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WASHINGTON, DC-Fannie Mae and Freddie Mac have shaken hands on a common format for automated underwriting. The agreement is believed to speed the process and save money for borrowers and lenders.

MILPITAS, CA-The Interstate 880 widening project in the Milpitas corridor is expected to cure 9-mph commutes that have stifled development in the area.

DETROIT-The company decides against relocating its e-commerce division and eliminates plans for a three-story office tower attached to a parking structure. It will add single level of parking and an increased retail area.

PORTLAND-The entertainment company out of Ontario, Canada, has signed agreements to acquire the operations of Multnomah Greyhound Park and to operate the Portland Meadows thoroughbred racetrack while developer Tom Moyer decided on a redevelopment plan.

CHICAGO-Buyers are acquiring multifamily rental property in this market at capitalization rates under 8% as the market begins to emulate hot markets on the East and West Coasts. Purchases are made with the expectation of rent increases.

CHICAGO-The alliance between Democratic Mayor Richard M. Daley and Republican Governor George Ryan has produced city-state incentive packages to spur major industrial redevelopment projects, particularly on the Southeast Side.

IRVINE, CA-The project was 100% leased at the time of sale to the Northern California-based purchaser. Developed by the seller in 2000, the property is known as the Sand Canyon Medical Building

AUSTIN-Rising office vacancy has hit the pocketbook of building owners, with rent dipping 42 cents per sf between first quarter and Q2 closings. The average now rests at $27.15 per sf, with the CBD being hardest hit as rates plummet $4.20 per sf.