News

Irvine, Calif.–Foreclosure filings rose almost 50 percent in May compared to 2007, according to Irvine, Calif.-based foreclosure listing service RealtyTrac.In May, 261,255 homes received at least one foreclosure-related filing–a 48 percent increase from May 2007 and a 7 percent rise from April, the New York Times said Friday.The highest number of U.S. households received a foreclosure filing last month–one in every 483 households, RealtyTrac said.Foreclosure filings grew in all but 10 states in May, compared to 2007 levels.

By Anuradha Kher, Online News EditorAtlanta–Beverly Hills-based ExchangePoint Properties LLC recently completed a tenant in common (TIC) transaction for Cameron Brook Apartments, a 440-unit rental community located at 4659 Dawson Blvd. in Atlanta.Within five months of acquiring the property for $26.2 million, ExchangePoint completed the sale of the apartment complex to 35 TIC investors.    “Atlanta is a strong market with an expanding economy and growing demographics, that combined offer us tremendous opportunities for the acquisition of multifamily value-added properties,” says Evan Farahnik, principal of ExchangePoint Properties. “Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset…

By Rachel Block, ReporterHouston–Paradigm Properties will use J Turner Research’s web surveys to measure resident perceptions at nine of its student housing properties.J Turner’s surveys will measure customer service levels amongst current and prospective residents. The results of the surveys will allow J Turner to develop a guide to assist Paradigm in amending which areas of their student living is in need of improvement. “Paradigm is going to be able to benchmark the best practices of the better properties and find out what those leasing agents are doing to make it of higher value,” says Joseph Batdorf (pictured), president of…

By Anuradha Kher, Online News EditorKeystone Hires New Community Assn. Manager, Promotes Steve KoernerIrvine, Calif.–Keystone Pacific Property Management Inc. has hired Abraham Oyler (pictured top right) as community association manager in the firm’s headquarters, and has promoted Steve Koerner from escrow specialist to accounts payable supervisor.As a community association manager, Oyler will manage a portfolio of existing associations throughout Orange County. Oyler is currently working toward the Certified Community Association Manager (CCAM) designation through the California Association of Community Managers (CACM).In his new position, Koerner will be responsible for supervising the accounts payable staff, managing client check distribution, managing and…

By Anuradha Kher, Online News EditorCarmel, Ind.–Thompson Thrift Development Inc. has launched a new company called Watermark Residential, which will be based in Carmel, Ind. and will focus on development, management and sales of multifamily developments throughout the Midwest and Southeast. John S. Sebree, who served as the senior investment associate and director of the National Multi Housing Group of Marcus & Millichap, will lead Watermark Residential as the company’s managing partner. Sebree worked at Marcus & Millichap for 17 years, beginning in their Chicago office and then opening the Indianapolis office in 1997. He left Marcus & Millichap to…

By Anuradha Kher, Online News EditorSyracuse, New York–Related Affordable, a division of Related Cos., recently re-opened McCarthy Manor Apartments, a 176-unit affordable senior housing development in Syracuse, New York. Syracuse Mayor Matthew J. Driscoll was present at the opening ceremony.“I am pleased Related has undertaken the rehabilitation of this complex so there will continue to be good, affordable housing for our senior citizens at this location for many years to come,” Driscoll said at the opening. “This housing is an important part of the city’s affordable housing inventory. Our senior citizens have made many contributions to our community, and it…

Greenwich, Conn.–Billionaire hedge fund manager Edward S. Lampert is purchasing shares of homebuilders, mortgage lenders and Home Depot, implying he believes the U.S. housing market will soon recover, The Wall Street Journal said.Lampert’s ESL Investments Inc.–which has concentrated on retail and bank stocks–has 40 percent of car retailer AutoNation Inc. and half of department-store giant Sears Holdings Corp.Now the Greenwich, Conn.-based hedge fund has started buying housing industry stocks, investing in builders such as Centex Corp. and KB Home.ESL also bought roughly four million shares of subprime home and commercial lender CIT Group Inc. and 1.4 million shares of mortgage…

Washington, D.C.–Proposed housing legislation may reach the Senate floor this week, according to Sen. Charles Schumer (D-N.Y.).Democratic leaders–who hope to wrap up the issue before the Fourth of July holiday–currently are trying to finalize Medicaid legislation, but if they can’t, “energy and housing legislation would be the two most likely” bills to come next this week, Schumer said.Designed to help prevent foreclosures, the housing bill would create a fund and institute new rules for federal regulators to monitor Fannie Mae and Freddie Mac, CBS News reports.Proposed by Banking Committee Chairman Sen. Chris Dodd (D-Conn.), the bill passed in the committee…

Alexandria, Va.–Four of the biggest U.S. homebuilders agreed to pay $4.3 million in fines in connection with allegations of stream and lake pollution, the Atlanta Journal-Constitution reports.The builders had been accused of polluting the waterways with construction site dirt mixed with stormwater runoff, which is one of the largest threats to Georgia’s water system.Filed in U.S. District Court in Alexandria, Va., the consent decree concluded a six-year federal probe of hundreds of construction sites in 34 states. Georgia housed 71 of the sites.Georgia housing developments built by Bloomfield Hills, Mich.-based Pulte Homes, Los Angeles-based KB Home and Centex Homes, based…

Washington, D.C.–Because energy and food expenses forced some companies to raise prices the economy has stayed “generally weak,” according to the Federal Reserve’s most recent tally of business conditions.Released Wednesday, the Fed’s report highlighted two major issues facing the U.S.–reduced economic activity and costly food and energy. Increased energy and food prices threaten to raise inflation and slow total economic growth, the New York Times said. As a result, “consumer spending slowed … as incomes were pinched by rising energy and food prices,” the Fed said. In addition, manufacturing activity was “generally soft” and the housing market continued to be stagnant.