Washington, D.C.–The economy lost 80,000 jobs last month–the third consecutive rise in unemployment, the Labor Department said Friday.Sudden declines in the manufacturing and construction sectors influenced the biggest drop in five years, the New York Times said.The unemployment rate rose from 4.8 percent to 5.1 percent, its highest level since 2005. In addition, employers eliminated 76,000 jobs in January and February–more than originally estimated.Wage increases are still behind inflation–which means many employees are actually making less now than they were a year ago. The new caused concern that the U.S. could fall into–or already may be in–a recession. In the…

Washington, D.C.–Banks are adding fees and restrictions to make loans insured by the Federal Housing Administration more expensive and harder to get, The Wall Street Journal reports. The FHA recently received higher loan limits–$729,750 for high cost areas–until the end of the year, which are expected to be raised permanently. As other mortgage types have become more difficult to attain, FHA loans have grown more popular. Rates have increased because of a reduced demand from investors for jumbo FHA loan-backed securities, according to traders. Securities backed by smaller loans are expected to be more actively traded, and the larger loans…

Washington, D.C.–On Thursday, the Senate began debating a bipartisan bill that could offer homeowners help and provide homebuilders with $6 billion in tax breaks, the Los Angeles Times reported Friday.The tax provision is the biggest expense in the measure and was met with criticism as senators rejected an amendment offered by Sen. Richard J. Durbin (D-Ill.) that would have allowed bankruptcy judges alter mortgage terms for primary residences. Mortgage lenders, the White House and most Republicans opposed the bankruptcy proposal.After the rejection, a group that includes the Center for Responsible Lending and Consumer Federation of America said the bill was…

By Anuradha Kher, Online News EditorTony Wootton Becomes SVP at YapStoneSan Francisco–Tony Wootton (pictured first from top) has joined YapStone Inc. as senior vice president of business development. Prior to joining Yapstone, Wootton served as vice president and general manager of payment solutions at the Green Dot Corp., the leading provider of financial services to the issuer of reloadable prepaid debit cards. Wootton has been added to the YapStone management team to drive their payment processing platforms into new markets.Prior to Green Dot, Wootton served as senior director of business development for InfoSpace Mobile, a premier provider of downloadable mobile…

By Lisa Iannucci, Green Building CorrespondentOakland, Calif.–Bridge Housing Corp., a nonprofit developer of affordable housing in California, is developing Ironhorse at Central Station, a 99-unit affordable housing project that incorporates numerous sustainable or green building and landscaping features.Ironhorse is located in the Central Station neighborhood in West Oakland. It will open in late 2009, and will include one-, two- and three-bedroom apartments for families with annual incomes ranging from $18,000 to $50,000. Twenty of the units will be available to the lower income levels through rent subsidies.“Bridge is incorporating measures that are cost-effective as well as assist in ensuring the…

By Anuradha Kher, Online News EditorNew York–Ownersandbuyers.com, New York’s first “For Sale By Owner” (FSBO) Web site, has launched recently. The Web site features real estate listings from sellers, allowing buyers to look for property without paying the broker’s fee.It offers people a place to market their home and buy homes via the FSBO model within the five boroughs of New York City. “FSBO is a trend growing around the nation,” Reggie Grayson, founder and CEO of the Web site, tells MHN.Grayson was inspired to start this venture when he was trying to sell his own co-op back in 2000….

By Anuradha Kher, Online News EditorTeaneck, N.J.–Every year, the Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA) showcases the projects of dozens of regional developers and includes a panel discussion on a pressing industry issue. This year, it was “Going Green.”Two hundred members and guests attended IOREBA’s 16th annual “Developer’s Night” dinner held recently in Teaneck, N.J., where panelists discussed issues including green architecture, cost of green design, certification and the behavioral changes that are required in the industry to get it to go green. Representing the New Jersey Chapter of the U.S. Green Building…

New York–Senate Democrats and Republicans worked Wednesday to prepare the bipartisan housing bill for debate, CNNMoney.com reports.The bill may be discussed in the Senate on Thursday; it is expected to include funding to help borrowers avoid foreclosures and to help increase activity in neighborhoods with vacancies.Some information was released on Wednesday about the bill, including a proposal to update the Federal Housing Authority’s loan insurance program, raising loan limits from 95 percent of an area’s median home price to 110 percent, with a cap of $550,000. The bill also may suggest that FHA loan down payment requirements be increased from…

Washington, D.C.–The number of U.S. workers filing for unemployment benefits hit its highest level in more than two years, the Labor Department said Thursday.In the week that ended Mar. 29, initial jobless benefit claims grew by 38,000 to 407,000, after seasonal adjustments, The Wall Street Journal reports.The four-week new claims average swelled from 358,750 to 374,500–a 15,750 increase–last week. The Labor Department said it was having difficulties factoring in how the Easter holiday may have affected the increase.However, the growth is a concern because a slow job market can reduce consumer spending, according to the Journal.

Canberra, Australia–Affordability for Australian first-time homebuyers is “the worst on record,” according to one treasury official, the Daily Telegraph reports.However, people aren’t finding it difficult to spend more than 30 percent of their income on housing, Phil Garton, manager of Treasury’s household and labour unit told the Senate Select Committee on Housing Affordability in Canberra on Tuesday.Purchasing a home for the first time has become less and less affordable since the mid-1990s in Australia. Population growth, smaller households and higher incomes have increased demand–which has grown faster than supply, producing a yearly shortage of 30,000 to 40,000 homes.The Australian Reserve…