Real Estate

New York real-estate investor Adam Hochfelder has been arrested for allegedly "stealing more than $17 million from a panoply of banks and individuals."

Fannie Mae shook up its top ranks, announcing its chief business officer and two others are leaving as it moves to save capital. Shares surged 15%.

Rebuilding Ground Zero is arguably the greatest political and bureaucratic fiasco in the history of the world. Planner Edward J. Logue would have provided the leadership that the 9/11 site needed desperately and never had.

Westfield Group said its interim net profit fell 35% as gains from property revaluations dropped.

Nancy Keates discovers that the human desire to re-think decisions inevitably leads to changes in homebuilding plans. Those changes often mean big cost overruns – but sometimes, they can also translate to big savings.

New York real-estate investor Adam Hochfelder has been arrested for allegedly "stealing more than $17 million from a panoply of banks and individuals."

Fannie Mae shook up its top ranks, announcing its chief business officer and two others are leaving as it moves to save capital. Shares surged 15%.

Rebuilding Ground Zero is arguably the greatest political and bureaucratic fiasco in the history of the world. Planner Edward J. Logue would have provided the leadership that the 9/11 site needed desperately and never had.

There's no guarantee that the housing market will turn around soon—but some builders are offering discounts that make it worth jumping now. June Fletcher offers tips on how to negotiate for a great deal.

Nancy Keates discovers that the human desire to re-think decisions inevitably leads to changes in homebuilding plans. Those changes often mean big cost overruns – but sometimes, they can also translate to big savings.

An increase in consumer complaints over the cancellation or reduction of home equity lines of credit has prompted one federal banking regulator to remind financial institutions about the laws governing this type of loan.

WASHINGTON (Reuters) - Sales of previously owned U.S. homes ticked higher in July thanks to lower prices, but record inventory suggested the battered housing market is unlikely to recover soon, a trade group report showed on Monday.

Cutting the price to get your home sold isn't quite as simple as it seems.

Have the real estate valuation shenanigans and inflated home appraisals that characterized the boom years disappeared?

LOS ANGELES -- Even though mortgage lenders have raised the bar on what it takes to qualify for a home loan, shopping for a loan online has gotten easier, if not necessarily less confusing.

Metro Denver’s apartment market had $140.3 million in sales for the second quarter of 2008, its lowest sales since the first quarter of 2005, according to a report issued Thursday by CB Richard Ellis Inc. of Denver.

Colorado ski areas that belong to the Colorado Ski Country USA trade group are putting more than $100 million into capital improvements for the upcoming 2008-2009 season, according to a Thursday report from the organization. (SKI)

Cohen Financial, a national real estate capital services firm with a Sacramento office, announced this week it has secured a $4.8 million loan for the refinance of Bell Professional Plaza in Auburn.

In its second quarter ended Aug. 3, retailer Williams-Sonoma Inc. earned $18.4 million, down from a profit of $26 million a year ago in the same quarter. (WSM)

Fulton County taxpayers facing unexpected property tax bills as high as $19,000 because of previous assessment errors are getting a break.

This one crossed my desk a bit too late to include in this week’s Sibdu Video, but it was important enough to get out right away (instead of waiting until next Thursdays’ video). Here’s a great blog post from my friend Dianne Crocker at common ground/Environmental Data Resources. It takes a look at a Forbes list of Top 10 metros in the U.S. in which to invest for commercial real estate purposes. But it goes farther than that. I suggest clicking this link and reading. You’ll be glad you did. Sibdu News, with commercial real estate stories and headlines, is delivered…

Today’s Sibdu News Update is now available for viewing. Stories include commercial real estate borrowers “hedging” their loans, the skinny on multifamily deals, and more. Sibdu News broadcasts/publishes once a week, on Thursdays. Sibdu News, with commercial real estate stories and headlines, is delivered via video / podcast. Look for past stories in our channel at Viddler. Sibdu News is also available as a video podcast in the iTunes Store — subscribe today, and they’ll be delivered automatically to your iPod or iPhone.

If this isn’t a prime case of “there’s opportunity even in down markets,” I don’t know what is. Credit-strapped commercial real estate investors who are seeing their traditional investment sources — read: banks — turn them away from the money trough, are turning to a non-traditional source for funds. That’s right. Hedge funds. The details … and the interest rate … after the jump. (more…)

If the latest figures from PropertyShark.com are any indication, multifamily properties — where residential and commercial come together — is not escaping the doldrums the overall real-estate market finds itself. The real-estate research Web site took a look at three major metropolitan areas in the U.S. — New York, Los Angeles and San Francisco — for their report. They found that all three areas saw “major setbacks” in multifamily property sales in the second quarter of 2008. Details after the jump. (more…)

When he’s not consuming 12,000 calories a day or winning an incredible amount of Olympic gold, USA swimmer Michael Phelps is probably like the rest of us. You know, working (or in his case, working out), wondering how to spend the millions upon millions of dollars that are no doubt coming his way … One thing’s for sure, his residential purchase isn’t exactly going to put him in an out-of-the-way area where only floral and fauna thrive. (more…)

Metro Denver’s apartment market had $140.3 million in sales for the second quarter of 2008, its lowest sales since the first quarter of 2005, according to a report issued Thursday by CB Richard Ellis Inc. of Denver.

