Archive for February 2008

Washington, D.C.–Claiming it would hurt mortgage lenders and prolong the housing slump, Senate Republicans blocked a Democrat-sponsored bill to assist the troubled housing industry Thursday, the Washington Post reports.The Senate failed to gain the necessary 60 votes to end a proposed housing bill filibuster. The bill earmarks billions of dollars for local communities to purchase…

Chicago–Treasury Secretary Henry Paulson told a crowd at the Economic Club of Chicago Thursday that he does not support a government-backed homeowner bailout, the Chicago Tribune reports.Less than 2 percent of home mortgages are in foreclosure, Paulson said.”So, while some in Washington are proposing big interventions, most of the proposals I’ve seen would do more…

Charlotte, N.C.–Top executives from Charlotte, N.C.-based Bank of America and Wachovia–as well as executives at JPMorgan Chase in New York–have seen an increasing number buyers walk away from mortgages in recent months, The New York Times reported Friday.The homeowners are more interested in getting out of their current mortgages than in renegotiating or defaulting. Some…

New York–American International Group declared almost $15 billion in subprime mortgage-related writedowns and losses Thursday, the Financial Times reports.The New York-based insurer’s net loss for the fourth quarter was $5.29 billion as a result. Full-year earnings were reduced by more than half to $6.2 billion.AIG expects the U.S. housing market to stay soft and feels…

By Anuradha Kher, Online News EditorChicago–Construction costs for multifamily projects are continuing to rise, obtaining entitlements is getting harder and the condominium market is in trouble, according to the Real Estate Research Corp. quarterly real estate report, titled “Uncovering the Facts-Risk Under Examination.”About 18 months ago, the market for condominiums was enjoying a solid five-…

Robert C. Landis Joins Raymond James Tax Credit FundsSt. Petersburg, Fla.–Robert C. Landis has joined Raymond James Tax Credit Funds Inc., a wholly owned subsidiary of Raymond James Financial and an investor in affordable housing, as the company’s vice president and director of asset management. As vice president and director, Landis is responsible for managing…

By Anuradha Kher, Online News EditorPhiladelphia–Gebroe-Hammer Associates, an investment real estate sales organization based in Livingston, N.J., recently negotiated the sale of a 26-unit apartment building in Philadelphia’s East Mt. Airy neighborhood for $1.525 million.Ardleigh Gardens, located at 615 East Upsal St., near the Shelton Avenue and Germantown Avenue shopping districts, is fully occupied and…

Anuradha Kher, Online News EditorChicago–The Prime Group Inc., a Chicago-based owner, operator and developer of commercial and residential real estate, has unveiled its plans for Ten East Delaware, a 35-story, European-inspired condominium building located on the corner of Delaware and State in Chicago.Ten East Delaware, designed by architect Lucien Lagrange, includes one-, two-, and three-bedroom…

By Anuradha Kher, Online EditorMyrtle Beach, S.C.–Construction on the North Beach Towers, located on a 7 ½-acre island between the Atlantic Ocean and White Point Swash in North Beach Plantation, has been topped out.North Beach Plantation is a 60-acre resort community located at the southernmost end of North Myrtle Beach, S.C.The 18-story Indigo and Jasmine…