Home

Probe of Countrywide servicing practices moves forward

By Inman News, Thursday, April 3, 2008.

A federal bankruptcy judge has ruled that Countrywide Financial Corp. must cooperate with a Justice Department investigation into allegations that the lender failed to properly credit mortgage payments received from bankrupt borrowers, overestimated what they owed, and made unfounded demands for payment.  more...

Radar Logic: Home prices sink in 21 of 25 metro areas Premium Content

By Inman News, Thursday, April 3, 2008.

The price per square foot of housing shrank in 21 of 25 metro areas year-over-year in January, according to a report released today by real estate research and data company Radar Logic, with double-digit percentage declines in nine market areas.

The price-per-square foot of homes in Sacramento, Calif., dropped 27.8 percent year-over-year in January, according to Radar Logic's data tracked during a 28-day period in January.  more...

Craigslist revenue may reach $81 million this year Premium Content

By Inman News, Thursday, April 3, 2008.

Online classifieds and community site craigslist.org is a cash cow that generated an estimated $55 million last year in revenue and is on track to take in $81 million in revenue this year, according to a report by research and consulting company Classified Intelligence.  more...

Freddie Mac: Mortgage rates up this week

By Inman News, Thursday, April 3, 2008.

Long-term mortgage rates moved higher this week on brighter economic news, Freddie Mac reported today.

The average rate on 30-year fixed loans edged up from 5.85 percent to 5.88 percent, and the 15-year average climbed from 5.34 percent to 5.42 percent. By contrast, a year ago the 30-year averaged 6.17 percent and the 15-year averaged 5.87 percent.

To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 on the 30- and 15-year loans.  more...

Swiss entity buys up U.S. real estate

By Inman News, Thursday, April 3, 2008.

AFIAA, an investment foundation governed by Swiss law that focuses on investments in foreign real estate, recently acquired commercial real estate properties in Ohio and Illinois.

The total value of the transactions was approximately $72 million.

In Groveport, Ohio, AFIAA purchased a distribution center located at 2829 Rohr Road for approximately $51 million. Completed in 2007, the 1.2 million-square-foot building is fully rented to two tenants with global operations.  more...

Valley Forge buildings sell to joint venture

By Inman News, Thursday, April 3, 2008.

Brokerage GVA Williams New Jersey recently completed the sale of Valley Forge Corporate Center I & II in Norristown, Pa., for an undisclosed price.

Purchased by a partnership between Mountain Development Corp. and Meritage, the two-building property comprises 118,380 square feet located at 2500 and 2600 Monroe Blvd.

Building I is a two-story office building comprising 72,880 square feet situated on 6.65 acres, and Building II is a one-story office building comprising 45,500 square feet situated on 4.15 acres.  more...

Texas office, industrial space fills up

By Inman News, Thursday, April 3, 2008.

Brokerage Grubb & Ellis Co. on Wednesday announced two recent leases of industrial and office space in the Dallas, Texas, metro area totaling 183,036 square feet.

The total value of the transactions was not disclosed.

In the first lease, Anvil International LP, a maker of pipe fittings, secured 167,375 square feet of industrial space in Grand Prairie, Texas. The space, located at 1313 and 1421-1425 Avenue R at buildings III and IV, is owned by Proterra Properties.  more...

Mortgage insurer Triad could lose Fannie, Freddie business

By Inman News, Thursday, April 3, 2008.

Triad Guaranty Insurance Corp. has 90 days to come up with a remediation plan in order to continue providing mortgage insurance for loans purchased by Freddie Mac, after analysts downgraded the company's insurer financial strength.

Fitch, which had warned of possible downgrades of the ratings of Triad and other major private mortgage insurers, took action Wednesday after Triad's parent company revealed in a regulatory filing that it had not been able to raise new capital in the face of mounting losses.  more...

More gains for overnight real estate rates

By Inman News, Thursday, April 3, 2008. Long-term mortgage interest rates were higher Wednesday, and the benchmark 10-year Treasury bond yield rose to 3.6 percent.

The 30-year fixed-rate average climbed to 5.81 percent, and the 15-year fixed rate gained to 5.36 percent. The 1-year adjustable rate increased to 5.7 percent.

The 30-year Treasury bond yield was up at 4.41 percent.

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

Zillow launches mortgage rate-quote platform Premium Content

By Glenn Roberts Jr., Thursday, April 3, 2008.
Related Podcast/Video: 
What consumers are doing on Zillow

Zillow.com has entered the mortgage arena with the launch of an online marketplace allowing consumers to request quotes on purchase, refinance and home-equity loans.

First launched in February 2006 as a Web-based, home-valuation tool that provides automated value estimates based on past sales data and algorithms, Zillow's services have since expanded to include a real estate wiki and educational articles, a networking platform that allows real estate discussions between site users, and searches of active for-sale property listings, among other features.  more...