Seattle–Washington Mutual—the largest U.S. savings and loan–said Tuesday that it would shut down all 186 home loan offices by the end of the month and cut 3,000 jobs, the San Diego Union-Tribune reports.In addition, WaMu will be exiting the wholesale lending business and will not use mortgage brokers any longer to market its loans.Regular branches will continue to lend money, according to Seattle-based WaMu’s spokesman Gary Kishner, who said the layoffs were a result of the slow home market and a corporate decision to combine operations.The layoffs will reduce WaMu’s home-loan division to about 6,200 employees. In January 2007, the…

Las Vegas—The housing decline has taken its toll on the real estate industry, but one group is thriving: Agents who focus on foreclosures, such as Las Vegas-based agent Joseph Iuliucci, who has more than 500 listings and was among the top 10 home sellers nationwide for the Prudential Real Estate franchise chain last year.Last year was a tough one for real estate agents. Because sales of pre-existing homes fell 20 percent last year compared to 2005, many agents have switched jobs—causing the National Association of Realtors membership to drop to 1.24 million from 1.37 million in 2006, according to The…

Washington, D.C—The Federal Housing Administration is supposed to help hundreds of thousands of homeowners refinance subprime loans to more secure government-backed mortgages—but the F.H.A. is dealing with its own financial troubles.Because of a quickly growing section of its mortgage portfolio–the seller-financed down payment loan program–the agency will see a deficit for the first time in its 74-year run in 2008, according to the New York Times. A home seller uses financial assistance from a nonprofit company to pay the buyer’s down payment under the program, and then adds that amount—or more—to the house price. It helped struggling buyers afford homes…

Washington, D.C.–The International Monetary Fund said Wednesday that the U.S. economy would enter a “mild recession” in 2008 that the global economy might echo, the Financial Times reports.Financial market troubles and the ongoing housing decline will cause the recession, according to the Washington, D.C.-headquartered IMF; the U.S. will recover just somewhat in 2009.The IMF also reduced its prediction for U.S. growth to 0.5 percent. In January, the agency had forecast growth would be 1 percentage point higher.However, despite slow U.S. growth, the IMF predicted that emerging economies would continue to expand and said fiscal policy could help increase consumer confidence…

By Anuradha Kher, Online News EditorMarietta, Ga.–Ceebraid-Signal, manager of multifamily communities throughout the eastern United States, recently purchased the Rivers Apartment Communities in Marietta, Ga. for $72 million. The communities, which consist of 708 garden-style apartments on nearly 77 acres, are situated on adjacent lots on Powers Ferry Road in Marietta.Ceebraid-Signal is making a multimillion-dollar investment for upgrades in the Rivers Apartment Communities, which are comprised of The Preserve Apartment Homes, The Pointe Apartment Homes and The Park Apartment Homes. In addition to the existing amenities, which include three pools, three fitness rooms and numerous tennis courts, Ceebraid-Signal is also…

By Erika Schnitzer, Associate EditorColumbia, Md.–Enterprise recently launched the Bart Harvey Enterprise Fellowship. The two-year fellowship will provide the chosen candidate with a chance to explore community development. With the goal of inspiring personal transformation, the fellowship offers professionals of any age the exposure to executive leadership. The selected candidate will work on projects under Doris W. Koo, president and CEO of Enterprise Community Partners, as well as board chairs and other senior management staff. Chairman and executive of Enterprise Harvey (pictured) retired in March after a 23-year tenure. He is recognized for his creation of financial tools that help…

By Erika Schnitzer, Associate EditorNew York–Two new eco-friendly luxury condominiums are currently under construction in uptown Manhattan. Related Cos. has registered its two buildings, The Brompton, a 132-unit building located at 205 East 85th St., and The Harrison (pictured), a 193-unit project at 205 West 76th St., with the U.S. Green Building Council for LEED Silver Certification.“We view our commitment to sustainability as an obligation to ensure that we play a role in reducing carbon emissions, protecting and preserving environmental resources and contributing to a cleaner, greener future for generations to come,” Jeff Blau, president of Related Cos., tells MHN.The…

By Anuradha Kher, Online News EditorRichardson, Texas–Winston Capital Corp. and L&B Realty Advisors recently broke ground on Brick Row, a $140-million mixed-use, transit-oriented development located adjacent to the DART Spring Valley Light Rail Station in Richardson, Texas. Located across 30 acres at the northwest corner of Spring Valley Road and Greenville Avenue, Brick Row features 500 apartments, up to 300 luxury condominiums, 140 luxury townhomes, 80,000 square feet of retail and restaurant space, and 11,000 square feet of Class A office space.The apartments, with average rents from $1,100 to $1,200, will be ready by summer 2009, while the condos will…

By Anuradha Kher, Online News EditorSanta Ana, Calif.–Evidence suggests that the United States is now at the beginning of a recession, but the apartment industry is best positioned to weather the downturn, according to Bob Bach, senior vice president and chief economist, Grubb & Ellis Company.There is fair amount of investor demand in the multifamily industry as compared to all other property types. In addition, the Fannie Mae and Freddie Mac loans are preventing construction of multifamily from falling,” he tells MHN.The labor market shed 80,000 net payroll jobs in March, and the January and February totals were revised lower…

Newcastle–Shares of Newcastle-based Barratt Developments Plc–Britain’s second-biggest homebuilder by volume–fell by 6.1 percent in London trading after HBOS Plc, the U.K.’s biggest mortgage lender, said Thursday that home prices showed their biggest drop since 1992 last month, Bloomberg reports.Other builders also saw declines. Bellway Plc fell as much as 4 percent; Taylor Wimpey Plc dropped 3.8 percent. According to HBOS, the average home price fell 2.5 percent to 191,556 pounds ($379,000) from February. In the first quarter of the year, home prices dropped 1 percent compared with the three months prior. Increased lending costs also have caused all large U.K….