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Feds indict 20 in foreclosure rescue schemes

By Inman News, Monday, March 24, 2008.

Federal officials announced the indictments of 20 people Thursday in two California-based foreclosure rescue and equity-stripping schemes that allegedly netted more than $12 million from more than 100 victims who were left without their homes.

A 33-year-old Los Angeles resident, Charles Head, is accused of orchestrating both schemes, which allegedly used straw buyers to obtain title to the homes of troubled borrowers.  more...

Stop, drop and focus

By Inman News, Monday, March 24, 2008.
Merlin Mann

Advancements in communications and technology have created lots of efficiencies, but at the same time have sent many people spinning in a 24/7 world of e-mail, instant messages and cell phone calls.

Real estate professionals know this all too well -- living an "always on" lifestyle can leave a person stressed, anxious and perpetually under the gun.  more...

What's causing drafty kitchen cabinet?

By Paul Bianchina, Monday, March 24, 2008.

Q: We're trying to deal with a couple of drafts in the home we're updating. We have a microwave over the stove with a metal exhaust pipe that runs through the upper cabinet. It's on an interior wall, but we get a terrible draft through that cabinet. How do I cut down on the cold air? Is it safe to wrap the metal vent with insulation? --Erin K.  more...

You break it, you buy it

By Barry Stone, Monday, March 24, 2008.

Dear Barry,  more...

Mar

24
2008

Zillow founder is now behind GlassDoor

By Glenn Roberts Jr., Monday, March 24, 2008.

Zillow and Expedia founder Richard Barton is the founder and chairman of the board for a new startup company that is based in the San Francisco Bay Area.

GlassDoor.com is "led by ex-Expedia and Microsoft executives (who) have a history of using new technology to rewire old industries."  more...

Best Buy to occupy nearly 500,000 square feet

By Inman News, Monday, March 24, 2008.

Electronics retailer Best Buy has leased nearly 500,000 square feet of warehousing space in Perth Amboy, N.J., according to a recent announcement.

The value of the transaction was not disclosed.

The lease, which totals 499,863 square feet, covers Building II within the Amboy Corporate Center, which is currently under construction.

When completed, Amboy Corporate Center will comprise two buildings totaling 1.1 million square feet on 64 acres.  more...

Pennsylvania's Twelve Trees deal closes

By Inman News, Monday, March 24, 2008.

The Twelve Trees Apartments in Paxton Township, Pa., have sold in an all-cash deal for $9.3 million, brokerage The Kislak Co. Inc. announced today.

Representing both the buyer, LCL Equities, and the seller, Paxton Hills Associates Ltd., in the transaction, Kislak said the 136-unit multifamily complex comprises three two-story buildings containing 60 units and six two-story buildings containing 76 townhomes, made up of one-, two- and three-bedroom units.  more...

Buyer takes Houston's Binz Building

By Inman News, Monday, March 24, 2008.

Brokerage Holliday Fenoglio Fowler L.P. recently announced that it closed the sale of the mid-rise Binz Building in downtown Houston for an undisclosed price.

Royal Investors Group LLC purchased the office property free and clear of debt from RPD Catalyst.

Comprising 119,436 square feet, the Binz Building features 13 stories of office space that was 89 percent leased at the time of sale to tenants that included MCIMetro and Grande Communication Network. Also included is an eight-level, 457-space, attached parking garage.  more...

NAR moves on Realtor credit union plans Premium Content

By Glenn Roberts Jr., Monday, March 24, 2008.

The National Association of Realtors has submitted its application for a Web-based credit union that could deliver a range of financial services to members, including mortgage, auto and business start-up loans, Realtor-branded debit cards, personal and business checking and savings accounts, and money market accounts, among other offerings.

This proposed credit union, which has a working title as the Realtors Federal Credit Union, would be open to the estimated 1.2 million members of the association, Realtor-affiliated staff members and their families.  more...

California housing market sees more declines

By Inman News, Monday, March 24, 2008.

California home sales decreased 28.5 percent in February compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the California Association of Realtors reported today.  more...

Existing-home sales end six-month skid in February

By Inman News, Monday, March 24, 2008.

Sales of previously owned homes hit an adjusted annual rate of 5.03 million in February, which was down 23.8 percent compared to the same month last year but was up slightly from January 2008, ending a six-month slide, the National Association of Realtors reported today.  more...

Reap what you sow

By Matt Carter, Monday, March 24, 2008.

With a half-whimsical, half-official sounding name -- PennyMac -- plus backing from investment management firm BlackRock and a 27-year Countrywide Financial veteran, Stanford Kurland at the helm, a new company that will buy up distressed mortgages is guaranteed to at least stir up some controversy and make headlines, if not gobs of money.  more...

Home Loan Banks get green light for agency MBS purchases

By Inman News, Monday, March 24, 2008.

More than 8,000 members of the Federal Home Loan Bank System will be allowed to double their purchases of mortgage-backed securities backed by Fannie Mae and Freddie Mac, providing more than $100 billion in additional liquidity over the next two years, regulators said today.  more...

A Very Creamy Carnival of Real Estate

By Joel Burslem, Monday, March 24, 2008.

Easter means different things to different people - but to me, it always meant one thing as a kid. Chocolate.

More importantly, a creamy fondant interior covered by a thick milk chocolate shell. Yes, I'm talking about that pocket-sized sugar bomb that is the Cadbury Creme Egg.  more...