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Manhattan feels housing pain Premium Content

By Glenn Roberts Jr., Wednesday, April 2, 2008.

The Manhattan real estate market, which soared while some surrounding metro areas suffered slumping sales and sinking prices, may be at the beginning of the end in its robust run-up.

While the city's condominium and co-operative prices continued a record streak in the first quarter, market experts say that prices don't tell the whole story.  more...

Compromise bill could expand FHA loan guarantee program

By Inman News, Wednesday, April 2, 2008.

Plans for a massive expansion of FHA loan guarantee programs got a boost this week when Senate Republicans agreed to include the idea in a compromise bill if Democrats would drop a controversial proposal to allow bankruptcy courts to "cram down" the mortgage debt of troubled borrowers.

Tuesday's agreement between Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., could lead to a congressional debate over a $300 billion to $400 billion expansion of Federal Housing Administration loan guarantee programs  more...

Developer sheds $212M in East Coast assets

By Inman News, Wednesday, April 2, 2008.

ARC Properties Inc., a real estate development company operating in the New York to Washington, D.C., corridor, has announced the sale of 26 properties held in ARC Corporate Realty Trust.

The Trust consisted of 26 properties located in 10 states with an aggregate value in excess of $212 million. Tenants of the national portfolio included AT&T, Bed Bath & Beyond, CaroMont Health Systems, United Technologies, OfficeMax, Walgreen's, Barnes & Noble, and others.  more...

Lowe's signs ground lease in Pennsylvania

By Inman News, Wednesday, April 2, 2008.

Brokerage Marcus & Millichap recently arranged the sale of a 14.28-acre ground lease for a 166,609-square foot Lowe's Home Improvement store in Whitehall, Pa.

The sales price was $13.2 million.

Located at 2650 MacArthur Road, the newly constructed Lowe's Home Improvement has signed a 20-year absolute triple-net ground lease, which commenced in October 2007.

Lowe's Home Improvement is contiguous with a community center anchored by a Big-Kmart and Barnes & Noble.  more...

Maryland's TecHill center sold

By Inman News, Wednesday, April 2, 2008.

A private investor participating in the Grubb & Ellis Wealth Management Program has purchased a two-building office complex in Silver Spring, Md., for an undisclosed price.

ING Clarion Partners LLC sold the property, TecHill I & II, on behalf of an institutional client.  more...

Michigan housing authority to refinance ARM loans

By Inman News, Wednesday, April 2, 2008.

A new program will allow Michigan's Housing Development Authority to help homeowners with adjustable-rate mortgage (ARM) loans refinance into more affordable, 30-year fixed-rate loans if they make less than $108,000 a year and paid no more than $224,500 for their homes.  more...

Pennsylvania broker changes franchise affiliation to Prudential

By Inman News, Wednesday, April 2, 2008.

HomeSale Realty Services Group Inc., a Pennsylvania real estate brokerage company with 23 offices and 1,200 sales professionals and employees, has changed its franchise affiliation from Coldwell Banker to Prudential Real Estate Affiliates Inc.  more...

Home loan apps slide 28%

By Inman News, Wednesday, April 2, 2008.

Mortgage application volume slid 28.7 percent last week as long-term interest rates rose slightly, the Mortgage Bankers Association reported today.

According to MBA, the seasonally adjusted decline was led by a 38.1 percent drop in the index that tracks refinance applications, followed by an 11.8 percent dip in the purchase-loan index.

As a result, the refinance share of loan applications fell to 53.4 percent from 62 percent the week before.  more...

Judge rules FSBO company can operate without real estate license Premium Content

By Glenn Roberts Jr., Wednesday, April 2, 2008.

A company that accepts fees for online property ads is exempt from real estate licensing requirements in New Hampshire, a U.S. District Court judge has ruled, though the ruling does not address the constitutionality of the state's law.  more...

Terabitz partners with Intero

By Inman News, Wednesday, April 2, 2008.

Intero Real Estate Services has partnered with Terabitz to install the technology company's Web platform in every current and future Intero office, the companies announced today.

The companies debuted the first Terabitz-powered Web site today, which they say displays all the property listings from five major multiple listing services in Northern California.  more...

Nightly real estate rates post gains

By Inman News, Wednesday, April 2, 2008.

Long-term mortgage interest rates were higher Tuesday, and the benchmark 10-year Treasury bond yield rose to 3.56 percent.

The 30-year fixed-rate average climbed to 5.75 percent, and the 15-year fixed rate gained to 5.29 percent. The 1-year adjustable rate increased to 5.55 percent.

The 30-year Treasury bond yield was up at 4.4 percent.

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

Montana lifts real estate rebate restrictions Premium Content

By Glenn Roberts Jr., Wednesday, April 2, 2008.

A U.S. Department of Justice investigation prompted the Montana Board of Realty Regulation to lift restrictions that prohibited real estate licensees in the state from soliciting business through the offer of "gifts, rebates or promotional items."

The Montana real estate rule was targeted by the DOJ's Antitrust Division, which has taken action against similar bans on real estate rebates in other states.  more...