New York–Credit rating firms Moody’s, S&P, and Fitch and New York state Attorney General Andrew Cuomo settled on new practices on Thursday, CNNMoney.com reports.The deal–the result of a probe Cuomo has been handling for over a year–will reconfigure the ratings firms’ incentives for offering services.Previously, although multiple credit raters would weigh in on a residential mortgage-backed security, just one would be paid for doing it–frequently the one that provided the best rating. Agencies who used laxer ratings standards often got more business as a result, which caused questions about impartiality in the $5 billion-a-year credit rating industry.Under the new agreement,…

Horsham, Pa.–When Toll Brothers CEO Robert Toll suggested–during a company earnings report on June 3–that Congress needed to pass a bill granting home buyers tax credits to reinvigorate the real estate market and economy, he wasn’t alone.Toll–along with other builders–believes that if the government just approves billions in Federal Housing Administration loans or rescues homeowners whose home equity has fallen below their mortgage amount, home prices will keep falling, BusinessWeek reports.Congress instead needs to prompt consumers to buy homes–which, Toll said, it’s done before. In the mid-1970s downturn, Congress approved a home buyer tax break that rewarded buyers $2,000 for…

Ottawa–Canadian building permits grew 15 percent in April, due mostly to apartment and condominium demand–the largest increase in nearly a year, according to Statistics Canada.The value of municipality-issued permits swelled to a six-month high of C$6.4 billion ($6.27 billion), Bloomberg reported Friday.Multifamily housing unit permits reached the highest point since 2005, increasing 40 percent. As housing costs rise, buyer demand is moving from single-family homes to less expensive condos and apartments, according to Statistics Canada.Canada’s average apartment vacancy rate dropped from 2.8 percent in 2007 to 2.6 percent in April, Canada Mortgage and Housing said in a separate report.Because banks…

Washington, D.C.–The U.S. unemployment rate rose to 5.5 percent in May–the largest increase in more than two decades, the Bureau of Labor Statistics said Friday.Workers already struggling with the housing decline and rising energy prices rise are now also facing an increased risk of unemployment, the New York Times said. Payrolls have declined every month in 2008; in May, employers cut 49,000 jobs. Manufacturers, construction companies and the retail industry were the most affected due to reduced demand and cost-cutting, according to the Times. In addition, the government announced revised, lower payroll estimates for April and March Friday that included…

By Myles McBride, ReporterChicago–Plans for Solstice on the Park, a new 147-unit condominium project in Chicago’s Hyde Park neighborhood, have been unveiled by Englewood, N.J.-based developer, Antheus Capital.The 28-story tower, located at 5532 S. Cornell Ave., will be the first new condo development to come up in 30 years in this Windy City neighborhood.Architect Jeanne Gang, principal founder of Studio/Gang/Architects, is responsible for the design of the building that will serve several practical purposes to its residents. “The design for Solstice on the Park grew out of an organic process of research, exploration, and discovery,” says Gang, “Our design is…

Provo, Utah– Property Solutions has announced that payments processed through ResidentPay Check Scanning will integrate with most popular property management software. The company has been integrating online credit card and ACH payments for several years. The Check 21 system now allows managers to scan and post payments made paper checks and money orders electronically, reducing data entry and eliminating daily trips to the bank.         “The time savings provided by Property Solutions’ Check Scanning is tremendous,” says Mary Lundy of KMS Management in St Louis Park, Minn. “By scanning checks and money orders rather than entering payments manually, our test properties…

By Erika Schnitzer, Associate EditorSeattle–Sperry Van Ness has signed a 10-year area development agreement with Tom and Shawn Hoban, the owners of Coast Real Estate Services, an Everett, Wash.-based real estate company.“We have chosen to co-brand in this market to make sure people are aware that both the strength of the local company at Coast and the strength and brand name of the national company (Sperry Van Ness) are immediately recognized,” explains Tom Hoban (pictured), CEO of Coast Real Estate Services and managing director of the newly formed Coast Sperry Van Ness.“This is very appealing model for the way commercial…

By Anuradha Kher, Online News EditorPhiladelphia–Gebroe-Hammer Associates recently closed the sale of two Philadelphia rental properties totaling 329 units. The Courts (pictured), a 167-unit apartment complex located in the University City neighborhood, was sold for $22.35 million, and Fairmount Terrace Apartments, a 162-unit garden community near Center City, was sold for $15.375 million.Powelton Avenue LLC sold The Courts to The Courts LP and ASI Management sold the Fairmount Terrace Apartments.“The Courts is part of a very unique neighborhood of students, university professors, medical professionals, executives and long-time residents,” says Joseph Brecher, senior vice president, Gebroe-Hammer Associates. “It is an attractive…

By Anuradha Kher, Online News EditorARA Hires Robert Ryan in its National Affordable Housing Practice GroupAtlanta–Robert Ryan has joined Apartment Realty Advisors’ (ARA) recently launched National Affordable Housing Practice Group, based in Dallas.According to ARA’s Cliff McDaniel, a principal in the Affordable Housing Group, “The addition of Ryan to our team solidifies our service delivery to clients who invest in this highly specialized product type. He has more than 17 years of appraisal experience and we’ll bring that extensive valuation expertise to bear for our clients.”Ryan (pictured) will be based in ARA’s Atlanta office and will be responsible for sourcing…