Sad news this weekend from New York–on Saturday, a tragic construction site accident has claimed at least four lives, possibly more. And now everybody is asking: What happened? Newsday has a very informative graphic reflecting how the damage was caused. This morning, the New York Times reported that a large piece of steel meant to secure the crane to the building came loose and fell on top of second support nine stories below, which knocked it loose and sent the crane flying down over a two-block radius. It was no small crane: Measuring 22 stories high, the crane caused a…

In an unusual move, the Boston Zoning Commission set a limit this week on the amount of college students who can live together in off-campus apartments–and its effect on both the college and multifamily housing community is being questioned. Just four students per apartment will be allowed. Clearly, the the college kids are upset; less students per apartment will translate into higher rents for them. But they aren’t the only ones concerned about the ruling, according to the Boston Globe. Other worried parties include: Property owners. "If you reduce my five-bedroom to four, I’ll just raise the rent to what…

We keep hearing that the worst of the housing crisis may be over. But then again, signs are everywhere that it isn’t–and we might actually have much more housing market mayhem to come. On Monday, shares of Bear Stearns, Fannie Mae, Freddie Mac and other housing funding sources fell drastically due to growing concerns about the U.S. mortgage market’s health, the Financial Times. It didn’t help that the Freddie Mac CEO also said this week that he thought the decline in home prices was only a third over. Countrywide Financial–the nation’s No. 1 lender–also had a rough financial week because…

A recent article in the Chicago Tribune touched on an unusual method homeowners are using to sell condos in buildings which some–but not all–units have already sold: They’re letting buyers lease to own. A lease-to-own purchase involves a two-part contract: The seller first agrees to rent a property for a set amount of time (the Trib says that’s generally one to three years); after that, the buyer can purchase the home at a preset price. I live in Chicago, and I noticed starting in about 2003/2004, a number of the condos that had sprung up on the city’s North Side…

The housing decline has wreaked havoc on the U.S. economy, global credit markets, personal wealth–but it’s left television untouched, according to a recent Associated Press article. A&E’s new season of "Flip This House" is gearing up for a new season, and TLC has six new home-related shows (!) premiering this year. And just look at HGTV–the network had its highest-ever evening ratings in January, undoubtedly due in part to its home-intensive line-up, which includes shows like "House Hunters," "My First Place" and "Designed to Sell." HGTV president Jim Samples says the slump actually has helped ratings. "What’s driving interest right…

The European residential market lately has looked a little like the U.S. market. Housing prices have stumbled in the U.K.; concern has risen about the Spanish residential market. However, there’s one housing type in Europe that’s flourishing instead of fading: Student housing. A recent Wall Street Journal article noted that investors are favoring student housing over office space and other property sectors that haven’t been performing at high levels. Student housing can provide annual returns of between 10 and 15 percent, according to Ralph Winter, chairman of Zurich-based property group Corestate AG–solid numbers in the recently rocky real estate market….

This week brought us a bunch of economic news–but none of it did much to calm fears that the U.S. may be sliding into a recession. A brief recap: On Wednesday, the Federal Reserve’s Beige Book showed that inflation and low consumer confidence are slowing the economy. Big item retail sales fell in the first two months of 2008. Regional banks gave out less loans. The number of homes entering into foreclosure reached the highest level on record in the fourth quarter, according to the Mortgage Bankers Association. And homeowners’ share of home equity dropped to its lowest point since…

Many taxpayers are focused on the rebate check that will be sent this spring, courtesy of the Economic Stimulus Act–but the provision’s cash-back policy isn’t the biggest benefit for homeowners living in high-cost areas. The act also raised loan limits until the end of the year for Freddie Mac, Fannie Mae and the Federal Housing Authority. Freddie Mac and Fannie Mae can now back loans of up to $729,750 until Dec. 31; the FHA can insure loans of up to 125% of an area’s median home price (up to $729,750.) For places like Northern California–where homes way more expensive than…

For months, we’ve watched the painful subprime loan fallout–and waited for it to end. However, the current mortgage market mayhem may be about to enter its second act. We’ve discussed concerns about Alt-A loans before. They’re given to borrowers with good credit, who are deemed less of a risk than the subprime set; but there’s a bit of sketchiness to Alt-A loans, because they don’t require the typical documentation to prove income and assets. And lately, some Alt-A borrowers have been falling behind on payments, too. So CNNMoney.com is reporting that in the past month, mortgage securities comprised of Alt-A…

Home appraisals have been a source of confusion and concern for the housing industry–they’re important, but they’re also fairly open to interpretation. And lately, as the market continues to dip, accurate appraisals have become more important than ever. To sell, buy or refinance a home, you need to know its market value; but if the appraiser is employed by the company that’s giving you a loan, there is always a chance that appraiser may not make a completely impartial judgment. Sound like a conspiracy theory? Not to some people, who are taking their concerns to court: In early Feb., two…