New York–Home prices fell further in February, indicating the housing slump hasn’t bottomed out yet, the Detroit Free Press reported Tuesday.The S&P/Case-Shiller Home Price index 10-city composite found that prices fell by 13.6 percent. In the 20-city composite, home prices dropped by 12.7 percent.Las Vegas and Miami posted the biggest declines–22.7 and 21.7 percent. Both cities showed some of the fastest price appreciation and growth from 2004 to 2005.Los Angeles home prices fell 19.4 percent; Phoenix prices declined 20.8 percent. San Diego prices plummeted 19.2 percent.

Dubai, United Arab Emirates–Dubai’s recent legal issues and property scandals could hurt foreign investor interest in its rising real estate market, The Wall Street Journal reports.Persian Gulf states, the former Soviet Union, India and Iran have invested in the area; but earlier this month, the CEO of one of Dubai’s largest publicly traded developers was placed in jail. Another situation involving two disputes between European and U.S. investors have prompted questions about local regulatory and legal standards.The group of seven, semiautonomous emirates was the first Arab Gulf state to allow foreign ownership of property. An estimated $1.2 trillion worth of…

Calabasas, Calif.–Countrywide Financial said Tuesday it had lost $893 million in the first quarter due to the U.S. housing slump, the Financial Times said.Provision for credit losses on its residential loan investments rose from $158 million last year to $1.5 billion.Currently being acquired by the Bank of America, Calabasas, Calif.-based Countrywide–which was heavily involved in the subprime market–posted a profit of $434 million in the first quarter of 2007.Bank of America expects to complete its $4 billion takeover of the lender in the third quarter and has said Countrywide will at that point no longer offer subprime loans to high-risk…

By Anuradha Kher, Online News EditorNorwalk, Conn.–POKO Partners LLC recently received design approval from the Norwalk Redevelopment Agency for phase one of Wall Street Place, located between Wall and Isaacs Streets and West Avenue in Norwalk, Conn.The first phase of Wall Street Place, expected to be complete in spring 2010, includes a fully automated parking facility, which will provide 212 parking spaces housed in two levels below grade, in addition to 23 conventional surface parking spaces.Residents at Wall Street Place will have the  option of buying a space for long term parking.  Parking in the automated lot will cost the…

By Erika Schnitzer, Associate EditorRocky Mount, N.C.–United Property Management LLC, a Raleigh, N.C.-based management company of affordable housing, has opened Rollinwood Manor, a 64-unit affordable housing development for adults 55 and older who earn 60 percent or less of the area’s median income.The $5.8 million project was financed with $5.2 million in low-income housing tax credit equity investment from Enterprise Community Investments Inc., a $2.3 million construction loan from Mountain 1st Bank & Trust and $986,361 in funding from the North Carolina Housing Finance Agency.”Rollinwood Manor creates much needed investment in safe and affordable housing for seniors in eastern Rocky…

Frankfurt–Mortgage lending in the eurozone is increasing at the slowest rate on record–and, as a result, housing markets are waning, according to the Financial Times. Home purchase lending increased at an annual rate of only 6.1 percent in March–the weakest rate since at least 2000 and a drop from February’s 6.6 percent pace, the Frankfurt-based European Central Bank said Friday. Home prices have declined in Spain and Ireland; on the other hand, Germany–Europe’s largest economy–avoided much of the global property boom. The eurozone’s future could hinge on France–its second largest economy–where prices have risen in recent years. Home price inflation…

Washington, D.C.–Facing tougher regulations, the mortgage industry is fighting back, the New York Times said Monday. The Federal Reserve’s plan to cease lender abuses–proposed by Fed chairman Ben Bernanke and Fed governor Randall Kroszner–has been met with criticism by lenders, including bankers and mortgage brokers, who say stricter rules could raise mortgage costs and increase lenders’ risk of being sued.Under the plan, mortgage companies would be required to disclose hidden fees often included in interest payments, prevent advertising that could be considered deceptive and illustrate how customers can afford their mortgage payments.As the plan’s comment period drew to a close…

London–For the first time since the U.K. housing market decline began, the annual rate of home price inflation has hit negative levels, according to London-based property analyst Hometrack. Home prices dropped by 0.6 percent in April, making the market 0.9 percent lower than a year ago, the Independent reported Monday.April was the seventh month in a row of declining home prices. The average time a home sat on the market rose from 8.5 weeks in March to 9.1 weeks; the asking price a property sold for also dropped, falling from 93.5 percent of the asking price to 93 percent.

New York–The number of residential building permits issues in the five New York City boroughs fell by 46 percent in the first quarter from 2007, according to Crain’s New York Business.U.S. Census Bureau figures released last week show that the total dropped from 1,038 to 558. The number of units included in the permits also declined by 46 percent–from 7,264 to 3,893.In Manhattan, permits nosedived 69 percent to 485; in Queens, they fell to 705 units, a 62 percent drop.Last year, the number of permits issued was higher than in any year since 1972 in New York City, despite a…