"Cendant Corp. Announces Annual Meeting"
Real Times; Garrison, Trey

Embattled Cendant Corp. (NYSE:CD) of Parsipanny, N.J., announced that it will hold its 1998 annual shareholders meeting Oct. 30, following the announced postponement of the meeting to allow for the public filing of its restated financial results on an Annual Report Form 10K/A. Cendant is the one of the world's largest providers of consumer and business services, in three principal segments -- Travel Services, Real Estate Services and Alliance Marketing.

"Microsft Strikes Deal with GeoCities"
Real Times; Garrison, Trey

Microsoft's fledgling HomeAdvisor real estate service announced an exclusive distribution agreement this week with GeoCities, making HomeAdvisor the sole provider of Microsoft's estimated 300,000 real estate listings. HomeAdvisor is one of the chief competitors of Realtor.com, which has about 1.25 million listings, or about 95% of the national listings inventory.

"Delinquent Mortgages Drop to Two-Year Low As Interest Rates Fall"
Wall Street Journal (09/10/98) P. A8

According to figures compiled by the Mortgage Bankers Association of America, mortgage delinquencies dropped from 4.47 percent in the first quarter to 4.33 percent during the second quarter, their lowest level since 1996. Interest rates for fixed-rate 30-year mortgages also declined during the same period, from 8 percent in 1997 to 7 percent this year. Mortgage loans past due by 30 days fell from 3.14 percent to 3.01 percent over the second quarter and foreclosures dropped from 1.14 percent to 1.1 percent. The association also noted that refinancing requests represented 52.1 percent of all mortgage applications last week, an increase from 45.5 percent the previous week. A recent drop in the average rate from 6.72 percent to 6.64 percent for 30-year fixed-rate mortgages has also stimulated a reduction in mortgage debt-service payments.

"Small Investors Build Presence in Apartment Sales"
Los Angeles Times--Washington Edition (09/08/98) P. B5; Howard, Bob

Analysts report that individual investors are buying up apartment properties throughout Southern California in greater numbers this year. They cite the region's overall demand for housing, the rising prices of single-family homes, and the lack of new multi-family construction as reasons for the upswing. During the first half of 1998, almost 50 percent of the apartment buildings sold in Los Angeles, Orange, Riverside, and San Bernardino counties have been in the size range of five to 19 rental units. Marcus & Millichap calculates that this is up 40 percent during the same period in 1997. The firm adds that two-thirds of all buildings that have changed ownership hands between January and June of this year were built during or prior to 1960. Investors who buy such complexes like the consistent cash flow that these properties generate. Orange County Apartment Association President Stephen Duringer reports, "The typical investor in a five- to 15-unit building has been an older owner whose needs are shifting and who wants to get out. The small investors have this market all to themselves because most of the REITs won't touch the smaller buildings."

"Florida Journal: Bar to Study Foreclosure Charges"
Dow Jones News (09/08/98) ; Johnson, Robert; McKinnon, John D.

Mortgage firms lending in Florida may have to face new residential property foreclosure guidelines in the near future. Florida Bar's Committee on Ancillary Businesses is considering requiring lenders to fully disclose to borrowers when certain work is performed by a subsidiary of the company, and to define which services will be part of a lawyer's fee and which are expenses. Foreclosure charges have become more of a concern in Florida in recent years. During the past year, a number of lawsuits have been filed by homeowners alleging that foreclosure-related charges were inflated. The Florida Bar will air questions on the matter in the fall.

"Alabama Live Launches Real Estate Listings Giving It the Largest Online Classified Database in the State"
PRNewswire (09/08/98)

Alabama Live now features home listings from the three largest papers in Alabama. When visiting the Web site, computer users will be able to find information on residential properties listed in The Huntsville Times, The Birmingham News, and the Mobile Register. Consumers will be able to search for homes, apartments, condos, and land by location, price, and square footage. The real estate portion of the database also will include information on schools, utilities, libraries, real estate companies, home loans, builders, contractors, and inspectors, among other things. "Alabama Live is proud to offer the state's most comprehensive fully searchable database of online classifieds from the top newspapers in the state," said Debbie Bingham, advertising director of Alabama Live. Alabama Live can be accessed at www.al.com.

