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May

9
2008

Mortgage meltdown fix posted on YouTube

By Matt Carter, Friday, May 9, 2008.

 

Got an hour and 20 minutes to kill? Amaze your friends -- after you watch this video, you WILL be able to explain "How We Got Into this Mortgage Mess and How We Get Out."  more...

Kislak completes 80 Pompton Ave. sale

By Inman News, Friday, May 9, 2008.

A 24,000-square-foot office building in Verona, N.J., has sold to a limited liability company for $2.7 million.

The property, located at 80 Pompton Ave., is a four-story brick-elevator office building that is primarily leased to professional services firms.

JG Pompton LLC purchased the asset from 80 Pompton Ave. LLC.

According to a press statement, JG Pompton "is planning an extensive interior capital improvement program, which will upgrade the common areas and the remaining 2,000 square feet that is available for lease."  more...

Little Ferry apartments change hands

By Inman News, Friday, May 9, 2008.

An unidentified buyer has paid all cash for a 41-unit apartment complex in Little Ferry, N.J.

The property, Catherine Gardens, was sold for an undisclosed price.

The property is a three-story, brick apartment building that includes on-site parking.

At the time of the sale, the building was fully occupied, which, along with the "stable professional neighborhood and the location," was a major draw for the buyer.  more...

There's always an asterisk

By Matt Carter, Friday, May 9, 2008.

Some builders are offering price guarantees to new home buyers -- assurances that they will be protected from falling prices not only up to closing, but for a year, two years, or more.

Pacifc West says its guarantee is good until all the homes in a development are sold. Companies offering two-year guarantees include Signature Properties, and CNH Homes, while Cornerstone Homes offers a 12-month guarantee.  more...

Bring on the short sales, foreclosures

By Lou Barnes, Friday, May 9, 2008.

Mortgage rates are sliding below 6 percent on a stock market fade, that in turn caused by credit crunch reality: Fear of big-firm dominoes is past, but credit will be scarce and expensive for another year or more. No dominoes, but many, many shoes yet to drop.  more...

International buyers: Phone home

By Glenn Roberts Jr., Friday, May 9, 2008.

Some real estate agents and brokers are going to great lengths to boost business these days in searching for overseas buyers.

Any stories you care to share about efforts to market properties and services internationally. What is the state of foreign demand for U.S. property in your market area?

FHA premiums to be based on risk

By Inman News, Friday, May 9, 2008.

The Bush administration proposes to implement "risk-based" pricing of premiums paid by borrowers with government-backed loans beginning July 14 -- the same day guidelines for FHA loan guarantee programs are to be expanded to serve more delinquent borrowers.

The more flexible pricing structure, which would also allow FHA to reduce mortgage insurance premiums for some borrowers with good credit, is intended to enable the government to serve more troubled borrowers while protecting taxpayers from losses, HUD officials said.  more...

MLS software takes 'Web 2.0' approach

By Inman News, Friday, May 9, 2008.

A real estate technology company is borrowing from the playbook of consumer-facing real estate search sites in bringing a new look, feel and functionality to multiple listing service software.

Roseville, Calif.-based Concentric Software LLC features a range of Web-based search tools for agent and broker members of MLSs that allow users to specify property search areas on an interactive map, for example.  more...

Nightly real estate rates slide

By Inman News, Friday, May 9, 2008.

Long-term mortgage interest rates sank Thursday, and the benchmark 10-year Treasury bond yield fell to 3.78 percent.

The 30-year fixed-rate average slipped to 5.74 percent, and the 15-year fixed rate fell to 5.33 percent. Meanwhile, the 1-year adjustable rate dipped to 5.92 percent.

The 30-year Treasury bond yield sank to 4.54 percent.

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