Archive for April 2008
Pelosi Says ‘Strong Federal Action’ is Needed in Affordable Housing
By Anuradha Kher, Online News EditorWashington, D.C.–The cost of rental housing continued to climb in 2007 and into 2008, out-pacing the earnings of those in the low- and moderate-wage workforce, according to the National Low Income Housing Coalition’s (NLIHC) annual Out of Reach report released yesterday.The national two-bedroom housing wage climbed to $17.32, up from…
Read MoreDEAL OF THE DAY: Arbor Commercial Provides $18,025,000 for Two Student Housing Properties
By Anuradha Kher, Online News EditorMacomb, Ill.–Arbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage LLC, recently completed funding of a $18,025,000 loan under the Fannie Mae DUS MBS program to finance the acquisition of two student housing properties totaling 361 units known as Campus Pointe and Campus Manor in Macomb, Ill. The five-year…
Read MoreFive Ways to ‘Green’ Your Landscape
There are several things that developers and property managers can do to incorporate sustainable, green land planning and landscaping into their properties to help mitigate the threat of global climate change and other environmental concerns.Ideally, these practices should be incorporated from the earliest stages of development during site planning and design. Careful site plans, for…
Read MoreEngland’s Housing Slump Echoes U.S. Fallout
The American Revolution may have split the U.S. and Britain, but when it comes to housing, both countries are looking lately like they’re joined at the hip. The U.K. housing market of recent years in many ways echoed the U.S. market: Prices skyrocketed, purchases increased, the economy benefited. And then, the U.S. subprime collapse began.…
Read MoreWaMu Could Get $5 Billion from Equity Firm, Others
Seattle–Private-equity firm TPG, along with other investors, may invest $5 billion in Seattle-based Washington Mutual Inc., helping the largest U.S. savings and loan rebound from the national mortgage crisis, The Wall Street Journal reported Sunday.However, the injection of new capital could weaken WaMu shareholder investments. Over the past year, shareholders have lost 74 percent of…
Read MoreDEAL OF THE DAY: 52-Unit Rental Community Sold for $8.9M
By Anuradha Kher, Online News EditorWestminster, Calif.–Hendricks & Partners recently arranged the sale of The Trask Apartments, a 52-unit community located at 7731 Trask Ave. in Westminster, Calif., for $8,900,000.The Trask Apartments, which comprises 13 buildings on 2.8 acres, features 36 two-bedroom units and 16 three-bedroom units with an average unit size of 1,021 sq.…
Read MoreNew Two-Building Complex in Alabama Offers Affordable Housing to Seniors
By Erika Schnitzer, Associate EditorLanett, Ala.–An affordable housing complex with 48 units, Garden Greene Apartments recently held its official opening. Developed by Bennett and Co., a real estate consulting firm, the apartments are targeted toward seniors earning 50 percent or less than the area median income.Move-ins at Garden Greene began this March, and the building…
Read MoreHousing Bill Continues Picking Up Steam
Washington, D.C.—The final action on the bipartisan housing bill could take place on Tuesday, according to the New York Times.On Friday, the Senate added housing package tax breaks for manufacturing companies and for Gulf Coast residents displaced by Hurricane Katrina, both of which were approved.The Senate approved the provision enabling troubled companies to use accumulated…
Read MoreU.S. Subprime Troubles Hit—And Hurt–Japan’s Biggest Banks
Tokyo–Japan’s largest bank and its five other major lenders could post a 40 percent decline in combined profits because of U.S. subprime mortgage-related losses, Bloomberg and Nikkei English News said.The combined net income of Mitsubishi UFJ Financial Group Inc., headquartered in Tokyo, and the other major banks should be roughly 1.5 trillion yen ($14.7 billion)…
Read MoreTough Northern California Housing Market Cuts Number of Real Estate Agents
Sacramento, Calif.—Declining Bay Area home sales—currently at their lowest level in two decades—are reducing the number of local real estate agents, the San Francisco Chronicle reports.The number of licensed California real estate agents has already dropped slightly, according to Tom Pool, a spokesman for the Sacramento, Calif.-based Department of Real Estate. In November, the state…
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