Archive for June 2008

Washington, D.C.–U.S. home prices are going to fall further this year, according to 10 major bank economists with the American Bankers Association.While meeting with Federal Reserve officials this week in Washington, D.C., economists from banks including Wells Fargo Bank, JPMorgan Chase, Northern Trust, SunTrust Banks, PNC Financial Services Group and Huntington Bancorp said that the…

Washington, D.C.–Mortgage industry officials and business organizations are encouraging lawmakers to remove portions of a housing bill they feel would hurt lenders, BusinessWeek said Wednesday.Six groups–the American Financial Services Association, the Consumer Bankers Association, the Consumer Mortgage Coalition, Mortgage Bankers Association, U.S. Chamber of Commerce and the Financial Services Roundtable–sent a letter Tuesday to lawmakers…

Cincinnati–Fifth Third Bancorp.–a large regional bank based in Cincinnati–said Wednesday that it would cut its dividend by 66 percent and raise at least $2 billion in capital to make up for growing credit losses, the New York Times reports.With $111 billion in assets and 1,314 branches in 12 states, Fifth Third is the second-largest bank…

Boston–The rocky financial market is reducing funding for affordable apartment construction in the Boston area, according to the Boston Globe.As a result, costs for some low-rent apartment projects are increasing–and other projects are being canceled.Affordable housing construction is funded largely through a credit given to developers that cuts taxable income by a certain amount; the…

By Erika Schnitzer, Associate EditorNew York–“Designing for a Sustainable Future” was the theme of the keynote presentation at GreenBuildingsNY, held at New York’s Jacob K. Javits Convention Center from June 17-18. The keynote speaker, Bruce Fowle (pictured), senior partner at New York-based FXFowle Architects, discussed the advantages that high-density, urban developments have over those sprawled…

By Anuradha Kher, Online News EditorCharlotte, N.C.–The Bank of America Charitable Foundation has announced a $1 million grant to Conservation International’s (CI) Center for Environmental Leadership in Business (CELB) to promote private-sector environmental stewardship. The grant is part of Bank of America’s $20 billion, 10-year environmental initiative to reduce climate change through lending, investing, creating…

By Anuradha Kher, Online News EditorWashington, D.C.–Total new-home starts (single-family and multifamily) declined 3.3 percent to a seasonally adjusted annual rate of 975,000 units in May, the lowest total starts number since March 1991, according to the U.S. Commerce Department.Multifamily starts dropped 8 percent, falling into a 301,000-unit rate after a substantial uptick in April.…

Washington, D.C.–U.S. home construction was less than expected in May, the Commerce Department said Tuesday.The number of single-family home starts dropped 1.3 percent last month, reaching a 17-year low. Privately-owned housing starts dropped 3.3 percent to a seasonally adjusted annual rate of 975,000; April’s starts were revised to 1,008,000, CNNMoney.com reports.Building permit applications declined 1.3…

Washington, D.C.–Increased production costs in May–due mostly to higher oil prices–may mean higher costs in June, according to government data.In May, the Producer Price Index grew 1.4 percent–its quickest rate in six months–which could indicate that inflation is becoming more of a concern, the New York Times said Tuesday. The wholesale gasoline price increased 9.3…