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Multifamily stock index continues record climb

By Inman News, Tuesday, October 24, 2006.

Despite the market correction occurring in the overall housing market, investor confidence remains strong in publicly held firms whose primary business involves apartments and condos, according to the latest Multifamily Stock Index (MFSI) released by the National Association of Home Builders.  more...

Publix-anchored center sells in S.C.

By Inman News, Tuesday, October 24, 2006.

GVA Advantis negotiated the sale of the 60,933-square-foot Lexington Place Shopping Center in Lexington, S.C.

The value of the transaction was $7.9 million, or $130 per square foot.

Constructed in 1994, Lexington Place Shopping Center is located at 100 Old Cherokee Road on approximately 7.4 acres. At the time of sale, the property was 98 percent leased to nine tenants and is anchored by Publix.

Lexington Place LLC, a limited liability company based in Columbia, S.C., sold the property to Maxxam Properties LLC, a Florida limited liability company.  more...

Sale closes on Georgia's South Central plaza

By Inman News, Tuesday, October 24, 2006.

Cushman & Wakefield's Atlanta Office brokered the sale of the 196,589-square-foot South Central Shopping Center in Moultrie, Ga.

The value of the transaction was not disclosed.

Constructed in 1997, the shopping center is anchored by a 149,704-square-foot Wal-Mart Supercenter.  more...

Top lender to trim 2,500 workers Premium Content

By Matt Carter, Tuesday, October 24, 2006.

With profits from mortgage banking down 40 percent for the quarter, Countrywide Financial Corp. said it is moving forward with plans to lay off more than 2,500 workers and keep revenue flowing by emphasizing products like refinance, reverse mortgage, commercial and construction loans.

In part because those measures are already underway, Countrywide was able to post third-quarter profits of $648 million, a 2 percent increase from the same quarter last year.  more...

Chase partners with First American

By Inman News, Tuesday, October 24, 2006.

National home loan lender Chase has teamed up with The First American Corp. to create Quantrix Valuation, a joint venture designed to assist in property appraisals, the companies announced today.

The venture will be fully operational by the end of 2006.

Financial terms of the agreement were not disclosed.  more...

Weichert acquires relocation services company

By Inman News, Tuesday, October 24, 2006.

Weichert Companies has acquired a relocation company that was owned by Paxton Van Lines, according to an announcement today.

Weichert Relocation Resources Inc. announced that Corporate Relocation Services was acquired by an affiliated Weichert company.  more...

Point2 announces real estate agent directory

By Inman News, Tuesday, October 24, 2006.

Point2 Technologies Inc. has introduced a real estate agent directory that is sorted by cities and neighborhoods and associated with property listings. The new tool is integrated with the real estate tech company's property-search portal.

The new tool allows consumers in 82 countries to locate and review agents in their area, according to a company announcement.

"Consumers are now able to search for agents by cities and neighborhoods they are interested in.  more...

Multiple homes still in vogue among affluent

By Inman News, Tuesday, October 24, 2006.

Second, third and fourth homes are still in vogue for affluent homeowners who participated in a study by Sotheby's International Realty and Architectural Digest.

Thirty-six percent of Architectural Digest subscribers said they plan to buy an additional home in the next two years, and of those who already own three or more homes, 49 percent plan to purchase another home within two years.

Of those who already own a second home, 35 percent said they plan to buy a third home within two years.  more...

High-end real estate listings crowd California market Premium Content

By Inman News, Tuesday, October 24, 2006.

Sales of homes priced above $2.5 million in a seven-county region in Northern California increased from 210 homes in third-quarter 2005 to 214 homes in third-quarter 2006, according to a report by the Alain Pinel Realtors brokerage company.

Based on a search of multiple listing service information for San Francisco, San Mateo, Santa Clara, Santa Cruz, Monterey, Contra Costa and Alameda counties, sales volume declined from $715.2 million in third-quarter 2005 to $679.3 million this year -- a 5 percent decrease.

Similarly, 216 hom  more...

Demand for Massachusetts homes hits 10-year low

By Inman News, Tuesday, October 24, 2006.

Sales of single-family homes and condominiums declined in Massachusetts for a sixth consecutive month in September compared to their year-ago levels, even as lower home prices and a drop in mortgage rates boosted affordability, according to data released by the Massachusetts Association of Realtors.  more...

Overnight real estate rates gain

By Inman News, Tuesday, October 24, 2006.

Long-term mortgage interest rates were up Monday, and the benchmark 10-year Treasury bond yield rose to 4.83 percent.

The 30-year fixed-rate average climbed to 5.95 percent, and the 15-year fixed rate rose to 5.67 percent. The 1-year adjustable was unchanged at 5.37 percent.

The 30-year Treasury bond yield increased to 4.96 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

'Nontraditional' mortgages rise as overall origination falls Premium Content

By Inman News, Tuesday, October 24, 2006.

A slowing housing market has put a damper on first-mortgage origination volume for the first half of the year, an industry survey released Monday shows.

First-mortgage origination volume decreased 16 percent in the first half of 2006, while strong demand continued for interest-only and payment-option mortgages, or so-called "nontraditional" mortgages, according to a survey from the Mortgage Bankers Association trade group.

The 16 percent decrease in first-mortgage originations from the second half of 2005 was driven by a 10 percent decline in purchase mortgage volume and a 22  more...

Applications help lenders go paperless, automate, outsource Premium Content

By Inman News, Tuesday, October 24, 2006.

Companies that help mortgage lenders go paperless, work online, and automate or outsource the work of processing loans are unveiling new services this week at the Mortgage Bankers Association's annual convention in Chicago. A roundup of some of the announcements:

TransUnion is making ValuationLogic Inc.'s CollateralLogic available to its customers.  more...

Buyer misses home inspection, problems snowball

By Barry Stone, Tuesday, October 24, 2006.

Dear Barry,

When I bought my home, I made the mistake of not being present for the home inspection. Instead, I trusted that the inspector did a good job and that everything was OK. After moving in, I began finding things the inspector had missed. Worst of all was moisture and rotted wood at the base of the kitchen cabinets. I tore out the cabinets and spent a lot of money to repair them. What recourse do I have against the home inspector for missing these problems?  more...

What liability does condo converter have for defects?

By Robert Bruss, Tuesday, October 24, 2006.

DEAR BOB: In August 2006 I purchased an apartment in a condo conversion in the resale market. My seller bought the condo eight months earlier direct from the condo converter. To what extent and for how long a time frame can the developer be held liable for repairs and warranty work to each individual unit? For example, if a front-door lock is defective, and the third-party manufacturer offers a 25-year warranty, who is responsible for repairs, bearing in mind the manufacturer requires a copy of the invoice?  more...

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