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"There's something happening here What it is ain't exactly clear"© Buffalo Springfield The recent employment situation report from the Bureau of Labor Statistics released today show a decline in payroll employment of over 530,000 jobs in November, the ugliest report since 1974. Major revisions to earlier releases including September and October suggest that in the past three months combined, the U.S. has lost 1.256 million jobs. The unemployment rate increased to a staggering 6.7%. According to some analysis of the Mortgage Bankers Association data, about 10% of all U.S. households are in default in one way or another on their…

With so many companies now cutting back on holiday celebrations, this could be the season when property managers can really make a difference in their residents’ lives as well as in their communities. Simple opportunities for get-togethers may now be appreciated more than in previous years when budgets were more lavish. Perhaps the time is right for a return to basics, like a homemade cookie exchange or carol singing. This is the time of year that people especially value warm greetings and times together. They're a welcome antidote to the worrisome headlines of daily news reports.. And with reduced corporate…

Are we bailing on the automakers? Any astute observer of the auto industry will tell you that there is pretty direct correlation between auto sales and housing starts. It's likely that the home equity mortgage withdrawal from the wealth effect is part of the cause, but more importantly the auto industry has created millions of jobs and helped to create the middle class. Taking a moment to look at the history of the industy, since the 1950s, the unions have held an iron grip on labor negotiations, forcing the big 5, now the big 2 (you gotta wonder about Chrysler)…

According to RealtyTrac and some other sources tracking foreclosure activity, approximately 280,000 foreclosure filings occurred in October, up about 5% from the prior month, but up almost 25% year over year. Foreclosures were probably accelerating at a more rapid pace than these numbers might suggest because many states enacted measures to slow or change the process, thereby skewing the resulting counts. To give you an example, those fun loving legislators in Colorado lengthened the process from 45-60 days to 110-125 days, and New York, historically not a huge foreclosure problem compared to other states, now requires that subprime mortgagees be…

The apartment sector had been holding out relatively well compared to other industries, but it too will succumb to the massive loss of jobs that is expected to accelerate as we go into 2009. Through the third quarter, the national apartment vacancy rate according to the Census Bureau was 10.7 percent, only 0.3 percent higher compared to the same period a year ago and still below the level in 2003-04, reported the National Multi Housing Council (NMHC). And rents continued to rise through September, albeit at a slower rate and less than the rate of inflation. The apartment fundamentals however,…

In a stunning announcement, Timothy Geithner was named as President Elect Obama's pick for Treasury Secretary, replacing Henry Paulson. To give you some idea, "Timothy F. Geithner became the ninth president and chief executive officer of the Federal Reserve Bank of New York on November 17, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy.
 
 Mr. Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions….

Oh, those happy go lucky guys at AIG are at it again. Having been the fortunate beneficiaries of millions in taxpayer funds, they've now held another retreat and are claiming it was for educational purposes for the investment broker network. Isn't the investment broker network responsible for how we got into this mess in the first place? According to AIG, the meeting was at minimal cost, compared to the value these events supposedly create and get this – if AIG can't get the brokers to sell their products to the right customers for the right purposes, then the brokers will…

Green design has become more popular in recent years in large multifamily and commercial building planning. Take, for example, the Conference Center at the newly re-opened TreePeople Center for Community Forestry in Los Angeles, which recently was awarded LEED Platinum certification. TreePeople is an environmental non-profit. Its Conference Center provides a gathering place for local, national and international leaders to meet and create plans for sustainable cities. Which brings us to another growing green practice: Building sustainable communities. Using green design when planning new multifamily buildings can help maximize energy efficiency and decrease any negative impact a single high-rise structure…

The apartment investment sales market since the financial market crisis occurred in mid-September has “freezed up” as apartment buyers and sellers face deep uncertainty over the future of the nation’s—indeed, the global—economic condition. According to the results of one study, reported here in the previous issue, apartment sales volume has plunged a whopping 69 percent. Indeed, one broker, Kitty Wallace, senior vice president at Sperry Van Ness, says that in her experience in California, multi-housing transactions have dropped 70 to 80 percent. The severe drop in apartment investment sales volume generally is attributed to a combination of negative sentiment and…

Despite the optimism that greeted Barak Obama’s election to the Oval Office, the economy continues to struggle in a variety of areas. While experts continue to disagree as to whether or not an official recession is in the offing (or already taking place), it is clear that the President-Elect will inherit an economy with more than its share of problems. Early this week, the nation’s No. 2 electronics retailer, Circuit City, filed for Chapter 11 bankruptcy. The move came a week after the firm announced it would close 155 stores in the wake of a drop in consumer spending. Circuit…