Saratoga County’s housing stock grew faster than any other county in the state except Orange County between 2000 and 2007, according to a new U.S. Census Bureau report.

The Pittsburgh area continued to dodge the worst of the housing crisis as foreclosures fell 29.1 percent for the five-county region in July.

New double-decker commuter trains have arrived in Maryland to ease crowding on the MARC system.

Amarr Garage Doors, a Winston-Salem company with manufacturing centers in Davie County, Kansas, New Jersey and Mexico, has been awarded Consumers Digest’s “Best Buys” rating for three models in Amarr’s Classica Collection of garage doors, the magazine said.

Rates on 30-year mortgages didn’t budge this week, while rates on other home loans were a mixed bag.

U.S. mortgage applications rose for the first time in three weeks as interest rates edged lower, an industry group said on Wednesday.

Homebuilders are always trying to sell their homes, but these days they have an extra incentive — beating the clock.

The ongoing slide in home prices seems to be nudging some buyers back into the market. But a broad recovery still faces headwinds of rising unemployment, tighter credit and a huge inventory of unsold homes.

Mortgage-finance company Fannie Mae  on Wednesday announced a management shake-up in an effort to come to grips with mounting credit losses and a shrinking capital base.

FSBO listed on 08/28/2008 - LOWEST PRICED WESTWOOD ACRES OFF CR488

FSBO listed on 08/28/2008 - Very charming family place.

FSBO listed on 08/28/2008 - Split Level Home in Papillion

FSBO listed on 08/28/2008 - Waterfront 4000 sf home with 45 acres AND 10 space RV Park

FSBO listed on 08/28/2008 - 2 Story Cedar Home with wrap around porch on 9 acres. Two acres fenced for horses, woods and a pond site. Country setting yet close to town. 2350 sq. ft. with 4 bedrooms, 4 baths, large bonus room, office, laundry room, glamore bath with separate shower and Jacuzzi tub. Eat-in kitchen opens up to large family room. Sceened porch connects to back deck with above ground pool (new pump, filter, salt system - 2008). Separate A/C units upstairs and downstairs. Attic storage and crawl space...

This is my column for this week from the Arizona Republic (permanent link).  Buy low? Sell high? You can’t sell high for now, but prices are low enough that a buy-and-hold strategy could pay off handsomely Last week I met with a potential real estate investor. She’s an investor because she’s got the money, the credit and the will to dip her toe in the water. She’s a potential investor because she hasn’t yet been a landlord. With new investors, I talk about premium suburban single-family rental homes. This is normally the safest, most economical way to start…

I wrote last week about the incredible bargains to be had in the Phoenix resale real estate market. Dumpy homes in bad neighborhoods are very, very cheap, but there are so many Short Sales and Lender-Owned homes on the market right now that you can buy choice homes in choice neighborhoods for amazingly low prices. If the run-up in prices in 2005 was caused by “irrational exuberance,” then our current market is driven by “irrational despondency.” The question for people who are not irrational is this one: How low can these prices go? I’ve been shopping for a…

This is my column for this week from the Arizona Republic (permanent link).  What went wrong in the Phoenix real estate market? We told homeowners to treat their homes like investments — and they did… If you were to turn back the clock on the Phoenix real estate market by four years — that would be just about right. Judging by prices for bread-and-butter homes, it’s just as if the last four years didn’t happen. The average stucco and tile suburban dream home sold in July of 2008 for almost the same price you would have paid for it in July of 2004. A lot has…

This is my column for this week from the Arizona Republic (permanent link).  There’s more to the mortgage relief bill than just mortgage relief Having trouble making your mortgage payments? You might be able to make a change in your loan, thanks to the mortgage relief bill President Bush recently signed into law. Under the bill, you can convert your high-interest adjustable-rate loan to a lower-interest fixed-rate note if you meet what might, in a declining market, seem to be Catch-22-like guidelines: Your payment must be more than 31% of your income, and your new loan cannot…

This link is from our new MLS system, and there are still some kinks to be worked out. But, even so, the results are astounding. What you’re seeing are newer (1995 and later) single-family suburban tract homes — 3 or 4 bedrooms, 2 baths, 2+ car garages, stucco walls, all tile roofs — all listed for $100,000 or less. Some will be short sales, so the prices might be fanciful. Many will be lender-owned, and so they could be in rough condition. But each one of these houses can lease for at least $750 a month, so they will be cash-flow positive from the first tenant. The fact is,…

