Archive for June 2008

Washington, D.C.–As construction jobs disappear, Hispanics–who comprised the majority of the building work force during housing’s growth years–are struggling, according to a new study by the Washington, D.C.-based Pew Hispanic Center.In the first quarter of 2008, Hispanics’ seasonally adjusted unemployment rate hit 6.5 percent; the unemployment rate for non-Hispanics was 4.7 percent, according to The…

New York–Large credit rating agencies are close to reaching an agreement with New York Attorney General Andrew M. Cuomo about reworking their business practices, the Washington Post reports.Standard & Poor’s said it had settled on a plan but details were still being finalized to “help ensure our ratings process continues to be of the highest…

Edinburgh–U.K. home prices showed their most severe annual decline in 15 years, according to a new survey from Edinburgh-based Halifax, which is the nation’s biggest mortgage lender.The median home price dropped 2.4 percent in May. Prices are down 3.8 percent compared to the same period in 2007, the Telegraph said.The decline in home prices–along with…

By Rachel Block, ReporterIrvine, Calif.–LeasingDesk recently integrated corporate housing functionality into its resident screening product.“I think our clients helped us choose to go this route,” says David Carner, vice president of LeasingDesk Resident Screening. “A lot of applicants are renting for companies — our customers need to run criminal and sex-offender background checks and make…

By Anuradha Kher, Online News EditorAlton, Ill.–Gundaker Commercial Group and the Illinois Housing Development Authority recently completed a $12.4 million workforce housing project located in Alton, Ill.“Alton Pointe replaces a blighted apartment complex that for years was the center of gang-related activities and drug deals,” says Andrew Koenig, AIA, and the project’s architect. “The fact…

By Anuradha Kher, Online News EditorCincinnati–Red Stone Partners recently closed on the direct purchase of $14,128,000 of 5.85 percent fixed rate tax-exempt bonds. The proceeds from the bonds will be used to acquire and renovate two properties located in Cincinnati containing a total of 269 multifamily rental units. The properties benefit from long-term project based…

By Lisa Iannucci, Green Building CorrespondentAtlanta–Although many green-building projects are working toward Leadership in Energy and Environmental Design (LEED) achievement, some companies are implementing green techniques without applying for certification.Eastside, a new 14.8-acre mixed-use development in Dallas and a collaboration of Post Properties, Skyrise Properties and Greenway Investment Inc., is one such project. The development…

By Teresa O’Dea Hein, Managing EditorNew York–Top executives of both AvalonBay Communities Inc. (and Camden Property Trust noted in their presentations at REIT (real estate investment trust) Week 2008 that this year’s multifamily activities have been, to paraphrase the title of Charles Dickens’ classic novel, “a tale of two markets” for them, with some metros…

Washington, D.C.–Almost 1 in 10 U.S. homeowners faced foreclosure or defaulted on their payments in the first three months of 2008, according to a Washington, D.C.-based Mortgage Bankers Association report released Thursday.The January to March quarter was the worst for homeowners in a quarter-century. The rate of new foreclosures and late payments reached the highest…