An article in today’s New York Times discussed the impact that the U.S. housing crisis has had on the world–and it’s not a good one. In countries like the U.K. and Spain, housing is starting to suffer. Much has been written in recent months about British housing woes, and Ireland is experiencing a correction, as well. Almost a year ago to the day, Bloomberg reported that residential real estate in Northern Ireland–after years or unrest–was finally catching up to the rest of the kingdom, with home prices increasing at one of the fastest rates in Europe. Not so anymore. Britain’s…

In Brockton, Mass.–and in other U.S. areas experiencing foreclosures–vacant homes have caused another concern: Foreclosure fires. Vacant homes already have been blamed for inviting crime to many neighborhoods. According to a report by the Georgia Institute of Technology and Geoff Smith of Woodstock Institute, a one percentage point increase in the foreclosure rate brings neighborhood violent crime up 2.33 percent. And the trend isn’t limited to urban areas: Even middle-class, new neighborhoods aren’t safe, according to a November MSNBC report. Nor is it limited to Massachusetts. With the highest foreclosure rate in the nation, California has had similar fears, according…

Multi-Housing News‘ parent company, Nielsen Business Media, sponsored an event in Chicago today called Multi-Housing Forum, featuring sessions on branding, debt and more. I attended the forum’s very compelling 2 p.m. session, "The 2008 Multifamily Debt Update," which was an interesting look at how GSEs are navigating the current market–a hot topic for the multifamily sector. During the hour-long session, moderator Glenn Housman, Senior Vice President, Richard Ellis Inc., took questions and chatted about financing options and advice along with Freddie Mac Senior Producer Laura Cathlina and Jimmy Mayfield, managing director of Greystone Servicing Corp. A few highlights: 125 on…

Landlords, rejoice: Mortgage applications dropped to their lowest level in a year last month, and the sketchy real estate market is producing more renters as the housing slump continues. Home ownership isn’t for everybody; and with today’s stricter lending standards–not to mention the cash-poor economy we’re experiencing–it’s really not for everybody. Just ask New York City and San Francisco landlords. According to Forbes, residents pay the highest rents in the U.S. in those cities. (Not suprisingly, both areas front some of the top U.S. home purchase prices.) In New York, a resident renting a median-level apartment in one of the…

The American Revolution may have split the U.S. and Britain, but when it comes to housing, both countries are looking lately like they’re joined at the hip. The U.K. housing market of recent years in many ways echoed the U.S. market: Prices skyrocketed, purchases increased, the economy benefited. And then, the U.S. subprime collapse began. Sales plummeted, prices fell–and talk of a recession started. One of the few housing strongholds: New York City, our metropolitan hub, whose market actually increased. And what a market that is: According to the Forbes list of the biggest home sales of the year, the…

Blame for the housing bust has been attributed to a number of factors and groups–but former Fed Chairman Alan Greenspan says the Fed isn’t at fault. So who is? Well, according to the Financial Times, Greenspan points to a global "dramatic fall in real long term interest rates," which he thinks was prompted by abundant worldwide savings. And he’s confused about why the Fed is catching so much heat for its role in the housing crisis. Greenspan does have a point: The Fed can’t fix everything. And other global economies with central banks saw big housing price increases in recent…

As the bipartisan tax bill zooms its way to a vote–some estimates have said the decision could come as early as next week–a new focus has fallen on its provisions for homebuilders struggling under the pressure of the housing decline. Debate on the bill began Thursday–and by day’s end, lawmakers had already killed one of the portions, which would have rewritten bankruptcy laws to allow judges more power to alter mortgage terms. And that wasn’t exactly a huge surprise: Republicans had previously expressed dissatisfaction about that provision and said they wouldn’t approve it. But what of the $6 billion in…

The bipartisan housing bill is picking up steam in Congress–and it could be voted on this week, possibly as early as tomorrow. That’s amazingly fast, considering how long the housing slump has been going on–and it took just a few days to cobble this proposal together. However, the bill may have been constructed quickly–but it’s more thorough than you might think. Some highlights of the proposal, courtesy of CNNMoney.com: Revamping the FHA. FHA loan limits could increased from 95 percent of an area’s median home price to 110 percent, with a limit of $550,000 in high-cost areas. Down payment requirements…

Yesterday, we discussed the effect Housing and Urban Development Secretary Alphonso Jackson’s resignation could have on the pending housing legislation being considered by Congress. Today, many news outlets–including the New York Times–are saying some of those proposals could hit the floor as soon as tomorrow. For whatever reason, housing is a hot topic now among the nation’s changemakers. Maybe it’s the sinking economy; maybe it’s the recent news that construction spending fell yet again in February. Or maybe it’s just a case of everyone getting fed up–including the Fed, which yesterday released an online map highlighting problem mortgage areas (which,…

Yesterday the top governmental housing official–Housing and Urban Development Secretary Alphonso Jackson–announced his resignation. And it couldn’t have come at a weirder time. As we reported yesterday, the Justice Department is currently investigating whether or not Jackson gave federal housing contacts to his associates; the outcome of that remains to be seen, but he has in the past come under fire for not answering questions about the issue. But forget the shake-up for a moment and consider that Jackson stepping down may also bring down some of the housing rescue plans currently under debate. He was, after all, the Bush…