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NAR: Commercial real estate investment drops in Q1 Premium Content

By Inman News, Friday, May 16, 2008.

Commercial real estate conditions are uneven across the country and vary notably in some areas, according to a commercial real estate update and forecast presented in Washington, D.C., this week at the National Association of Realtors Midyear Legislative Meetings & Trade Expo.  more...

Nielsen Co.'s lease tops $10M

By Inman News, Friday, May 16, 2008.

The Nielsen Co., a global information and media company, has signed a 90-month lease for class A office space in San Diego's Sorrento South Corporate Center, brokerage Cushman & Wakefield announced today.

The value of the transaction was $10.7 million.

The company, which is currently located within Sorrento Towers North, will move into its new space at 9276 Scranton Road in the third quarter of 2008. Nielsen will occupy 36,387 square feet.  more...

Six industrial deals sealed in Orange County

By Inman News, Friday, May 16, 2008.

Voit Commercial Brokerage this week announced it closed six industrial sale transactions totaling $18.6 million in Orange County, Calif.

In the first transaction, M2 properties, a Los Angeles-based real estate development company, sold five office and industrial condominiums at Von Karman Center totaling 19,245 square feet for $5.5 million. The property is located at 16782 Von Karman Ave. in Irvine.  more...

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Commentary: NAR economist takes the uber-rosy road

By Jessica Swesey, Friday, May 16, 2008.

Remember the infamous "Mission Accomplished" photo op President Bush took in 2003 in his flight gear giving the thumbs up on the he war in Iraq?

That was the image that came to mind after reading the latest forecast today from National Association of Realtors Chief Economist Lawrence Yun.  more...

Welcome to the Check Republic

By Lou Barnes, Friday, May 16, 2008.

Mortgages and 10-year T-notes tried their tops all week long (6.25 percent and 3.92 percent, respectively), looking like they would break upward ... and held. Rates have improved today, but a run into the fives will require a weakening economy. Name your poison.  more...

Fannie Mae ditching declining-market policy

By Matt Carter, Friday, May 16, 2008.

Fannie Mae is scrapping a "declining markets" policy that required loan underwriters to boost minimum down-payment requirements by 5 percent in areas where home prices are falling or difficult to determine.

Beginning in June, Fannie Mae will instead require 3 percent down payments for conventional, conforming mortgages processed through its Desktop Underwriter automated underwriting system, and 5 percent minimum down payments for loans processed manually. Larger down payments may be required depending on occupancy, property and transaction types.  more...

NAR reveals national property database details Premium Content

By Glenn Roberts Jr., Friday, May 16, 2008.

WASHINGTON, D.C. -- Leadership for the National Association of Realtors is "very committed" to a plan to create a massive national -- and possibly international -- property database to serve as a resource for agents and brokers, the leader of the group spearheading the plan announced Thursday.

Gary Thomas, a Southern California RE/MAX broker who has led the advisory group, said during a Thursday session at the National Association of Realtors' annual midyear conference that there are plans to form an advisory board and launch a pilot project for the database.  more...

Home construction picks up in April

By Inman News, Friday, May 16, 2008.

Although building permits and housing starts increased between March and April they were still significantly lower than a year ago, according to a government report released today.

The report from the U.S. Census Bureau and the Department of Housing and Urban Development found that privately owned housing units authorized by building permits in April hit a seasonally adjusted annual rate of 978,000, up 4.9 percent from March's rate of 932,000. However, this is 34.3 percent below the April 2007 estimate of 1.49 million.  more...

Nightly real estate rates fall

By Inman News, Friday, May 16, 2008.

Long-term mortgage interest rates were down Thursday, and the benchmark 10-year Treasury bond yield slipped to 3.81 percent.

The 30-year fixed-rate average fell to 5.8 percent, and the 15-year fixed rate sank to 5.41 percent. Meanwhile, the 1-year adjustable rate stayed at 5.92 percent.

The 30-year Treasury bond yield dipped to 4.55 percent.

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