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Tech future tied to DOJ-NAR
Roadmap to Recovery: Victor Lund Q&A
Originally by Inman_News from Inman News Headlines on December 11, 2008, 1:00am
Waiting to refi may be smart move
Some believe government intervention is coming
Originally by Ilyce_Glink from Inman News Headlines on December 11, 2008, 10:38am
Checking up on the Joneses
REThink Real Estate
Originally by Tara-Nicholle Nelson from Inman News Headlines on December 11, 2008, 10:41am
Saving husband, kids from abusive wife
Rent it Right
Originally by Janet_Portman from Inman News Headlines on December 11, 2008, 10:46am
Uncovering the impact of TARP
Lawmakers question plan’s oversight, use in curbing foreclosures
Originally by Matt_Carter from Inman News Headlines on December 10, 2008, 1:18pm
The big three … title insurers?
For now at least, the U.S. auto industry’s got its big three: GM, Ford and Chrysler. In real estate, you’ve got your big four title insurance underwriting companies — soon to be the big three.
In 2007, the top four title insurers controlled 87 percent of the $14 billion U.S. title insurance business. First American Corp. led the pack with 30 percent market share, followed by Fidelity National Financial Inc. (26 percent), LandAmerica Financial Group (19 percent) and Stewart Information Services Corp. (12 percent).
With LandAmerica in Chapter 11 bankruptcy and Fidelity looking to buy its three underwriting subsidiaries — Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Co. and United Capital Title Insurance Co. — the picture could soon look something like this: Fidelity (45 percent), First American (30 percent), and Stewart (12 percent).
But now we learn that Stewart also seems to be in the chase for LandAmerica’s underwriters (see story).
If Stewart succeeds in outmaneuvering Fidelity, that would leave the three biggest companies still standing with roughly equal market share: Stewart (31 percent), First American (30 percent) and Fidelity (26 percent).
In a Nov. 10 analysis of a proposed Fidelity-LandAmerica merger, analysts at Keefe, Bruyette & Woods said that a combined Stewart and LandAmerica would make for a "healthy industry."
But KBW saw Fidelity as "the logical partner" for LandAmerica, because LandAmerica’s $650 million-plus debt load would be too big a hurdle for Stewart, with its "conservative balance sheet philosophy," to overcome (this was before LandAmerica filed for bankruptcy protection and said instead of merging with another company, it would sell off its underwriting companies as part of a plan to pay off the parent company’s debt).
The KBW analysts ruled out First American because the company’s management has said they aren’t interested in acquisitions right now — like everybody else, they are downsizing as fast as they can to survive the downturn.
Fidelity’s management has indicated that in order to realize "synergies," layoffs would be an inevitable part of an acquisition of Lawyers, Commonwealth and United. That’s probably true regardless of who ends up with LandAmerica’s underwriting subsidiaries.
That being said, who are you rooting for, Fidelity or Stewart? If Fidelity beats out Stewart, can Stewart boost its market share and attain parity with Fidelity and First American? Or will the big three eventually become the big two?
There’s one other scenario that would preserve a "big four" title industry: What if Old Republic International Corp., which had 5 percent of the underwriting business in 2007, picked up LandAmerica’s underwriters? That would create a landscape something like this: First American (30 percent), Fidelity (26 percent), Old Republic (24 percent) and Stewart (12 percent).
If that sounds far fetched, Old Republic did file an application with Nebraska regulators this week to acquire Lawyers and Commonwealth, but withdrew the application yesterday (see story link above).
What about First American? Should the current leader reconsider and jump into the hunt, now that it’s LandAmerica’s underwriting companies on the block, and not the parent company and all its debt? Or are they wise to stay on the sidelines and let Fidelity and Stewart engage in a bidding war?
Fidelity is hoping to wrap up a $298 million deal with LandAmerica this month, but LandAmerica’s creditors are objecting to a quick sale and have asked the bankruptcy court to hold off on approving it, saying a better offer could emerge (for details, and access to filings in the case, see the story).
