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New Washington law targets foreclosure scams Premium Content

By Glenn Roberts Jr., Thursday, May 22, 2008.

Real estate agents and investors in Washington state are preparing for law changes next month that will place additional responsibilities on those who work with distressed property sales.

The legislation, House Bill 2791, is intended to protect consumers from foreclosure rescue scams in which sellers are tricked into transferring ownership of their homes by those offering to save them from the prospect of foreclosure.  more...

Get kitchen pantry organized

By Paul Bianchina, Thursday, May 22, 2008.

Designers and homeowners agree that ample, easily accessible storage is one of the most important aspects of a great kitchen, and one of the best ways to achieve that is through the use a pantry. Pantries take two basic forms -- the pantry cabinet, which is essentially a tall, wide cabinet that is part of the overall kitchen, and the walk-in or semi walk-in pantry, which is a separate space similar to a small closet.  more...

Most commonly misused words in architecture

By Arrol Gellner, Thursday, May 22, 2008.

Homeowners these days are amazingly facile with architectural jargon, thanks no doubt to the gaggle of home-improvement shows on television these days, not to speak of the wealth of information on the Internet. But while lots of folks know their antae from their astragals, as it were, a few stubborn terms are still routinely confused -- sometimes even among architects. Here are the usual suspects:  more...

Put a gag on Chicken Little Premium Content

By Bernice Ross, Thursday, May 22, 2008.

(This is Part 1 of a two-part series.)

"Real estate prices are plummeting!" "Foreclosures are at an all time high!" "Prices predicted to decline another 20 to 30 percent!" These are the headlines that we face daily. It's no wonder that there's a crisis in consumer confidence. The truth of the matter is that the sky is not falling. In fact, contrary to what the press is reporting, real estate prices are stabilizing, and in a wide number of areas they are actually showing signs of improving.  more...

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'MLS' in Web site address? Yes, no, or maybe so

By Glenn Roberts Jr., Thursday, May 22, 2008.

There is still uncertainly in some markets on whether or not it's OK for Realtors to use the term "MLS" or "multiple listing service" in their Web site addresses. Some MLSs have passed policies banning participants from using these terms in Web addresses, company names, etc., and the National Association of Realtors board of directors has approved language for an optional policy that MLSs can adopt in restricting the use of MLS-related terms.  more...

Dinner and a house

By Matt Carter, Thursday, May 22, 2008.

Do you think of Yelp.com as a way to find out what people are saying about that new restaurant down the street? Yelp also wants to be thought of as a tool for finding real estate professionals..

In Silicon Valley -- which, you would think would be Yelp's dream market -- it's not really happening.  more...

San Diego site purchased, affordable housing planned

By Inman News, Thursday, May 22, 2008.

A Southern California-based affordable housing developer has purchased a 20,000-square-foot property in San Diego, Calif., with plans to build a residential high-rise with retail.

Affirmed Housing Group paid an undisclosed amount for the site at 1050 B St., located in the city's East Village neighborhood downtown.  more...

1,000-plus apartment units traded near Dallas

By Inman News, Thursday, May 22, 2008.

A three-property multifamily portfolio comprising more than 1,000 units has been sold in Plano, Texas, for an undisclosed amount.

The properties, which include Legacy Village, Lakeside at Legacy Village and Acqua, comprise a total of 1,043 units within Legacy Town Center, a mixed-use development with high-end retail shops, restaurants, a five-screen theater, a full-service Marriott Hotel and class A office space.

UDR Inc. purchased the portfolio on an all-cash basis from a partnership between GE Asset Management and Columbus Realty Partners Ltd.  more...

SCI acquires Texas retail

By Inman News, Thursday, May 22, 2008.

SCI Real Estate Investments LLC recently announced it has acquired Denton Towne Crossing, a 36,780-square-foot retail center in Denton, Texas.

SCI, which specializes in the acquisition of class A properties for the sale of interests to buyers through 1031 exchanges, paid seller Weber & Co. an undisclosed amount.

Denton Towne Crossing is located at the intersection of Loop 288 and Brinker Road, one of the city's main thoroughfares.  more...

Industry slams HUD's RESPA proposal Premium Content

By Matt Carter, Thursday, May 22, 2008.

Industry groups today voiced alarm over changes proposed by federal regulators to the Real Estate Settlement Procedures Act, or RESPA, saying they will prove costly to implement and won't help consumers as claimed.

The Department of Housing and Urban Development says its proposed changes to RESPA -- including simplified disclosures of loan terms and settlement costs, and incentives for packaging settlement services with loans -- will save consumers about $8.35 billion a year, or more than $700 per loan.  more...

Reply.com launches auction-based lead platform

By Inman News, Thursday, May 22, 2008.

Reply.com, a company that offers lead-generation tools and services for real estate professionals, has launched an auction platform for establishing lead pricing that also allows users to select the type, quality, quantity and location of leads.

Founded in 2001, San Ramon, Calif.-based Reply also provides leads for the mortgage, insurance and automotive industries.  more...

Freddie Mac: Rates drop on 30-year mortgages

By Inman News, Thursday, May 22, 2008.

Long-term mortgage rates this week fell on news of falling industrial production and consumer sentiment, Freddie Mac reported today.

The average 30-year fixed-rate loan sank to 5.98 percent from last week's 6.01 percent, well below the year-ago average of 6.37 percent, according to Freddie Mac. Rates on 15-year fixed loans dipped to 5.55 percent from 5.6 percent, much lower than the 6.06 percent reported a year ago.  more...

RESPA reservations

By Matt Carter, Thursday, May 22, 2008.

HUD's Ivy Jackson, Director of the Office of RESPA, is grilled by Rep. Henry Cuellar, D-Texas, at a hearing today on HUD's RESPA reform proposal.  more...

Real Estate Connect tackles foreclosures

By Inman News, Thursday, May 22, 2008.

Increasing foreclosures are expected to create some 2 million property listings that weren't on the market last year. In keeping with the theme of Real Estate Connect San Francisco this summer, Inman News has added a special pre-conference workshop to focus on this burgeoning segment, which presents both an opportunity for the industry to grow business and a chance to reach out to troubled homeowners.  more...

Overnight real estate rates drift higher

By Inman News, Thursday, May 22, 2008.

Long-term mortgage interest rates increased Wednesday, and the benchmark 10-year Treasury bond yield climbed to 3.81 percent.

The 30-year fixed-rate average rose to 5.74 percent, and the 15-year fixed rate gained to 5.31 percent. Meanwhile, the 1-year adjustable rate fell to 5.87 percent.

The 30-year Treasury bond yield edged up to 4.54 percent.

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