News

London–Housing market confidence in England and Wales sunk to its lowest level in more than 30 years last month, the Royal Institution of Chartered Surveyors said Tuesday.New homebuyer inquiries dropped for the 16th month in a row and at the quickest pace since 2003, RICS said. More surveyors reported declining rather than rising prices, according to The Wall Street Journal.Home sales for the quarter up until March decreased 20.1 percent compared to a year ago; housing inventory declined 1.3 percent from the month before but was still 50 percent higher than last year.Since December, the Bank of England has dropped…

Walnut Creek, Calif.–California’s Inland Empire, Las Vegas and Miami ranked as some of the highest-risk areas for further price declines in the quarterly risk index released Tuesday by Walnut Creek, Calif.-based PMI Mortgage Insurance, the country’s second-largest mortgage insurance company.Fourteen of the risky areas were in California, Florida, Nevada and Arizona, the San Jose Mercury News reports.Some areas–such as San Joaquin and Solano counties in California–may be nearing the end of their home price decline cycle and could soon stabilize. Other areas, including San Francisco and San Mateo counties, may see further price drops because their value declines began later…

By Anuradha Kher, Online News EditorLos Angeles–Oakwood Worldwide, a company that provides temporary housing, recently donated nearly 700 used uniforms in excellent condition to local and national charities in seven U.S. cities.Hundreds of skirts, pants, shirts, jackets and ties will benefit local return-to-work programs in Washington, D.C., San Francisco, Los Angeles, Sunnyvale, Calif., San Jose, Calif., Chicago and Seattle.“During our nearly 50 years in business, Oakwood has always given back to the local communities we serve,” says Chris Ahearn, Oakwood’s senior vice president, sales and marketing. “This is another example of our ongoing commitment to being a good corporate citizen,…

By Erika Schnitzer, Associate EditorNew York–LifeAt, a New York-based online networking service for residential real estate developments, has named Matthew Goldstein CEO.Formerly COO of the company, Goldstein helped to establish the Web site, LifeAt.com. In his new position, Goldstein will now oversee the daily growth and management of the company and handle its media and marketing demands.LifeAt, launched in January 2007 and currently available in over 450 apartment buildings and suburban communities, provides a social network for residents by creating customized websites for properties. It is a modern, all-in-one version of the more traditional building bulletin board, neighborhood gossip and…

By Anuradha Kher, Online News EditorEwing, N.J.–American Properties Realty has begun pre-construction booking on The Jefferson, a new condominium community in Ewing, N.J. The Jefferson, located eight miles from Princeton and 65 miles from New York City, is comprised of 10 distinct three-story buildings featuring two bedrooms, two bathrooms and up to 1,600 square feet of living space. All condominiums are equipped with features such as Wilsonart laminate countertops in the kitchen and master bathroom, 42-inch thick oak cabinetry, maple vanity in the bathroom, electric fireplace, nine-ft. ceilings, six-ft. soaking tub and ceramic tile in the master bathroom, security system…

By Anuradha Kher, Online News EditorAlbany, N.Y.–Governor David A. Paterson and legislative leaders announced a historic increase in funding for New York’s housing programs. The Enacted Budget Bill 6803D, includes more than $300 million in funds that will be used to address the shortage of affordable housing impacting the state of New York. “Affordable housing is critically important for the health and vibrancy of our state,” said Governor Paterson. “It is an engine for economic development and job creation, helps to strengthen families and communities and improves the quality of life for working families, senior citizens and people living with disabilities.” For…

Washington, D.C.–Unsure about the housing market, an increasing number of Americans say they won’t purchase a home in the near future, according to a new poll.More than a quarter of homeowners are concerned that their home will lose value in the next two years; one in seven homeowners are worried they will be unable to pay their mortgage in the next six months, the Associated Press-AOL Money & Finance poll found.In September 2006, 53 percent of Americans said they would not buy a home in the next two years; that number has increased to 60 percent. Only 11 percent say…

Charlotte, N.C.–Wachovia Corp.–the fourth-largest bank in the U.S.–blamed California home loans for its surprise loss and said it will increase capital by selling $7 billion of stock and cutting the dividend.After the Charlotte, N.C.-based company announced it would sell shares for $24 each–a 14 percent decline from last week’s closing price–it fell by the largest amount in 17 years in New York trading, Bloomberg reported Monday.The U.S. housing decline may not end until next year, Wachovia said Monday. The company also plans to eliminate 500 investment banking positions.Wachovia’s first- quarter loss was $393 million, compared with $2.3 billion earnings last…