CNN Money reports that the FDIC's list of troubled banks is still growing and expected to keep growing in the future.The number of troubled banks on the government's watch list grew dramatically last quarter.The Federal Deposit Insurance Corp. reported Tuesday that the number of firms on its so-called problem bank list grew to 117 during the second quarter — its highest level since the middle of 2003. There were 90 banks on the problem list in the first quarter.FDIC Chairman Sheila Bair expressed little surprise at the increase and warned that the number would grow."More banks will come on…

From CNN Money:The government offered more discouraging news about the housing sector on Tuesday, reporting that new home sales rose slightly in July only after revising the previous month's number sharply lower.Sales for July came in at a seasonally adjusted annual rate of 515,000, up 2.4% from 503,000 in the previous month, the Census Bureau reported. Last month, Census had put the June figure at 530,000.The change marks the fourth of the past five reports that Census has slashed the previous month's number. The trend worries economists who say a hoped-for stabilization of the housing…

National house prices: -15.4% YoYNational house prices: -2.33% QoQBoston: -5.2% YoYBoston: +1.23 MoMChicago: -9.5% YoYChicago: +2.00% MoMDenver: -4.67% YoYDenver: +1.48% MoMLas Vegas: -28.6% YoYLas Vegas: -1.57% MoMLos Angeles: -25.3% YoYLos Angeles: -1.44% MoMMiami: -28.3% YoYMiami: -1.72% MoMNew York Metro: -7.29% YoYNew York Metro: +1.60% MoMPhoenix: -27.9% YoYPhoenix: -2.63% MoMSan Diego: -24.2% YoYSan Diego: -1.49% MoMSan Francisco: -23.7 YoYSan Francisco: -1.76 MoMTampa: -20.1 YoYTampa: -1.15 MoMWashington, DC: -15.7% YoYWashington, DC: -0.93% MoM

Lawrence Yun, chief economist of the Realtors', being interviewed by Diana Olick (CNBC)

From Morningstar.com:

Today, the Bureau of Economic Analysis (BEA) released their second installment of the Q2 2008 GDP report showing better than expected growth at an annual rate of 3.3%.Looking at the report more closely though it appears that much of the growth was fueled by unusually large increases in exports, an unusually large decrease in imports (inverse… declining exports adds to GDP), an unusually large increase in disposable personal income (likely fueled by the tax rebate checks) and fairly strong government consumption expenditures.Still, fixed investment, both residential and non-residential…

Today, the Department of Labor released their latest read of Joblessness showing seasonally adjusted “initial” unemployment claims declined 10,000 to 425,000 from last week’s revised 435,000 claims while “continued” claims increased 64,000 resulting in an “insured” unemployment rate of 2.6%.It’s very important to understand that today’s report continues to reflect employment weakness that is strongly consistent with past recessionary episodes and that this signal is now so strong and sustained that a contraction in the economy is fundamentally certain.Historically,…

Yesterday, the Massachusetts Association of Realtors (MAR) released their Existing Home Sales Report for July again showing a continued deterioration of the regions residential housing market.As was noted last month, with July comes the start of the seasonal deceleration in single family home sales that will generally continue through the Fall before concluding the following February.With this drop-off will come additional pricing pressure as sellers compete for the scanty remains of the 2008 selling season.With the report the Massachusetts Realtor leader Susan Renfrew attempts to backpedal…

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications.The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.The latest data is showing that the average rate for a 30…

Today’s release of the S&P/Case-Shiller home price indices for June continues to reflect the extraordinary weakness seen in the nation’s housing markets with now ALL of the 20 metro areas tracked reporting year-over-year declines and ALL metro areas showing substantial declines from their respective peaks.Readers should take a moment to carefully reflect on the charts below as this level of price decline occurring simultaneously across the whole of the U.S. is not only unprecedented but is probably the purest expression of the fundamental collapse of wealth and well being for our…

RISMEDIA, August 27, 2008-Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, the California Association of Realtors® (C.A.R.) reported this week. “Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month,” said C.A.R. President William E. Brown. “Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000…

RISMEDIA, August 27, 2008-Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR). A total of 11,498 existing homes sold statewide last month while 11,492 homes sold in July 2007, maintaining the same level of sales activity in the year-to-year comparison, according to FAR. The last time statewide sales of existing homes outpaced…

By Ellen Yan RISMEDIA, August 22, 2008-(MCT)-For buyers and sellers alike, the cornucopia of housing and mortgage reports released regularly from the industry groups can be overwhelming. Experts caution that such data should only be used as a guide when deciding whether the time is right to buy, sell or refinance. “It has a powerful impact, on the supply side and the demand side,” Robert Campbell, a Hofstra University real estate finance professor, said of the reports. “A lot of people have withdrawn properties from the market.” Housing and mortgage reports are…

By Paul Owers and John Maines RISMEDIA, August 22, 2008-(MCT)-South Florida is seeing a big jump in the number of homeowners who are selling their properties for less than they paid, highlighting the magnitude of the region’s historic housing slump. During the first half of this year, 23% of sellers in Broward County unloaded their homes at a loss, according to sales data analyzed by the Sun Sentinel. In Palm Beach County, the percentage was even higher-27%. That’s a significant spike from 2006, when only 2% of sellers in each county took losses. “It’s fair to say that…

