Tuesday, March 27, 2012

NAR: February's Pending Home Sales Up Sharply From 2011

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Contract signings for home sales dipped slightly in February from January, but were significantly higher than February of last year, continuing a recent statistical trend that suggests a real estate recovery may be underway.

The National Association of Realtors pending home index fell 0.5 percent in February 2012 from January, but last month's index number, 96.5 percent, is still 9.2 percent above February 2011, when it was 88.4 percent.

"The spring home buying season looks bright because of an elevated level of contract offers so far this year," NAR chief economist Lawrence Yun said. "If activity is sustained near present levels, existing-home sales will see their best performance in five years."

The moderately positive data comes on the heels of other numbers that hint that the housing market is finally slogging toward a recovery. Home sales have risen by 13 percent in the last six months, according to Capital Economics, and home builders confidence is at its highest level since 2007.

A recent study also found a leap in real estate agent confidence, with the number of agents who say they expect home values to rise in the next six months more than doubling in just one quarter.

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

See also:
Home Value Survey Sees Sharp Rise in Realtor Optimism

Homebuilders Survey: More Confidence About Housing Sales

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Home Sales:  Buy Now, Says Investor

 

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Source: http://realestate.aol.com/blog/2012/03/26/nar-pending-home-sales-dip-in-february-but-are-much-higher-tha/

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$10 million apartment building proposed to replace blighted gas station in North Loop

Source: http://feedproxy.google.com/~r/TheLineMedia/~3/49Kejqhw27k/northloopapts032112.aspx

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Sunday, March 25, 2012

Open Houses of the Week: March 23-24

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There's nothing quite like the lure of an open house sign. Granted, you might not be in the neighborhood (or tax bracket) for many of these outstanding properties, but there's still plenty to admire -- even from the comfort of your swivel chair.

From coast to coast, and everything in-between, we lay down the welcome mat at some of the most enticing open houses in the nation. So wipe your feet at the door and scroll right on through.



Open Houses for March 23-24


Phoenix



Open house: Sun., March 25
Location: Phoenix
Price: $699,000
Property details: This three-bedroom, Spanish-style home overlooking the Phoenix Mountain Preserve blends beautifully into its desert landscape. Decked out in warm earth tones, the 2,990-square-foot home boasts vaulted, wood-beamed ceilings, custom stone fireplaces and domed stained-glass windows. Enjoy gorgeous mountain and desert views as you relax on the enormous covered patio that wraps around the home, or take a dip in your sprawling, palm-flanked swimming pool.

See inside this property.

See more Phoenix homes for sale.

Edwards, Colo.



Open house: Sat., March 24
Location: Edwards, Colo.
Price: $1.225 million
Property details: Snow bunnies, this home's for you! Nestled in the Vail Valley, just west of the famous ski and resort towns of Vail, this picturesque four-bedroom located in the prestigious Alcazar enclave is mere minutes away from world-class skiing. Outdoor perks aside, the 3,400-square-foot home offers breathtaking views over the Game Creek Bowl. It also boasts flawless hickory floors, marble details throughout, and a huge outdoor wood patio with a gas fireplace.

See inside this property.

See more Edwards homes for sale

Malibu, Calif.



Open house: Sun., March 25
Location: Malibu, Calif.
Price: $4.15 million
Property details: If you'd prefer sandy beaches to powdery ski slopes, this striking four-bedroom contemporary may just be perfect for you. Located on pretty Las Tunas Beach, you can enjoy endless blue views from Palos Verdes to Point Dume. Sparkling panoramas aside, the home boasts fine craftsmanship, from its custom tile design, hardwood floors, and granite, marble and onyx details. We love that gorgeous outdoor deck right on the water, perfect for watching those million-dollar Malibu sunsets.

See inside this property.

See more Malibu homes for sale.

Edina, Minn.



Open house: Sun., March 25
Location: Edina, Minn.
Price: $1.75 million
Property details: Located in the historic, well-heeled neighborhood of East Edina, this stately four-bedroom home is perfect for families. Situated by abundant parks and schools, and boasting a sprawling green lawn in addition to various indoor and outdoor playspaces, the property offers plenty for families with school-age kids and rambunctious tots. Meanwhile, grownups can enjoy the many posh amenities the home includes, such as an in-home gym.

See inside this property.


See more Edina homes for sale.

