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Feb

13
2008

Hey, I have an idea

By Jessica Swesey, Wednesday, February 13, 2008.
Real Estate Connect San Francisco is just around the corner and Inman News is in planning mode. We've been busy collecting thoughts from some of our core audience, speakers and sponsors and want to remind all of you that you...  more...

New plan makes tapping home equity easier

By Tom Kelly, Wednesday, February 13, 2008.

Equity sharing was viewed as the biggest negative to early reverse mortgages and it still plagues the reverse industry today. However, a San Francisco-based company is resurrecting the concept of sharing home equity -- with no interest, no payments and no age restrictions.

The REX Agreement is not a reverse mortgage, nor is it a loan. It is a financial agreement whereby the homeowner trades a portion of future equity for a cash payment today.  more...

Run that by me again?

By Matt Carter, Wednesday, February 13, 2008.
I've had quite a few inquiries from people wanting to know what is going to happen with the conforming loan limit and the upper limit for FHA loan guarantee programs in their market under the economic stimulus bill passed by...  more...

SCI sinks cash into Sun Belt investments

By Inman News, Wednesday, February 13, 2008.

SCI Real Estate Investments this week announced it has acquired three properties in multiple states for undisclosed amounts.

The properties, which include residential and retail space, total more than 1 million square feet and are located in Texas, South Carolina and Arizona.

Among the assets are:  more...

Redevelopment sites sold in NYC

By Inman News, Wednesday, February 13, 2008.

Brokerage Marcus & Millichap this week announced the sale of a development site with air rights in Manhattan, N.Y., for a price of $11.5 million.

A locally based hospitality developer bought the lot at 52-54 West 13th St., which includes a vacant mixed-use building and unused development rights, or air rights, from an adjacent property at 50 West 13th St.

An unidentified California trust sold the 42-by-103-foot lot, which, according to a press statement, will be merged with the adjacent lot's air rights to allow for "maximum development."  more...

Lawyers seek more evidence in Idaho antitrust lawsuits Premium Content

By Glenn Roberts Jr., Wednesday, February 13, 2008.

A U.S.  more...

Economic stimulus bill signed into law

By Inman News, Wednesday, February 13, 2008.

President Bush today signed into law a $152 billion economic stimulus bill that will temporarily allow Fannie Mae, Freddie Mac, and the Federal Housing Administration to guarantee mortgages as large as $729,750 in some high-cost markets.  more...

MGIC says it will survive, but won't profit in 2008 Premium Content

By Inman News, Wednesday, February 13, 2008.

Private mortgage insurer MGIC Investment Corp. said fourth-quarter losses totaled $1.47 billion, as the company paid out more claims on bad loans and boosted projections of future claims on loans that were bundled up as collateral for securities sold to Wall Street investors.

Although MGIC executives expect the company to remain in the red in 2008, they say it will remain adequately capitalized to pay claims.  more...

U.S. foreclosure filings up 79% in 2007 Premium Content

By Inman News, Wednesday, February 13, 2008.

U.S. foreclosure filings rose 79.2 percent in 2007 compared to 2006, with 1 percent of all households entering a stage of foreclosure, data company RealtyTrac reported today.

Among the 100 largest U.S. metro areas the foreclosure rate was highest in the Detroit area, with 4.9 percent of all homes in that metro entering a stage of foreclosure in 2007.

There were 72,616 total foreclosure filings and 41,273 properties with foreclosure filings in the Detroit metro area in 2007, up 68.2 percent compared to 2006, RealtyTrac reported.  more...

Home buying cools in latest survey

By Inman News, Wednesday, February 13, 2008.

Mortgage application volume dwindled last week as interest rates increased, the Mortgage Bankers Association reported today.

The group's market composite index, a gauge of home loan application volume, fell 2.1 percent last week on a seasonally adjusted basis from the final week of January. Leading the decline was a 3 percent drop in the index that tracks refinance applications, followed by a 0.3 percent decrease in the purchase-loan index.

Borrowing costs across all loan types rose last week, MBA reported.  more...

Real estate rates higher overnight

By Inman News, Wednesday, February 13, 2008.

Long-term mortgage interest rates rose Tuesday, and the benchmark 10-year Treasury bond yield inched up to 3.66 percent.

The 30-year fixed-rate average climbed to 5.63 percent, and the 15-year fixed rate gained to 5.08 percent. The 1-year adjustable rate was up at 5.06 percent.

The 30-year Treasury bond yield was higher at 4.46 percent.

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

Builders freeze political contributions

By Inman News, Wednesday, February 13, 2008.

National Association of Home Builders officials on Tuesday announced plans to freeze all contributions from the group's political action committee to federal congressional candidates for a perceived failure to address "underlying economic issues" to stabilize the housing market.  more...

How to build a mortar-free patio

By Bill and Kevin Burnett, Wednesday, February 13, 2008.

Q: I have seen and read instructions for a mortarless flagstone walkway that stressed the importance of uniform thicknesses, even though the shapes are different.  more...