Regions

Los Angeles–Troubled by the ongoing U.S. housing decline, Los Angeles-based homebuilder KB Home announced a $773 million fiscal fourth quarter loss Tuesday, The Los Angeles Times reports.In the same period in 2006, KB’s loss was just under $50 million. KB Home Chief Executive Jeffrey Mezger told analysts Tuesday that the housing market would see more unrest, citing “oversupply, foreclosures, reduced affordability and declining consumer confidence.””Current conditions are not improving enough to clear inventories,” Mezger said.KB Home has cut jobs, reduced home construction and reduced its debt by $759 million. The company increased its cash balance by $625 to $1.3 billion….

Waterbury, Conn.–Waterbury, Conn.-based Webster Financial Corp. announced Tuesday that it will take a $40 million pretax provision in the fourth quarter and close its national wholesale mortgage business, Forbes.com reports.The pretax provision is intended to increase Webster’s credit loss allowance. Because of its discontinued mortgage services, the holding company will record a $22.4 million fourth-quarter pretax charge.Webster said it also may take a $14 million fourth quarter writedown on its insurance business.Excluding liquidation charges, Webster saw fourth-quarter net charge offs of $2.6 million and $5.25 million in additional provision expenses.

Madrid–Spain’s booming economic growth has been halted by the international credit squeeze, housing and other factors, according to The Financial Times.Inflation in December–4.3 percent–was Spain’s highest level in a decade. Unemployment also rose last month. Home prices in many areas have begun to drop, causing some families to owe banks more than their home value. Several property developments have been stopped; recently completed projects are experiencing falling prices and buyers who are writing off their downpayments and dropping out.The general slowdown has caused Europe’s fifth-largest economy to lower its estimate for 2008 growth from 3.3 percent to 3.1 percent. In…

Ottawa–A decrease in Canadian new home starts last month indicated the country’s hot housing market may be tapering off–yet overall starts for 2007 were the highest since 2004, according to the Ottawa-based Canada Mortgage and Housing Corp.New home starts decreased in December to 187,500, compared with a revised 233,300 units in November, Bloomberg reported Wednesday.Metropolitan single-family homes construction starts dropped 13 percent to 85,600 units last month. Urban apartment and condominium starts fell 34 percent to 66,000 units. In 2007, new home starts climbed to 229,699 units–1 percent more than in 2006. The Canada Mortgage and Housing Corp. predicted starts…

Miami — The Miami office of HFF (Holliday Fenoglio Fowler L.P.) announced today that it has closed the sale of Floresta, a 311-unit, Class A apartment community in Jupiter, Fla. The HFF investment sales team was led by Director George Vail, Executive Managing Director Manuel de Zárraga and Director Ike Ojala who marketed the property on behalf of the seller, Tarragon Corp. The property was purchased by a confidential buyer for an undisclosed amount free and clear of debt. Floresta is located at 400 Via Royale in Jupiter, close to the new Scripps Research Institute that is currently under construction….

By Matthew Marin, Associate EditorCharlotte, N.C.–Representatives from Phillips Development & Realty LLC (PDR) announced the property closing for its new mixed-use project in Charlotte, The Carlisle at University Center. PDR, the project’s developer, closed on financing of the apartment component, a 372-unit luxury complex, which is set to be the area’s most upscale of its kind.Positioned in the University area at 701 McCullough Drive, the groundbreaking is anticipated for later in January 2008, with the first units expected to be delivered in October 2008. PDR said many options are in store for The Carlisle at University Center, which is zoned…

By Erin Brereton, Content ManagerIrvine, Calif.–Real Estate Disposition Corporation (REDC) will hold a five-day public auction for more than 1,000 residential properties over the course of three weekends–allowing time off for the Super Bowl– during January and February in Southern California.Some homes in the auction, which will take place between January 26 and February 10, will have starting bids that are 40 percent lower than the previously valued price.REDC conducts real estate auctions on behalf of third parties–mortgage companies, lenders or builders–that have inventory remaining from subdivisions or properties they developed.””We offer alternative marketing processes,” says REDC Executive Vice President…

Raleigh, N.C.–Schrader Properties, headquartered in Raleigh, N.C., recently purchased a 168-unit apartment complex in Raleigh for $4,950,000.Mustard Seed Lincoln Palms, LLC sold the Cedar Point Apartments. Raleigh-based real estate advisor Sperry Van Ness represented the seller.Deaton Investment Real Estate founder Steve Deaton, CCIM, represented the buyer.Built in 1971, Cedar Point features one-, two- and three-bedroom units. The property also offers on-site laundry facilities, a swimming pool and walking access to large retail centers. The property was 94 percent occupied at the time of purchase.

By Keat Foong, Executive EditorNew York— Centerline Capital Group has refinanced its tax-exempt housing bond portfolio with Freddie Mac for $2.8 billion.  Centerline Holding Co., the parent company of Centerline Capital Group, announced that the securitization of the portfolio, which is secured by 275 multifamily low-income housing tax credit properties in 31 states and the District of Columbia, has been completed. Centerline says it is using the proceeds from the securitization to redeem its existing financing arrangements, retire corporate debt and repay the costs and expenses associated with the transaction.Centerline says the transaction represents a step toward accelerating its evolution…

Baltimore–Baltimore Mayor Sheila Dixon’s administration will file suit today in U.S. District Court alleging California-based Wells Fargo Bank has engaged in predatory lending practices in black neighborhoods, The Baltimore Sun reported Tuesday.The potentially groundbreaking lawsuit, which the Sun says could be the first in which a city tries to recoup foreclosed home costs, revolves around allegations that the lender practiced reverse redlining, selling high-interest subprime mortgages to black Baltimore citizens more often than to white residents. Reverse redlining is a violation of federal housing law.Since 2004, Wells Fargo has been one of Baltimore’s two largest mortgage providers. The bank made…