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NAR considers new short-sale disclosure rules Premium Content

By Glenn Roberts Jr., Wednesday, April 23, 2008.

In response to the rising tide of short-sale properties and foreclosures, a National Association of Realtors committee that meets next month is expected to consider new rules to better describe the status of properties in Realtor-affiliated multiple listing services.  more...

When dorm opens, teen wants out of lease

By Robert Griswold, Wednesday, April 23, 2008.

Q: Several weeks ago my 18-year-old niece signed a one-year lease contract to room with several students at a privately owned rental condo and gave them the first month's rent and a portion of the security deposit. A few days later she changed her mind and doesn't actually want to move in because our local university informed her that a dorm facility right on campus was available.  more...

Roommate furious after surprise police search

By Janet Portman, Wednesday, April 23, 2008.

Q: I share an apartment with another guy. The police showed up at our door last night, saying that a nearby apartment had been burglarized and asking to be let in to look around. I said OK, and they came in, looked around, and left. My roommate, who wasn't home, is furious with me, and said I had no right to allow the cops to enter. What do you think? --Paul M.  more...

No real benefit to paying off mortgage

By Benny Kass, Wednesday, April 23, 2008.

Q: Our condominium unit is now worth approximately $350,000, and we owe only $25,000 on our mortgage. We are from the old school, and want to own this property free and clear. We have the money, and are considering paying off the loan. Is this a good idea, and if so, how do we go about making sure that it is done correctly?

A: The old school is a reference to our parents (or grandparents) who lived through the recession in the 1930s. Because the stock market crashed, and lots of people were unemployed, those who owned their home free and clear of any debt at least had a roof over their head and did not have to sleep in the streets or under the bridges.  more...

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2007: A year to forget

By Matt Carter, Wednesday, April 23, 2008.

Another item from my inbox today, a press release from the San Francico Association of Realtors, presented without comment (other than this link to San Francisco market trends from Trulia that suggests why you'd want to look back two years instead of one):

MEDIAN SALE PRICE OF SAN FRANCISCO SINGLE-FAMILY DWELLINGS AND CONDOMINIUMS CONTINUE RISE

Data Shows $30,000 Increase From March 2006 To March 2008  more...

Go ahead: ask what your country can do for you

By Matt Carter, Wednesday, April 23, 2008.

Ever heard of HUD's "Officer Next Door Home Sales Program"? It offers police officers a 50 percent discount off the list price of homes in "revitalization areas" from HUD's inventory of REO properties (OK, no disparaging remarks about how it's always been your dream to live in a revitalization area).  more...

Seagis buys in South Florida

By Inman News, Wednesday, April 23, 2008.

Seagis Property Group today announced it has purchased a 92,000-square-foot industrial facility in Deerfield Beach, Fla., for an undisclosed price.

The building, located at 400 Goolsby Blvd., is situated in Broward County and is within a mile of Interstate 95.

An unidentified entity sold the property at 100 percent occupancy, housing two tenants.

The acquisition increases the company's South Florida holdings to 74 buildings, totaling more than 4.1 million square feet.  more...

$6.5M San Diego County industrial sale

By Inman News, Wednesday, April 23, 2008.

Brokerage Grubb & Ellis/BRE Commercial on Tuesday announced it arranged the sale of a 51,000-square-foot industrial building in Santee, Calif., for $6.5 million.

Bardon Cabinets sold the property to Quality Controlled Manufacturing, which will operate a machine shop in the building.

The property, located at 9429 Abraham Way, is situated on a three-acre lot.  more...

PBS&J inks lease, plans relocation

By Inman News, Wednesday, April 23, 2008.

Transwestern Atlanta today announced that Post, Buckley, Schuh & Jernigan has signed a 73,717-square-foot office lease at RiverEdge Summit in Atlanta, Ga.

PBS&J, a U.S.-based firm specializing in architecture, construction and engineering, is relocating from Powers Point and will occupy its new space in December.

According to a press statement, the lease brings the building's occupancy level to 97 percent.  more...

It doesn't have to be this way...

By Matt Carter, Wednesday, April 23, 2008.

The vicious circle of falling prices and rising delinquencies rages on in many markets, with DataQuick reporting yesterday that one in three existing home sales in California during the first quarter involved a foreclosed property. The percentage was even higher -- as many as two out of three homes -- in some markets (see story).  more...

Loan servicers treading water Premium Content

By Matt Carter, Wednesday, April 23, 2008.

Three quarters of seriously delinquent subprime borrowers were not headed for any loss mitigation outcome other than foreclosure at the end of January, state banking regulators and attorneys general said in a report that analyzes the lending industry's loss mitigation efforts.  more...

Estately secures $450,000 in funding

By Inman News, Wednesday, April 23, 2008.
Searching for-sale listings on Estately.com

Estately Inc., a Seattle-based real estate brokerage company that offers a map-based property-search platform, announced that it has received in $450,000 from "a small group of online entrepreneurs."

The company, which launched as ShackPrices.com in December 2006, works on a referral basis by connecting consumers with real estate professionals at other brokerage companies. The company charges a 20 percent referral fee.  more...

PropertyShark reveals 411 on homeowners

By Inman News, Wednesday, April 23, 2008.

PropertyShark.com, a real estate data site, has developed a tool that allows real estate professionals and others to quickly develop lists of property owners and contact information based on user-specified criteria.

The ListBuilder tool also allows users to create mailing labels based on the customized lists.  more...

Rising rates cut into home loan apps

By Inman News, Wednesday, April 23, 2008.

Home loan application volume sank 14.2 percent last week on a seasonally adjusted basis from one week earlier as interest rates climbed considerably, the Mortgage Bankers Association reported today.

According to the trade group, the decrease was led by a 20.2 percent drop in the index that tracks refinancings, followed by a 6.4 percent decline in purchase loan applications.  more...

Real estate rates slip overnight

By Inman News, Wednesday, April 23, 2008.

Long-term mortgage interest rates dipped again Tuesday, and the benchmark 10-year Treasury bond yield fell to 3.69 percent.

The 30-year fixed-rate average sank to 5.79 percent, and the 15-year fixed rate fell to 5.39 percent. Meanwhile, the 1-year adjustable rate slipped to 5.73 percent.

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

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