Archive for May 2008
Eurozone Economic Growth Slows to 2003 Level
Edinburgh–Eurozone economic growth has decreased to its slowest pace since 2003, showcasing the European Central Bank’s problems as oil prices drive inflation higher, according to a recent survey by the Edinburgh-headquartered Royal Bank of Scotland and NTC Economics.In May, economic activity in the 15-country region grew only moderately, and jobs increased at the slowest rate…
Read MoreNAR: Home Sales Decreased in April, Housing Supply Increased
Chicago–Existing homes sales slowed in April and the housing inventory grew, according to a Chicago-based National Association of Realtors report released Friday.The NAR said homeowner sales fell in April to an annual pace of 4.89 million, a 1 percent drop from the revised March reading of 4.94 million, CNNMoney.com reports.The existing home sales rate–which includes…
Read MoreKim Lighting Introduces New LED Architectural Lighting
For low-level lighting, Kim Lighting’s has introduced its GEM Performance Bollard line into its LED Collection. Featuring super bright white technology, the architectural light is comprised of precision-molded tempered glass refractor to evenly distribute the light and eliminate shadows. Additionally, the design of the light’s lower body reduces surface brightness and a sealed optical system…
Read MoreA Changing Way of Thinking Leads to New Residential Spaces
By Erika Schnitzer, Associate EditorAs environmental consciousness, economic prudence and social responsibility become ways of life for many, more developers and builders are drawn to the trend of New Urbanism to suit residents’ lifestyles. In Seattle’s Queen Anne Uptown neighborhood, Landstar Real Estate LLC has considered the principles of New Urbanism and applied them to…
Read MoreWhy Aren’t Lower Prices Translating into Higher Sales?
The hotly-anticipated National Association of Realtors report on home sales was released this morning–and, as expected, it showed that home sales fell last month. Sales of pre-existing homes declined to an annual pace of 4.89 million. The good news: That’s only a 1 percent fall from March’s revised 4.94 million reading. The bad news: The…
Read MoreMortgage Brokers Find Housing Slump Means Less Customers–and a Reduced Role
Baltimore–As the housing slump continues through its second year, mortgage brokers in Baltimore and other cities are finding less borrowers to match with loans–and are struggling as a result, the Baltimore Sun reports.Falling prices have made it difficult for homeowners to refinance; excessive foreclosures have prompted lenders to reduce mortgage products and increase lending restrictions.Many…
Read MoreU.S. Home Prices Drop More Than 3 Percent in the First Quarter
Washington, D.C.–U.S. home prices showed the most severe decline in 17 years, the Washington, D.C.-based Office of Federal Housing Enterprise Oversight said Thursday.Home prices dropped 3.1 percent in the first quarter compared to 2007 and fell in 43 states; the OFHEO index also declined 1.7 percent from 2007’s fourth quarter to the first quarter of…
Read MoreUnemployment Declines–But Remains a Concern
Washington, D.C.–The number of recently laid-off workers that filed for unemployment benefits showed a surprise drop last week and reached the lowest level in a month, the Labor Department said Thursday.Applications for jobless benefits totaled 365,000–9,000 less than last week, according to the New York Times.Yet–even with the drop–claims are still at a high enough…
Read MoreNationwide Shrinks Share of Mortgage Market, Says Credit Issues to Last Through Next Year
London–U.K. building society Nationwide has reduced its share of the mortgage market because it doesn’t think the credit crisis will end until at least the first quarter of 2009, the Telegraph reported Thursday.In the past year, the lender has cut its market share of new residential loans to 7.1 percent from 11 percent the year…
Read MoreForest City, MacFarlane Open Phase I of Oakland’s First LEED Silver Multifamily Project
By Erika Schnitzer, Associate EditorOakland, Calif.–Oakland’s first LEED (Leadership in Energy and Environmental Design) Silver-certified multi-housing property is now open for leasing. Developed through a joint venture of Forest City Residential Group Inc., a subsidiary of Cleveland-based Forest City Enterprises Inc., and San Francisco-based MacFarlane Partners, The Uptown is a transit-oriented, sustainable development.“Anytime there’s a…
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