Austin, Texas



Open house: Sun., March 25
Location: Austin, Tx.
Price: $1.350 million
Property details: This stunning 2,783-square-foot home, situated on a huge 1.97-acre-lot that gently slopes into the main body of Lake Travis, is a nature-lover's dream. You get idyllic lake and hill-country views from the large deck over the courtyard, and the entire property is flanked by mature trees. The luxurious pool and spa (with firepits!) overlook the sloped garden that leads down to the lake and boat ramp.

See inside this property.

See more homes in Austin for sale.

Atlanta



Open House: Sun., March 25
Location: Atlanta
Price: $1.275 million
Property details: Columned porches, sweeping staircases, majestic French doors, and exquisite tiered moldings make this plantation-style Atlanta mansion an absolute dream. With interiors reminiscent of a bygone, "Gone With the Wind" era, the five-bedroom beauty is a rare find. We especially love those outdoor porches equipped with rocking chairs, boasting views of willowy green trees and endless lawns.

See inside this property.

See more Atlanta homes for sale.


Kaneohe, Hawaii



Open house: Sun., March 25
Location: Kaneohe, Hawaii
Price: $1.295 million
Property details: Homes on Oahu can have an unfair advantage: They are nestled in one of the world's most beautiful beach landscapes, making them desirable by default. This brand-new plantation-style home is no different. Built in 2011, the stunning property offers sweeping ocean and mountain views from all rooms (naturally). It's spread over 2,758 square feet and has three bedrooms, four bathrooms, and a state-of-the-art kitchen.

See inside this property.

See more Kaneohe homes for sale.

Miami Beach, Fla.



Open house: Sun., March 25
Location: Miami Beach, Fla.
Price: $1.45 million
Property details: This white-hot, 3,460-square-foot contemporary isn't shy about its luxury amenities. With its soaring ceilings, Jacuzzi, open terraces, pools and Miele appliances, it's your quintessential Miami Beach mansion, and that ain't a bad thing! Featuring three spacious bedrooms, four bathrooms and "walls of glass" offering views of the pool, patio and backyard, you can enjoy resort-style living all year-round.

See inside this property.

See more homes in the Miami Beach area for sale.


Follow AOL Real Estate reporters Teke Wiggin (@tkwiggin) and Krisanne Alcantara (@krisannetraz) on Twitter (@aolrealestate).

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More great AOL Real Estate galleries:
Buy a Decent Home for Less Than $10,000
Midcentury Modern Homes: The Cool That's Still Hot
Million-Dollar Foreclosures

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Source: http://realestate.aol.com/blog/2012/03/23/open-houses-of-the-week-march-23-24/

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Letters From Readers of the Home Section

A selection of recent comments from readers of the Home section, drawn from letters and postings at nytimes.com.

Source: http://feeds.nytimes.com/click.phdo?i=b264496547df72d05f619dfa95971ffa

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Saturday, March 24, 2012

Deutsche, NorthStar Poinsed to Land Hancock

A partnership of Deutsche Bank and NorthStar Realty Finance is emerging as the victor in the battle to control the John Hancock Center, outmaneuvering Goldman Sachs, Blackstone Group and other investors vying for the well-known Chicago skyscraper.

Source: http://online.wsj.com/article/SB10001424052702304636404577299700077980874.html?mod=residential_real_estate

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A Bronfman Family Farm

Owned by Edgar M. Bronfman, the former CEO of Seagram, Georgetown Farm in Charlottesville, Va., is on the market, asking $3.8 million for the house and 120 acres or $10.3 million for the house and 540 acres.

Source: http://online.wsj.com/article/SB10001424052702304724404577295740495101240.html?mod=residential_real_estate

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Wednesday, March 21, 2012

'Losing our multi-million dollar home'

Like millions of Americans, Joanne and John Buchanan are facing foreclosure. But at a value of more than $2 million, the home they stand to lose isn't your average delinquency.

Source: http://rss.cnn.com/~r/rss/money_realestate/~3/mAaAGUR63hM/index.htm

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Binghamton, N.Y.: Nation's Most Downbeat City, Poll Says



The Gallup polling organization put a simple question to the residents of 190 metropolitan areas: "Would you say your city or town is getting better as a place to live?"

The responses are in, and Binghamton, N.Y., has been named the least optimistic place in America.

