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Bascom buys in L.A.

By Inman News, Thursday, May 17, 2007.

The Bascom Group LLC recently purchased the Casa Sonora apartment community in Los Angeles for approximately $6.4 million.

Force-Ryzman LLC sold the 133-unit property at 729 South Union Ave. at a price that represents $47,612 per unit.  more...

Suburban Denver space sold

By Inman News, Thursday, May 17, 2007.

Tenant-in-common investors recently sold a 79,200-square-foot office/flex complex in Englewood, Colo., for an undisclosed price.

Las Vegas-based RMI Investment Services purchased the property, Arapahoe Service Center II, which was built seven years ago.

The single-story property, located in the 323-acre Lincoln Executive Center, was 100 percent leased at the time of sale to tenants that included AT&T (formerly SBC Telecom) and Dynegy (formerly Extant).

The TIC sellers had originally purchased the property in April 2002 for an undisclosed price.

Vegas deal hits $235 a square foot

By Inman News, Thursday, May 17, 2007.

Barcelone, a 51,048-square-foot mixed-use retail and office property in Las Vegas, Nev., has been purchased for $12 million.

Located at 8751 West Charleston Blvd., Barcelone contains 32,128 square feet of retail space and approximately 18,920 square feet of second-story office space. Fully occupied at the time of sale, the property's tenants include Allstate Insurance, Bleu Gourmet, First American Title, Furniture Direct, MS Entertainment Inc. and Starfish Capital Partners Inc. All of the tenants have triple-net leases with terms of five, six and 10 years.  more...

Fair Isaac to overhaul FICO score calculations

By Inman News, Thursday, May 17, 2007.

Fair Isaac Corp. says it is changing the way it calculates FICO credit scores to better predict the ability of a borrower to repay loans.

The new procedures for calculating "Classic FICO" scores, to be implemented in September, should increase their predictive power by 5 percent to 15 percent, Fair Isaac said in a press release.  more...

Second foreclosure-prevention bill introduced in Senate

By Inman News, Thursday, May 17, 2007.

Foreclosure-prevention legislation introduced Monday by the chairman of the Senate Banking Securities and Insurance Subcommittee would beef up funding for HUD-approved financial counseling agencies and help states establish their own programs.

The Homeownership Protection and Enhancement Act of 2007, or HOPE Act, would also provide nearly $300 million for revolving loan funds that states could use to subsidize loans for families facing foreclosure.  more...

Bernanke says let market guide lending practices Premium Content

By Inman News, Thursday, May 17, 2007.

The Federal Reserve is considering using its rule-making authority to ban some mortgage lending practices as unfair and deceptive, but would prefer to issue guidelines and improve disclosures lenders provide to borrowers.

That's according to Federal Reserve Chairman Ben Bernanke, who delivered his most extensive comments on problems in subprime lending in a speech today at a conference in Chicago.  more...

Housing rips hole in economic outlook

By Inman News, Thursday, May 17, 2007.

The economic outlook darkened in April as weakness in home construction and rising unemployment claims took hold, The Conference Board reported today.

The U.S. leading index, a key barometer of future economic conditions, dropped 0.5 percent last month to 137.3, with just two of the 10 leading indicators advancing.  more...

New York apartment prices buck national trend

By Inman News, Thursday, May 17, 2007.

As the median price of a home in the U.S. declined in the first quarter, the median sales price for apartments in New York City surged 20 percent, a new report shows.

Average sales prices for apartments in New York City rose 23 percent to $745,000 in the first quarter of 2007 compared to the first quarter last year, while median sales prices for New York City apartments surged 20 percent to $450,000, according to the Real Estate Board of New York, known as REBNY.  more...

Mortgage rates rise in weekly surveys

By Inman News, Thursday, May 17, 2007.

Mortgage rates gained this week on the Federal Reserve's belief that inflation could still pose a problem, Freddie Mac and Bankrate.com reported today.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.21 percent from last week's 6.15 percent, while the 15-year fixed-rate mortgage rose from 5.87 percent to 5.92 percent.  more...

Overnight real estate rates tick higher

By Inman News, Thursday, May 17, 2007.

Long-term mortgage interest rates were up again Wednesday, and the benchmark 10-year Treasury bond yield rose to 4.71 percent.

The 30-year fixed-rate average inched up to 5.82 percent, and the 15-year fixed rate gained to 5.53 percent. The 1-year adjustable was up at 5.66 percent.

The 30-year Treasury bond yield stayed at 4.88 percent.

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

Mortgage fraud climbs 30% Premium Content

By Inman News, Thursday, May 17, 2007.

With an industry database showing a 30 percent increase in loans involving suspected mortgage fraud in 2006, the Mortgage Banker's Association is asking Congress to set aside $31.25 million over five years to hire more FBI investigators and prosecutors.

In its annual mortgage fraud report, the Mortgage Asset Research Institute (MARI) said the sharp increase in mortgage fraud is partially because lenders are finding more cases of fraud in loans originated in 2006.  more...