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Apartment sector thrives amid single-family downturn

By Inman News, Friday, March 7, 2008.

In stark contrast to the single-family residential sector, which is suffering from its worst downturn since the Great Depression and a 10-month backlog of supply, conditions in the apartment sector remains strong, according to the National Multi Housing Council's latest Market Trends report.

"Apartment owners exercised great restraint during the housing boom," NMHC Chief Economist Mark Obrinsky said in a prepared statement. "As a result, they have escaped the oversupply problems plaguing the single-family sector."  more...

Kansas City's latest high-rise deal

By Inman News, Friday, March 7, 2008.

Hines REIT recently acquired a 24-story, Kansas City, Mo., office building for an undisclosed price.

Sold by Crown Center Redevelopment Corp., the class A property at 2555 Grand comprises 595,600 square feet of space. It is situated on a 1.95-acre site in the Crown Center submarket.

Completed in 2003, the building offers direct vehicle and pedestrian access via a connected underground tunnel, as parking for 2,716 vehicles is provided in a nine-level, semi-enclosed garage located on an adjacent block.  more...

L.A. industrial sells after decontamination

By Inman News, Friday, March 7, 2008.

After wrestling with environmental issues for two years, Masco Corp. has finally sold the 871,024-square-foot industrial property located at 825 S. Ajax Ave., in Industry, Calif., for more than $15 million.

Private investment company 82A Developments LLC purchased the facility.  more...

Move Inc. investors seek dismissal of CEO, CFO Premium Content

By Glenn Roberts Jr., Friday, March 7, 2008.

A Move Inc. shareholder seeks the ouster of company CEO Mike Long and Chief Financial Officer Lewis R. Belote III over a $129.9 million securities investment that is currently illiquid.

David Nierenberg, representing The D3 Family Funds of Camas, Wash., charges in a U.S. Securities and Exchange Commission filing today that Realtor.com operator Move Inc.'s large investment in auction-rate securities was a "blunder," as investor interest in that market has dropped off sharply.  more...

U.S. prosecutors seek rehearing in Stuart Wolff case

By Glenn Roberts Jr., Friday, March 7, 2008.

U.S. government prosecutors have asked a panel of judges to reconsider a ruling that dismisses the conviction and sentencing of the former CEO for Realtor.com operator Homestore Inc., now known as Move Inc.

Stuart Wolff, who served as CEO and chairman for Homestore from 1997 until his resignation during the company's internal investigation in 2002, was convicted in June 2006 on 18 counts, including conspiracy to commit securities fraud, falsifying company books and records, lying to accountants and engaging in illegal insider trading.  more...

White House brings financial literacy pitch to Oakland Premium Content

By Matt Carter, Friday, March 7, 2008.
Henry Paulson

OAKLAND, Calif. -- Bush administration officials visited a hotbed of foreclosure activity Thursday to make a case that one solution to the problems plaguing mortgage lending and housing markets is better education of borrowers.  more...

Real estate rates up for third night

By Inman News, Friday, March 7, 2008.

Long-term mortgage interest rates posted more gains Thursday, and the benchmark 10-year Treasury bond yield was down at 3.58 percent.

The 30-year fixed-rate average rose to 6.12 percent, and the 15-year fixed rate climbed to 5.53 percent. The 1-year adjustable rate jumped to 4.73 percent.

The 30-year Treasury bond yield decreased to 4.56 percent.

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