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Feb

29
2008

The enemy of my friend is my... friend?

By Matt Carter, Friday, February 29, 2008.

The Wall Street Journal today notes that while Hillary Clinton has been holding up Countrywide Financial Corp. and CEO Angelo Mozilo as epitomizing misplaced priorities and values of lenders during the housing boom, one of her allies thinks she's wrong...  more...

Chairman Mozilo's five-year plan

By Matt Carter, Friday, February 29, 2008.

Countrywide Financial Corp.'s annual report, released today, provides some interesting stats going back five years. I've put some highlights into a single table. Click "continue reading" for table and discussion.  more...

New Inman.com brings community to the news

By Joel Burslem, Friday, February 29, 2008.

Photo by vecchiosettore1993 Groups tend to gather around common interests. We've always felt at Inman News that we see the best and brightest minds gather with us around a mutual passion for real estate. It's why in the real world...  more...

A little light reading

By Matt Carter, Friday, February 29, 2008.

There's a flood of new information and insight into the credit crunch at your fingertips this week, and most of it is quite troubling. Here's a list of recommended reading for those who prefer to get their information direct from...  more...

Move Inc. reports $5.3 million Q4 loss

By Inman News, Friday, February 29, 2008.

Last year was "the toughest real estate market in 50 years," Move Inc. CEO Mike Long said during an earnings presentation Thursday, noting that the company grew revenue in key business segments while reporting a $4 million loss for the year and a $5.3 million loss in the fourth quarter.  more...

Get your Realogy listings here!

By Glenn Roberts, Jr., Friday, February 29, 2008.

Real estate brokerage and franchise company Realogy Corp. is casting a very wide net on the 'Net these days, pumping its property listings out to many online sites. The company last year announced distribution agreements to share online property listings...  more...

Heads up!

By Matt Carter, Friday, February 29, 2008.

Here's a freakish headline that helps explain why regulators have been pushing for a breakup of monoline bond insurers: "Mortgage meltdown costs Orlando airport $12 million." The Orlando Business Journal reports that downgrades of the airport authority's bond insurer, FGIC,...  more...

TIC investors dump Tucson building

By Inman News, Friday, February 29, 2008.

Tenant-in-common investors recently sold an approximately 136,000-square-foot office building in Tucson, Ariz., for an undisclosed price.

The property, located at 2800 East Commerce, was built in 1999 on 15 acres. Amenities include an onsite fitness center, full-service cafeteria with outdoor patio, and onsite educational and recreational accommodations.

The property includes a surface lot with 1,100 parking spaces for a parking ratio of 8.15 spaces per 1,000 square feet.  more...

Evergreen Park deal completed

By Inman News, Friday, February 29, 2008.

KBS Realty Advisors today announced the purchase of a 10.5-acre light industrial park in Hillsboro, Ore., on behalf of an unidentified buyer.

The value of the transaction was not disclosed.

The four-building portfolio, Evergreen Park, is located at 11965, 22975, 22985 and 22995 NW Evergreen Parkway. The class A facilities comprise 172,200 square feet and were 83 percent leased to seven tenants at the time of purchase.

Evergreen Park, built in 1997, is located in the Sunset Corridor/Hillsboro submarket just outside of Portland.

Zirinsky family lands N.J. office space

By Inman News, Friday, February 29, 2008.

A limited liability company has acquired a 139,000-square-foot office property in Morris Township, N.J., for an undisclosed price.

Southgate Center Four Associates LLC, a newly formed entity controlled by the Zirinsky family, purchased the class A facility from an unidentified entity.  more...

Wells Fargo tightening standards in distressed markets

By Inman News, Friday, February 29, 2008.

Wells Fargo & Co. is tightening underwriting standards today in more than 200 markets it has identified as distressed or soft, increasing down-payment requirements and making stated-income loans off limits in some markets.  more...

AIG expects second year of mortgage-insurance losses

By Inman News, Friday, February 29, 2008.

Billions in write-downs on derivates and other losses related to mortgages put insurer American International Group Inc. deeply in the red during the fourth quarter, and the company expects another "significant operating loss" at its mortgage insurance division in 2008.

AIG said a $5.3 billion fourth-quarter loss was largely driven by $11.2 billion in write-downs of credit default swaps that cover investments with exposure mortgages.  more...

California single-family building permits sink 62%

By Inman News, Friday, February 29, 2008.

New-home construction in California, as measured by building permits issued, dropped 62 percent in January compared to the same month last year, the California Building Industry Association reported today, and fell 27.6 percent compared to December 2007.

Multifamily building permits fell 34.3 percent in January compared to January 2007, and fell 46.5 percent compared to December 2007.  more...

Starved credit wrecked housing, not vice versa

By Lou Barnes, Friday, February 29, 2008.

Mortgage rates have begun a decline from the irrational levels of the last month, now approaching 6 percent and says here likely to cross back into the fives.  more...

Overnight real estate rates drop sharply

By Inman News, Friday, February 29, 2008.

Long-term mortgage interest rates fell considerably Thursday, and the benchmark 10-year Treasury bond yield was down at 3.67 percent.

The 30-year fixed-rate average dove to 5.88 percent, and the 15-year fixed rate plunged to 5.28 percent. The 1-year adjustable rate dipped to 4.83 percent.

The 30-year Treasury bond yield sank to 4.51 percent.

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

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