"New Chicago Residential District Is Born"
New York Times--Real Estate (09/06/98) P. 41; Chanen, Jill Schachner

Housing market observers in Chicago appear to be optimistic about a new residential neighborhood in the Fulton River District of the city. On the east side of the area is the Chicago River, which is now considered to be one of the most desirable amenities in Chicago, in the same manner that Lake Michigan is for residents living along the waterfront. Some 3,000 new town houses, apartments in low- and high-rise buildings, and loft conversions will be built just blocks away from the Loop central business district over the next three years. With town homes starting at $300,000, and one-bedroom apartments starting at $142,000, the area will be a more affordable option for many homebuyers. "It's a vibrant area," said B.J. Spathies, president of Bejco Development Corp. "It also is an alternative to the congestion of Michigan Avenue."

"Surprise! A Fee Turns Up That Ruins Reader's Faith in the Estimate"
Philadelphia Inquirer (09/06/98) P. R2; Heavens, Alan J.

The best way for prospective home buyers to protect themselves from lenders who are not being completely upfront about the mortgage fees that they are charging is to comparison shop, according to Philadelphia Inquirer columnist Alan J. Heavens. Consumers should keep in mind that good-faith estimates are just that, an estimate, suggests Heavens. Heavens writes in his Home Notes column that to get consumers' business, lenders will sometimes be less than forthcoming about fees. "Then the lenders try to get borrowers to pay additional fees before freeing up money," he says, adding that the Truth-in-Lending Law and Real Estate Standards and Practices Act were developed to help prevent such practices.

"Georgetown 'Thorn' to Be New Urban Waterfront Park"
Corridor Real Estate Journal (09/03/98) Vol. 9, No. 17; P. 3A; Foxwell, Trish

The Washington, D.C. government is proceeding with plans to develop the Georgetown Waterfront Park in one of the city's bustling commercial and residential sections. The $8 million urban park took one more step towards becoming a reality late last month when Peter Bronson, chairman of the fundraising effort for the Georgetown Waterfront commission, managed to secure a $1 million federal grant. Bronson hopes to obtain the remaining funds from the private sector. A year 2000 completion date has been scheduled for the project, which will have everything from bike trails to boathouses.

"Calendar/People: Maryland"
Corridor Real Estate Journal (09/03/98) Vol. 9, No. 17; P. 9A

The Home Builders Association of Maryland's Land Use Council recently bestowed its award of excellence on the McKinsey Park Condominiums in Severna Park, Md. McKinsley Park won in the small multi-family projects category. The award has traditionally recognized innovative housing communities throughout the state that have proven themselves to be sensitive to the environment and in meeting the needs of the surrounding area.

"Home-Hunting Advice and a Haircut--$5"
Boston Globe (09/05/98) P. E1; Bushnell, Davis

Hair-cutting skills has enabled Roger F. King, 66, of Campton, N.H.-based King Realty Inc. to become the source for information on what is going on in the local market. Along with his wife, Roberta, 63, King is the co-owner of King Realty, and he is also the only barber in town. And because King is also a licensed real estate professional, the topic of discussion for those sitting in his chair almost always turns to real estate. "I hear all the gossip and sometimes I get listings," says King. Not too far from the Boston metropolitan area, Campton has become one of the most popular second home markets for southern New Englanders. The White Mountains are said to be particularly appealing to residents of Rhode Island, Connecticut, and New York state.

"Broker Opens Downtown"
Crain's New York Business (08/24/98) Vol. 14, No. 34; P. 23

Citi Habitats Inc., a New York residential real estate brokerage, is opening a downtown office that will serve the surrounding area. The move is a possible signal of the growing housing market in lower Manhattan.

Published: September 10, 1998

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