News

Orlando, Fla.–Federal Reserve Chairman Ben Bernanke told conference attendees in Orlando, Fla. Monday that the current housing crisis “calls for a vigorous response,” The Wall Street Journal reports.Speaking at the Independent Community Bankers of America conference, Bernanke said homeowners–and the housing market–still need more help.”Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,” he said.Bernanke suggested reducing the principal on borrowers’ loans to help stave off foreclosures–a move he feels would be more effective than the current modifications, which include reducing loan interest rates.Other policy changes Bernanke suggested involved…

Washington, D.C.–Fannie Mae and Freddie Mac said Monday that they would only purchase mortgages from lenders that employ independent appraisers, according to The New York Times.As part of an agreement with New York Attorney General Andrew M. Cuomo, who has been investigating the mortgage industry for a year, a regulator will monitor the appraisal industry. Lenders who hope to sell loans to Fannie Mae and Freddie Mac will not be permitted to use internal appraisers or appraisals by a subsidiary or an affiliated company on initial home evaluations. Mortgage brokers and real estate agents also won’t be allowed to select…

New York–New York is experiencing its biggest residential building growth in decades, according to the city’s Department of Housing Preservation and Development.In 2007, New York City issued more residential building permits–31,918–than it had since 1972, BusinessWeek said. Seventy percent of the building permits in 2007 went to boroughs outside of Manhattan. U.S. Census Bureau records show that Brooklyn and Queens both received a record-high number of permits last year.

Brisbane–High mortgage and rent costs, gas prices and food expenses have driven inflation up to its highest level in six years in Australia –and will force economic growth down for the next decade, according to a recent survey.Prime Minister Kevin Rudd said Monday in a speech to business leaders in Brisbane that the country was facing a difficult period, The New Zealand Herald reports. Australia has the second-highest interest rates in the developed world; productivity growth is at its lowest point in 15 years. Inflation and housing are putting a serious strain on the economy. A new government-commissioned study released…

By Anuradha Kher, Online News EditorFairfield, Ohio–Apartment Realty Advisors (ARA) recently arranged the sale of the 392-unit Arbor Pointe apartments in Fairfield, Ohio, for $12.5 million. The buyer, Cincinnati, Ohio-based Domain Equity, specializes in acquiring and turning around distressed properties.Built in 1971, Arbor Pointe went into foreclosure in August of 2007.  The distressed property had extensive deferred maintenance with 25 percent of the units down. The lender has made an investment of more than $1.1 million for a capital improvements program to replace roofs, upgrade interior units, complete exterior painting and substantially improve the property’s curb appeal through an extensive…

By Anuradha Kher, Online News EditorSan Antonio, Texas–Houston-based Ziegler Cooper Architects has unveiled its design plans for The Broadway, a 20-story condominium tower located adjacent to the Alamo Heights area, in downtown San Antonio, Texas. The project that broke ground in late 2007 is expected to be complete by October 2009.According to Ziegler Cooper, the tower design combines stone with stainless steel, glass and aluminum to provide a unique design expression. The building’s facade breaks it down into a distinct base, middle and top.A landscaped motor court accented by a water feature will be the entrance to the building’s front…

By Anuradha Kher, Online News EditorConcord, N.H. –North Branch Construction Inc. is celebrating its 50th anniversary this year. The year-long celebration also coincides with the company’s move to a new LEED-registered 16,200-sq.-ft. facility in Concord, N.H. that will serve as the company’s headquarters.President of North Branch, Ken Holmes, says that the move was because the company outgrew its existing property in Henniker, N.H. as well as the company’s desire to be more central to its marketplace. North Branch purchased an existing building located at 76 Old Turnpike Rd. and construction is underway for additions and renovations to the building.North Branch,…

By Anuradha Kher, Online News EditorMountain View, Calif.–Intuit Real Estate Solutions (IRES) has released the second version of IMPACT, a tool used to model and evaluate multiple portfolio scenarios based on companies’ key performance indicators (KPIs).IMPACT, which can be hosted by the client or by IRES, helps companies make the right portfolio and asset decisions encompassing multiple opportunities such as buy-hold-sell scenarios, debt levels and the impact of capital deployment investments, monitored via client-customized dashboard views.“This product is for all types of commercial properties, but in the residential sector, it only works for the multifamily industry. For example, a multifamily…

By Anuradha Kher, Online News EditorNew York–Developer Steiner NYC has chosen GreenbergFarrow, an architectural, planning, engineering and development consulting firm based in New York, to design a warehouse-inspired condominium and townhouse project in Williamsburg, Brooklyn. GreenbergFarrow will transform the long-shuttered site of the Old Dutch Mustard Co.  into 80 Metropolitan, a six-story building with 114 lofts and nine three-story townhouses. “80 Metropolitan will incorporate many forward-looking design elements but will at the same time incorporate the character of the neighborhood, which was once dominated by factories and warehouses,” Navid Maqami, AIA, NCARB, LEED, principal of architecture at GreenbergFarrow, tells MHN.Located at…

Sydney–Australia’s housing market is rapidly declining, according to One News.Newly released figures indicate some homes have lost 40 percent of their value since the 2004 property boom high point. In Sydney’s surrounding area, some homeowners are seeing $450 a week fall off their property value.As a result, Australian Prime Minister Kevin Rudd plans to announce a plan Monday to help families battling with hard-to-pay mortgages.