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Fed raises key federal funds rate to 4.5%

By Inman News, Tuesday, January 31, 2006.

In a widely expected move, the Federal Open Market Committee decided today to raise its target for the federal funds interest rate to 4.5 percent.

The decision marks the 14th straight time the Fed has raised interest rates over the last 19 months. The meeting in which the decision was made was the last for Fed head Alan Greenspan, the chairman of the committee and a looming figure on the American economic scene for 18-1/2 years.

Ben Bernanke, who has been nominated as his successor, faces a confirmation vote in the Senate today.  more...

Consumer data access: Is more less?

By Neil Morse, Tuesday, January 31, 2006.

In a rush to protect personal accounts from intrusion by thieves bent on taking their money and ruining their credit standings, consumers are now moving toward a new fix called "security freezes."

With financial fraud wreaking anywhere from $5 billion to $60 billion in damages on the economy last year – depending on whom you ask – citizens are pushing legislators and business providers to defend them.  more...

SharperLending interfaces with Freddie Mac product

By Inman News, Tuesday, January 31, 2006.

SharperLending today announced a system-to-system interface between its v3.5 bundled services platform and Loan Prospector, Freddie Mac's automated underwriting service.

The Web-based platform interface enables lenders to take a loan application, receive automated underwriting decisioning, and order needed vendor services at one location, allowing for tighter integration with loan origination systems and automated underwriting engines, as well as reduced risk for lenders, the company said.

"The Sharpe  more...

Countrywide boosts fourth-quarter earnings

By Inman News, Tuesday, January 31, 2006.

Countrywide Financial today reported that its diluted earnings per share were up 69 percent in the fourth quarter, thanks in large part to increased mortgage loan production volume.

Countrywide, the top U.S.  more...

Longhorn Station sells in Austin

By Inman News, Tuesday, January 31, 2006.

Marcus & Millichap recently completed the sale of Longhorn Station Apartments in Austin, Texas.

The value of the transaction was not disclosed.

Longhorn Station is a 300-unit garden-style apartment property located at 2005 Willow Creek Drive. Built in 1974, the property totals 250,762 rentable square feet and boasts an attractive unit mix of 10 efficiencies, 84 one-bedroom units, 204 two-bedroom units and two large three-bedroom penthouses.  more...

CarrAmerica grows in Silicon Valley

By Inman News, Tuesday, January 31, 2006.

CarrAmerica Realty Corp. purchased an 85,585-square-foot office building in San Jose, Calif.

The value of the transaction was $10.3 million.

NetIQ Corp. sold the property, which is located at 3553 North First St.

Completed in 1984, the property is 60 percent one-story and 40 percent two-story, with 10- to 15-foot ceiling heights.

The asset features tennis, bocce and basketball courts, a fitness center, a cafe, and an outside patio with a built-in barbeque, according to a press statement.  more...

O.C. investor adds multistory office space

By Inman News, Tuesday, January 31, 2006.

Grubb & Ellis Co. represented Saunders Property Co., a Newport Beach-based investment group, in the purchase of a 106,344-square-foot office building in Cypress, Calif.

The transaction was valued at $23.4 million.

Locally based Makar Properties sold the class A, Cypress Crossroads asset. The five-story building, which is located at 10833 Valley View St., was built in 1987 and completely renovated in 2004. The property was 80 percent leased at the time of sale.

Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.  more...

Greenspan's last hurrah, expected interest-rate hike today

By Inman News, Tuesday, January 31, 2006.

Today is the last meeting of the Federal Reserve under the chairmanship of Alan Greenspan, who has led the central bank for more than 18 years, and the Fed is expected to raise U.S. interest rates for a 14th straight time.

Additionally, the U.S.  more...

Weichert debuts 'Lock and Shop' interest rates

By Inman News, Tuesday, January 31, 2006.

Weichert Financial Services has launched a new loan program that enables qualified home buyers to lock in an interest rate while they are shopping for a home, the company announced today.

For qualified borrowers, the Weichert "Lock and Shop" program includes both a mortgage pre-approval and a lock-in feature that guarantees an interest rate for a specified period of time, up to 120 days.

"While interest rates are still near historic lows, 'Lock and Shop' can ease any concerns buyers may have about future rate hikes diminishing their purchasing power.  more...

Wireless MLS service adds mapping

By Inman News, Tuesday, January 31, 2006.

Real estate software provider BayNet World has integrated ESRI's RouteMap IMS into BayNet's PocketMLS wireless product for the residential real estate market, the companies said in an announcement today.

ESRI provides geographic information system software. The new partnership enables real estate agents to access home listings from their local multiple listing service as well as customized maps while out in the field.  more...

Primedia acquires real estate-related Web site

By Inman News, Tuesday, January 31, 2006.

Primedia Inc.'s Consumer Guides, a publisher and distributor of apartment, new home and auto guides and related Web sites, today announced the acquisition of RentClicks.com, an online search site for small-unit rental properties.

RentClicks.com provides landlords, investors, and property managers with a Web-based tool to advertise rental properties to rental customers. Financial terms were not disclosed.  more...

Consumer confidence jumps in January

By Inman News, Tuesday, January 31, 2006.

The Conference Board Consumer Confidence Index, which had increased in December, improved further in January. The index now stands at 106.3, up from 103.8 in December.

The present situation index rose to 128.4 from 120.7. The expectations index declined to 91.5 from 92.6 last month.

"Consumer Confidence is now at its highest level in more than three years (June 2002, 106.3)," said Lynn Franco, director of The Conference Board Consumer Research Center.  more...

Overnight real estate rates increase

By Inman News, Tuesday, January 31, 2006.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield held at 4.53 percent.

The 30-year fixed-rate average rose to 5.77 percent, and the 15-year fixed-rate climbed to 5.36 percent. The 1-year adjustable was up at 4.53 percent.

The 30-year Treasury bond yield remained at 4.7 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Web analytics put online marketing dollars to the test Premium Content

By Jessica Swesey, Tuesday, January 31, 2006.

Editor's note: Now that real estate brokers are spending more money on online marketing and advertising to drum up new business, they want to know -- in a very detailed way -- how much bang they're getting for their buck. In this three-part series, we examine a few technologies offering insight into return on investment.  more...