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May

30
2008

Where's the beef in Case-Shiller attacks?

By , Friday, May 30, 2008.

In back-to-back Inman News columns, Bernice Ross wades into the controversy over the reporting of home price statistics.  more...

Tampa buildings sell for $15M

By Inman News, Friday, May 30, 2008.

Brokerage Marcus & Millichap today announced it arranged the sale of President's Plaza and Corporex Plaza, totaling an aggregate 135,818 square feet, in Tampa, Fla.

The sales price was nearly $15.1 million.

A New Jersey-based private partnership purchased the office facilities from an affiliate of The Leder Group. President's Plaza, located at 4801 and 4803 George Road, comprises 41,513 square feet in two single-story buildings. Corporex Plaza, located at 3902 and 3904 Corporex Park Drive, is comprised of three buildings totaling 94,305 square feet.  more...

Public Storage lands SoCal facility

By Inman News, Friday, May 30, 2008.

Public Storage Inc., a global owner and operator of self-storage facilities, has added another property to its portfolio with its latest San Diego County purchase.

The company paid an undisclosed price for Carlsbad Village Self Storage, which is located at 3235 Tyler St. in Carlsbad, Calif.  more...

Finding Your Religion with Real Estate Searches

By , Friday, May 30, 2008.

StopWandering.com, a Web site now in beta, allows users to real estate listings in proximity to synagogues in the United States. Another site, ShalomHome.com, offers referrals to real estate professionals who offer to guide clients to synagogues and other resources in a community.  more...

Lousy numbers escape recession dunce cap

By Lou Barnes, Friday, May 30, 2008.

After six weeks in a narrow range, a little not-so-bad economic news blew long-term rates to the highs of 2008: the 10-year Treasury to 4.13 percent (the first time above 4 percent since New Year's) and low-fee mortgages to 6.375 percent. Both of those yields are better this morning, but we will not see five-something mortgages again without a new round of bad economic reports.

The psychology-reversing news came in two pieces. The rout started on Wednesday with the report of April orders for durable goods: down 0.5 percent, overall, but ex-transportation (airplanes and autos) up 2.5 percent, and "non-defense capital goods" plus 4.5 percent. Yesterday's coup de grace:   more...

Complex loans more costly for borrowers

By Inman News, Friday, May 30, 2008.

Complex loan arrangements raise the cost of borrowing for home buyers. Loans made by mortgage brokers are more expensive than those originated by direct lenders. Fees for title services can vary considerably. Almost half of real estate agents charge less than 6 percent commissions.  more...

Florida regional MLS opens public search

By Inman News, Friday, May 30, 2008.

Regional Multiple Listing Service of Florida, which operates in the Palm Beaches and Treasure Coast region, is putting participants' property listings up for public review at a new Web site, HomeToFlorida.com.

Based in Palm Beach Gardens, Fla., RMLS has about 12,700 subscribers who operate 2,535 real estate offices in the region. The new Web site features about 40,000 property listings.  more...

Trulia gets snapshot-happy

By Inman News, Friday, May 30, 2008.
Browse photographs and details of properties for sale in the United States using Trulia Snapshot.

Real estate site Trulia.com has launched a new visual aid for property searches, dubbed Trulia Snapshot.

The visual search tool pulls out a handful of map-linked property photos in a given area and allows users to customize the selected properties based on a price range or whether the listing is stale or fresh.  more...

Mortgage insurers report surge in defaults

By Inman News, Friday, May 30, 2008.

A major lender's change in reporting policies helped drive a 71.2 percent annual increase in defaults reported in April by major mortgage insurance companies, but represents a "one-time adjustment" in a market that "is returning to fundamentals," an industry group said.

In a monthly report, the Mortgage Insurance Companies of America said its members reported 73,880 defaults in April, up from 43,161 a year ago and also besting the previous 12-month high of 68,950 seen in January.  more...

April sees record home loan workouts

By Inman News, Friday, May 30, 2008.

Members of the HOPE NOW coalition of mortgage loan servicers say they arranged workouts with 183,000 troubled borrowers in April -- a 14 percent increase from March and the largest monthly total since the program was launched in July 2007.  more...

One in five renters wants to buy a home in next year

By Inman News, Friday, May 30, 2008.

Nearly one in five renters plans to buy a home in the next year, and 40 percent don't plan on being renters two years from now, according to a survey commissioned by the National Apartment Association.

Some 17 percent of renters said they planned to buy a home within the next year, and 25 percent said they planned to look for a new rental. Only 50 percent said they planned to continue to rent their current residence for longer than a year, and another 13 percent were not sure what they would do.  more...

California MLS prepares for launch

By , Thursday, May 29, 2008.

Board members for California MLS, a nonprofit, wholly owned subsidiary of the California Association of Realtors, will soon begin the process in selecting a vendor to operate a statewide property information database that could become the default MLS system for Realtors.

The CALMLS board, appointed this month by California Association of Realtors officers, has 17 members who are all real estate agents or brokers and is led by Mike Silvas, broker-owner of Napa-based Morgan Lane Inc.

Silvas, who had served on an MLS task force for the state Realtor group also served as a member of the board of directors for Real Estate Business Technologies, another subsidiary of the state Realtor association, said CALMLS represents a "historic opportunity" for industry participants.  more...

Where's the beef in home-price reports?

By Bernice Ross, Thursday, May 29, 2008.

(This is Part 2 of a two-part series. Read Part 1, "Put a gag on Chicken Little.")

The Case-Shiller Index portrays itself as being "the leading measure of U.S. home prices," according to a Standard & Poor's press release from April. Given how much press the index receives, it may very well be the leader -- the leader in inaccuracy.  more...

Deck-staining that can't fail

By Paul Bianchina, Thursday, May 29, 2008.

Q: I have a deck that was built in October 2006. Does it need to be stained this soon? This will be my first deck-staining experience, and I was also wondering what things to be aware of, and if there are any suggestions for easier application, especially on the posts and railings. --Margaret M.

A: Staining a deck offers lots of advantages, and I recommend doing a new deck as soon as the wood has dried and settled in. Yours could be done at any time the weather conditions are appropriate, and should be repeated every couple of years, depending on weather conditions.  more...

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