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Management team departs from eNeighborhoods Premium Content

By Glenn Roberts Jr., Monday, May 12, 2008.
ENeighborhoods co-founder Stu Siegel

A core team of founders and managers has resigned from eNeighborhoods, a real estate technology company that provides neighborhood information and other data services and tools for real estate professionals.

Company co-founders Stu Siegel and David Meyer, along with the company's general manager and technology manager, have resigned.  more...

PMI Group trims losses to $274 million

By Inman News, Monday, May 12, 2008.

Mortgage insurer PMI Group Inc. said it lost $274 million in the first quarter, compared with a $102 million profit a year ago.

Most of the losses -- $172.5 million -- stemmed from U.S. mortgage insurance operations, while another $88 million was related to the company's investment in bond insurer FGIC Corp.

PMI Group's mortgage insurance operations include PMI Mortgage Insurance Co. and affiliated mortgage insurance and reinsurance companies, plus equity in earnings from a joint venture, CMG Mortgage Insurance Co.  more...

Unpermitted upgrades put seller in pickle

By Barry Stone, Monday, May 12, 2008.

Dear Barry,

In past articles you've mentioned "as-built permits" for additions and alterations that were done without building permits. I have a property that was totally renovated -- new electrical, plumbing, heating, and roof -- all done without permits. I'm going to list the property for sale and want to know if an as-built permit is a good idea before I sell. Could you explain how this works? --Lou

Dear Lou,  more...

May

12
2008

Agents trade gas guzzlers for 'Easy Rider'

By Glenn Roberts Jr., Monday, May 12, 2008.

The Morning News of Northwest Arkansas reports that some agents are battling high gas prices with two wheels.

"Obviously, I can't take clients house hunting on the back of my bike, but I do a lot of scouting, previewing, flyer running and business related errands on a daily basis," said Tami Fagan, a Realtor in Fayetteville, Ark., who has increasingly traded her Mazda minivan for a motorcycle in her real estate work, in the article.  more...

Three Fountains Plaza purchased by LLC

By Inman News, Monday, May 12, 2008.

A 41,450-square-foot retail center in West Columbia, S.C., has sold to a limited liability company for $3.2 million.

Three Fountains Plaza, purchased by Three Fountains Plaza -- Columbia LLC, is situated on 4.2 acres at the intersection of Platt Springs Road and Emmanuel Church Road.

Greensboro, N.C.-based T. Cooper James & Associates sold the property, which was anchored by Food Lion and Family Dollar Store at the time of sale.  more...

Fifth Third Bank building bought near Chicago

By Inman News, Monday, May 12, 2008.

A private investor participating in the Grubb & Ellis Wealth Management program has acquired the Fifth Third Bank Building in Schaumburg, Ill., for an undisclosed amount.

Located at 2580 W. Schaumburg Road, the newly constructed building is comprised of more than 4,000 square feet of rentable space situated on more than one acre of land. Solely leased to Fifth Third Bancorp, the property includes four drive-thru teller lanes, as well as 28 parking spaces.  more...

IndyMac cuts losses but market share slips Premium Content

By Inman News, Monday, May 12, 2008.

IndyMac Bancorp Inc. said it cut losses by 64 percent during the first quarter, to $184 million, but doesn't expect to return to profitability in 2008 as losses related to loans it made during the height of the boom mount.  more...

Standard Pacific hit by Q1 loss Premium Content

By Inman News, Monday, May 12, 2008.

Standard Pacific Corp. officials blamed declining home prices and increased sales incentives, in part, for $192.3 million in pretax impairment charges that contributed to a $216.4 million net loss for the quarter.

The quarterly loss reported today, which amounted to a loss per share of $3.34, compares with a net loss of $40.8 million in first-quarter 2007 and a loss per share of 63 cents for that quarter.  more...

Barking up the wrong tree

By Matt Carter, Monday, May 12, 2008.

If sponsoring an event for dog lovers is a sophisticated way to drum up business for real estate agents (see post below), this Washington Times story suggests the perils of a more blunt marketing technique: spamming.  more...

Barking up the right tree

By Matt Carter, Monday, May 12, 2008.

Why is San Francisco Bay Area luxury real estate firm Pacific Union GMAC Real Estate sponsoring "Save Your Dog Day" -- an event where dog owners can get a microchip implanted in Fido and a "rabies shot and amnesty" for unlicensed pooches?

Well, it's "a fun and helpful community event that brings people and their pets together" and Pacific Union is proud to be the sponsor, the company says in a press release.  more...

Inman News wins three journalism awards

By Inman News, Monday, May 12, 2008.

Inman News brought home three prestigious real estate journalism awards last week for best real estate Web site, best mortgage report online and second place for best residential real estate report online.

The National Association of Real Estate Editors announced the winners of its 58th Annual Journalism Awards on Friday at a conference in Dallas. For over half a century, NAREE's awards program has recognized excellence in reporting, writing and editing stories about both residential and commercial real estate and building.  more...

Real estate rates end night lower

By Inman News, Monday, May 12, 2008.

Long-term mortgage interest rates sank again Friday, and the benchmark 10-year Treasury bond yield fell to 3.77 percent.

The 30-year fixed-rate average slipped to 5.69 percent, and the 15-year fixed rate fell to 5.28 percent. Meanwhile, the 1-year adjustable rate dipped to 5.85 percent.

The 30-year Treasury bond yield sank to 4.52 percent.

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