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Title insurers question California's right to regulate rates Premium Content

By Matt Carter, Thursday, August 31, 2006.

SAN FRANCISCO -- California regulators have yet to prove a lack of competition in the title insurance industry that would give the state the legal authority to move forward with a plan to roll back and cap rates, industry advocates said Wednesday at a public hearing on proposed new regulations.

Insurance Commissioner John Garamendi wants to roll rates back to where they were six years ago, before a run-up in housing prices.  more...

MLS scraps real estate rule after FTC investigation

By Glenn Roberts Jr., Thursday, August 31, 2006.

A U.S. Federal Trade Commission investigation has prompted a regional multiple listing service in New England to toss out a policy that blocked some property listings from reaching some public property-search sites, including Realtor.com.

The Northern New England Real Estate Network announced today that it has reached an agreement with the FTC that resolves the investigation.  more...

Meredith Financial Centre commands $32M

By Inman News, Thursday, August 31, 2006.

Lee & Associates negotiated the sale of a 172,000-square-foot office-building complex in Tustin, Calif.

Greenlaw Partners LLC purchased the asset from The Meredith Trust for $32 million.

The Meredith Financial Centre includes five buildings located at 17772-17862 E. 17th St. Built in 1973, the property includes 52 office suites ranging in size from 550 square feet to 14,000 square feet.

The property was 90 percent occupied at the time of sale by tenants that included State Farm Insurance, General Nutrition Corp. and the corporate offices of Mimi's Cafe.  more...

TIC investors downsize near L.A.

By Inman News, Thursday, August 31, 2006.

Triple Net Properties LLC represented tenant-in-common investors in the sale of a 101,000-square-foot office building in Monterey Park, Calif.

Jamison Properties purchased the building for $20.8 million.

The asset, 901 Corporate Center Drive, is a five-story, class A building that includes an adjacent three-level parking structure. Constructed in 1987, the building is situated on 10.7 acres of land within the Los Angeles Corporate Center, the premier master-planned office campus in the Western San Gabriel Valley.  more...

East Coast REIT makes $94M purchase

By Inman News, Thursday, August 31, 2006.

Washington Real Estate Investment Trust recently acquired West Gude Office Park, The Ridges and Crescent office buildings in Maryland for $94 million.

Totaling 442,467 square feet, the buildings are located in Montgomery County, Md.

West Gude, which consists of four multistory office buildings totaling 289,491 square feet, has a tenant base of technology firms and educational institutions and is located in Rockville.  more...

Consumer confidence takes toll on mortgage rates

By Inman News, Thursday, August 31, 2006.

Mortgage rates fell for the sixth consecutive week as a cooling real estate market and weak consumer confidence eliminated inflation concerns, Freddie Mac reported in its weekly mortgage survey.

Freddie Mac said that the 30-year fixed-rate mortgage sank to an average 6.44 percent this week, down from last week's average of 6.48 percent, and is at its lowest since April 6, 2006, when it averaged 6.43 percent.

The average for the 15-year fixed-rate mortgage also dipped from last week, falling from 6.18 percent to 6.14 percent, and is now at its lowest since the week ending Apri  more...

Job market woes 'intensified' by gas prices, housing

By Inman News, Thursday, August 31, 2006.

A key indicator that measures job offerings in major U.S. newspapers declined two points in July, the Conference Board reported today.

The Help-Wanted Advertising Index now stands at 32; it was 39 one year ago.

In the last three months, help-wanted advertising declined in eight of the nine U.S. regions.  more...

Redfin opens San Francisco office

By Inman News, Thursday, August 31, 2006.

Online real estate broker Redfin today announced the opening of a San Francisco office for software engineers and real estate agents.  more...

Canadian real estate sales remain near record pace

By Inman News, Thursday, August 31, 2006.

The rate of home sales via the Canadian multiple listing service dropped 3.1 percent from June to July and sales activity for the first seven months of the year is at a record pace, the Canadian Real Estate Association reported today.

A seasonally adjusted total of 39,319 homes were sold via MLS in July 2006.  more...

Buyer's market emerges in New York

By Inman News, Thursday, August 31, 2006.

Sales of existing single-family homes in New York fell by double digits between July 2005 and July 2006, while home-price growth slowed to a more normal pace, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.

There were 9,392 sales recorded statewide in July, a decrease of 11.3 percent from the 10,681 homes sold in July 2005, according to the preliminary data.  more...

Overnight real estate rates taken lower

By Inman News, Thursday, August 31, 2006.

Long-term mortgage interest rates were down Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.76 percent.

The 30-year fixed-rate average sank to 5.95 percent, and the 15-year fixed-rate dipped to 5.66 percent. The 1-year adjustable was down at 5.33 percent.

The 30-year Treasury bond yield decreased to 4.91 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...

100 Most Influential Real Estate Leaders: 2006

By Inman News, Thursday, August 31, 2006.

Inman News has compiled a list of the 100 most influential people in real estate, reflecting the industry's best and brightest, as well as outside figures whose actions influence the home buying and selling business. The people on this list embody words like leadership, innovation, ingenuity, power and persistence.  more...