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Mar

18
2008

Fannie and Freddie get to borrow the car?

By Matt Carter, Tuesday, March 18, 2008.

Perhaps ...but they still have to be home by midnight.  more...

Craigslist case draws mixed reaction

By Glenn Roberts Jr., Tuesday, March 18, 2008.

Craigslist, the online classified and community postings site that features for-sale and rental housing ads in markets around the country, is not responsible for users' posts that contain discriminatory language in violation of the federal Fair Housing Act, according to a three-judge panel that considered an appeal by a Chicago lawyers' group (see Inman News).  more...

Joint venture gains 2,000-plus apartment units

By Inman News, Tuesday, March 18, 2008.

A joint venture between Post Investment Group LLC and a New York-based private equity firm today announced its acquisition of the massive Broadway Square Apartments in Houston, Texas, for an undisclosed price.

The property, which comprises 2,469 multifamily units, is located at 8751 Broadway Blvd. on a 69-acre lot directly adjacent to Hobby Airport. It was sold by the asset's original owner and developer Harold Farb.  more...

Florida shopping center sells at $11M

By Inman News, Tuesday, March 18, 2008.

Brokerage Marcus & Millichap recently arranged the sale of Victoria Square in Deland, Fla., for a price of $11 million.

A local attorney sold the 113,050-square-foot shopping center to Southeastern Realty Group Inc.

Located at 1710 S. Woodland Blvd., the property is situated on a nearly 14.9-acre lot along the main retail corridor in Deland, home to Stetson University and just a short drive from Daytona Beach and Orlando.  more...

Houston mid-rise purchased by LLC

By Inman News, Tuesday, March 18, 2008.

Rockwell Management Corp. recently purchased a six-story office building in Houston, Texas, free and clear of existing debt.

The property, located at 12605 East Freeway, comprises 85,506 square feet and is situated on a 2.6-acre site along Interstate Highway 10.

Locally based Bayview USA Holdings LLC purchased the facility, which was renovated between 2000 and 2003.

At the time of sale, the property was 82 percent leased to Bank of America, The State of Texas, and Jim Adler P.C.  more...

Fed's short-term rate cuts fuel stock market rally Premium Content

By Matt Carter, Tuesday, March 18, 2008.

The Federal Reserve today cut 75 basis points from two key short-term interest rates -- a move that in less turbulent times would have been viewed as a drastic measure, but which fell short of some investors' expectations for a full 1 percent cut.

The Fed's actions fueled a stock market rally, but aren't expected to have an impact on long-term interest rates like mortgages until investors who fund loans return to the secondary market where they are bought and sold.  more...

What's the trouble now?

By Jessica Swesey, Tuesday, March 18, 2008.

As expected, animators having a blast poking fun at the housing bubble. Here's one we just found from Dave Girtsman on YouTube. (Hat tip to Corey Scholtka from BuyHomes for digging it up on Twitter.)

Warning: This song will get stuck in your head.  more...

PMI needs capital to keep ratings required by Fannie, Freddie Premium Content

By Inman News, Tuesday, March 18, 2008.

Private mortgage insurer PMI Group Inc. acknowledged it will need to raise "significant additional capital" in order to continue writing new business after posting a $1 billion net loss in the fourth quarter -- much of it through its ownership stake in troubled bond insurer FGIC Corp.

Although PMIs own mortgage insurance operations generated a $236 million net loss in the final quarter of 2007, it was the company's 42 percent stake in FGIC that put the biggest dent in the company's bottom line, accounting for $776.1 million of the net loss for the quarter. PMI's net loss for the full year was $915.3 million.  more...

Homes & Land, Prudential announce data-sharing deals

By Inman News, Tuesday, March 18, 2008.

Real estate franchise network Prudential Real Estate Affiliates Inc. and media company Homes & Land have announced agreements to distribute property listings information for display at third-party online real estate sites.

Homes & Land, which publishes several print magazines and operates the HomesAndLand.com Web site, which targets affluent home buyers, announced an agreement to feed all of the HomesAndLand.com property listings to real estate marketing and valuation site Zillow.com.  more...

Housing starts, permits lowest since 1991 Premium Content

By Inman News, Tuesday, March 18, 2008.

The rate of single-family housing starts and single-family building permits authorized dropped for the 11th consecutive month in February, falling to the lowest level since January 1991, the U.S. Census Bureau and Department of Housing and Urban Development reported today.

The seasonally adjusted annual rate of single-family housing starts was 707,000 in February, down about 40.5 percent compared to February 2007, and the rate of single-family building-permit authorizations fell about 41.9 percent compared to February 2007. This rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity.  more...

That other Princeton economist

By Matt Carter, Tuesday, March 18, 2008.

A "must read" Fortune interview with Princeton economist and NYT columnist Paul Krugman on the mortgage crisis at CNNMoney.com (hat tip to Calculated Risk). Krugman is considerably more pessimistic than many industry economists (and perhaps, his former colleague at Princeton, Ben Bernanke). Bullet points, bad news first.

Bad:  more...

Nightly real estate rates tumble

By Inman News, Tuesday, March 18, 2008.

Long-term mortgage interest rates were down again Monday, and the benchmark 10-year Treasury bond yield sank to 3.31 percent.

The 30-year fixed-rate average dropped to 5.74 percent, and the 15-year fixed rate fell to 5.09 percent. The 1-year adjustable rate dipped to 5.07 percent.

The 30-year Treasury bond yield decreased to 4.27 percent.

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

Cost to remove backyard oil tank soars to $11K

By Paul Bianchina, Tuesday, March 18, 2008.

Q: I had a contractor give me a quote of $2,850 to remove an old oil tank. When they were done, they had ruined my backyard, and their bill was more than $11,000. I feel victimized, but don't know where to turn. Thanks. --Roger A.

A: Without knowing the specifics of your agreement with the contractor, it's difficult to imagine how they got from $2,800 to $11,000. However, generically here are my suggestions:  more...

Listing agent concealed major furnace defects

By Barry Stone, Tuesday, March 18, 2008.

Dear Barry,  more...