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Commercial, multifamily mortgage debt hits $3 trillion Premium Content

By Inman News, Wednesday, June 13, 2007.

The level of commercial/multifamily mortgage debt outstanding grew by 2.5 percent in the first quarter, exceeding $3 trillion for the first time, according to the Mortgage Bankers Association analysis of the Federal Reserve Board Flow of Funds data.

The $3.001 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $72.4 billion from the fourth quarter of 2006. Multifamily mortgage debt outstanding grew to $741 billion, an increase of $11.8 billion, or 1.6 percent, from the second quarter.  more...

$27M Orlando shopping center sale

By Inman News, Wednesday, June 13, 2007.

The Colonial Promenade Wekiva shopping center in Orlando, Fla., recently sold for $27.2 million to an in-state developer.

The 208,568-square-foot property, located at 2121 E. Semoran Blvd., was anchored by a 25,806-square-foot United Artists Theatre and a 57,860-square-foot Winn Dixie supermarket at the time of sale.

Boca Raton-based Woolbright Development purchased the center from an unidentified seller.

Property tenants with triple-net leases at the time of sale included Fred's, Haircuttery, Blockbuster Video and Curves for Women.

REIT buys JoAnn's distribution center

By Inman News, Wednesday, June 13, 2007.

US Industrial REIT II recently purchased JoAnn Stores Inc.'s West Coast Distribution Center in Visalia, Calif., for an undisclosed price.

GE Commercial Finance Business Property Corp. sold the property, a 635,281-square-foot industrial-distribution building located in the Visalia Industrial Park.

This facility distributes fabric and decorating products to more than 300 Jo-Ann stores west of the Mississippi River, according to a press statement.

Metrocities focused on joint ventures with brokers Premium Content

By Matt Carter, Wednesday, June 13, 2007.

With its founder and a private equity firm sharing ownership of its new parent company, Metrocities Mortgage LLC is putting its dalliances with subprime lending behind and returning to the company's roots -- forming joint ventures with real estate firms.

Metrocities recently announced the completion of a deal with Sterling Partners, in which the California-based lender will become part of Sterling's newly formed Prospect Mortgage Co.  more...

Speculators pushing up foreclosures in West, Florida Premium Content

By Inman News, Wednesday, June 13, 2007.

Speculators walking away from adjustable-rate mortgages in the West and Florida helped push the rate of foreclosure starts to a record high in the first quarter, the Mortgage Bankers Association said Thursday.

The rate of loans entering the foreclosure process in the first quarter of 2007 was .58 percent, up four basis points from the fourth quarter of 2006 and 17 basis points from a year ago.  more...

Agents debate posting listings info they don't represent

By Glenn Roberts Jr., Wednesday, June 13, 2007.

A debate between agents over content posted at property valuation and marketing site Zillow.com escalated to a complaint filed with a Northern California multiple listing service. At issue is whether MLS rules permit agents to post information to the Web about for-sale properties that they do not represent, and whether this practice could potentially confuse consumers about which agent represents the property's seller.

Jim Branscombe, CEO for Bay Area Real Estate Information Services Inc.  more...

Mortgage rates soar to 11-month highs

By Inman News, Wednesday, June 13, 2007.

Long-term mortgage rates posted strong growth this week, hitting highs not seen since last July, as improving economic conditions both in the United States and abroad magnified inflation concerns, Freddie Mac and Bankrate.com reported today.

In Freddie Mac's survey, the 30-year fixed-rate mortgage climbed to an average 6.74 percent from 6.53 percent last week, and the 15-year fixed-rate mortgage jumped to 6.43 percent from 6.22 percent.  more...

Real estate rates rise again overnight

By Inman News, Wednesday, June 13, 2007.

Long-term mortgage interest rates were up for the 10th straight night Wednesday, and the benchmark 10-year Treasury bond yield fell to 5.2 percent.

The 30-year fixed-rate average gained to 6.39 percent, and the 15-year fixed rate rose to 6.09 percent. The 1-year adjustable was up to 5.59 percent.

The 30-year Treasury bond yield dropped to 5.28 percent.

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

More ARM borrowers switching to fixed-rate loans

By Inman News, Wednesday, June 13, 2007.

The mortgage lending market is self correcting, with lenders tightening underwriting guidelines and shifting to more secure mortgages, according to the latest quarterly index compiled by a University of Pennsylvania expert on lending.  more...

From bike messenger to CEO of Redfin

By Inman News, Wednesday, June 13, 2007.

Glenn Kelman has come to be known as a real estate maverick to many in the industry. The chief executive and president of online discount broker Redfin is a celebrity of sorts, having been featured in a recent "60 Minutes" segment on real estate commissions.

Kelman has no qualms about speaking his mind about brokerage issues, real estate commission structures and industry rules he says serve to lock thousands of tiny shackles on the company's ability to innovate.  more...