roofs also have it, but the ones with light-colored roofs don't. Is it algae? If so, would zinc strips help? --Shirley L., via e-mail

A: It's very likely that the staining is indeed some form of algae growth, and I contacted the Asphalt Roofing Manufacturers Association to confirm that this is their opinion as well.  more...