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Feb

11
2008

You can't be serious

By Matt Carter, Monday, February 11, 2008.

Scottsdale, Ariz.-based Realtor Shelly Peterson called me to say she had a good laugh about Countrywide Financial Corp.'s new foreclosure prevention initiative with ACORN (see Inman New story). It's not that Peterson thinks there's anything funny about foreclosures. She's trying...  more...

Blogging + Realtors = LA Times Sunday coverage

By Jessica Swesey, Monday, February 11, 2008.
All RE.net eyes were on the LA Times story yesterday, "Realtor blogs help reel in clients, boost sales," that dives into the practices of some of the industry's top real estate bloggers. We've been following this story for several years...  more...

Luxury builder's relative walks away from home purchase

By Jessica Swesey, Monday, February 11, 2008.
Et tu Brute? Luxury home builder Toll Brothers says a member of its founding family is attempting to walk away from a new condo purchase agreement, according to a Reuters report today. From the news story: The daughter of Vice...  more...

Joint venture buys Mezzo complex in Denver

By Inman News, Monday, February 11, 2008.

RedHill Realty Investors today announced it partnered with RREEF to purchase Mezzo Apartment Homes in Denver, Colo., for an undisclosed price.

Mezzo is a 14-story, 315-unit complex comprising more than 8,000 square feet of ground-level retail space situated between the city's LoDo and Golden Triangle districts. The deal closed in late December.

RedHill and RREEF plan to redevelop the property, making extensive interior and exterior improvements to enhance value and provide greater quality of life for its tenants.

The seller's identity was not disclosed.

Perseus closes first South Carolina purchase

By Inman News, Monday, February 11, 2008.

A joint venture between Perseus Realty Partners and Ferncroft Capital LLC has acquired a large distribution facility in Columbia, S.C., for an undisclosed price.

The property, McQueen Industrial, is a 273,000-square-foot warehouse located in the city's Airport submarket. The facility has an active rail spur with 11 overhead doors.

At the time of purchase, McQueen Industrial was fully leased to UTi Worldwide Inc., a global logistics and supply chain management company.  more...

Countrywide, ACORN partner for foreclosure prevention Premium Content

By Matt Carter, Monday, February 11, 2008.

Countrywide Financial Corp. announced today it's partnering with the community group ACORN to engage in workouts with subprime borrowers -- even if they are already in default, and regardless of whether they have fixed- or adjustable-rate mortgages.

ACORN, or the Association of Community Organizations for Reform Now, held demonstrations outside of Countrywide offices last fall, complaining that its foreclosure prevention initiatives were inadequate.  more...

Despite economy, many considering home improvement

By Inman News, Monday, February 11, 2008.

Despite the weak conditions in the housing market, more than two-thirds of Americans said they would complete a home improvement project in 2008, according to a recent poll by ServiceMagic.com.

ServiceMagic, an online marketplace that connects consumers with prescreened and customer-rated home service professionals, found that 69 percent of those surveyed would improve their home this year, while 31 percent said they would likely go through with a home improvement after some careful consideration and possibly a delay.

"Some people do seem to be worried that now may not be  more...

Nightly real estate rates mixed

By Inman News, Monday, February 11, 2008.

Movement in long-term mortgage interest rates was mixed Friday, and the benchmark 10-year Treasury bond yield dropped to 3.64 percent.

The 30-year fixed-rate average dipped to 5.55 percent, and the 15-year fixed rate held steady at 5.04 percent. The 1-year adjustable rate sank to 5.05 percent.

The 30-year Treasury bond yield was down at 4.42 percent.

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

Raising conforming loan limit not a simple task Premium Content

By Matt Carter, Monday, February 11, 2008.

While Fannie Mae, Freddie Mac and the Federal Housing Administration will soon be allowed to dive into what until now has been the jumbo loan market, it remains to be seen how many borrowers will benefit.

Congress and the Bush administration have agreed to raise the $417,000 conforming loan limit until the end of the year, under a provision of the $150 billion economic stimulus package approved by Congress last week (see Inman News story).  more...

Being an agent is being a non-expert Premium Content

By Alison Rogers, Monday, February 11, 2008.

When I first got into this business, all the "old" brokers I met told me that real estate was in the throes of monumental change. They had made their money, they said, by having control of their listings, and the Internet was revolutionizing that. They were no longer the monopolizers, or even the gatekeepers, of information. The new buzzword, they said, was "service."  more...

Rebates to mortgage brokers rile regulators

By Jack Guttentag, Monday, February 11, 2008.

(This is Part 2 of a three-part series. Read Part 1, "New mortgage underwriting rules will be tough to enforce.")

Last week, I criticized the Federal Reserve Board's proposed rule to prohibit lenders from making loans that were not affordable, and to require lenders to verify the information on which they base loan decisions. These rules are too vague to be enforceable, and it is too late for them to do any good even if they were enforceable.  more...

Renovating home's exterior pays off

By Dian Hymer, Monday, February 11, 2008.

Most homeowners expect the value of their homes will increase when they spend money on remodeling. However, this is often not the case. The recent Cost vs. Value Report prepared by Remodeling magazine in conjunction with the National Association of Realtors makes this point abundantly clear.  more...

Renter priced out of market ponders alternative

By Benny Kass, Monday, February 11, 2008.

DEAR BENNY: I rent an apartment in California's Silicon Valley, where my job is. I can't afford a home here because prices average around $600,000. I believe I can afford to buy a house elsewhere while living here and paying rent. Is this a good idea, and can I still avoid PMI with a 20 percent down payment? --Todd

DEAR TODD: I do not think that's a good idea. I believe that consumers should first buy a home for their own personal use, and then consider becoming a landlord.  more...