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Suburban Chicago apartments sold, conversion eyed

By Inman News, Wednesday, January 31, 2007.

Marcus & Millichap negotiated the sale of Valley Lo Towers II, a 112-unit apartment complex in Glenview, Ill., for $26.1 million.

Neither the buyer's or seller's identity was disclosed.

Valley Lo Towers II occupies 7.2 acres of land adjacent to a nature preserve. The property, constructed in 1988, was 97 percent occupied at the time of sale. There is a mix of one-, two- and three-bedroom units at the property, which has undergone nearly $1 million in capital improvements since 2005.  more...

Software House Int'l grows office holdings

By Inman News, Wednesday, January 31, 2007.

Software House International, a global outsourcing company, purchased a 153,239-square-foot office building in Piscataway, N.J., for an undisclosed price.

The class A property, located at 33 Knightsbridge Road, was originally built in 1981 and recently renovated in 2003.

Software House plans to occupy a portion of the facility for its own operations. This transaction represents an expansion for the company, which is currently headquartered in Somerset, N.J.

BET Investments sold the facility.

Newly acquired Americana Apartments face renovation

By Inman News, Wednesday, January 31, 2007.

Privately held investor Northern Group Inc. recently purchased the 622-unit Americana Apartments in Louisville, Ky., for an undisclosed price.

The massive property, which includes 156 buildings spread across 36 acres, is located near the Louisville International Airport.

NGI plans to renovate the complex, which was built in 1948, as part of its business strategy of improving older buildings in urban neighborhoods, according to a press statement.  more...

Key short-term interest rate stays at 5.25%

By Inman News, Wednesday, January 31, 2007.

Saying the economy is "likely to expand at a moderate pace," in the next few months, the Federal Reserve's Open Market Committee today voted to keep the short-term federal funds rate at 5.25 percent.

The rate has been unchanged since June, when the last of 17 consecutive 25-basis-point increases to the overnight rate was implemented.

Although many in the housing industry have hopes the Federal Reserve will lower the federal funds rate in 2007, the committee said some inflation risks remain.   more...

Debate future of small vs. large firms

By Inman News, Wednesday, January 31, 2007.

Editor's note: The following excerpt from the Inman News Blog opens a discussion about the future of small brokerage firms in the real estate business. A reader wonders whether smaller firms will gain an upper hand with buyers as the housing market slows and they seek more aggressive representation from a firm that doesn't have an agent on the other end of the deal. Click here to share your opinion.  more...

How to use Zillow to buy a house without commissions

By Inman News, Wednesday, January 31, 2007.

Editor's note: The following article was created and uploaded by Inman Wiki user Bob Kelly. It appears on InmanWiki.com, a new online real estate encyclopedia from Inman News.  more...

Canada posts second-best year for home sales

By Inman News, Wednesday, January 31, 2007.

Home sales via the Multiple Listing Service in Canada totaled 483,609 units in 2006, a drop of 0.04 percent compared to 2005, The Canadian Real Estate Association reported today.

Sales activity last year reached the second-highest level on record, the association reported, and was about 180 units shy of setting a fifth consecutive annual record.

Seasonally adjusted sales activity in the fourth quarter of 2006 rose by 1.3 percent compared to the previous quarter, reaching 199,769 units, the association also reported.  more...

Residential construction spending drops 2% in '06

By Inman News, Wednesday, January 31, 2007.

The estimated total value of construction spending in 2006 was $1.2 trillion, which is about 4.8 percent higher than construction spending in 2005, the U.S. Census Bureau announced today.

Private residential construction spending in 2006 was $630.3 billion, which is 1.9 percent below the 2005 level. Private nonresidential construction spending was $298.4 billion in 2006, up 16.2 percent compared to 2005.  more...

Rates rise, home loan apps follow

By Inman News, Wednesday, January 31, 2007.

Overall mortgage application volume picked up last week despite steadily rising interest rates, the Mortgage Bankers Association reported today.

The market composite index, a measure of total mortgage application volume, increased 3.2 percent last week, growing to 631.3 on a seasonally adjusted basis from 611.3 one week earlier.

Refinancings posted the strongest growth last week, as the seasonally adjusted refinance index climbed 4.9 percent from the previous week. The increase in applications to purchase homes boosted the purchase index by 1.3 percent.  more...

Overnight real estate rates advance

By Inman News, Wednesday, January 31, 2007.

Long-term mortgage interest rates were up Tuesday, and the benchmark 10-year Treasury bond yield fell to 4.87 percent.

The 30-year fixed-rate average rose to 5.9 percent, and the 15-year fixed rate edged up to 5.65 percent. The 1-year adjustable dipped to 5.41 percent.

The 30-year Treasury bond yield decreased to 4.98 percent.

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

Real estate catches up with consumers online Premium Content

By Glenn Roberts Jr., Wednesday, January 31, 2007.

Editor's note: Online marketing in real estate is quickly moving forward as brokers test new methods for reaching consumers on the Internet. Marketing choices have grown more complicated with a larger selection of Web sites to promote property listings and a growing list of lead generation and management technologies to choose from. In this three-part series, we take a look at new broker strategies and where new partnerships are cropping up.  more...