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Mar

14
2008

Redfin reports death of an anti-rebate bill

By Glenn Roberts Jr., Friday, March 14, 2008.

Real estate broker Redfin reported at its corporate blog on Wednesday that Illinois legislation seeking to ban real estate rebates "finally died today," as that the legislation did not receive a motion in the Illinois Legislature's Judiciary Committee, according to the post.  more...

HUD rolls out new RESPA reform proposal Premium Content

By Matt Carter, Friday, March 14, 2008.

Simplifying the disclosure forms provided to home buyers could save them an average of $668 at the closing table -- an estimated $8.35 billion a year -- by helping them find the best deal from mortgage lenders and settlement service providers such as title insurers.

That's the claim officials with the Department of Housing and Urban Development (HUD) are making as they roll out their latest attempt at reforming the Real Estate Settlement Procedures Act (RESPA).  more...

L.A. medical office deal hits $16 million

By Inman News, Friday, March 14, 2008.

Brokerage Lee & Associates today announced the sale of a medical office complex in San Pedro, Calif., for $16 million.

Representing the buyer, KF Properties Inc., Lee & Associates said the three-building property is located at 1360 W. 6th St. and was built in 1962 across the street from the Little Company of Mary Hospital.

G&L Realty sold the approximately 68,100-square-foot complex, which was fully leased at the time of sale.

In addition to the office complex, the purchase included two acres of developable land and a 383-space parking lot.  more...

Anaheim retail changes hands, gets facelift

By Inman News, Friday, March 14, 2008.

A 35,100-square-foot retail center in Anaheim, Calif., recently sold for $3.6 million, brokerage Charles Dunn Co. announced Thursday.

Located at 1020-1098 N. Euclid Ave., M&A Gabaee purchased the asset from HEM Properties LLC.

The retail center consists of two leased buildings; the larger building totals approximately 32,800 square feet and is occupied by Dearden's, a California based furniture store; the second building is 2,300 square feet and houses a noncommercial insurance agency.  more...

Tenant plans repositioning after signing SoCal warehouse lease

By Inman News, Friday, March 14, 2008.

A-1 Cold Storage recently signed a 10-year lease to occupy a 33,700-square-foot industrial facility in Los Angeles.

The deal, negotiated at $4 million, involves a single building at 5510 West 102nd St. owned by MTP & Associates.

According to a press statement, A-1 Cold Storage plans to transform the warehouse's interior into coolers and use the additional space for distribution and administrative needs. The property's large surface area and close proximity to the Los Angeles International Airport (LAX) attracted A-1 to this facility.  more...

Break down MLS walls and consumers still value Realtors Premium Content

By Glenn Roberts Jr., Friday, March 14, 2008.

Consumers appreciate public property-search Web sites set up by multiple listing services, though such sites remain a divisive issue for industry professionals, according to a report released today by WAV Group, a real estate consulting company.

The "MLS Consumer Website Effectiveness Study" highlighted HAR.com, a popular real estate search site created by the Houston Association of Realtors, and gathered consumer and Realtor input about public MLS sites.  more...

Let's play Bargain Hunt

By Matt Carter, Friday, March 14, 2008.

HUD's long-awaited proposal to simplify mortgage disclosures is out, and they claim they will help consumers shop around for the best deal and save an average of $668 at the closing table. If you figure (as HUD does) that there are about 12.5 million mortgages originated a year (both purchase and refis) that's $8.35 billion that stays in consumer's pockets.

See Inman News story for more details.  more...

Settlement pending in N.Y. real estate antitrust lawsuit Premium Content

By Glenn Roberts Jr., Friday, March 14, 2008.

A lawsuit filed against a New York City real estate trade association and several major brokerage companies is in the process of settling, according to court documents filed this week.  more...

Will Bear Stearns' collapse impact market?

By Lou Barnes, Friday, March 14, 2008.

The collapse of Bear Stearns this morning has pulled the 10-year Treasury yield to 3.42 percent, but lowest-fee mortgages are still stuck above 6 percent. Mortgage improvement was inhibited by fire sales elsewhere (Thornburg and Carlyle), and by Bear's mortgage exposure, the Street's largest. As one of the Fed's 20 "primary dealers," Bear has received instant bailout, but its mortgage portfolio still overhangs the market.  more...

Move Inc. brings aboard tech chief Premium Content

By Inman News, Friday, March 14, 2008.

Realtor.com operator Move Inc. has hired Mike J. d'Almada-Remedios, former chief information officer at eBay and Shopping.com, to serve as the company's chief technology officer.

The company did not previously have a CTO. D'Almada-Remedios will lead company strategic and tactical technology initiatives and will be responsible for the functionality, performance, scalability and reliability of the company's tech platforms that support its Web sites and operations, the company announced.  more...

Feds want states to license mortgage brokers Premium Content

By Inman News, Friday, March 14, 2008.

Federal regulators on Thursday unveiled a set of recommendations for strengthening regulations governing mortgage lending, including improved disclosures and the adoption by all states of a nationwide licensing standard for mortgage brokers.  more...

Real estate rates dip overnight

By Inman News, Friday, March 14, 2008.

Long-term mortgage interest rates were lower Thursday, and the benchmark 10-year Treasury bond yield rose to 3.53 percent.

The 30-year fixed-rate average dropped to 5.95 percent, and the 15-year fixed rate fell to 5.28 percent. The 1-year adjustable rate, however, climbed to 4.99 percent.

The 30-year Treasury bond yield increased to 4.45 percent.

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

Air compressors improved for do-it-yourselfers

By Paul Bianchina, Friday, March 14, 2008.

For everything from painting to installing trim, and framing to inflating tires, an air compressor can be one of the handiest pieces of equipment to have around the house. Cost, size and complexity once limited air compressors to professional uses only, but today's compressors are affordable, easy to use, and offer plenty of power to handle any task you're likely to encounter.  more...

Ugly truth about home renovation

By Arrol Gellner, Friday, March 14, 2008.

The word "renovation" implies that you're replacing something old and worn out with something new and better. Yet too many so-called renovations simply involve replacing things that are old and substantial with ones that are cheap and flimsy but just happen to be new. That seems less like renovation and more like ruinovation.  more...