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Demand increases for commercial real estate loans

By Inman News, Wednesday, May 26, 2004.

The Mortgage Bankers Association today released its quarterly commercial and multifamily mortgage loan originations survey for the first quarter of 2004, showing continued growth in commercial and multifamily mortgage originations in 2004. Commercial mortgage bankers originated $20.9 billion, up by 2.8 percent ($562 million) from the same quarter in 2003.  more...

Las Vegas multifamily property changes hands

By Inman News, Wednesday, May 26, 2004.

Hendricks & Partners brokered the sale of Copper Palms, a 248-unit apartment community in Las Vegas, Nev.

The value of the transaction was approximately $18.8 million.

The property is located at 1150 North Buffalo Drive

Claremont Palms LLC & Atlantic Exchange Co. LLC of Bridgewater, Mass. sold the property to Copper Palms Realty LLC of San Diego, Calif.

Hendricks & Partners is a national advisory company focused exclusively on the sale of multifamily properties.

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Jury finds Realtor, real estate brokerage guilty

By Glenn Roberts Jr., Wednesday, May 26, 2004.

A jury has found a North Dakota Realtor and a brokerage guilty of fraud and breach of contract in the sale of a home that had structural problems.

MoreLaw.com, a public access litigation digest, reported that a couple who purchased the home from Realtor Wesley "Wes" J.  more...

Does Internet lower real estate commissions?

By Glenn Roberts Jr., Wednesday, May 26, 2004.

Real estate brokers and salespeople are divided over whether the Internet is driving down real estate commissions, according to an informal survey of Inman News readers. The Internet is a scapegoat for other market factors that are driving down commissions, said one respondent, while another said consumers' Internet research is educating them to negotiate lower commissions with realty agents.  more...

How lenders describe 'subprime' borrowers

By Samantha Peterson, Wednesday, May 26, 2004.

In the words of one researcher, subprime borrowers are "untapped potential."

That description might reflect the fact that these borrowers have become an attractive opportunity during the robust housing market. Many subprime borrowers who would have had extreme difficulty obtaining a mortgage just a decade ago can do so far more easily today.

More lenders are taking notice of this market. They don't want to discourage potential customers who don't qualify for prime, or "A," loans, so "subprime" has become the generally accepted term.  more...

Mortgage rates hover above 6%

By Inman News, Wednesday, May 26, 2004.

Discount real estate broker gets $1 million

By Inman News, Wednesday, May 26, 2004.

A cut-rate commission realty brokerage in Austin, Texas, closed funding this week on a $1 million private placement offering.

One Percent Realty announced that JMM PHLP Ltd., an Austin-based private investment partnership, provided the equity investment capital.  more...

Real estate developer sees rise in first-quarter revenue

By Inman News, Wednesday, May 26, 2004.

Beazer Homes, a home-building company with operations in 19 states, announced in its latest quarterly financial statement that home-building revenue was up about 30.1 percent in the three months ending March 31 compared with the same period last year. And for the six-month period ending March 31, home-building revenue was up 22.2 percent over that period in 2003.  more...

CitiFinancial agrees to $70 million fine

By Inman News, Wednesday, May 26, 2004.

Citigroup and CitiFinancial Credit Co., a non-bank subsidiary of Citgroup, have agreed to pay a $70 million civil fine as outlined in a cease and desist order issued by the Federal Reserve Board.

The order, announced today, assesses a civil penalty against CitiFinancial and requires the company to pay restitution to certain subprime personal and home mortgage borrowers. Of the $70 million penalty, up to $20 million may be used to make restitution payments to borrowers.  more...

New York community goes wireless

By Inman News, Wednesday, May 26, 2004.

An apartment complex in Watervliet, N.Y., soon will be a wireless community. Sunrise Management & Consulting, a property management company, has contracted with Tech Valley Wireless to provide wireless broadband service to the Highland Club Apartments in Watervliet.

The WiFi broadband infrastructure will enable Highland Club residents to use wireless devices for Internet access, gaming and multimedia from anywhere on the property.  more...

Florida real estate sales soar

By Inman News, Wednesday, May 26, 2004.

Overnight mortgage rates decline

By Inman News, Wednesday, May 26, 2004.

Long-term mortgage interest rates were lower Wednesday, and the benchmark 10-year Treasury bond yield dropped to 4.66 percent.

The 30-year fixed-rate average dipped to 5.99 percent, and the 15-year fixed-rate decreased to 5.35 percent. The 1-year adjustable was up at 3.47 percent.

The 30-year Treasury bond yield fell to 5.37 percent.

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