Archive for January 2008
Housing Slump May Be Chipping Away at Previously Strong Regional Markets
New York–In regions that had almost avoided the housing slump–including Manhattan–hard-to-get credit, a slowing economy and low consumer confidence are reducing home sales and prices, the Wall Street Journal reports.Months ago, places such as the Pacific Northwest and North Carolina seemed immune to the housing decline that plagued the rest of the nation; now those…
Read MoreMission Residential Acquires 356-Unit Apartment Community
By Anuradha Kher, Online News EditorDurham, N.C.–Mission Residential LLC, a private multifamily real estate investment firm has acquired a 356-unit property at 4720 Dansey Drive in Durham, N.C. When contacted by MHN, Mission Residential declined to reveal the price of the property due to a confidentiality agreement.Mission acquired the 44-building property known as The Tapers…
Read MoreApartment Rents, Occupancy Steady in 2007, Says New Data Reporting Site
By Anuradha Kher, Online News Editor Scottsdale, Ariz.–Despite all the unrest in the housing industry due to the sub prime mortgage crises, the rental multifamily industry remained stable. The average apartment rental rates nationwide increased by only 1.9 percent in 2007, according to Realty DataTrust, a source that aggregates leasing data for the apartment industry. During…
Read MoreEconomic Stimulus Package Generates Mixed Response from Industry
By Anuradha Kher, Online News EditorWashington D.C.– Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets.Quinn said in a statement, “This stimulus package will bring much-needed help to…
Read MoreStimulus Plan No Sweet Deal for the Housing Industry
After days of debate, House leaders and the Bush administration announced a pending economic stimulus plan Thursday–but it may not be what the residential industry was hoping for. Speaker Nancy Pelosi and Treasury Secretary Henry M. Paulson Jr. were two of the parties who announced the plan at a Washington, D.C. news conference today; briefly,…
Read MoreMoen Inc.
Reducing the amount of water used compared to standard showerheads, the new Water Saving showerhead features innovative spray formers to concentrate the flow of water, while still providing a satisfying shower experience. The optimized spray pattern preserves the powerful water stream, similar to full-flow showerheads. The showerheads have a flow of 1.75 gallons per minute,…
Read MoreNAR: Home Sales Down 2.2 Percent, Prices Drop 6 Percent in December
Washington, D.C.–Existing home sales dropped beyond expectations in December, the National Association of Realtors (NAR) said Thursday.The Washington-based group said sales declined 2.2. percent to an annual rate of 4.89 million, Bloomberg reports.Single-family home sales fell 13 percent in 2007–the biggest amount since 1982–and prices plummeted for the first time in four decades. Median sale…
Read MoreBush Stimulus Package Finalized
New York–The Bush administration and congressional leaders announced Thursday that they had determined the details of the economic stimulus package, the New York Times reported Thursday morning.If passed, the $150 billion deal would give taxpayers from $300 to $1,200. Additional children could earn families $300 each.In addition, the plan provides tax incentives for businesses. Roughly…
Read MoreOhio Retirement Fund Sues Freddie Mac
Youngstown, Ohio–The Ohio Public Employees Retirement System filed a lawsuit Friday alleging government-backed mortgage financer Freddie Mac downplayed its subprime investments, costing the Ohio pension system up to $27 million, the Columbus Dispatch reports.Attorney General Marc Dann said the Federal Home Loan Mortgage Corp. “secretly and intentionally participated in one of the largest housing investment…
Read MoreFrench Bank Weathers €7 Billion Subprime Loss From Rogue Trader
Paris–French bank Société Générale said Thursday a rogue trader had lost €7 billion ($10.26 billion) in European stock futures and large U.S. subprime mortgage writedowns, the Financial Times reports.The Paris-headquartered bank was forced into an emergency €5.5 billion share issue as a result. The losses incurred by the trader, 31-year-old Jérome Kerviel, included €2.05 billion…
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