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Apr

22
2008

And it's all tied up so neatly...

By , Tuesday, April 22, 2008.

Have you ever marvelled at those succinct little plot synopses in the TV listings page? They are particularly a hoot when the author has to tackle the long list of improbable events that comprise a single episode of a daytime soap opera. Here's my attempt at summarizing a little drama that played out on the Web today:  more...

MLS and other acronyms

By , Tuesday, April 22, 2008.

The MLS data-scape -- and "namescape" -- is changing fast. Remember RE InfoLink, the Silicon Valley-area multiple listing service? That MLS was part of an effort -- dubbed the Northern California Real Estate Exchange or NCREX -- to consolidate with a group of other Northern California MLSs.

Two of the MLSs did consolidate, and then changed the name to MLSListings.  more...

EBay sues Craigslist

By Jessica Swesey, Tuesday, April 22, 2008.
EBay is suing Craigslist, an online classified advertising network in which the Internet auction company owns a minority interest, news sources reported Tuesday.

San Jose, Calif.-based eBay alleged in a lawsuit filed in Delaware that Craigslist's directors -- founder Craig Newmark and CEO Jim Buckmaster -- took actions that unfairly diluted eBay's economic interest in the company, according to news sources.  more...

Santa Ana's Bristol Center purchased

By Inman News, Tuesday, April 22, 2008.

Brokerage Marcus & Millichap recently announced the sale of the Bristol Center in Santa Ana, Calif., for a price of $5.7 million.

The retail property, located at 3001-3041 South Bristol St., includes an IHOP restaurant and two retail buildings on 2.5 acres.

A local developer purchased the asset from a family trust, according to a press statement.

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REIT's portfolio grows by 536 apartments

By Inman News, Tuesday, April 22, 2008.

Associated Estates Realty Corp., a real estate investment trust, today announced the purchase of The Belvedere and River Forest apartment communities located in the Richmond, Va., metro area for an undisclosed price.  more...

Four sales close at Bollinger Office Park

By Inman News, Tuesday, April 22, 2008.

Four properties valued at approximately $6 million have sold at the newly completed Bollinger Office Park in Newbury Park, Calif., brokerage Lee & Associates announced.

Two buildings, 3311 Old Conejo Road and 3307 Old Conejo Road, totaling approximately 3,387 square feet, were sold to Dr. Gary Zerlin. Dr. Zerlin, who operates an Ear, Nose & Throat (ENT) practice in Bakersfield, plans to open his second practice location in Bollinger Office Park.  more...

Anomaly or trend?

By , Tuesday, April 22, 2008.

OFHEO HPI FEB 08The Office of Federal Housing Enterprise Oversight (OFHEO) released its new monthly home price index today, which estimated that home prices were up about 0.6 percent between January and February. Of the nine Census tracts tracked by the index, the only ones that didn't see some appreciation were the the Mountain and South Atlantic tracts.  more...

Quarterly home-price declines seen in 36 states

By Inman News, Tuesday, April 22, 2008.

Home prices fell in 36 states during the three months ending in February, while 28 states saw year-over-year price declines, according to a house-price index compiled by First American CoreLogic.

The LoanPerformance House Price Index showed that three-month declines in the New York-White Plains, Philadelphia, Seattle, Detroit and Portland markets were steeper than the 12-month declines in these areas. In California and Florida, the pattern is reversed.  more...

Northern California MLSs forge alliance

By Inman News, Tuesday, April 22, 2008.

A group of four Northern California multiple listing services, which together represent 54,700 real estate professionals in 19 counties, have agreed to a data-sharing plan.

The initiative, announced this week, will allow members of participating MLSs to access the full features of other participating MLSs without paying additional subscription fees.  more...

Americans bet high on housing

By Inman News, Tuesday, April 22, 2008.

A recent survey from AOL Real Estate and Zogby International probed Americans' views on the constantly evolving real estate market, finding optimism in home ownership, despite current hardships.

More than half of the survey respondents said they believe home ownership is still attainable for most people, while 43 percent said they spend more than 30 percent of their household budget on housing, which according to the U.S. Department of Housing and Urban Development indicates they are "cost burdened."  more...

BofA to kill Countrywide's subprime, option ARM programs

By Inman News, Tuesday, April 22, 2008.

Bank of America officials told regulators today they plan to discontinue Countrywide Financial Corp.'s option ARM loan program and "significantly curtail" other nontraditional mortgages such as low-documentation loans "as soon is as practical" after closing a deal to acquire the company later this year.  more...

No bottom yet

By Inman News, Tuesday, April 22, 2008.

The March sales rate for resale homes dropped 19.3 percent and the median resale home price fell 7.7 percent compared to the same month last year, the National Association of Realtors trade group reported today.  more...

Real estate rates down overnight

By Inman News, Tuesday, April 22, 2008.

Long-term mortgage interest rates dipped Monday, and the benchmark 10-year Treasury bond yield rose to 3.73 percent.

The 30-year fixed-rate average sank to 5.83 percent, and the 15-year fixed rate fell to 5.42 percent. Meanwhile, the 1-year adjustable rate slipped to 5.77 percent.

The 30-year Treasury bond yield held at 4.49 percent.

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

RE/MAX sues First American

By , Tuesday, April 22, 2008.

A legal dispute between RE/MAX International Inc. and First American Residential Group Inc. over a $600,000-a-year marketing agreement has attracted the attention of Colorado regulators, who want to know more about how First American benefited from the deal and why it decided to pull the plug on the deal last year.

According a lawsuit filed by RE/MAX in March, First American paid the real estate franchisor more than $2.4 million over four years for the exclusive right to market its title insurance and related services to RE/MAX franchises and agents.  more...

Insect spray won't keep termites away

By Barry Stone, Tuesday, April 22, 2008.

Dear Barry,

My husband and I disagree over how to treat the termites in our home. For the past 27 years, he has sprayed poison wherever we've seen frass particles. I've heard that termites must be professionally exterminated, but he says that termites are a permanent problem in our area and that they will always return after extermination. What is your advice? --Ninel

Dear Ninel,

Here are some vital termite facts to help settle your domestic debate:  more...