Archive for June 2008

Joel Altman, CEO and founder of Boca Raton, Fla.-based Altman Companies, has carried his company from a small business to one of the country’s leading luxury condominium and apartment developers and managers. Despite Altman Companies’ beginnings during a rough economic state in the U.S. in the late-1960s, the firm has worked through the economic difficulties…

Washington, D.C.–The Federal Reserve is expected to keep interest rates unchanged at its meeting today, ABC News said Wednesday.The Fed has cut its Fed Funds interest rate since September several times to revitalize the economy, which has struggled with a weak housing market and credit issues.Currently, rates are at 2 percent; in September, they stood…

Washington, D.C.–New home sales dropped 2.5 percent in May, and home prices also declined, the Commerce Department said Wednesday. Purchases fell from a revised 525,000 rate in April to a 512,000 annual pace–the second-fewest amount in almost 17 years, Bloomberg reports. In March, new home purchases declined to a 501,000 an annual pace–their lowest point…

New York–As investors considered a number of earnings reports and a report that indicated housing was continuing its decline, U.S. stocks reached their lowest level in three months Tuesday, according to the Financial Times.The tone was set after UPS, the largest global shipping carrier, reduced its second quarter earnings expectations because of increased gas costs…

Washington, D.C.–A bill designed to prevent U.S. foreclosures made it through a crucial test vote in the Senate Tuesday, increasing the chance that the bill could be passed by mid-summer, the New York Times said.The Senate agreed by a vote of 83 to 9 to end debate on the plan–which would establish an affordable housing…

By Erika Schnitzer, Associate EditorPensacola, Fla.–Distressed Real Estate Consulting Services, Inc. (DRECS), a real estate research and consulting firm based in Pensacola, Fla., has launched a flat-fee annual subscription-based service for REITS, opportunity funds and investors. “We serve as a clearinghouse and detailed research service for institutional investors looking for products,” says Howard Liggett, president…

By Keat Foong, Executive EditorWashington, D.C.—A broad coalition of groups has opposed a provision in the Senate housing bill that would require “loan originators” to submit their fingerprints to a registry. The provisions would require any worker defined as a “loan originator” to “furnish … fingerprints for submission to the Federal Bureau of Investigation” and…

By Erika Schnitzer, Associate EditorHouston–Wrightwood Capital has provided $8.79 million for the acquisition of the 448-unit Northern Oaks Apartments in Houston.Located at 15530 Ella Boulevard, the development is comprised of 17 two- and three-story buildings. One- and two-bedroom units are available and range in size from 450 to over 1,000 sq. ft. The property features…

By Erika Schnitzer, Associate EditorWashington, D.C.–The Senate is set to debate HR 3221, the Housing and Economic Recovery Act of 2008 (previously called the Federal Housing Finance Reform Act). The bill would restructure Fannie Mae and Freddie Mac, as well as reform the Federal Housing Administration (FHA) to help homeowners facing foreclosures.The bill includes a…