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Regional, statewide MLS efforts proceed in California Premium Content

By Glenn Roberts Jr., Tuesday, March 4, 2008.

Even as the California Association of Realtors pursues a statewide real estate data-sharing effort that could evolve as a statewide multiple listing service, regional collaborations among multiple listing services are pushing forward with their own plans.  more...

Mar

4
2008

The "no bailouts" road show

By Matt Carter, Tuesday, March 4, 2008.

The Bush administration is taking its "I'm OK, you're OK, and the U.S. housing meltdown is not a threat to the global economy" road show to California this week, with HUD Secretary Alphonso Jackson today promising members the Commonwealth Club of San Francisco that the (temporary) increase in FHA loan limits will help 33,000 home owners in the Golden State.  more...

Redfin rolls out Web metrics tools for sellers

By Inman News, Tuesday, March 4, 2008.

Redfin Corp., a real estate company that offers deep rebates to buyers and flat-fee services for sellers, today announced tools that allow its seller clients to view neighborhood property statistics and compare Web traffic for their home to that of other area homes for sale.  more...

New franchise builds buzz around brand Premium Content

By Glenn Roberts Jr., Tuesday, March 4, 2008.

Bug Realty's marketing plan is all about buzz -- and not the sound that bees make.

The company seeks to stir up consumer interest from its branded Volkswagen Beetles painted like ladybugs, its line of promotional clothing with the word "bug" on the chest, and its customized Apple iPhones in a ladybug motif: red with black spots.  more...

Fed chief: Give servicers more leeway to do workouts Premium Content

By Inman News, Tuesday, March 4, 2008.

With many homeowners "under water" on their mortgages, loan servicers need to make more permanent loan modifications -- including write-downs of principal -- rather than relying on temporary repayment plans, Federal Reserve Chairman Ben Bernanke said Tuesday.

Loan servicers are missing opportunities to engage in workouts that are in the best interests of both lenders and borrowers, Bernanke said, and investors could prevent foreclosures if they allowed loan servicers to act in their own self interests.  more...

Manhattan skyscraper commands $310 million

By Inman News, Tuesday, March 4, 2008.

SL Green Realty Corp. today announced the sale of 1250 Broadway in Manhattan, N.Y., for a price of $310 million, or approximately $463 per square foot.

Located conveniently near Penn Station on Broadway at 31st Street, 1250 Broadway is a 39-story, 670,000-square-foot office tower, boasting an occupancy rate of 99 percent.

According to a press statement, the sale to Murray Hill Properties is expected to close during the second quarter of 2008, subject to customary closing conditions.  more...

TIAA Building sells in Broomfield

By Inman News, Tuesday, March 4, 2008.

Panattoni Development Co. LLC recently sold the TIAA Building in Broomfield, Colo., for an undisclosed price.

The single-tenant property, purchased by a private investor, is located at 11525 Main St. It features approximately 93,000 square feet of rentable area, and is situated within the Broomfield Corporate Center.

Built in 2001, the TIAA Building features 18-foot ceilings, large truck courts, drive-in loading and a parking lot with 283 spaces.  more...

EastGroup buys North Carolina portfolio

By Inman News, Tuesday, March 4, 2008.

EastGroup Properties on Monday announced the acquisition of a portfolio of properties in metropolitan Charlotte, N.C., for a purchase price of $41.9 million.

The portfolio consists of five buildings with 669,000 square feet in four different locations and 9.9 acres of developable land. In total, the buildings were 86 percent leased at the time of sale to 14 customers.  more...

Trulia, Windermere Real Estate announce advertising partnership

By Inman News, Tuesday, March 4, 2008.

Seattle-based Windermere Real Estate has entered into an advertising deal with online real estate search and marketing company Trulia announced to boost the search placement of the company's property listings at the Trulia.com site.

Windermere listings will appear as "Featured Listings" in the top three search results when consumers search for homes that have matching criteria, the companies announced this week.  more...

Thornburg swings $1 billion deal to stave off margin calls

By Inman News, Tuesday, March 4, 2008.

Jumbo lender Thornburg Mortgage said Monday it put up nearly $1 billion in loans as collateral in a deal that allows the company to meet margin calls it's faced during the breakdown in the secondary market for mortgage-backed securities.  more...

Nightly real estate rates higher

By Inman News, Tuesday, March 4, 2008.

Long-term mortgage interest rates increased Monday, and the benchmark 10-year Treasury bond yield was up at 3.56 percent.

The 30-year fixed-rate average rose to 5.82 percent, and the 15-year fixed rate gained to 5.17 percent. The 1-year adjustable rate dove to 4.39 percent.

The 30-year Treasury bond yield increased to 4.43 percent.

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

FHA appraisers are not home inspectors

By Barry Stone, Tuesday, March 4, 2008.

Dear Barry,

In one of your articles, you painted an inaccurate picture of FHA appraisers. I agree that home inspectors are more qualified than appraisers to identify defects in a home, but FHA appraisers also have a role in identifying some of these problems.  more...

Don't clean deck with pressure washer

By Paul Bianchina, Tuesday, March 4, 2008.

Q: We just cleaned our cedar deck with a product that smells like bleach. We also used a pressure washer (before reading in your column that we probably shouldn't) and now the deck is gray and fuzzy. We also put on a coating of Thompson's Water Seal, but it didn't help. Is there anything we can do now to make the deck look better? --Gary B.  more...