Archive for April 2008

By Anuradha Kher, Online News EditorLos Angeles–Apartment rents across Southern California will rise slowly this year, according to the Casden Real Estate Economics Forecast released recently by the University of Southern California Lusk Center for Real Estate. “The Southern California apartment market is poised to weather the housing downturn and credit crunch as long as…

By Anuradha Kher, Online News EditorWashington, D.C.–Residential REITS were the second best performing REITs in the first quarter of 2008, according to the National Association of Real Estate Investment Trusts (NAREIT). Apartment REITS, which make up for most of the Residential REITS (the balance is composed of manufactured housing REITs), were up 12.29 percent year-to-date. …

Seattle–Washington Mutual—the largest U.S. savings and loan–said Tuesday that it would shut down all 186 home loan offices by the end of the month and cut 3,000 jobs, the San Diego Union-Tribune reports.In addition, WaMu will be exiting the wholesale lending business and will not use mortgage brokers any longer to market its loans.Regular branches…

Las Vegas—The housing decline has taken its toll on the real estate industry, but one group is thriving: Agents who focus on foreclosures, such as Las Vegas-based agent Joseph Iuliucci, who has more than 500 listings and was among the top 10 home sellers nationwide for the Prudential Real Estate franchise chain last year.Last year…

Washington, D.C—The Federal Housing Administration is supposed to help hundreds of thousands of homeowners refinance subprime loans to more secure government-backed mortgages—but the F.H.A. is dealing with its own financial troubles.Because of a quickly growing section of its mortgage portfolio–the seller-financed down payment loan program–the agency will see a deficit for the first time in…

Washington, D.C.–The International Monetary Fund said Wednesday that the U.S. economy would enter a “mild recession” in 2008 that the global economy might echo, the Financial Times reports.Financial market troubles and the ongoing housing decline will cause the recession, according to the Washington, D.C.-headquartered IMF; the U.S. will recover just somewhat in 2009.The IMF also…

By Anuradha Kher, Online News EditorMarietta, Ga.–Ceebraid-Signal, manager of multifamily communities throughout the eastern United States, recently purchased the Rivers Apartment Communities in Marietta, Ga. for $72 million. The communities, which consist of 708 garden-style apartments on nearly 77 acres, are situated on adjacent lots on Powers Ferry Road in Marietta.Ceebraid-Signal is making a multimillion-dollar…

By Erika Schnitzer, Associate EditorColumbia, Md.–Enterprise recently launched the Bart Harvey Enterprise Fellowship. The two-year fellowship will provide the chosen candidate with a chance to explore community development. With the goal of inspiring personal transformation, the fellowship offers professionals of any age the exposure to executive leadership. The selected candidate will work on projects under…

By Erika Schnitzer, Associate EditorNew York–Two new eco-friendly luxury condominiums are currently under construction in uptown Manhattan. Related Cos. has registered its two buildings, The Brompton, a 132-unit building located at 205 East 85th St., and The Harrison (pictured), a 193-unit project at 205 West 76th St., with the U.S. Green Building Council for LEED…