The Gallup-Healthways Well-Being index tracks community satisfaction and optimism on a daily basis by conducting telephone interviews with adult residents of U.S. cities and their surrounding areas. In 2011, Binghamtonians expressed the lowest recorded level of optimism: Only 27.8 percent voiced a positive feeling about their community's prospects.

In Provo-Orem, Utah, on the other hand -- the country's most optimistic region, according to this poll -- 76 percent of residents expressed confidence about the direction of their area.

As to the reasons why, The Binghamton Press & Sun-Bulletin suggests that the weather and economy are valid reasons for pessimism. Seasonal affective disorder, which can bring on bouts of depression typically in the winter, could be a contributing factor, but Binghamton's malaise is also a product of its residents' outlook. "The community is rather conservative and not very open-minded," psychologist Benjamin Perkus told the Press & Sun-Bulletin. "So it's stuck in the old paradigm of big industry, which is gone now."

Settled in 1802, the once-agrarian Binghamton became a transportation hub and manufacturing center with the advent of the Erie Railroad in the 1840s. In the 20th century, IBM was founded close by and the flight simulator was developed in town, creating a robust local outpost of electronics and defense contracting. The end of the Cold War, however, saw the drying up of funds for many defense firms, costing the region jobs. From a peak of 85,000 in the mid-1950s, the city's population has declined to less than 50,000.

Still, there are bright points, like the educational scene, centered around Binghamton University, and a local opera company and a symphony, as well as sports teams. Residents' pessimism may have been influenced by flooding that occurred last year, when the survey was being conducted.

New York's Syracuse and Utica-Rome also fared poorly in the survey, coming in at numbers 186 and 183, respectively. But Binghamton stood out, according to Gallup, for its "difficult combination" of relatively dreary satisfaction and optimism ratings. Only 74.9 percent of Binghamton area residents said they were satisfied with their community, which doesn't sound so bad -- except that it was the fourth-lowest figure among the 190 areas surveyed. Binghamton's 27.8 percent optimism rating contrasts sharply with the national average among resident of small metro areas, which was 56.5 percent.
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See also:
Could 2012 Be the Best Year to Buy a Home in Decades?
Property Taxes Finally Start To Reflect Housing's Plunge


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Source: http://realestate.aol.com/blog/2012/03/15/binghamton-n-y-nations-most-downbeat-city-poll-says/

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Weekly Market Activity Report - March 14, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of March 14, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_03-14.pdf

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Tuesday, March 20, 2012

Weekly Market Activity Report - May 2, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of May 02, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_05-02.pdf

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Could 2012 Be the Best Year to Buy a Home in Decades?

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As spring buying season approaches, potential first-time homebuyers would be excused for feeling uneasy about jumping into the real estate market. After all, pretty much all housing news since the bubble burst has been, well, bad news.

But this may be the perfect time for prospective buyers to test the waters.

As of December, home prices had plummeted 34 percent since the housing bust, according to the S&P Case-Shiller index. That means you could buy a home, on average, for the same price it would have cost in 2002. Along with retro prices, mortgage interest rates continue to hover around record lows. The rate on a 30-year fixed-rate mortgage was 3.95 percent as of Feb. 23, marking the 12th straight week rates had stayed below 4 percent.

A number of reports corroborate the idea of a housing market whose affordability has reached near-unprecedented heights. The U.S. Department of Housing and Urban development said that homes are more affordable than they've been in 40 years, while the National Association of Home Builders recently stated that home affordability hit a 20-year high. The National Association of Realtors President Moe Veissi asserted that the "typical family has roughly double the income needed to purchase a median-priced home," something that's never happened since the NAR started keeping records.

"OK," you may be thinking, "maybe homes are affordable. But what does that matter if prices continue to fall? That loses me money, right?"

There is evidence in several markets that home prices' painful slide may finally be at an end. While home prices reportedly dropped 4.7 percent in 2011, some experts say prices will bottom out by the end of the year. NAR chief economist Lawrence Yun predicts that prices will actually rise by 2 percent in 2012.

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Another reason to house hunt this year is the abundance of discount deals stemming from distressed sales, which include foreclosures and short sales. On average, they yield a 30 percent discount compared to conventional sales, according to CoreLogic. And with the $25 billion mortgage settlement with the nation's biggest mortgage lenders finally on the books, the foreclosure inventory is expected to tick up in 2012, as lenders look to clear their backlog.