RISMEDIA, August 21, 2008-The Housing and Recovery Act of 2008 is going to affect more than first time home buyers, it will affect seniors too. When the President signed into law a $300 billion housing bill to help homeowners renegotiate their mortgages, reverse mortgage lenders reignited their marketing programs focusing on seniors, says Frank N. Darras, one of the nation’s leading disability and Long-Term Care insurance lawyers. Here is what you and your clients need to know: The increasingly popular reverse mortgage has been shopped by lenders and targeted at homeowners over 62. The…

Commentary by Jason Kotar RISMEDIA, August 25, 2008-Effective August 1, 2008, Fannie Mae issued some new rules affecting the conversion of a principal residence to a second home or investment property. For a second home, both mortgages will be used to qualify for the new transaction (as occurs today.) The difference is that the borrower must prove 30% equity in the existing property or be required to escrow 6 months of principal, interest, taxes and insurance (PITI) for BOTH properties. With 30% equity, the lender may allow 2 months escrow on both properties. On investment properties, Fannie…

By Angela Carter RISMEDIA, August 21, 2008-(MCT)-Over 20 years, median housing costs have risen 128%, from $348 per month to $793, while the proportion of household income spent on housing went from 19% to 22% in the same period, according to a report by the U.S. Department of Housing and Urban Development. The report, “Trends in Housing Costs: 1985-2005 and the 30-Percent-of-Income Standard,” examined national cost trends from 1985 to 2005 for renters, homeowners with a mortgage and owners without a mortgage. Monthly housing costs for owners with mortgages increased from $670 in…

RISMEDIA, July 15, 2008-Friday’s volatility on Wall Street could signal an even wilder couple of weeks ahead, as the nation’s troubled banks report financial results under a cloud of worry about the future of giant mortgage lenders Fannie Mae and Freddie Mac. Stocks fell sharply at the open, then climbed just as sharply in the final hour, only to retreat at the finish, leaving financial-services shares at a nearly six-year low. The roller-coaster prices came amid speculation about a potential federal takeover of the government-chartered companies, which own or guarantee nearly…

RISMEDIA, June 9, 2008-The National Association of Home Builders (NAHB) called on Congress to create a temporary home buyer tax credit along with other important tax measures to boost the faltering housing market and economy. “House prices and inventories obviously are central to the outlook for the economy and the financial markets,” Joe Robson, first vice president of NAHB and a home builder from Tulsa, Okla., told members of the House Small Business Committee. “Policies that stimulate home purchases in the immediate future can pay huge dividends and a temporary home buyer…

By Pauline Vu RISMEDIA, May 30, 2008-(MCT)-For people about to lose their homes to foreclosure, the advertisements are like a lifeline: “WE BUY HOUSES FOR CA$H,” or “Refinance Your Mortgage! And Receive a 7 Day Vacation.” These so-called mortgage-rescue companies promise that for fees of about $1,000 to $2,500, they can negotiate loans with providers to get owners lower monthly payments. Or they offer deals that suggest homeowners temporarily deed their homes to the company or a third party, theoretically to allow the homeowners time to get back on their feet…

Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months, according to numbers released by the coalition on Wednesday.

The housing rescue package that Congress scrambled to pass in July was aimed primarily at stemming foreclosures and shoring up Fannie Mae and Freddie Mac. But it also contains provisions that make reverse mortgages a better deal for older homeowners who want to turn their equity into cash.

Back in February, Congress passed into law a quick fix for the housing market. Unfortunately, it hasn't done much good.

Read full story for latest details.

The housing sector offered another mixed bag of news Tuesday, as new home sales rose slightly in July only after June sales were revised downward, according to a key government report.

Reuters - Fannie Mae's capital and reserves positions are better than market expectations, and the biggest U.S. mortgage finance company may not need any more externally raised capital, according to an analyst at Lehman Brothers.

AFP - Weak second-half earnings reported by major French banks on Thursday showed them now suffering from an economic slowdown in addition to further losses from the US subprime mortgage crisis.

AP - Savvy homebuyers and residents have long taken it upon themselves to do a little amateur sleuthing, checking on the quality of schools, crime rates and whether sex offenders live in the neighborhood.

AP - Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday, after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the two troubled companies is imminent.

Reuters - Fannie Mae , the biggest U.S. mortgage finance company, on Wednesday announced a shake-up of top executives, including the exit of its chief financial officer, in an effort to better implement a plan to preserve capital and cut losses.

Chicago-based Equity Residential Inc. has closed on $550 million in financing, putting up 15 of its multi-family properties as collateral. Originated by Wells Fargo for repurchase by Fannie Mae, the secured interest only loan has an all-in effective interest rate of about 6 percent and matures in 11.5 years, the first 10.5 of which will carry a fixed rate, with the final year carrying a floating rate.

