Regions

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…

Dublin–The U.S. housing crisis is spreading around the world–to Ireland’s capital city, Spain and northern India–and cramping global economic growth, the New York Times reports.Irish, Spanish and British housing markets skyrocketed over the past decade, but prices are now falling–and some analysts say the countries could be in for a housing decline more severe than the U.S. slump, complete with the excessive mortgage defaults and foreclosures that have occurred in California, Florida and other states.Britain–considered to be one of Europe’s booming real estate markets–had less excess housing than Ireland or Spain but saw mortgage approvals fall 31 percent in two…

Washington, D.C.–Retail sales in the U.S. increased last month; however, due to a sharp rise in gas sales, concern about consumer spending remains, the Financial Times reported Monday.Providing a bleak outlook for new orders, U.S. business inventories increased in February, and business sales fell by the biggest amount in more than a year, according to data from the Commerce Department. Retail sales, however, increased 0.2 percent last month. February’s 0.6 percent decline was revised to 0.4 percent.Declining home prices, weak employment and credit issues have greatly affected U.S. consumers; rising gas and food prices are stretching their budgets and caused…

By Anuradha Kher, Online News EditorLa Plata County, Colo.–BP America is giving a $1.1 million grant to Regional Housing Alliance of La Plata County (RHA) to establish the BP Neighbors Fund, a mortgage assistance program for families in Durango’s La Plata County, Colo.The grant from BP, to be made over two years, will finance the RHA’s Homes Fund and enable the RHA to make second mortgage loans of up to $50,000 to 20 or more low- or moderate-income families. To qualify, prospective homebuyers (multifamily and single-family) complete RHA’s homebuyer assistance counseling and education program. The RHA loans have no monthly…

By Erika Schnitzer, Associate EditorNew York–SSJ Development LLC, a New York-based developer focused on waterfront living, has broken ground on two developments in Mill Basin and Sheepshead Bay in Brooklyn. Construction is expected to be complete in one year.“I’m not changing anything. I’m revitalizing and redeveloping the waterfront, which has been abandoned in these areas,” says Stephen S. Jemal, founder and president of SSJ Development LLC. “The development keeps to the fabric and synergistically harmonizes with the existing community.”In revitalizing and restoring decrepit waterfronts, SSJ Development LLC is dedicated to reestablishing community access to the water. The two Brooklyn developments…

By Anuradha Kher, Online EditorColumbia, Md.–Enterprise and its national Green Communities partners were recently honored with the “Bridge Builders” Award, given in recognition of their joint efforts toward creating and preserving environmentally sustainable affordable housing.Partners for Livable Communities, a nonprofit leadership organization working to improve the livability of communities by promoting quality of life, economic development and social equity, presented the award at its 10th Annual Bridge Builders Awards program and dinner in Washington, D.C last week.  The Bridge Builders Award honors individuals and institutions that build bridges of understanding and cooperation across social, economic, regional and racial divides to…

By Teresa O’Dea Hein, Managing EditorChicago—While the Windy City lived up to its nickname outside of McCormick Place late last week, once the 40,000-plus attendees at the 2008 Kitchen/Bath Industry Show & Conference (K/BIS) entered the three large exhibition halls, they were enveloped by a buzz of energy and inspiration. The environment was much livelier than at the International Builders Show (IBS), held in mid-February in Orlando, Fla.The more than 900 exhibitors at K/BIS showed a wide variety of new products, from appliances and fixtures to faucets and surfacings. Water conservation features and/or environmentally friendly characteristics were touted for an…

By Anuradha Kher, Online News EditorWashington, D.C.–Fundamentals of the multifamily market in many parts of the U.S. are strong and will continue to be so even as home prices fall around the world, according to Jeffrey W. Baker, senior managing director at Savills Granite, a real estate investment banking firm based in New York.The U.S. housing crises has resulted in a synchronized global slowdown, which has become increasingly stark in recent months, reports the New York Times. According to the paper, in Ireland, Spain, Britain and in parts of China and India, housing markets that soared over the last decade…