And to top it all off? The economy looks like it's actually on the upswing. The economy added 227,000 jobs in February, according to the Labor Department. And while qualifying for a mortgage may still be difficult for many buyers, for first-timers who don't have an outstanding mortgage to deal with, this may be a once-in-a-lifetime opportunity.

Follow Teke Wiggin on Twitter (@tkwiggin), follow @AOLRealEstate, or connect with AOL Real Estate on Facebook.

Also see: Top Real Estate Markets for Million-Dollar Homes

More on AOL Real Estate:
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First Time Buyer Recounts Home Buying Process

 

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Source: http://realestate.aol.com/blog/2012/03/14/could-2012-be-the-best-year-to-buy-a-home-in-decades/

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Monday, March 19, 2012

Weekly Market Activity Report - June 20, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of June 20, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_06-20.pdf

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Strategic Default: Would Half of Homeowners Walk Away?

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While there may be signs that the housing market is mounting a comeback, homeowners hit hardest by the real estate meltdown aren't growing any more patient, a new poll suggests.

An online poll conducted by real estate website HousingPredictor found that nearly half of of those who responded said that they would walk away from their mortgage obligations if home prices continue to slide. The poll, which drew more than 1,000 responses from visitors to HousingPredictor's forecasting website, is unscientific, but it does seem to reflect changing attitudes toward strategic default.

An identical poll conducted in March 2010 by HousingPredictor found that 32 percent of respondents said that they would pursue strategic default if prices continued to drop. In HousingPredictor's most recent poll that number ticked up to 47 percent, suggesting that a wider swath of beleaguered homeowners -- or at least homeowners who visit HousingPredictor -- are willing to ditch their loans.

In 2009, a national survey conducted by Reecon Advisors found that just one in 10 homeowners would probably choose to default on a home if its mortgage was significantly higher than the home was worth. But attitudes may have changed over the last few years, with strategic default shedding some of its stigma as many homeowners grow frustrated with falling home prices and revelations of bank malfeasance.

"Back in 2008 people were very emotional, very scared, in disbelief or denial," Jon Maddux, co-founder of YouWalkAway, told DailyFinance last fall. "Now they are simply fed up. It's a very calculated, black-and-white business decision. People feel very relieved."

Foreclosure Tips - Walking Away From the Property



















A recent prediction by Fitch Ratings would seem to suggest that such a cynical outlook among borrowers' would be unlikely to change anytime soon. The agency recently released a report that forecasts that home prices will drop another 9.1 percent before leveling out. That would leave even more Americans underwater, and perhaps even more open to pursuing strategic default.

The Price of Walking Away

While walking away from a loan may seem like the best route for a homeowner navigating the rocky terrain of today's economic landscape, homeowners should think twice about choosing the path of strategic default, some experts say.

Before the housing meltdown, a 30-day late payment often dinged a homeowner's credit score by only about 30 to 40 points, lending manager Glamis Haro told AOL Real Estate. But as of last sprin, that number is now closer to 100 points, Haro said. And if a bank forecloses on a home, its former owner may have to wait up to seven years before being eligible for a mortgage again.

What's more, in most states banks may sue a delinquent homeowner for the "deficiency," or the amount that the homeowner owes on a loan after the home sells.

If an underwater homeowner is set on getting out from under a loan, the borrower may want to consider opting for a "short sale." While the option may not release a borrower from liability for a deficiency altogether, it reduces a deficiency amount and limits damage to the borrower's credit score.

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See also:
Foreclosure Starts and Sales Spiked in January, Report Says

Millionaire Foreclosures on the Rise

More on AOL
Real Estate:
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Source: http://realestate.aol.com/blog/2012/03/09/strategic-default-nearly-half-of-homeowners-open-to-walking-awa/

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Friday, March 16, 2012

House of the Day: Tucson Home Is a Desert Oasis

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If living in the middle of the desert has never appealed to you, then it's probably because you haven't seen this home before.

Built upon almost three acres of land adjacent to Coronado National Forest, this $3.25 million home in Tuscon, Ariz. -- the world's "greenest desert" -- proves that desert living is just as luxurious as coastal living.

Surrounded by mountains and wild cacti, the stunning home's earthy aesthetic, wood detailing and mill work blend seamlessly into its natural environment. Mirroring Tucson's jagged mountain terrain, the home's striking geometric architecture features sloping ceilings, dropped floors and large, carefully angled windows. Its sharp corners remind us a little of Florida's famous "cube" home, but not quite as severe (or cubic). The home's decor is modern and subtly sleek, ensuring that attention is not taken from the home's architecture and artwork.

