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The age requirement to qualify for a reverse mortgage keeps getting younger. Melville, N.Y.-based Lender Lead Solutions has introduced Simple60, a new reverse mortgage product available to homeowners aged 60 and older. Reverse mortgages offered to date have required that borrowers be at least 62 years old. And couples applying for a reverse mortgage must… Continue Reading 60 is the new 62 for reverse mortgage standards

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Mortgage applications show slight rise

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Mortgage application volume increased 5.5 percent last week, according to the Mortgage Bankers Association’s weekly application survey. The MBA’s mortgage application index rose to 707.3, from 670.6 the previous week. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail… Continue Reading Mortgage applications show slight rise

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Commercial development outlook positive

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Strong industrial markets, rent gains and a growing interest in medical office buildings brought an upbeat perspective to the nation’s top commercial developers, despite concerns that the economy and property market fundamentals are losing steam. That’s according to the National Association of Industrial and Office Properties Vital Signs members’ survey. Doug Herzbrun, managing director of… Continue Reading Commercial development outlook positive

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News from the mortgage front

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Refinance transactions down Third quarter refinance transactions totaled around $69 billion, according to Freddie Mac’s quarterly refinance survey. Refinance activity fell from approximately $97 billion during the second quarter. Home equity loans and other cashout transactions of $60 billion were down nearly 25 percent from the prior period. Letter designed to help subprime victims Mortgagechronicle.com… Continue Reading News from the mortgage front

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Good news, for a change, for building industry

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Amid the daily reports about a continually sagging residential housing industry, commercial constructors say they have something to celebrate. The Associated General Contractors of America says Bureau of Labor Statistics numbers show that during the past 12 months, employment in the three nonresidential categories – nonresidential building, specialty trades, plus heavy and civil engineering –… Continue Reading Good news, for a change, for building industry

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Residential building lags

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McGraw-Hill said this week that new construction starts fell 9 percent during September and 11 percent year-to-date for the first nine months of 2007 combined, compared to same period of 2006. The industry analyst broke new construction into three subcategories: nonbuilding, nonresidential and residential construction. Nonbuilding construction was up 6 percent year-to-date but was down… Continue Reading Residential building lags

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FHA-approved lenders offer subprime antidote

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Countrywide Financial Corp. announced its intention this week to help 82,000 subprime borrowers facing higher payments to stay in their homes. But, the company is not the only financial institution promoting FHA fixed-rate refinanced or restructured loans to borrowers overwhelmed by high-risk escalating adjustable rate mortgages. The HUD-sponsored program, launched Sept. 5 with the support… Continue Reading FHA-approved lenders offer subprime antidote

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Cumulative declines in single-family construction and building permit authorizations is approaching 50 percent, said David Seiders, chief economist for the National Association of Home Builders. He also said annual rates for both starts and building permits fell below the million-unit market for the first time since 1995. The NAHB/Wells Fargo Housing Market Index dropped to… Continue Reading Single family home building declines approach 50%

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Memorial sells medical office bldg.

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Ventas Inc.of Louisville, Ky. has purchased Memorial Health System’s 223,000-square-foot medical office building at 175 S. Union Blvd. for $52 million. Hospital CFO Gary Flansburg said the transaction, which also included the sale of second building at 8890 N. Union Blvd. for more than $13.8 million, was completed Oct. 1, following negotiations that began during… Continue Reading Memorial sells medical office bldg.

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Colorado fares well on risky home value list

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PMI Mortgage Insurance Co. has released its list of the “riskiest” markets [1.2MB pdf] for home appreciation, and the news is generally good for Colorado’s homeowners. The ranking is based on data from the Office of Federal Housing Enterprise Oversight House Price Index. While Riverside-San Berandino-Ontario, Calif. tops the list, metropolitan areas such as Las… Continue Reading Colorado fares well on risky home value list

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