Los Angeles-based Wilshire Finance Partners has introduced Wilshire Income Fund II, its second real estate mortgage pool fund. The fund will raise $100 million to make commercial property loans. This time around, however, the company will be able to welcome investors and borrowers from beyond the borders of the State of California.

American Realty Capital L.L.C. has closed on a $53 million deal to acquire 39 bank branches from Wachovia Corp. Under an agreement to purchase Wachovia’s surplus bank branches, American Realty plans to buy more than 70 branch Wachovia locations over the next year.

Los Angeles-based Maguire Properties Inc. has closed the disposition of Main Plaza, selling the 607,000-square-foot trophy office complex in Irvine, Calif., to Shorenstein Properties L.L.C for $211 million including the assumption of $161 million of project level financing.

Developer Horizon Properties has received a $74 million forward permanent loan for the just-completed two-building, 384,000-square-foot corporate headquarters for CONSOL Energy Inc. in Canonsburg, Pa., a Pittsburgh suburb.

As you may already know LinkedIn has a “signature” way to visualize your network statistics. I have never paid any attention to those until recently. According to LinkedIn, I can reach out to well over one million professionals: Realistically only 52 professionals I can contact directly. I can see potential of reaching out to 10,500 people through your immediate connections. But not over one million. Still even reaching out to 5,000 for a particular cause can be extremely valuable. Are the network statistics there to show the potential of your immediate connections? In the past I…

The RealBird Blog just announced new feature called RealBird Virtual Tour. I have written in the pas about RealBirds nifty widget that allows real estate agents create a “mini-showcase” of their listings while offering an opportunity for viral marketing, and allowing bloggers or any webmasters to grab the code and feature the listings on their websites or blogs. The new feature ads Google Maps Street view to the lower par of the widget and comes at $9.99 per listing or $14.99 when purchased with a property domain name: The Google Maps of this version is unique in itself as it…

Not so long ago I have made a decision to discontinue using Discus Comments Management on my other blogs. My concerns were a little silly at the time. I love what Disqus have done so far and certainly some of the features they offer convinced me to keep them on few of my other blogs including Go Beyond MLS. In fact I have encouraged other real estate bloggers to give this service a try. Besides my growing concerns with the way Disqus is handling spam. Evidently they think one comment box is not enough for the visitors to my blog: Evidently it is some sort of glitch in their system. But since…

I have been using the Digg Style Pagination plugin on several of my other blogs. Just two days ago I have finally installed it on this blog. If you scroll to the bottom of the home page (or any of the archive pages) you will notice that default WordPress pagination was replaced with the new (and I might say really slick looking) pagination: In the past I was convinced that Digg Style pagination can help me in my SEO efforts. It does add extra deepinternal links to your blogs, however they link to archive pages. If you home page along with archive pages set to serve a full post instead of…

Yesterday afternoon my wife, my sister in law and I took our 7 years old nephew to Jenkinson’s Aquarium, in Point Pleasant, NJ. It was my first time to the aquarium. Evidently Jenkinson’s Aquarium is a home to one in a million creature- the blue lobster. Actually there was a conflicting information next to the tank, one inscription claimed that blue lobster can only be found once in one million, while a newspaper article on the other side of the fish tank claimed that this happens once in four million. It really does not matter which one is correct, every one was amused by this…

A new California bill has passed the assembly and is being considered in Senate. Assembly bill 2586  addresses the situation of renters facing foreclosure due to the financial problems of their landlords.  Bob Hunt in Realty Times cites a study that indicates 20%-25% of residential foreclosures involve rental properties.  Renters now frequently find themselves without their security deposits and scrambling to find another place to live.  Here’s some of the key points of AB 2586: Under existing law a landlord may not attempt to terminate a tenancy by taking such…

  From CNBC this morning: Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.   The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said. The borrowed money would be repaid once the assets of that failed bank are sold. "I would not rule out the possibility that at some point we may need to tap into [short-term] lines of credit with the Treasury for…

Yes banks have got trouble- big, big trouble: [Thanks L!] WASHINGTON (AP) — U.S. banking industry profits plunged by 86 percent in the second quarter and the number of troubled banks jumped to the highest level in about five years, as slumps in the housing and credit markets continued.   Federal Deposit Insurance Corp. data released Tuesday show federally-insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier. The roughly 8,500 banks and thrifts also set aside a record $50.2 billion to cover losses from soured…

From Reuters this morning- more worthless economic "news": WASHINGTON (Reuters) - Sales of newly constructed U.S. single-family homes in July were lower than economists expected but rose from a June pace that was the slowest in nearly 17 years, a government report showed on Tuesday. Economists polled by Reuters were expecting to sales to remain unchanged at the 530,000 annual pace first reported for June. The actual sales pace in July of 515,000 climbed from the revised June level of 503,000, which was the lowest since a 487,000 pace in September 1991. It’s hard to get real…

