By Erika Schnitzer, Associate Editor    Parsippany, N.J.–In an innovative marketing initiative that utilizes the rise of social networking, Coldwell Banker Real Estate LLC has launched a “Housetrology” quiz on Facebook.com.”Finding a home is a gradual process, so one of the nice things about ‘Housetrology’ is to get people to start thinking about what home would fit their individual characteristics,” says Michael Fischer, senior vice president for marketing. The quiz asks consumers a number of questions to determine their ideal home styles. Rather than the traditional home-buying variables, the questions are more personality-based, asking such things as what a prospective buyer…

By Erika Schnitzer, Associate EditorWashington, D.C–Multifamily vacancies are on the rise, according to preliminary information from the Commercial Real Estate Outlook of the National Association of Realtors (NAR).”We have been seeing, over the last two years, relatively tight vacancy rates because of the slowdown in home sales,” says Walter Molony, a spokesman for NAR. “This will change, as sales are expected to pick up.” Because of this, multifamily vacancy rates are expected to rise to 5.7 percent in the fourth quarter of 2008, up from 4.8 percent in the fourth quarter of 2007.”To the extent that people have secure jobs,…

By Erika Schnitzer, Associate EditorNew York–Time Equities Inc., a New York-based development and management firm, broke ground today on 50 West Street, one of several new high-rises expected to rise up just south of the World Trade Center site in Lower Manhattan.New York City Council Member Alan Gerson and Economic Development Corporation President Seth Pinsky, along with local school officials, clergy members and politicians, joined Francis Greenburger, CEO and chairman of Time Equities, at the event.The 65-story hotel and residential tower will serve as an “iconic presence in the downtown skyline,” remarked Greenburger. Additionally, the development will provide a pedestrian…

Washington, D.C.–The White House said Thursday it would veto the housing bill currently under debate in the Senate, the Washington Post said.The plan–which calls for the Federal Housing Administration to assist borrowers in refinancing their loans if their lenders agree to forgive a portion of their debt–would be paid for using part of a new affordable housing fund bankrolled by Fannie Mae and Freddie Mac.Citing concern about the program’s proposed funding, administration officials said that the White House opposed both establishing the affordable housing fund and giving some of its capital to the new program.

New York–The board that oversees New York City’s rent-stabilized apartments passed its biggest rent increases in almost 20 years on Thursday, sparking anger from current renters, the New York Times said.New York’s Rent Guidelines Board approved increases of up to 4.5 percent on one-year leases and 8.5 percent on two-year leases.In an unexpected move, the board also approved a rent increase option for buildings with tenants who have lived in their units for more than six years. Building owners can charge those tenants either the new increases or a $45 monthly increase for a one-year lease or $85 for a…

McLean, Va.–Home mortgage rates continued to rise this week and the 30-year fixed mortgage rate reached its highest level in more than eight months, according to McLean, Va.-based Freddie Mac.Freddie Mac Vice President and Chief Economist Frank Nothaft blamed inflation, The Wall Street Journal said.”Fixed-rate mortgage rates continued to climb this week to the highest point in nearly nine months following the release of May’s consumer- and producer-price indexes, both of which showed stronger levels of inflation,” Nothaft said.In the week ended Thursday, 30-year fixed mortgages averaged 6.42 percent–an increase from last week’s 6.32 percent. Last year, the 30-year mortgage…

Washington, D.C.–The Justice Department said Thursday that since March, more than 400 real estate industry players–including brokers, lenders and appraisers–have been charged as part of a federal mortgage fraud probe dubbed “Operation Malicious Mortgage,” the Los Angeles Times reports.Mortgage fraud has cost homeowners and other borrowers more than $1 billion, according to the FBI; globally, it has cost $1 trillion in losses.”Whether committed by unscrupulous lenders, real estate professionals or desperate homeowners, mortgage fraud affects all of us,” Thomas P. O’Brien, the U.S. attorney in Los Angeles, told the Times. “Defaults on inflated loans and resulting foreclosures impose huge monetary…

By Anuradha Kher, Online News EditorLee & Associates-Riverside Launches New Inland Southern California Apartment Group with Three New EmployeesRiverside, Calif.–Lee & Associates-Riverside recently opened its new Inland Southern California Apartment Group, which comprises John P. Kalmikov, CCIM, Dean P. Washle and Chris Riggs. Riggs, Kalmikov & Washle (pictured l-r) join the firm with a combined transaction total of more than $2 billion and 45 years of real estate experience to help place Lee & Associates on track to becoming one of the strongest multi-housing brokerage firms in the Inland Empire.“Our decision to join Lee was mainly based upon the fact…

By Anuradha Kher, Online News EditorLawrence, N.J.–Boston Capital recently invested $8,229,843 in equity financing for Heritage Village at Lawrence Apartments, a to-be-built, 64-unit seniors housing development in Lawrence, N.J.The general partner is Community Investment Strategies Inc. “Heritage Village at Lawrence Apartments provides us with a great opportunity to serve a demand for multifamily housing for seniors in an area experiencing strong population growth,” says Jeff Goldstein, CEO and director of Real Estate at Boston Capital. “We are extremely pleased to once again be in partnership with Community Investment Strategies and offer seniors high-quality, multifamily housing.”Heritage Village at Lawrence Apartments will…