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 provision that would create an Affordable Housing Trust Fund, which would carve out some funds from Fannie Mae and Freddie Mac and put them into a new housing trust fund, explains Linda Couch, deputy director of the National Low Income Housing Coalition (NLIHC). “The money…

By Anuradha Kher, Online News Editor San Francisco–Great fortunes in the real estate industry have often had their roots in downturns, but the industry needs to understand the trends that will make those fortunes for them. That is what Bob Gardner, managing director of Los Angeles-based Robert Charles Lesser + Co. (RCLO), discussed at a session titled “Multifamily Housing Market Outlook: Rental and For-Sale,” held at the Multifamily Trends 2008 Conference on June 24.Knowing demographic or economic trends, however, is not enough. It is essential to get to the crux of what a demographic wants or how the economic trends…

Almhult, Sweden–The housing decline has slowed sales on a global level at IKEA, according to CEO and president Anders Dahlvig.”A lot of things are going in the wrong direction,” Dahlvig said, citing inflation, the softening job market and credit crisis. Almhult, Sweden-based IKEA’s international sales growth declined from 15 percent to 11 percent in the fiscal year ended Aug. 31, the International Herald Tribune said. The U.S., Germany and Britain were the most affected, but Dahlvig said business in Spain and other European countries is also beginning to slow down.However, IKEA–which operates about 250 stores in 31 countries–now is focusing…

Washington, D.C.–Although private lenders have basically phased out mortgages allowing consumers to put little to no money down, some are still available through a government-backed program–despite concern about the mortgages’ safety level, Federal housing officials are working to eliminate the loans, but homebuilders are currently utilizing no-money-down programs to sell excess inventory.”I just smell a massive taxpayer burden coming,”  Sen. Christopher Bond (R., Mo.) told The Wall Street Journal.Downpayment assistance programs run by nonprofit organizations support the mortgage plans, which can include 100 percent financing. Builders aren’t the only ones providing funding. Private homeowners who are eager to sell their homes…

Washington, D.C.–Washington, D.C.-based Fannie Mae and McLean, Va.-based Freddie Mac are purchasing their own mortgage-backed securities, which helps reduce losses, instead of buying jumbo loans–which the agencies were given approval to do three months ago, Bloomberg said Tuesday.Fannie Mae has packaged $24 million of jumbo loans into securities; Freddie Mac has added $220 million since the new jumbo loan limits took effect in March. The companies spent more than $32.4 billion to buy their own instruments In April, according to regulatory filings.Their delay may have intensified the housing decline in markets such as California and Florida, where home prices already…

New York–Home prices fell a record 15.3 percent year-on-year in April in 20 of the biggest U.S. cities, according to the Standard & Poor’s/Case-Shiller Index.Prices showed the sharpest yearly decline since the New York-based index began eight years ago, the Financial Times said Tuesday. Prices increased in eight cities, including Chicago and Boston. But overall, prices in the top 20 U.S. cities fell 1.4 percent between March and April.Miami had the most difficult price conditions; prices dropped in the area by 26.7 percent.The Conference Board also announced its latest measure of U.S. consumer confidence on Tuesday. Confidence fell to its…

By Rachel Block, ReporterIrvine, Calif.–LeasingDesk has further expanded its resident screening process, now including records from out-of-state metropolitan areas. LeasingDesk’s stategy allows for the comparison of multiple criminal databases against a prospective resident’s address and name that is revealed during the initial screening. By searching beyond the immediate area, the screening allows for the consumption of data from metropolitan criminal authorities, including cities that are out of state. “It provides a more comprehensive criminal search, and obviously the benefit of that is providing a safer environment for our employees and residents,” says David Carner, senior vice president of LeasingDesk.Due to…

By Keat Foong, Executive Editor Shenzhen, CHINA—CB Richard Ellis Group Inc. has joint ventured with the largest residential developer in China to provide property management services in China. CB Richard Ellis says its partnership with Vanke represents a new business model within the real estate industry in China, and it is intended to combine “strong local market knowledge and expertise with international best practices.” The venture will provide property management services to high-end residential properties, such as single family houses, town houses, serviced apartments and luxury apartments, that are developed by Vanke. The Shanghai-based venture will be jointly managed by…

By Anuradha Kher, Online News Editor San Francisco–Even as the housing crisis continues to spread and investors become increasingly wary, multifamily executives are looking at the situation with a great deal of optimism. Gathered at the Multifamily Trends 2008 Conference in San Francisco on June 23, a panel of industry insiders discussed the problems facing multi-housing–lack of financing, high cost of loans, rising cost of construction–but from a perspective suggesting that the glass is half-full rather than half-empty.In his welcoming remarks, Richard J. Campo, chairman and CEO of Camden Property Trust, emphasized that the fundamentals of the multifamily industry are…