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Feb

12
2008

NAHB PAC locks congressional war chest

By Glenn Roberts, Jr., Tuesday, February 12, 2008.
The president of the National Association of Home Builders trade group today announced that the group is freezing all contributions from its political action committee to federal congressional candidates to protest a perceived lack of federal action to lift the...  more...

Don't call us, we'll call you

By Matt Carter, Tuesday, February 12, 2008.
Let's pretend you're one of these homeowners who gets shunted into the foreclosure process without ever contacting your loan servicer (according to lenders, half of troubled borrowers don't). You hear something on TV about some program that might help. Hope...  more...

Foreclosure as fashion statement

By Glenn Roberts, Jr., Tuesday, February 12, 2008.
Marcie Geffner comments in a real estate column today about the crowd of "walk-away homeowners" who choose not to make mortgage payments even though they could afford to do so -- and the limited consequences for ditching your digs. Inman's...  more...

Colorado Springs shops sell for $12.75M

By Inman News, Tuesday, February 12, 2008.

Wilson-Murrell Investments recently paid $12.75 million for a shopping center in Colorado Springs, Colo., CoStar Group reported Monday.

The property, Albertsons Center at Nor'wood, was built in 2004 on 12 acres at 6905-7095 Austin Bluffs Parkway.

Lubert-Adler Management West Inc. sold the 73,082-square-foot shopping center at a price of more than $174 per square foot.

At the time of sale, the asset was approximately 96 percent occupied by tenants that included Albertsons, Subway and Great Clips.

NYC retail sells at $1,090 a square foot

By Inman News, Tuesday, February 12, 2008.

A limited liability company recently paid more than $12.3 million for a five-story retail building in the SoHo neighborhood of Manhattan, N.Y.

The price per square foot at the five-story, 11,332-square-foot property totaled $1,090.

A private family from the United Kingdom sold 111 Mercer St., which was vacant at the time of sale, to Mercer 111 LLC.

According to a press statement, the building has received approval from the Landmarks Preservation Commission to build a 1,250-square-foot penthouse addition for a total of 12,582 square feet.

IndyMac posts first annual loss in company's history

By Inman News, Tuesday, February 12, 2008.

Last year "was a terrible year for our industry, for Indymac and for you, our owners," IndyMac Bancorp Inc. Chief Executive Officer Michael Perry said today in a letter to shareholders as the alt-A lender reported a $509 million fourth-quarter loss.  more...

Six lenders throw seriously delinquent borrowers a lifeline Premium Content

By Matt Carter, Tuesday, February 12, 2008.

Six major lenders have agreed to work with seriously delinquent homeowners, putting foreclosure proceedings on hold for up to 30 days to offer some borrowers workout plans that would lead to formal loan modifications if they can make reduced loan payments for three months.

Backers of the new initiative, Project Lifeline, say it goes beyond previous outreach efforts by lenders in that it targets borrowers who are already behind on their payments by 90 days or more and covers all types of loans, including, prime, alt-A, second-lien and home-equity loans.  more...

Marcus & Millichap completes L.A. apartment deal

By Inman News, Tuesday, February 12, 2008.

Brokerage Marcus & Millichap on Monday announced it has completed the sale of Palermo Apartments in Torrance, Calif., for a price of $25.1 million.

The sales price represents $193,077 per unit.

Palermo is a 130-unit multifamily complex comprising 91,116 square feet. Located at 4315 West 182nd St., the property features one three-story building situated on a nearly 1.5-acre lot.  more...

Home values decline in fourth quarter

By Inman News, Tuesday, February 12, 2008.

Home values continued to decline in the fourth quarter of 2007, leaving one in three new homeowners with negative equity, according to a report of national home values released today by Zillow.

In the fourth quarter, home values fell 3.5 percent from the previous quarter to a national indicator of $224,890, and declined 3 percent from the same period a year earlier.  more...

Real estate rates scattered overnight

By Inman News, Tuesday, February 12, 2008.

Movement in long-term mortgage interest rates was mixed again Monday, and the benchmark 10-year Treasury bond yield dropped to 3.62 percent.

The 30-year fixed-rate average rose to 5.57 percent, and the 15-year fixed rate dipped to 5.02 percent. The 1-year adjustable rate sank to 5.04 percent.

The 30-year Treasury bond yield was down at 4.4 percent.

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

Builder MDC Holdings reports Q4 net loss of $281 million

By Inman News, Tuesday, February 12, 2008.

MDC Holdings, the builder that operates the Richmond American Homes brand, reported a $636.9 million net loss, or $13.94 per share, for the full year in 2007, and a net loss of $281.1 million, or $6.14 per share, for the fourth quarter.  more...

Fitch cuts First American's debt, insurer strength ratings

By Inman News, Tuesday, February 12, 2008.

Following through on a warning issued last month, analysts at Fitch Ratings today lowered First American Corp.'s insurer financial strength and debt ratings by a notch, and said they remain subject to further downgrade.  more...

Best way to heat, cool McMansion

By Paul Bianchina, Tuesday, February 12, 2008.

Q: We need some help selecting a heating and cooling system for a 3,000-square-foot house we're going to have built. Our area has lots of cold, sunny winters, and natural gas is not available. We're primarily considering a heat pump powered by either electricity, propane (we're worried about high fuel costs) or geothermal (we're worried about rocky soil). We were also wondering about solar heating. Keep up the great column! --Laurie L.  more...

Apartment's mold smell linked to attic

By Barry Stone, Tuesday, February 12, 2008.

Dear Barry,

We live in a six-unit apartment building, and the dryer exhaust ducts for all six of the laundry rooms blow into my attic. Every few months, the landlord's maintenance man goes into the attic to remove the lint that clogs the neighbor's dryer vents. He insists that this is not a problem, but I'm afraid it is causing the moldy smell in our apartment. What is your opinion of this situation? --Wendy

Dear Wendy,  more...