The widely watched Case-Shiller Home Price Index was released today.  Home price drops are either slowing or accelerating, depending on how you prefer your spin.  If you don’t want anything to cloud your morning, you might prefer Bloomberg’s version: Home prices in the U.S. fell at a slower pace in the second quarter, signaling the worst housing slump in more than 25 years may be starting to stabilize, a private survey showed today. Home values declined 0.5 percent in the three months through June from the previous three months, compared with a 0.9 percent drop in the…

I have often explained that the unprecedented and scary global economic meltdown threat would force all the Central Banks to work in unison to "prop up" the US economy and insure that it would not be the first domino to fall. Well, so far it's true. 12/16/07 - Central Banks Cooperate with Interest Rate Cuts 1/22/08 - Global Crash Unnerves Fed, Interest Rates will Plunge 4/24/08- European Central Bank Cooperation to Maintain Dollar's StrengthAt first, in January, the European Central Bank was intransigent to a unified global rate cut strategy. Now, CNBC among other business newswires reveals…

Here are some observations from last week's National Parks road trip across Grand Canyon, Bryce Canyon and Zion: Europeans love nature and were visiting en masse. Sometimes you saw European women walking in dresses on the hiking trails. Foreigners were so dominant that we felt we weren't in America.At Grand Canyon North Side, the dining staff were hired predominantly from Eastern Europe. Our Czech waitress explained that she was participating in a summer "program" to learn English while working in America. We noted some amusing translation issues as she tried to explain the menu to Russians…

Marketwatch alerts me to Zetabid, a new foreclosure auction offering by a consortium of publishing - LA Times, online auction transaction system provider - GoIndustry / DoveBid , and real estate brokerage - CataList Homes - to list and manage the foreclosure transactions. Zetabid will manage foreclosure auctions simultaneously in venue and via live webcast, allowing online buyers on a global level to participate in the most attractive housing market segment today. What makes the Zetabid consortium interesting is the invisibility of the usual real estate players - the auction platform is based…

Real estate "media" follows themes based on current conversations. Several great threads illustrate the new positioning of the real estate agent playing the role of consultant as opposed to salesman. Their message is perfectly consistent with how the consumer will be begin to reward the value of specialists once they get tired with the do-it-yourself mentality the Internet implicitly promotes. Consumer Internet Fatigue is a trend that very few are discussing, but it's already evident in the comment streams of the three articles:Why Agents will One Day Rule the Real Estate World/ 1000 Watt…

Everybody knows the speed of idea transmission on ActiveRain. Someone pops in with an article or comment that incites controversy, and the whole community is on top of it. This "incubation" of ideas, fully detailed discussions leading to various conclusions within hours, is real time micro-media. More significant ideas are filtered upward until they become "news", but most conversations stay under the radar as they should, otherwise there's too much noise.Social networking noise has been a double edged sword for Active Rain. Idea incubation and conversation are the hallmark of its close knit…

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In 1927 real estate was a profession dominated by men. One woman who dared to succeed was REALTOR® Grace Perego from San Francisco. At NAREB's Twentieth Annual Convention in 1927 she had the distinction of addressing the delegates in Seattle. Perego stressed that women were not limited to success in residential real estate. "It is true that many women make their start in the real estate business selling homes because they seem naturally adapted to this line," she said, but added "the only continue in this field until they 'find' themselves and develop a broader knowledge of real estate, then…

JULY 2008 -To REALTORS® he was “Our Tom.” The first full-time staff hired by the National Association of Real Estate Boards, Tom Ingersoll served as Secretary (Executive Vice President today) from 1911 to 1922. Also referred to as “The most popular man in Realtydom,” everybody associated with the organization knew who Tom was. It didn’t take him long to win over REALTORS®. Historian Pearl Janet Davies wrote of the 1913 Winnipeg Convention when “Ingersoll was carried around the hall on the shoulders of delegates. (He) had already become ‘dear old Tom.’” At that meeting the…

JUNE 2008 - In 1924 over 500 REALTORS® from the Los Angeles and San Francisco boards gathered at Del Monte for their annual Hi-Jinks celebration. The three-day party included sports, a parade, banquet, and all-around fun. As the California Real Estate Journal reported, “While the Hi-Jinks is in no sense of the word a convention, the Realtors of the two cities reap much benefit from the annual gathering...and everyone went back to his desk a better Realtor for having attended, although some of them painfully admitted that they could not stand it like they could in the olden days.”

MAY 2008 - This month the National Association of REALTORS® turns one hundred years old. On May 12, 13, and 14, 1908, 120 real estate men from thirteen states, representing nineteen local boards and one state association, met in Chicago with one purpose: "to unite the real estate men of America for the purpose of exerting effectively a combined influence upon matters affecting real estate interests."

APRIL 2008 -- In April 1955, California REALTORS® were saddened by the loss of "Governor Frank." From 1934 to 1939 Frank F. Merriam was also known as the "REALTOR Governor." Lieutenant Governor Merriam became the state's chief executive in June 1934 after James Rolph, Jr. died in office. In an election just five months later the nation would watch Republican Merriam's challenge by writer Upton Sinclair, the Democratic candidate.