Originally by Matt_Carter from Inman Blog on December 12, 2008, 10:48am
Roadmap to Recovery Townhall Meeting
Mark your calendars!
December 17, 2008 at 11am PST.
We’re holding a FREE audio townhall meeting for all Inman News readers next week on the future of the real estate industry, moderated by Inman News publisher Bradley Inman. As part of our Roadmap to Recovery series, we’ve convened 4 industry leaders to discuss what the future holds for real estate agents, brokers, ancillary service and technology providers.
Featuring:
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Kris Berg, Co-owner and Designated Broker, San Diego Castles Realty - Making real estate ‘guacamole’
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Marty Frame, SVP & GM, Cyberhomes - Growing ‘in times of turmoil’
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Pam O’Connor, President/CEO, Leading Real Estate Companies of the World - Lost jobs delay real estate revival
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Patrick Stone, Chairman, The Stone Group - A call for expertise, ‘de-cruiting’ in real estate
Attendence is limited, so register quickly! In order to listen in to the call, you will need to do the following:
1. Fill out the townhall registration form.
2. That’s it! Completed submissions will recieve the dial-in number and access code.
Don’t Delay - Register Today!
Inman Premium Members get priority access to all Inman News podcasts and webinars. Buy an Inman Premium Membership today.
Originally by jburslem from Inman Blog on December 10, 2008, 3:29pm
Take me to your auction, earthling
Known as the "space ship house," this 2,000-square-foot saucer-shaped residence in Chatanooga, Tenn., is reportedly up for auction on Dec. 14.
We’re not sure if it’s flightworthy. (And yes, this image has been embellished with spooky lighting effects!)
Originally by Glenn_Roberts from Inman Blog on December 9, 2008, 10:00am
Looking for Travel Deals to Connect NYC ‘09? We’ve got ‘em!
I know it might seem hard to believe, but the cost of travel has come down considerably over the last few weeks. A pleasant side effect of falling fuel prices and a slow economy is that airlines and hotels are getting aggressive in attracting your business. Now is one of the best times in a long while to book travel; especially to place like, oh, I don’t know– New York City on January 7-9th. 
Just this morning, flights for me from Richmond, VA to NYC were $120 round-trip on JetBlue. Sweet. You might be traveling further than me, but chances are, you can do it for a lot less than you thought.
Same story on hotel rooms. We were able to negotiate a lower room rate with the Marriott Marquis, which has been applied to anyone who previously registered there. If you are looking to save even more, there are plenty of hotel deals to be had. Here are some sites you can check to find the best available deals:
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Farecast — Winner of the 2008 Webby Award in the travel category. Farecast searches for cheap flights and gives free airfare pricing predictions.
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Kayak — Kayak searches hundreds of travel sites to give you the widest possible choice then offers direct booking from the selected travel site.
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Hotwire — JD Power Award winner for 3rd straight year. Hotwire lets you compare prices against other major travel sites to make sure you’re getting the best possible deal.
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Expedia — The World’s leading online travel agency. Offering great package deals and top notch customer service.
We’re also very pleased to be able to offer one lucky Connect attendee a very special deal:
Register for Connect NYC ‘09 through December 21st, 2008 and you will be entered into a drawing for the chance to win 3 nights at the Marriot Marquis, a $720 value, plus a dinner voucher worth $80. The winner will be announced Monday, December 21st right here, on the Inman Blog.
Wait, there’s more. . .
I know that the folks who attend Connect NYC are some of the friendliest folks in the industry. I know that many of you are probably interested in sharing a hotel room. After all, there’s nothing like making a new friend, right? If you are interested in finding a roommate, or you found an awesome travel deal that you really want to share with everyone, head on over to the Connect NYC ‘09 group in the Inman Community and find a roommate or share your deal.
If you were thinking, "man, I really want to go to Connect NYC ‘09, but I’m not sure about the travel," you’re not the only one. The reality is, it’s a lot more affordable than you might have guessed. With our help, and the help of the Inman Community, you can make the trip to NYC on just about any budget. Don’t miss out!
Originally by RealEstateZebra from Inman Blog on December 9, 2008, 9:14am
