News

Atlanta–Rising oil prices are increasing the cost of necessary construction materials, adding to U.S. homebuilders’ problems, the International Herald Tribune reports.Prices for steel, aluminum, concrete, copper, asphalt, plumbing fixtures and brick, along with other materials, have gone up. The wholesale new home construction materials cost increased 3.4 percent in April compared to April 2007, the Labor Department said.”Any material that is petroleum-based or transportation-intensive will have pricing pressure during periods of rising oil prices,” said Tony Callahan, senior vice president of Purchasing, Planning & Design for Atlanta-based Beazer Homes USA Inc. “Manufacturers are trying to push cost increases through for…

New York–Speaking in New York Wednesday, John C. Dugan, comptroller of the currency–which monitors national banks–said banks and mortgage firms are offering questionable information about the subprime borrowers they are assisting and their borrowers’ foreclosure rate. Dugan said his agency uncovered “significant limitations with the mortgage performance data reported by other organizations and trade associations,” according to the Washington Post.”Virtually none of the data had been subjected to a rigorous process to check for consistency and completeness–they were typically responses to surveys that produced aggregate, unverified results from individual firms,” Dugan said. “That lack of loan-level validation raised real questions…

Washington, D.C.–Retail sales increased at twice the predicted rate last month, due in part to the tax rebate checks distributed to U.S. citizens, the Financial Timessaid.Total retail sales grew 1 percent in May–the largest monthly increase since November. Sales figures for April were revised to a 0.4 percent increase from a 0.2 percent decline.The first rebate checks–worth more than $50 billion–were distributed last month; the rest will be distributed in the coming weeks.

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…