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Home buyer sues when appraiser misses leaky roof

By Tom Kelly, Tuesday, May 13, 2008.

It's been more than 13 years, but "the leaky roof" case in Washington state is still at the top of the list when it comes to defining and understanding the basic responsibilities of appraisers and inspectors. It's also become the prime ammunition used by defense attorneys in seeking restitution for their clients.  more...

Seniors, leave apartment painting for the pros

By Bill and Kevin Burnett, Tuesday, May 13, 2008.

Q: What is the cheapest, quickest way to paint a full studio apartment? I am a senior with limited physical and financial resources.

My problem is common to many urbanites: In San Francisco, landlords are not obliged to repaint apartments, no matter how long the tenant has lived there. So they don't. Many of us have grown out of our places, but because of rent control and high rents elsewhere, moving is not a viable option.

Here are some of the things I need to know:  more...

FBI boosts mortgage fraud caseload Premium Content

By Inman News, Tuesday, May 13, 2008.

The FBI had more than 1,200 mortgage fraud investigations open at the end of fiscal year 2007, a 47 percent increase from the previous year but still a small fraction of suspected cases.

The number of suspicious activity reports (SARs) filed by banks detailing suspected mortgage fraud incidents grew 31 percent during the same period, to 46,717.  more...

And the Lifetime Achievement Award goes to ...

By Kris Berg, Tuesday, May 13, 2008.

"What a babe!" I said.

"He's so old!" she countered.

This was the exchange my daughter and I had while watching the most recent (2,895th) Annual Academy Awards. Sure, this was months ago, but I am still stinging from my youngest one's carbon-dating methods. And the object of my art appreciation wasn't Martin Scorsese or even Jack Nicholson.  more...

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Stormy seas or smooth sailing for real estate search?

By Glenn Roberts Jr., Tuesday, May 13, 2008.

There are quite a few maritime references in a paper about the state of online real estate search, and even a reference to "a sea-lion coming over the next wave" as a parallel to the industry standby "lion over the hill" metaphor for new competitors in the real estate arena.  more...

Job market to boost Houston apartment demand

By Inman News, Tuesday, May 13, 2008.

Houston is forecast to lead the nation in employment growth for the third consecutive year, creating migration-related demand and benefiting local apartment properties, according to a first-quarter Apartment Research Report by commercial brokerage Marcus & Millichap.

The metro's healthy energy and construction sectors generated nearly 100,000 new positions in 2007 and will fuel economic expansion this year, the report found.  more...

Maryland business park sells at $120 PSF

By Inman News, Tuesday, May 13, 2008.

Cohen Cos. sold a nine-building mixed-use portfolio in Lanham, Md., for a price of $68 million, brokerage Transwestern announced today.

The property, Washington Business Park, comprises 565,991 square feet in two office buildings and seven flex buildings.

BECO Management Inc. purchased the 47.6-acre property at 89 percent occupancy. Among the tenants were CACI Enterprise Solutions, Verizon Directories Services and Science Applications.  more...

Old Navy, Fresh & Easy sign NorCal leases

By Inman News, Tuesday, May 13, 2008.

Terranomics Retail Services on Monday announced it brokered three new retail lease transactions in the Sacramento, Calif., metro area.

Two transactions were signed in the city of Galt, one for a Fresh & Easy Neighborhood Market's long-term ground lease of 60,000 square feet with plans for an approximately 14,000-square-foot store to open in November, and the other for Tractor Supply's build-to-suit lease of a 21,000-square-foot building plus an approximately 22,000-square-foot outdoor area to open in January 2009. Newmark Realty Capital Inc. owns the property.  more...

Report: Real estate search strategy lacks vision Premium Content

By Inman News, Tuesday, May 13, 2008.

A wide range of property-search Web sites is available to consumers -- including those set up by multiple listing services, brokers and third-party aggregators -- and there are a lot of unknowns in selecting the best online strategy to market properties, according to a paper prepared by industry consultants.  more...

Senate considers $300 billion FHA expansion plan

By Inman News, Tuesday, May 13, 2008.

The fate of a plan to authorize the Federal Housing Administration to guarantee up to $300 billion in loans to help troubled borrowers refinance into more affordable mortgages could be decided Thursday by members of the Senate Banking Committee.

Committee Chairman Chris Dodd, D-Conn., has included his version of the FHA expansion approved by the House last week in his own bill, "The Federal Housing Finance Regulatory Reform Act of 2008."  more...

NAR: Median resale price falls at record rate Premium Content

By Inman News, Tuesday, May 13, 2008.

The National Association of Realtors reported today that 28 of 149 U.S. metro areas tracked had double-digit percentage declines in median resale single-family home prices in the first quarter compared to first-quarter 2007, and the overall median price dropped at a record annual rate.

One hundred of the metro areas had price declines, according to the report, while prices rose in 48 metro areas and remained flat in Honolulu.  more...

Real estate rates end night higher

By Inman News, Tuesday, May 13, 2008.

Long-term mortgage interest rates increased Monday, and the benchmark 10-year Treasury bond yield inched up to 3.8 percent.

The 30-year fixed-rate average rose to 5.74 percent, and the 15-year fixed rate gained to 5.32 percent. Meanwhile, the 1-year adjustable rate dipped to 5.83 percent.

The 30-year Treasury bond yield increased to 4.53 percent.

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

Hot-button election issues: abortion, gun control, FHA loan guarantees

By Matt Carter, Tuesday, May 13, 2008.

Writing for Huffington Post, Peter Dreier explores the politics behind last week's House passage of a sweeping housing bill. The bill would expand FHA loan guarantee programs by $300 billion, helping troubled borrowers refinance into more affordable mortgages and making permanent higher loan limits for FHA, Fannie Mae and Freddie Mac (see Inman News story).  more...