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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 Premium Content

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, Friday, September 28, 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...