News
Slow U.K. Housing Market Gives Rental Market A Boost
London–Lower property sales are increasing the U.K. rental market, according to the London-based Royal Institution of Chartered Surveyors (RICS).Demand for rental properties grew at its fastest pace since July 2007 due to reduced home sales, BBC News reported Friday.The result: Higher rents. However, because homes are selling slowly, the number of houses put up for rent also increased, RICS said, which could prompt rents to eventually decline.
Eurozone Economic Growth Slows to 2003 Level
Edinburgh–Eurozone economic growth has decreased to its slowest pace since 2003, showcasing the European Central Bank’s problems as oil prices drive inflation higher, according to a recent survey by the Edinburgh-headquartered Royal Bank of Scotland and NTC Economics.In May, economic activity in the 15-country region grew only moderately, and jobs increased at the slowest rate since 2006, the Financial Times reported FridayIncreased oil prices, a stronger euro and the reduced U.S. economy have weighed on growth.“The euro area private sector will have ground to a halt by mid-year,” said Jacques Cailloux of Royal Bank of Scotland.At 3.3 percent in April,…
NAR: Home Sales Decreased in April, Housing Supply Increased
Chicago–Existing homes sales slowed in April and the housing inventory grew, according to a Chicago-based National Association of Realtors report released Friday.The NAR said homeowner sales fell in April to an annual pace of 4.89 million, a 1 percent drop from the revised March reading of 4.94 million, CNNMoney.com reports.The existing home sales rate–which includes single-family, townhomes, condominiums and co-ops–is 17.5 percent less than the 5.93 million units sold in April of last year.The supply of available, for-sale homes increased 10.5 percent to 4.55 million at the end of April–an 11.2-month supply of homes at the current sales pace. In…
Kim Lighting Introduces New LED Architectural Lighting
For low-level lighting, Kim Lighting’s has introduced its GEM Performance Bollard line into its LED Collection. Featuring super bright white technology, the architectural light is comprised of precision-molded tempered glass refractor to evenly distribute the light and eliminate shadows. Additionally, the design of the light’s lower body reduces surface brightness and a sealed optical system is designed to keep out dirt and insects. Four stainless steel fasteners make routine maintenance easy.Available with either a concrete or aluminum shaft, the GEM Performance Bollard is offered in Kim Lighting’s five standard colors: Black, Dark Bronze, Light Gray, Platinum Silver and White. The…
A Changing Way of Thinking Leads to New Residential Spaces
By Erika Schnitzer, Associate EditorAs environmental consciousness, economic prudence and social responsibility become ways of life for many, more developers and builders are drawn to the trend of New Urbanism to suit residents’ lifestyles. In Seattle’s Queen Anne Uptown neighborhood, Landstar Real Estate LLC has considered the principles of New Urbanism and applied them to its Lumen Condos. The 94-unit mixed-use development includes Scandinavian-inspired lofts, condominiums and townhouses, ranging from 500 to 2,000 sq. ft., a 40,000-sq.-ft. QFC grocery store and 35,000 sq. ft. of restaurant and retail space.Alan Winningham, principal for Landstar and project manager for Lumen, explains how…
Mortgage Brokers Find Housing Slump Means Less Customers–and a Reduced Role
Baltimore–As the housing slump continues through its second year, mortgage brokers in Baltimore and other cities are finding less borrowers to match with loans–and are struggling as a result, the Baltimore Sun reports.Falling prices have made it difficult for homeowners to refinance; excessive foreclosures have prompted lenders to reduce mortgage products and increase lending restrictions.Many of the changes have greatly affected brokers–who also have been criticized for their part in the relaxed lending methods that nabbed many homeowners loans that they couldn’t afford.In addition, some large lenders are no longer accepting loans brokers have arranged. Bank of America stopped on…
U.S. Home Prices Drop More Than 3 Percent in the First Quarter
Washington, D.C.–U.S. home prices showed the most severe decline in 17 years, the Washington, D.C.-based Office of Federal Housing Enterprise Oversight said Thursday.Home prices dropped 3.1 percent in the first quarter compared to 2007 and fell in 43 states; the OFHEO index also declined 1.7 percent from 2007’s fourth quarter to the first quarter of 2008–the largest quarterly price drop in history, according to The Wall Street Journal.”For homeowners and financial market observers, these declines spell further erosion in home equity levels and potentially more trouble for mortgage markets,” said James Lockhart, OFHEO director. “To prospective home buyers who have…
Unemployment Declines–But Remains a Concern
Washington, D.C.–The number of recently laid-off workers that filed for unemployment benefits showed a surprise drop last week and reached the lowest level in a month, the Labor Department said Thursday.Applications for jobless benefits totaled 365,000–9,000 less than last week, according to the New York Times.Yet–even with the drop–claims are still at a high enough level to indicate that the economy is causing the labor market trouble.The four-week average for claims increased to 372,250, a considerable rise from a year ago when the four-week average was roughly 300,000.Because of an earlier Easter and a General Motors auto supplier strike, analysts…
Nationwide Shrinks Share of Mortgage Market, Says Credit Issues to Last Through Next Year
London–U.K. building society Nationwide has reduced its share of the mortgage market because it doesn’t think the credit crisis will end until at least the first quarter of 2009, the Telegraph reported Thursday.In the past year, the lender has cut its market share of new residential loans to 7.1 percent from 11 percent the year before.Nationwide issued only £8.9 billion ($17,805,774,807) in residential and commercial property loans and consumer finance. “Until we are confident we have got normality back we will continue to run on a cash model,” Chief Executive Graham Beale said.Still, Nationwide remains a major lender in the…
Forest City, MacFarlane Open Phase I of Oakland’s First LEED Silver Multifamily Project
By Erika Schnitzer, Associate EditorOakland, Calif.–Oakland’s first LEED (Leadership in Energy and Environmental Design) Silver-certified multi-housing property is now open for leasing. Developed through a joint venture of Forest City Residential Group Inc., a subsidiary of Cleveland-based Forest City Enterprises Inc., and San Francisco-based MacFarlane Partners, The Uptown is a transit-oriented, sustainable development.“Anytime there’s a project of this size with this certification, it sets an example of what’s possible,” says Kevin Ratner, president of Forest City Residential West. Converted from an area of parking lots, unused buildings and an old gas station, The Uptown is situated in the center of…