Latest Real Estate News from REALTY PROS.

Washington, DC topped New York City for the highest office rents in the country crown last quarter, according to a report from commercial real estate firm Cassidy Turley. The average rent in the nation's capital in for the third quarter was $48.96 per square foot, compared to $48.53 in New York City. Rents in D.C. rose 3.9 percent compared to a year ago, while New York rents were down 5.6 percent in the same period.

Rents rose in 21 of the 80 markets tracked, with Minneapolis rising the most, up 6 percent, reaching $24.09 per square foot. The cheapest rent in the report: $12.17 per square foot in Wichita, Kansas. (Inc.)

The Washington area real estate market is entering its second-busiest sales period of the year under a yellow flag of caution.

Following a sharp plunge in July, when the number of existing home sales in the Washington area fell nearly 19 percent, statistics just released for August show that, by most measures, the real estate market continued to weaken, although not as dramatically. RealEstate Business Intelligence, a subsidiary of the local multiple-listing service, reported Friday that 518 home sales were closed in the District during August, a 2.1 percent drop-off from July.

The average price declined 8.8 percent to $502,436. But District homes were selling a bit faster. On average, a home remained on the market 58 days before selling, compared with 62 days reported in July. (Washington Post)

Foreclosure filings climbed in 75% of the nation's metro areas during the first half of 2010, according to a report issued Thursday. RealtyTrac, an online marketer of foreclosed homes, said that California, Florida, Arizona and Nevada continue to lead the nation in the rate of foreclosures. Las Vegas was the worst-hit city.

But now unemployment has replaced toxic mortgages as the leading cause of foreclosures throughout the country, according to spokesman Rick Sharga.

"Las Vegas has seamlessly shifted from having a high level of foreclosures due to bad loans," said Sharga, "to defaults caused by a high level of unemployment." Some 14.5% of its work force was idle in June, up 2.1 points from last June. (CNN Money)

While the nation's housing market struggles amid a sudden downdraft that has once again battered sales, the Washington region appears relatively insulated and poised for a turnaround.

Home-buying activity in the second quarter was well above where it was in the comparable period a year ago, and homes sold more quickly and at higher prices, according to a study compiled by the Delta Associates consulting firm and Metropolitan Regional Information Systems, the local multiple listing service. "We feel quite comfortable in saying that the bottom has passed in this region," said Sandy Paul, Delta's national research director. "But if the national and global economies take a turn for the worse, all bets are off." (Washington Post)

One of the key attractions of FHA mortgage financing is going, going -- but not quite gone. Sellers and buyers who move fast can still make the most of it.

Sometime this summer, the Federal Housing Administration plans to slash maximum "seller concessions" from 6 percent of the home price to 3 percent. Seller concession rules allow buyers to look to the property seller to pay for some services and taxes connected with the transaction -- loan origination and local transfer fees, appraisals, inspections, closing and escrow costs, among others -- though not the down payment. (Washington Post)

Home prices remained weak through the early months of this year, according to a closely watched housing index released Tuesday, an indication that the housing market continues to struggle despite recent improvements. (Washington Post)

The buyers are back in the Washington area home market, according to a market trends report released Tuesday by MRIS (the local multiple listing service) and real estate research firm Delta Associates. (Washington Post)

If you are planning to take out a mortgage or refinance, you might want to hear this blunt message from federal officials: Don't fly blind. When you're shopping among competing lenders for the best terms and fees, make sure you know which quotes come with a guarantee and which do not. (Washington Post)

With all the bad news about underwater homeowners and strategic walkaways, you might think that American homeowners' equity holdings are in the tank. But the least-publicized recent statistic on real estate is that, despite these scary reports, home equity is again on the rise. (Washington Post)

Income tax returns are the most imaginative fiction being written today."

-- Herman Wouk

The concept of "principal residence" is critical in our tax laws. To qualify for the first-time-home-buyer tax credit, the house you buy must be your principal residence. If you want to claim the exclusion of up to $500,000 in capital gains ($250,000 if you are not married) when you sell your home, that property must be your principal residence. (Washington Post)