Foreigners are exempt from income tax on bank deposit interest, says CPA George Saenz.

Not long ago there were just a few hybrid cars actually available. Now there are a couple of dozen.

Rising prices and a sinking economy are pushing families to the brink. Here are five ways to cut costs fast.

Job loss and medical bills have likely put a reader on the path to bankruptcy, says the Bankruptcy Adviser.

A handful of banks are willing to insure commercial deposits above the $100,000 level, says Dr. Don Taylor.

Here is an e-mail from a very regular reader and participant in the blog with the subject line "Fundamental Problem ... Finance 101 & Lemonade anyone?"

Bernanke's testimony made it clear that no interest moves, up or down, appear forthcoming.

The economy remains 0-for-2008 in the job growth department, with the economy posting job losses every month thus far.

One spread that I pay attention to is the spread between the 30-year fixed and the 10-year Treasury. That spread has widened considerably.

Now that the FDIC controls IndyMac, an institution that used to be one of the country's biggest mortgage lenders, she has her chance to show other mortgage servicers how it's done.

Housing starts tumbled in July to their lowest level since Ronald Reagan's second year in office.

This has been a relatively tranquil week for mortgage rates. They haven't varied much.

The housing market is still in the dumps.

"Heir property" is a concept that's new to me -- it's a way of holding property that is somewhat common about African American farmers in the rural south. Basically, the idea is that property is held "by the family." Perhaps, in the distant past, a property was owned by one individual. That individual dies without a Will, so his or her heirs become owners. When they die, their heirs take over. This causes a boatload of problems -- who owns the property? who can sell it or mortgage it? In times when the economy and/or housing market is bad, heir properties risk foreclosure because no one may…

I'd like to address one of my pet peeves re. Illinois probate law and how it's carried out. But first, a little background: Most estates in Illinois are handled via what's called "independent administration." This is the result of a movement in the 1970's to make probate cheaper, faster, and easier. Essentially, the idea is that the court will have minimal involvement in a deceased estate case, doing only a cursory review of documentation when the estate is opened and closed. It's up to the beneficiaries to speak up if they see problems in the case, but generally, if the beneficiaries are…

In the probate litigation system, there are two separate yet equally important parties: the second wife (who usually inherits the decedent's property), and the children of a prior marriage (who sue her). This is their story. [Clank! Clank!] I should really apologize for that intro, but felt compelled to do it because my wife is a HUGE Jerry Orbach fan. He's up there with Richard Farnsworth (my wife either doesn't get crushes on young, good-looking actors, or she doesn't tell me about those crushes). Anywho, Jerry Orbach's son is stirring things up via a letter he wrote to his step-mom, which…

I first became a Christopher Buckley fan in 1995, when I read Thank You For Smoking. Mr. Buckley is a satirist of the first order, and usually turns his eye to Washington politics (his father is William F. Buckley). I recently picked up a copy of Mr. Buckley's most recent novel, Boomsday, which focuses on the coming entitlement crisis. The main character, Cassandra Devine, is a blogger(!) who suggests legislation encouraging Baby Boomers (also referred to here as "The Ungreatest Generation") to take part in "voluntary transitioning" (i.e. suicide). What's in it for the Boomers? [Ms. Devine's…

I've written extensively, in this blog and on my website, about statutory custodial claims. These types of claims can be filed by family members if they meet certain requirements for the care of a decedent. The statutory language (which has recently been changed -- here is the new language) has always been pretty vague, which is part of the reason why we have the new 1st District case of Estate of Hale (here is the PDF). This is the sort of legal opinion I like, as it answers specifically a number of questions surrounding statutory custodial claims: 1. How many years of care can be…

The Austin City Council on Thursday approved an amendment to its engineering services contract with Urban Design Group for East Seventh Street corridor improvements in the amount of $370,752 for a total contract of up to $1.1 million.

The Associated General Contractors of America has recognized three student chapters, including the Arizona State University team, for their dedication to community and public service projects.

3M Co. has bought Polyfoam Products Inc., a maker of adhesives, for an undisclosed amount. (MMM)

A free seminar being held in Albany, N.Y., on Sept. 3 will help minority- and women-owned businesses get certified to bid on state and local government contracts.

Proctors will host the 2011 League of Historic American Theatres Annual Conference.

