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Lead generation is dead

By Marc Davison, Tuesday, October 2, 2007.

The following fake press release appeared on my desk this morning:

(Tampa, Fla. -- Oct. 2, 2007) The National Association of Tired Ideas today issued a brief statement noting the death of online real estate lead generation. Lead Generation, which emerged on the scene scarcely 10 years ago, met its demise on Saturday, Sept. 29 at 2:30 a.m. on a template Web site belonging to Don "The Deal Maker" Davies, an agent who "goes the extra mile for his clients," but rarely checks his e-mail.  more...

Houston's Parkview complex purchased

By Inman News, Tuesday, October 2, 2007.

KBS Realty Advisors this week closed on the sale of a 176,471-square-foot office complex on the west side of Houston, Texas, for an undisclosed price.

A Greenwich, Conn.-based private capital investor purchased the property, Parkview I and II, free and clear of debt, according to a press statement. It is the company's first purchase in the city.

Situated on 8.3 acres, Parkview I and II are located at 330 Barker Cypress and 333 Cypress Run south of Interstate Highway 10. The three and four-story office properties were fully leased at the time of sale.  more...

Mammoth Scottsdale sale tops $22 million

By Inman News, Tuesday, October 2, 2007.

A partnership of three limited liability companies has purchased the Mammoth Scottsdale Atrium East office building in Scottsdale, Ariz., for a price of $22.4 million.

The buyers, comprised of Scottsdale Atrium LLC, Queen Arizona LLC and Highlands Arizona LLC, acquired the approximately 71,462-square-foot building from Mammoth Equities Capital Group LLC.

Located at 14300 North Northsight Blvd., the multitenant, class B property is situated on nearly 3.9 acres. Mammoth Equities constructed the asset in 2002.  more...

Three-building KB Toys portfolio sold

By Inman News, Tuesday, October 2, 2007.

A joint venture comprised of Heritage Capital Group LLC, Barrow Street Capital LLC and Greenfield Partners LLC has acquired three distribution centers from KB Toys for $77.5 million.  more...

Nonprofits sue to keep seller-funded assistance on FHA loans alive

By Matt Carter, Tuesday, October 2, 2007.

Two nonprofits that are among the largest facilitators of seller-funded down-payment assistance on FHA loans have filed suit to block a rule change that would bring an end to the practice.

The companies -- AmeriDream and Nehemiah Corp.  more...

MBA calls more laws to fight mortgage fraud unnecessary Premium Content

By Inman News, Tuesday, October 2, 2007.

The Mortgage Bankers Association wants lawmakers to provide more funding for mortgage fraud prevention and prosecution, not pass new laws targeting the crime.

Federal mail and wire fraud statutes already give law enforcement agencies the authority they need to combat mortgage fraud, the MBA maintains in a newly published position paper, and new laws could do more harm than good.  more...

Pending home sales drop 22% in August

By Inman News, Tuesday, October 2, 2007.

A National Association of Realtors index that measures pending sales of previously owned homes dived 21.5 percent in August compared to the same month last year and fell below the previous record reached in September 2001.

The Pending Home Sales Index, which is based on contracts signed in real estate purchase transactions that have not yet closed, fell 27.1 percent in the West, 21.3 percent in the South, 18.3 percent in the Northeast and 18 percent in the M  more...

Manhattan real estate sales, prices still climbing Premium Content

By Inman News, Tuesday, October 2, 2007.

A series of real estate reports released today remind that Manhattan is an island in more ways than one, with a surge in co-op and condo sales and a rise in prices despite the national slowdown in housing.

Brokerage company Halstead Property LLC reported that the average price per square foot of Manhattan cooperatives and condos jumped 25.8 percent in the third quarter and the median sale price rose 12.4 percent compared to the same quarter last year.

A separate third-quarter report prepared for Prudent  more...

Overnight real estate rates push higher

By Inman News, Tuesday, October 2, 2007.

Long-term mortgage interest rates rose Monday, and the benchmark 10-year Treasury bond yield dropped to 4.55 percent.

The 30-year fixed-rate average gained to 6.09 percent, and the 15-year fixed rate climbed to 5.71 percent. The 1-year adjustable held at 5.7 percent.

The 30-year Treasury bond yield sank to 4.79 percent.

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

Northwest MLS members continue to use Realtor.com Premium Content

By Glenn Roberts Jr., Tuesday, October 2, 2007.

While Northwest Multiple Listing Service, the largest MLS in the state of Washington, earlier this year stopped sending broker-supplied property information to the Realtor.com search site, most brokers continue to supply listings information to that site on their own, according to Realtor.com operator Move Inc.

Julie Reynolds, a Move spokeswoman, said Monday, "We have not seen a dramatic decrease coming from Realtors in that area," though she did not provide details on how many brokers in that market area have ceased sending the bul  more...

Citigroup says subprime loans will dent Q3 profits

By Inman News, Tuesday, October 2, 2007.

Citigroup Inc. said Monday it expects third-quarter profits will be off 60 percent from last year because of about $3.3 billion in write-downs and losses on leveraged loans, subprime mortgage-backed securities (MBS), and other investments.

In securities and banking, Citigroup said it lost $1.3 billion on subprime MBS warehoused for future collateralized debt obligation (CDO) securitizations, leveraged loans warehoused for future collateralized loan obligation (CLO) securitizations, and CDO positions.  more...