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Feb

20
2008

Dog House Foreclosures: Stockton takes the Fifth

By Glenn Roberts, Jr., Wednesday, February 20, 2008.

The foreclosure fallout continues ... Pet abandonment has increased with the rise in foreclosures, according to a promotional message for Petfinder.com, a site that provides pet adoption resources. "Because pets are considered personal property and in some cases, the pets...  more...

Investor sinks cash into Long Island apartments

By Inman News, Wednesday, February 20, 2008.

Brokerage Marcus & Millichap recently arranged the sale of two multifamily communities in West Babylon, N.Y., for an aggregate price of nearly $12.8 million.

The properties, Suburbia Gardens and Thunderbird Gardens, located at 381 Great East Neck Road and 101 Magaw Place, respectively, consist of six two-story buildings situated approximately one mile apart. There are 85 units total in the assets.

John Caruso of Rinmark Properties and Kimcore Realty sold the complexes to Mark Broxmeyer of Fairfield Properties.  more...

S.F. Bay Area space sold

By Inman News, Wednesday, February 20, 2008.

NAI BT Commercial recently brokered the sale of retail, office and residential space in four separate deals in the San Francisco Bay Area for undisclosed amounts.

In the first two deals, grocer Safeway purchased the buildings they occupy in two San Francisco neighborhoods. McMorgan & Co. sold a 38,646-square-foot store at 850 La Playa and an 18,900-square-foot store at 625 Monterey Blvd. to the grocer.  more...

Laramar Group acquires 694 units

By Inman News, Wednesday, February 20, 2008.

The Laramar Group today announced that its Multifamily Value Fund has acquired the Waterford Lakes Apartments in Charlotte, N.C., for an undisclosed price.

The 694-unit property, located at 8000 Waterford Lakes Drive, is the 13th acquisition for the fund, which launched in December 2006. The unit mix includes one-, two- and three-bedroom apartments.

Property amenities include an on-property duck lake, tennis courts, two swimming pools, a fitness center, an indoor racquetball court, sand volleyball courts, a cinema room and a residential business center.  more...

HAR.com search site gets a facelift

By Inman News, Wednesday, February 20, 2008.

The Houston Association of Realtors has renovated its popular public property-search site to integrate Microsoft's Virtual Earth interactive mapping technology and to include other new features.

The HAR.com site, which draws an estimated 900,000 consumers each month, now allows property searches based on proximity to schools, hospitals, police stations and fire stations, as well as a range of business types such as restaurants and supermarkets, according to the announcement.  more...

U.S. housing starts, permits hit 17-year lows

By Inman News, Wednesday, February 20, 2008.

The rate of single-family housing starts and building permits issued dropped to the lowest level in 17 years in January, the U.S. Census Bureau and Department of Housing and Urban Development announced today.  more...

Mortgage applications tumble in latest survey

By Inman News, Wednesday, February 20, 2008.

Mortgage application volume posted a sharp drop last week as long-term interest rates gained considerably, the Mortgage Bankers Association reported today.

The group's market composite index, a measure of home loan application volume, fell 22.6 percent last week on a seasonally adjusted basis from the first week of the month. Leading the decline was a 27.9 percent drop in the index that tracks refinance applications, followed by an 11.5 percent decrease in the purchase-loan index.  more...

Overnight real estate rates continue climb

By Inman News, Wednesday, February 20, 2008.

Long-term mortgage interest rates rose again Tuesday, and the benchmark 10-year Treasury bond yield increased to 3.9 percent.

The 30-year fixed-rate average climbed to 5.92 percent, and the 15-year fixed rate increased to 5.37 percent. The 1-year adjustable rate rose to 4.99 percent.

The 30-year Treasury bond yield was also higher at 4.67 percent.

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

Illinois bill would restrict real estate rebates Premium Content

By Glenn Roberts Jr., Wednesday, February 20, 2008.

The Illinois Association of Realtors is opposing state legislation that seeks to restrict cash rebates and other rewards offered by real estate professionals to unlicensed persons who engage in real estate transactions.

The U.S.  more...

Real estate IRAs with checkbook control gain clout

By Tom Kelly, Wednesday, February 20, 2008.

Individual retirement accounts that feature self-directed real estate purchases have become more understood in recent years, and consumers now a have speedier avenue to time-sensitive investments.

Many providers of self-directed real estate IRAs now can set up a limited liability company (LLC) that allows consumers to write their own checks for property investments -- including foreclosures and recreational properties -- without waiting for a custodian to process paperwork or courier documents.

"The costs for setting up an IRA with checkbook control can be considerably more th  more...

Moisture makes mush of basement shower

By Bill and Kevin Burnett, Wednesday, February 20, 2008.

Q: We have a spare bedroom and bath in the basement of our house. The stall shower had been lined with wall board with a vinyl or Formica-type surface. After more than 20 years of infrequent use in a damp basement, the surface began to blister.

We had a local handyman replace the shower enclosure with similar new paneling in 2005. The stuff he used is called melamine-faced panels, "ideal for tubs, showers and kitchens." I believe he bought it at Home Depot.  more...