The strong upward revision to second quarter U.S. GDP was the result of strong exports and the fiscal stimulus package, according to economists who are already looking forward to GDP results from the third quarter. Read More Now

Second-quarter U.S. GDP rose above expectations in the preliminary report, rising to 3.3% from the previously reported 1.9%, the Bureau of Economic Analysis reported on Thursday. Economists were expecting a revision to 2.7%. First-quarter growth in 2008 was 0.9%. Exports advanced by 13.2% in the revision, up from... Read More Now

In the U.S., the focus will be on preliminary Q2 GDP data and jobless claims figures, while Canadian markets receive second-quarter current account numbers. Read More Now

The number of U.S. residents and businesses that filed for bankruptcy rose 28.9% to 976,831 for the year ended June 30, 2008, according to U.S. court data released Wednesday. The Administrative Office of the U.S. Courts reported that non- business filings comprised 96.5% of that total... Read More Now

Mortgage interest rates broke through the gridlock of the last few weeks and, with the exception of one-year adjustable rates, moved lower. Mortgage activity as measured by the volume of loan applications increased by a marginal 0.5 percent on a seasonally adjusted basis from a week earlier and decreased by 0.9 percent unadjusted. Volume was down 31.2 percent compared to the same week in 2007. Read More Now

Many brokers are of the false assumption that listings are where the money is made. The saying goes, "Those that list rule the market!" After all ... listings are what build the company reputation; it is the calling card to success.

Pretty much like everybody else in the soft economy, real estate agents are taking a pay cut and that's giving sellers some bargaining power.

[Note: To follow is an excerpt of an interview with Robert Cain from Rental Property reporter. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/081308.]

Among those who might be considered innocent victims in the current wave of foreclosures, tenants caught up in the process would have to be near the top of the list. Through no doing of their own, families and individuals who are renting a property that goes into foreclosure are liable to have their lives seriously disrupted.

Mathew was frustrated.

Different people have different approaches to deal with the real estate business. I know many people who like to gain wealth by buying and holding the properties. (...)

The term "keys for cash" in foreclosure is common in two situations. (...)

Buying your first home is one of the biggest financial decisions you will make. There are many different factors to consider from getting the right loan, to finding the perfect home. (...)

In Singapore, there was a boom period earlier this year and in the last quarter of last year. A survey in Q1 2008 showed that Singapore was considered the best place in Asia to buy real estate. (...)

Property letting has become a major part of the housing industry and this is because of a number of reasons. (...)

There's no doubt that retail property sale transaction volume has dropped significantly this year in comparison to the record levels recorded before the credit markets changed so dramatically. But, often overlooked is the fact that a steady stream of...

In this issue of CoStar Green Report: Energy Star labels aplenty for Glenborough Is your beer green? A clean energy future for Blackstone Solar projects for JCPenney, Northface & GM In California, Energy Star Labels Pile Up for Glenborough Glenborough...

It's no secret that the U.S. commercial real estate industry is feeling the bite of rising costs for construction materials. Just when construction costs appeared to have leveled off, another spike is compounding the impact of construction financing woes...

Just as a good thriller can bring an audience to the edge of its seat in anticipation of that pinnacle of dread, the anxiety has mounted in intensity this summer within commercial real estate markets waiting for that long-predicted moment of economic...

Colliers International has selected Carolyn J. Sidor as its new executive vice president, U.S. Operations. Working out of Colliers' Boston headquarters, Sidor will be responsible for overseeing the company's 99 offices across the United States. A 20...

Massey Knakal Realty Services' broker Robert Burton represented the seller of a six-story, 50-foot wide loft building in Manhattan's SoHo neighborhood in an all-cash transaction valued at $18.6 million. The property was on the market for more than four years.Next to the newly built New Museum of Contemporary Art, the fireproof loft building spans 47,067 square feet. The property will be vacant six months from selling, save for three rent stabilized artist spaces, as the seller relocates. The buyer is an undisclosed Manhattan non-profit organization.After four-and-a-half years on the market…

A 12-unit apartment complex in the Pasadena, Calif., suburb of Arcadia has been sold for $2.7 million. The deal was handled by Marcus & Millichap. Justin C. White and Priscilla Nee of the firm's West Los Angeles office represented both the buyer and the seller in the deal. The property is located at 18-22 Bonita St. and was built in 1953. It was sold for $314.47 per square foot, or $225,000 per unit. Address: 18-22 Bonita St., Arcadia, Calif.Size: 12 unitsBuilt: 1953

West End Properties, LLC, has acquired a 20,000-square-foot apartment building in Los Angeles, Calif., for more than $3.8 million from Durell Hensley.Michael Hibbert of Charles Dunn Co.'s West Los Angeles office represented both the buyer and the seller in the transaction. The apartment building is located north of the Playa Vista Development at 4262 Lindblade Dr. Built in 2002, it is situated on a 0.3-acre lot and has an assessed value of more than $2.01 million. "It's a good location, the building has stable tenancy and there is strong growth potential," Hibbert said. Address: 4262…

The Landmark Apartments, a 120-unit multi-family complex in Fort Collins, Colo., has been purchased by an Ohio-based investor for $11.3 million in a deal brokered by Marcus & Millichap.Jordan Robbins, Dave Potarf and Dan Woodward of the firm's Denver office represented both the buyer and the seller, a Delaware-based company, in the transaction. The Landmark sold for $94,157 per unit and is comprised of 12 buildings. It is located at 1050 Hobbit St. and was built in 1985. Robbins, Potarf and Woodward recently brokered the $22.85 million sale of a 116-unit apartment complex in Boulder. Address:…