The Chicago Tribune reported today that the Federal Bureau of Investigation has instructed more that two dozen field offices to cease financial crime investigations so agents can work on mortgage fraud probes. That’s a marked change from recent years, when agents have been instructed to focus on homeland security issues, according to the Trib. Twenty-six offices in areas where mortgage crime is prevalent were told to focus on mortgage issues last week by Kenneth Kaiser, chief of the criminal investigative division. The reason could be the number of suspicious activity reports filed in the 12 months ending Sept. 30–47,000, a…

On Wednesday, a Brooklyn construction site owner was charged with manslaughter in connection with the death of a worker who was crushed by a wall, Newsday said. William Lattarulo had hired a general contractor and an engineer to create plans to dig the foundation for the laundromat he was building–but he never used them, opting instead to cut about $90,000 off the budget by paying undocumented laborers, according to Kings County District Attorney Charles J. Hynes. Hynes also said that Lattarulo didn’t heed warnings from workers that the foundation of a residential building next door required additional support, Newsday said….

As financing becomes harder to get, potential buyers may instead choose to rent–which, according to some reports, is killing the condo market in some large cities. An article in Tuesday’s Atlanta Journal-Constitution about the trend declared the city’s condo market all but dead. Given that last month, multifamily housing was cited as the reason residential building rose in May, the rapid decline of condo sales and construction–in a city as large as Atlanta–is somewhat of a shock. But it turns out Atlanta’s entire multifamily market isn’t declining. Only its for-sale sector is. Renting Rises The problem? Financial backing for condos…

On Monday, the National Association of Realtors released its Pending Home Sales Index results for April–which, somewhat surprisingly, showed the amount of signed contracts rose 6.3 percent from March. The index increased from a reading of 83.0 in March to 88.2 in April, according to the NAR. The results were varied across the U.S. In the West, the index increased 8.3 percent in April and is actually 4 percent higher than a year ago. The index shot up 13 percent in the Midwest, although it is still 13.1 percent below the April 2007 level. In the South, the index rose…

Last Sunday, I had brunch at my friend’s somewhat-new apartment–she moved in a couple of months ago–and although the building may be older, her unit is cutting-edge green from back to front. I’ve known for years that Michelle preferred locally grown, organic produce; but this place takes that mentality to a whole new level. Although she doesn’t have a car, Michelle has made two trips to recycling centers to drop off bottles and cans since moving in. And, even more amazingly, there is a worm bin on the back porch that is used to turn fruit and vegetable waste into…

Yesterday, we talked about how the housing decline was costing Hispanics construction jobs–but, according to today’s unemployment report, the whole industry is suffering. That’s not to say that Hispanic workers are any better off than they were earlier this week, as evident by the number of articles that have popped up in the past few days about the issue, including: One in the Washington Post, which features Javier Amurrio, a 38-year-old immigrant from Argentina who was unemployed for 7 months in 2007 and became one of the Hispanic homeowners discussed in our earlier blog who lost his home as a…

Two news stories this week showcased the New York apartment market’s current troubles–both with building, and with renting. Last week, we covered the sad news of yet another fatal crane collapse at a residential building site in New York–the city’s second in recent weeks. Not surprisingly, the city has reacted strongly: They’ve stopped use of the Kodiak cranes, and developers at five sites are losing thousands per day as a result, according to Crain’s New York Business. Temporary buildings commissioner Robert LiMandri issued stop-work orders for all seven of the Kodiak cranes operating in New York so that the city…

The multifamily market should have a strong year in 2009, according to a new National Apartment Association survey. The survey–conducted by market researcher Harris Interactive–found: 69 percent of renters plan to stay renters for up to five more years. 50 percent of the renters surveyed plan to continue living in their current residence for the next year. An additional 46 percent of renters have no plans to buy a residence within the next year. Why? The survey also found that consumer confidence in the U.S. housing market is low; 80 percent of U.S. adults think the market won’t improve in…

Small multifamily building owners in New England–and their renters–are having a harder time staying afloat during the housing crisis than local single-family homeowners. New England has almost 320,000 two- and three-family homes; it’s one of the region’s charming characteristics. But lending standards are tougher for multifamily properties–which, along with rising adjustable-rate mortgages (according to Connecticut affiliate NBC 30), means the multifamily sector has been hit hard, according to a recent Associated Press article printed in the Boston Herald. New England hasn’t had it easy through the housing slump. Its economy has struggled, and housing experienced severe declines in states like…