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Fed cuts short-term rates to the bone

By Inman News, Tuesday, December 16, 2008.

The Federal Reserve slashed short-term interest rates today to nearly zero, bringing to an end a 15-month campaign of rate reductions intended to encourage borrowing and stimulate economic growth.

With further cuts no longer possible, members of the Fed's open market committee promised to continue to "employ all available tools" to support financial markets and stimulate the economy, including purchases of mortgage-backed securities and other debt.  more...

Brokerages beef up brands

By Inman News, Tuesday, December 16, 2008.

HomeServices of America Inc. and Sotheby's International Realty Affiliates LLC both announced today that they have boosted their presence along the East Coast with the addition of multi-office brokerages.

HomeServices said it acquired Raleigh, N.C.-based York Simpson Underwood, a brokerage firm with 250 agents and six offices that handled a reported $717 million in closings last year. The company will merge with HomeServices firm Prudential Carolinas Realty to form Prudential York Simpson Underwood Realty.  more...

Housing permits, starts hit record low

By Inman News, Tuesday, December 16, 2008.

New-home construction activity slowed to a record low in November, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported today.

The seasonally adjusted annual rate of housing starts plunged 47 percent year-over-year in November, and fell 18.9 percent compared to the October 2008 rate. The rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.  more...

From 'Z' to 'A': Zillow Advice

By Inman News, Tuesday, December 16, 2008.

Online real estate company Zillow today rolled out a new feature that allows consumers to pose questions to its online community of real estate experts.

"Zillow Advice," available at the "Advice" tab on the Zillow.com Web site, also allows users to add a tag to each question to specify a topic or geographic area.

The new feature builds on Q&A and discussions sections of the site -- Zillow's community generates 40,000 contributions per day, on average, according to the announcement.  more...

Spain most-searched real estate destination Premium Content

By Inman News, Tuesday, December 16, 2008.

In an analysis of 1.4 million Google searches during September, real estate business portal Globaledge on Monday announced that Spain was the most-searched international property destination among English-speaking Internet users.  more...