Regions

New York–Senate Democrats and Republicans worked Wednesday to prepare the bipartisan housing bill for debate, CNNMoney.com reports.The bill may be discussed in the Senate on Thursday; it is expected to include funding to help borrowers avoid foreclosures and to help increase activity in neighborhoods with vacancies.Some information was released on Wednesday about the bill, including a proposal to update the Federal Housing Authority’s loan insurance program, raising loan limits from 95 percent of an area’s median home price to 110 percent, with a cap of $550,000. The bill also may suggest that FHA loan down payment requirements be increased from…

Washington, D.C.–The number of U.S. workers filing for unemployment benefits hit its highest level in more than two years, the Labor Department said Thursday.In the week that ended Mar. 29, initial jobless benefit claims grew by 38,000 to 407,000, after seasonal adjustments, The Wall Street Journal reports.The four-week new claims average swelled from 358,750 to 374,500–a 15,750 increase–last week. The Labor Department said it was having difficulties factoring in how the Easter holiday may have affected the increase.However, the growth is a concern because a slow job market can reduce consumer spending, according to the Journal.

Canberra, Australia–Affordability for Australian first-time homebuyers is “the worst on record,” according to one treasury official, the Daily Telegraph reports.However, people aren’t finding it difficult to spend more than 30 percent of their income on housing, Phil Garton, manager of Treasury’s household and labour unit told the Senate Select Committee on Housing Affordability in Canberra on Tuesday.Purchasing a home for the first time has become less and less affordable since the mid-1990s in Australia. Population growth, smaller households and higher incomes have increased demand–which has grown faster than supply, producing a yearly shortage of 30,000 to 40,000 homes.The Australian Reserve…

Washington, D.C.–Federal Reserve Chairman Ben Bernanke for the first time said Wednesday that the housing slump, credit crunch and financial crisis could drive the U.S. into a recession.However, when speaking to Congress, Bernanke was vague about the Fed’s next course of action, the New York Times reported Thursday.”A recession is possible,” Bernanke told Congress. ”Our estimates are that we’re slightly growing at the moment, but we think that there’s a chance that for the first half as a whole there might be a slight contraction.”However, Bernanke said he was “not yet ready” to say if the U.S. definitely would face…

By Keat Foong, Executive EditorColorado Springs, Colo.–The scarcity of some forms of capital will be responsible in part for lower multifamily production numbers for their companies this year and in the next few years, according to a panel of leading multifamily developers speaking at the National Association of Home Builders’ Multifamily Pillars of the Industry Conference and Awards Gala held here April 1-3.The plenary session was moderated by developer Leonard Wood, founder of Wood Partners, while speakers included Bryce Blair (pictured first from top), chairman and CEO of AvalonBay Communities Inc.; W. Dean Henry (pictured second from top), president of…

By Anuradha Kher, Online News EditorCherry Hill, N.J.–A joint venture of Hirschfeld Properties LLC of West Hartford, Conn., and Dubai Investment Group Real Estate, the property investment subsidiary of Dubai Investment Group owned by the ruler of Dubai, has acquired The Landmark Apartments in Cherry Hill, N.J., in a deal exceeding $100 million.The 544-unit Landmark Apartments is a failed condominium conversion and had been 40 percent vacant for more than a year. The community comprises two 18-story buildings and 21,647 sq. ft. of commercial space. It was constructed in 1969 and is located on 24 acres of land. “The property…

By Anuradha Kher, Online News EditorColorado Springs, Colo.–Kettler Management,  based in McLean, Va., received the  “best property management company of the year” award at the Multifamily Pillars of the Industry Awards Gala last night in Colorado Springs, Colo. In addition, Michelle Priesner (pictured) of Kettler took home the “best property manager of the year” award and the Kettler Web site was chosen as the “best corporate Web site.”NAHB presents the Pillars annually to honor excellence in apartment and condominium design, development, marketing and operations. “We are honored to be recognized for all aspects of our property operations,” says Cindy Clare,…

By Erika Schnitzer, Associate EditorAlbany, N.Y.–In its efforts to revitalize Albany’s South End, Omni Housing Development Inc., a developer, financer, constructor and manager of affordable housing, has announced plans to build 350 affordable multi-housing units in the next 10 years.The project, which will be executed in five phases over the next decade, provides residents with both rental and lease-to-own properties featuring apartments and townhouses ranging from one to four bedrooms. The combined budget for the first two phases, which are expected to be complete by April 2009, is $22 million.“Our real initiative is not just to produce affordable housing but…

By Erika Schnitzer, Associate EditorBayonne, N.J.–Construction for a new multi-unit project in Bayonne is expected to break ground this spring, another step in Bayonne’s urban revitalization plan. The four-story apartment building features eight units, including four two-bedroom and four-one bedroom units.Located at 938-940 Broadway, the complex includes the expansion of the light rail for greater accessibility to New York and a cruise ship port to attract more tourism, according to the developer, Altha Real Estate LLC.Construction is expected to be complete by spring 2009.“Broadway is also the main artery of the business retail district,” Peter Johnston, the architect for the…

New York–Manhattan apartment sales fell by the biggest amount in 18 years during the first quarter.Sales dropped 34 percent from last year; inventory increased 4.6 percent to 6,194 units, according to New York-based real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. However, the Manhattan co-operative apartment or condominium median price rose 13.2 percent to a new high, $945,000, Bloomberg reports.The looming threat of a recession and job reductions at Wall Street securities firms influenced the decline. Financial companies–which heavily influence Manhattan real estate–have eliminated 34,000 jobs in the past nine months due to losses and…