Archive - Sep 2007 - News Story | Inman News

Date

Wall Street wrecks real estate stocks

By Marcie Geffner, Sunday, September 30, 2007.

Wall Street swung a megaton wrecking ball at real estate stocks in September.

Every one of the 10 companies that comprise the hypothetical Inman Index of real estate stocks suffered a one-month loss and all of the issues have lost at least 10 percent, if not much more, of their value so far this year.

Hardest hit among the 10 companies last month were home builder D.R. more...

Bank fails, regulators cite mortgage-related problems

By Inman News, Friday, September 28, 2007.

Federal regulators have shut down NetBank, an Internet bank with no physical branches, after the bank failed to rebound from "significant losses in 2006 primarily due to early payment defaults on loans sold, weak underwriting, poor documentation, a lack of proper controls, and failed business strategies," according to a Friday announcement.

The U.S. more...

Palm Springs self-storage gets new owner

By Inman News, Friday, September 28, 2007.

A limited liability company has sold a large self-storage facility in Palm Springs, Calif., for an undisclosed price.

Palm Springs Self Storage LLC c/o Granite Investment Corp. unloaded the 107,910-square-foot building on buyer Public Storage.

Located at 1000 S. Gene Autry Trail, the 805-unit asset was approximately 60 percent occupied at the time of sale. The project opened in September 2006 and leased approximately 60,000 square feet in its first year of operation, according to a press statement.

Humana leases space for Arizona call center

By Inman News, Friday, September 28, 2007.

Healthcare insurer Humana Inc. has leased 81,789 square feet of office space at the Tempe Commerce Park building in Tempe, Ariz., for an undisclosed price.

The building, located at 7333 S. Hardy Ave., is owned by INVESCO Real Estate.

Humana will use the space to process customer service calls for its Medicare and mail-order prescription business. The company, which plans to take occupancy in November, will be relocating approximately 100 employees from its Buckeye location, who will eventually be joined by 200 new employees as this operation expands. more...

California single-family starts down 35% from last year

By Inman News, Friday, September 28, 2007.

Single-family housing starts in California have fallen about 35 percent for the first eight months of the year compared to the same period last year, as measured by building permits issued, the California Building Industry Association reported this week.

Building permits issued for single-family units in the state dropped 34.6 percent in August 2007 compared to August 2006, according to data compiled by the Construction Industry Research Board, a nonprofit research center.

Meanwhile, more...

Home construction spending rate nears 4-year low

By Inman News, Friday, September 28, 2007.

The residential construction spending rate declined for the 18th straight month in August, the U.S. Census Bureau announced today, hitting its lowest level since November 2003 and dropping 16.5 percent compared to August 2006.

The construction spending report heaps on more statistics reflecting a decline in the U.S. more...

Real estate rates end night mixed

By Inman News, Friday, September 28, 2007.

Movement in long-term mortgage interest rates varied Thursday, and the benchmark 10-year Treasury bond yield dipped to 4.57 percent.

The 30-year fixed-rate average rose to 6.11 percent, and the 15-year fixed rate sank to 5.73 percent. The 1-year adjustable fell to 5.71 percent.

The 30-year Treasury bond yield was down at 4.83 percent.

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

Freddie Mac reaches $50 million settlement with SEC

By Inman News, Friday, September 28, 2007.

Calling it another milestone in putting an accounting and management scandal behind it, mortgage repurchaser Freddie Mac said Thursday it had reached a $50 million settlement with government regulators over the company's restatement of three years of earnings.

In the settlement with the Securities and Exchange Commission, Freddie Mac neither admitted nor denied allegations that the company violated federal securities law by deceiving investors about ups and downs in the company's earnings.

The SEC's more...

KB reports $35.6 million loss in Q3

By Inman News, Friday, September 28, 2007.

Home builder KB Home (NYSE: KBH) on Thursday reported a net loss of $35.6 million in the third quarter ended Aug. 31, compared with net earnings of $153.2 million in the same quarter last year.

And those losses were minimized by KB's sale of its French home-building subsidiary Kaufman & Broad SA, which generated total gross proceeds of $807.2 million and an after-tax gain of $438.1 million for the quarter. more...

Risky credit shunned by Wall Street

By Neil Morse, Thursday, September 27, 2007.

The secondary mortgage market, which has grown increasingly more powerful in recent years -- driving many decisions made by originators and servicers -- now broadly acknowledges a need for more due diligence on its part. more...

TIC investors take Illinois business park

By Inman News, Thursday, September 27, 2007.

Tenant-in-common investors this week purchased the multibuilding Darien Business Center in Darien, Ill., for an undisclosed price.

Darien Business Center consists of four office buildings totaling approximately 176,000 square feet, and is situated on a 1.7-acre parcel. The property was built between 1981 and 1990.

At the time of sale, the complex was 97 percent occupied by numerous tenants with staggered lease expirations, including The University of Chicago Hospitals, Viskase Cos. Inc., Insure.com Inc. and Eichrom Technologies Inc. more...

Tiny Boston asset comes with big price

By Inman News, Thursday, September 27, 2007.

A 36,000-square-foot office building in Charlestown, Mass., recently sold to a local entity for $11.5 million.

Boston-based IT service provider CBE Technologies unloaded the property, 10 City Square, on Burlington, Mass.-based Compass Realty Associates.

Located near Bunker Hill, 10 City Square overlooks Charlestown's historic City Square Park and is home to Olives Restaurant, a designated Boston landmark.

East Coast printing company expands in New Jersey

By Inman News, Thursday, September 27, 2007.

A.F.L. Web Printing, a commercial printer based in Voorhees, N.J., has leased 146,000 square feet of industrial space in Secaucus, N.J., for an undisclosed price.

The Secaucus space will be the company's second shop, which will handle printing, labeling, mailing, binding, inserting, circulation development, mail-list maintenance and distribution capabilities.

Principal Real Estate Investors owns the class A industrial building, which is located at 60-70 Seaview Drive. more...

Massive layoffs at discount brokerage Foxtons

By Inman News, Thursday, September 27, 2007.

Real estate discount company Foxtons' turbulent ride through the U.S. real estate market is approaching an end.

Foxtons, a low-commission real estate firm that had grown to 500 employees who served consumers in New Jersey, New York and Connecticut, this week announced that it is releasing 350 of its 380 remaining employees "and may be filing for bankruptcy protection in order to close the business in an orderly fashion."

The company blamed the real estate market downturn as a contributor to the company's financial problems. more...

New York gets new real estate listings site

By Glenn Roberts Jr., Thursday, September 27, 2007.

An online real estate portal launched today by a trade group is cracking open the Manhattan real estate brokerage market for consumers.

ResidentialNYC.com, the first-ever public Web portal offered by the Real Estate Board of New York, the oldest and largest New York City real estate trade group, allows consumers to search for available sale and rental properties by ZIP code, neighborhood, price range, property type, borough and other factors.

While there is a multiple listing service in Manhattan operated by a Realtor more...