Wednesday, April 6, 2011

Housing News digest, April 6

Marcus & Millichap Sells Assisted Living Facility in Suburban DenverApr. 5, 2011 (Business Wire) -- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is pleased to announce the sale of Elk Run Assisted Living Facility a 62-unit assisted living facility located at 31383 Frost Way in the Denver suburb of Evergreen, Colorado. The property sold for $7,000,000 or $112,000 per unit.

Homeowner Forecloses on Wells Fargo
To get some answers and to plead his case, Rodgers wrote to Well Fargo—who, it seems, ignored his letter altogether.

As it turns out, mortgage companies are required by law to respond to written requests within a certain time frame, which Wells failed to do.
So Rodgers took Wells Fargo to court: And won a judgment of $1,173.
According to the ABC News account, Wells Fargo failed to pay up.

Apartment Vacancies in U.S. Fall to Lowest in Almost Three Years
U.S. apartment vacancies dropped to the lowest in almost three years in the first quarter as the weak homebuying market fueled demand in what is usually a slow period for rentals, according to Reis Inc. (REIS)

Senators Propose Homeowner Advocacy Office for HAMP Grievances
Although the Treasury Department has vowed to hold mortgage servicers publicly accountable for their adherence to Home Affordable Modification Program (HAMP) guidelines, some senators want to go one step further.

MBA: Mortgage Purchase Application activity increases ahead of FHA fee increase
The Refinance Index decreased 6.2 percent to its lowest level since February 25, 2011, on a seasonally adjusted basis. The seasonally adjusted Purchase Index increased 6.7 percent to its highest level of the year