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Thursday, 21 September 2006 |
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WASHINGTON - In hot housing markets, banks have offered borrowers a way to take the sting out of big payments in the early years of the loan with innovative mortgage products. While such mortgages have helped put people into homes, the popularity of such products has sparked "a race to the bottom" of lending standards, said Sen. Wayne Allard, a Republican from Colorado, addressing an open session of the Senate Banking Committee. |
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Thursday, 21 September 2006 |
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WASHINGTON, DC- Brookfield Properties and ING Clarion set to begin construction on a Capitol Hill office project that will add 322,000 sf of spec office space to the submarket. Sources say the two firms purchased the land earlier this year for roughly $30 million--a price that included not only the raw land, but also demolition, building plans and related infrastructure. Development costs for the 11-story, class A building is roughly $400 per sf. Construction is expected to begin in November, according to Brookfield Properties. Other building features are a rooftop terrace, private fitness facility and on-site management. |
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Thursday, 21 September 2006 |
In simple terms a refinanced mortgage is one where a borrower repays a previous loan by taking a new one. The main motive behind refinance mortgage is to get a lower interest rate, lowering their payments or to take cash out of their home equity. So basically in mortgage refinance refers to taking a secured loan to replace the existing loan that is secured via some assets of yours.
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Thursday, 21 September 2006 |
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Mortgage rates stayed static as the bond market awaited Wednesday's meeting of the Federal Reserve's rate-setting committee. Everyone assumed correctly that the Fed would leave rates alone. That kept rates from moving much. On top of that, investors wanted to digest the Fed's explanation for leaving rates alone. |
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Thursday, 21 September 2006 |
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Commercial real estate in Las Vegas booms despite the cooling residential real estate market dampening. The dollar value for commercial building permits in June jumped 154.4 percent from the same month a year ago to $179.6 million, even though the number of permits remained about the same, a UNLV research center reported. Residential building permit valuation fell 19.7 percent to $437.5 million. |
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Thursday, 21 September 2006 |
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District homeowners receive a cut in tax based on a law approved by the D.C. Council last year. The real estate tax rate will fall Oct. 1 to 88 cents, from 92 cents, per $100 assessed value. The decrease is the result of a law that automatically lowers the property tax rate if tax revenue surpasses projections. But the tax rate reduction also means that the city will not collect more than $17 million that it would have amassed under the old rate. |
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