Washington, D.C.–Consumer spending rose in December–but not as much as in the previous month, the Commerce Department said Thursday.Personal consumption grew by 0.2 percent from November to December, the slowest pace since June. November spending increased by a revised 1.0 percent; November spending originally was perceived to be 1.1 percent higher, the Wall Street Journalreports.After adjusting for inflation, consumer spending–which comprises roughly 70 percent of the economic activity in the U.S.–was flat.Gross domestic product government data released Wednesday indicated consumer spending slowed in from the third to the fourth quarter. The personal consumption expenditures (PCE) index also increased 0.2 percent…

New York–Developer Larry Silverstein announced plans this week to build New York’s tallest residential building, which will sit two blocks from the former World Trade Center site and contain a Four Seasons hotel, the New York Sun reports.Architect Robert A.M. Stern will design the 80-story limestone building, which will be located at 99 Church St. The residents’ lobby will be at 30 Park Place; the hotel lobby will be located off Barclay Street. The structure will feature 143 luxury condominiums; the 175-room Four Seasons will occupy the building’s first 22 floors.The hotel will include four floors of amenities such as…

Washington, D.C.–Two Houston lawmakers criticized officials–from both the government and Texas–this week for the slow housing replacement rate for Hurricane Rita and Katrina victims, the Houston Chronicle said.At the investigative hearing, held by the House Homeland Security Committee in Washington, D.C., Rep. Sheila Jackson Lee, D-Houston, called the efforts “a complete failure” and Rep. Al Green, D-Houston suggested “heads really should roll for letting this go on and on and on.” Thousands of Texans have been living for more than three years in trailers that contain cancer-causing formaldehyde, according to Jackson Lee and Green.Government agencies and Texas officials blamed other…

Bergen County, N.J.–Gebroe-Hammer Associates, a N.J-based real estate investment company, negotiated the sale of eight multifamily properties totaling 299 rental units in the Bergen County area for a total of $44 million. The properties include Ann Foschini Estate, Riverside Terrace, the Grand Imperial, the Imperial, 222 Elleen Terrace, 403 Prospect Avenue, 7 Amsterdam Avenue and 333 Willow Street in the Hackensack, Teaneck and Bogota regions of Bergen County.Greg Pine, vice president at Gebroe-Hammer Associates, who specializes in the Northern New Jersey marketplace worked on the all-cash sales.

By Anuradha Kher, Online News EditorWashington, D.C.–The American Society of Interior Designers (ASID) Foundation and the U.S. Green Building Council (USGBC) will release the nation’s first sustainable residential remodeling guidelines at the annual ASID conference, Interiors 08, in March 2008.The guidelines, called the Regreen program, are designed in way in which residential designers, construction professionals and homeowners can use them. Regreen includes best practices, learning programs and valuable print and electronic resources for those looking to go green in an existing home.“Regreen is an important collaboration between both of our organizations,” says Rick Fedrizzi, president, CEO and founding chair of…

Washington, D.C.–The Federal Bureau of Investigation has opened criminal inquiries into 14 companies in connection with a mortgage industry investigation, the Wall Street Journal reports.Although the F.B.I. did not identify the companies under investigation, it said the investigation, which began last spring, includes potential accounting fraud, insider trading and other violations that originated with loans made to subprime borrowers. The inquiry includes mortgage lenders, loan brokers and Wall Street banks that wrapped home loans with securities in sales. The F.B.I. is working with the Securities and Exchange Commission, which is conducting roughly three dozen civil investigations involving how subprime loans…

Irvine, Calif.–The housing slump and slowing economy has put U.S. homebuilders at risk of going bankrupt, the Financial Times said Wednesday.Spreads on five-year credit default swaps imply Irvine, Calif.-based Standard Pacific is the most at risk, with a 79 percent chance of defaulting, according to Douglass. Shares of Standard Pacific–which holds the second largest amount of joint ventures in the industry–dropped 93 percent this year. Standard Pacific declined to comment on its risk level.Credit default swaps on homebuilders–essentially corporate debt insurance–indicate some of the largest builders may not be able to keep their debt payments current. Standard Pacific, Hovnanian, Beazer…

Washington, D.C.–Reduced spending and the largest decline in residential construction in 26 years caused U.S. economic growth to slow significantly in the fourth quarter, according to data released Wednesday by the Commerce Department.After three consecutive months at a 4.9 percent pace, economic growth declined to an annual rate of 0.6 percent in October through December, Bloomberg reports.Home building fell 24 percent in the quarter–the eighth drop in a row and the largest since 1981–which zapped 1.2 percentage points off growth. The U.S. is in the midst of its biggest housing decline since 1982: In the past two years, residential building…

Hollywood, Fla.–Homebuilder Tousa Inc. filed for bankruptcy protection Tuesday, CNN.Money.com reports.Hurt by the continued housing decline and an increase in sales cancellations, the Hollywood, Fla.-based builder said Citigroup Global Markets Inc. will supply $150 million in financing for the reorganization. Tousa plans to use the Citigroup financing to pay suppliers and employee salaries. The company also said it anticipates finishing the 2,500 homes it has in backlog.”[Filing for bankruptcy] is necessary to reflect the realities of today’s homebuilding market,” said Chief Executive Antonio B. Mon, who cited a “dramatic downturn” that “accelerated over the last several months” as part of…