Archive for February 2008

Washington, D.C.–Federal Reserve Chairman Ben Bernanke said Wednesday that preventing an economic decline is the Fed’s main concern and is overshadowing inflation fears, the Chicago Tribune reported Thursday.Testifying before the House Financial Services Committee in Washington, D.C., Bernanke implied another rate reduction may happen in March. Analysts have speculated the cut could be half a…

Washington, D.C.–The regulatory agency that oversees government-backed mortgage finance companies Fannie Mae and Freddie Mac approved expanding their loan portfolios on Wednesday, the Financial Times reports.Fannie Mae and Freddie Mac’s mortgage portfolio lending caps had been imposed by their regulator, the Office of Federal Housing Enterprise Oversight, after previous accounting mishaps. However, now both of…

Washington, D.C.–The U.S. median new home price dropped to $216,000 last month–a 15 percent decline from January 2006, according to the Commerce Department.Residential construction companies are cutting prices on unsold homes as the buyer market dries up–but that hasn’t sparked home sales, The New York Times said. In January, new home sales fell for the…

Horsham, Penn.–Homebuilder Toll Brothers, based in Horsham, Penn., announced a first quarter loss Wednesday due to the housing decline, CNNMoney.com reports.The luxury builder saw a net loss of $96 million, or 61 cents per share, including $245.5 million in pre-tax writedowns.Company earnings–not including writedowns and one-time events –totaled $57.3 million; in the same period last…

By Anuradha Kher, Online News EditorCentury City, Calif.–Related, a real estate development firm based in New York, has unveiled it plans for the Century Los Angeles, a 42-story luxury condominium building located in Century City, Calif.The building, designed by Robert A.M. Stern Architects LLP, is currently under construction and will be ready for occupancy in…

By Anuradha Kher, Online News EditorAustin, Texas–Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., has begun construction on two of its newest luxury apartment developments, Broadstone Travesia and Broadstone Grand Avenue.Broadstone Travesia, which is expected to be completed by mid-2009 is situated in the far north Austin/Round Rock area. The project features 396…

By Anuradha Kher, Online News EditorNew York–Carlton Advisory Services Inc., a New York-based real estate investment banking firm, has raised approximately $100 million of equity capital for a new investment fund on behalf of Nelson Management Group Ltd., a multifamily owner, developer and manager of middle-income rent-stabilized and Mitchell Lama multifamily properties throughout the New…

By Anuradha Kher, Online News EditorChicago–The majority of renters lead a healthy lifestyle by eating right and working out on a weekly basis, but would also prefer to step up their current workout routine with convenient access to workout facilities, according to a fitness and nutrition survey of 536 renters nationwide, conducted by Apartments.com during…

Washington, D.C.–The worsening foreclosure crisis provides lawmakers with an opportunity to learn from past mistakes and rethink our national housing policy, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) wrote in a statement to a Senate Finance Committee hearing on the real estate market today.NMHC and NAA point out that the current…