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The 5,238-square-foot home features five bedrooms, six bathrooms, an in-house gym, an office (with jaw-dropping desert and mountain views), an outdoor spa, and an above-ground pool (pictured).

Nikki Halle of Sotheby's International Realty has the listing.

Click on the images below to see more homes for sale in the Tucson, Ariz., area.



See more Houses of the Day on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email krisanne.alcantara@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)

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Westward Look Resort in Tucson, Arizona

 

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Source: http://realestate.aol.com/blog/2012/03/14/house-of-the-day-tucson-home-is-a-desert-oasis/

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Minneapolis Convention Center prioritizes going green

Source: http://feedproxy.google.com/~r/TheLineMedia/~3/fhTS0XqsRcM/conventioncentergreen030712.aspx

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Weekly Market Activity Report - February 14, 2011

MAAR's Weekly Market Activity Report for the Twin Cities ? Week of February 14, 2011.

Source: http://www.mplsrealtor.com/downloads/market/WMAR/Archive/WMAR_2011_02-14.pdf

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Thursday, March 15, 2012

'Home Alone' House Sells for $1.6 Million

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The house made famous by the holiday blockbuster "Home Alone" has finally sold for $1.585 million, after almost a year on the market.

The home, located in the Chicago North Shore suburb of Winnetka, was initially listed in May of last year for $2.4 million. (It most recently had been listed for $1.95 million in October.) It has 14 rooms -- some of which were featured in the 1990 film, from the attic bedroom, to the kitchen, to the staircase where Harry loses a tooth -- and sits on a half-acre lot, just blocks away from magnificent Lake Michigan.

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A lot of the original decor seen in the movie -- the patterned wallpapers, the festive red and green decor and antique furnishings -- has since been updated. Now, clean grey walls and sleek, modern furniture adorn the 4,250-square-foot home, and though it no longer feels like the "warm and cozy Christmas house" that you see in the movie, it's still a genuine looker.

Coldwell Banker's Marissa Hopkins says that selling the unique home was a "privilege," and was happy to learn that the home "touched so many fans and families."

The home's owners, empty-nesters John and Cynthia Abendshien, apparently were ready to downsize because they just "didn't need that much space."

Browse the gallery above for a look at the home, then and now.

See also:
Real Life 'Up' House Sells to Disney Fanatics
Rent to the Movies: Is Your House a Star?

More on AOL Real Estate:
Find out how to
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ET Flashback: Macaulay Culkin Left Home Alone

 

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Source: http://realestate.aol.com/blog/2012/03/09/home-alone-house-sells-for-1-6-million/

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Indiana newspaper highlights University of Minnesota "meat lab" program

Source: http://feedproxy.google.com/~r/TheLineMedia/~3/EV9Xnp9vu9w/meatlab031412.aspx

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Saturday, March 10, 2012

The 200+ - May 2011

MAAR's tracking tool for local housing market activity has been updated with data through May 2011.

Source: http://www.mplsrealtor.com/the200plus.aspx

Housing Market Condo Market Minneapolis

Regis trying to sublease some Edina office space

Regis Corp. is trying to sublease about 90,000 square feet of office space in Edina near France Ave.

The company recently started marketing a fully-furnished office in Centennial Crossings at 4401 76th St. W. in Edina for lease, according a listing on MNCAR's listing service.

Regis (NYSE: RGS) owns, operates and franchises hair salons. In January the company laid off 110 corporate employees and announced that company President Randy Pearce would retire in June, instead of taking over as CEO in February as the company had previously announced...

Source: http://feeds.bizjournals.com/~r/twincities_blog_realestate/~3/zNj7NMNKXlA/regis-offers-edina-office-space-for.html

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HUD expected to increase fraud claims with FHA refi changes

An analyst at the Royal Bank of Scotland warns that the Department of Housing and Urban Development will likely increase its indemnification demands for lenders that, it feels, failed to properly write the mortgage.

read more

Source: http://feedproxy.google.com/~r/housingwire/uOVI/~3/svmZuwDpvwk/hud-expected-increase-fraud-claims-fha-refi-changes

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Friday, March 9, 2012