Regions

Washington, D.C.–The tax rebate checks provided by the economic stimulus package raised consumer income and savings in May, according to the government. The roughly $50 billion worth of tax rebates–sent out in April and May–also increased consumer spending.However, without the rebates, income levels would have increased only a little, the New York Times said Friday. Wage growth did not keep up with inflation.After being adjusted for inflation and without counting the tax rebates, after-tax income rose 0.4 percent in May, according to the Commerce Department. Including the rebates, income increased 1.9 percent; after-tax income grew 5.3 percent.After declining 0.1 percent…

By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding recently completed a funding of $11,866,000 refinance loan under Fannie Mae’s DUS program. The Woodmere Apartments is situated on more than 14 acres in Montgomery, Ala., and consists of 200 units spread over 27 garden-style apartment buildings.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent, and also includes interest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well.The loan was originated by Ronen Abergel, a…

London–The U.K. housing market will be “extremely weak” but policy makers won’t “overreact” to inflation, according to Bank of England Governor Mervyn King.”We’re likely to see a period of extremely weak activity’” in the housing market, King told lawmakers during testimony to the Treasury Select Committee in London. In June, U.K. home prices fell by the biggest amount in 2008 when buyers stepped away from the market, Rightmove Plc said this week. According to HBOS Plc–Britain’s biggest mortgage lender–property values could decline 9 percent this year, Bloomberg reports.The central bank’s Monetary Policy Committee cut interest rates three times in 2007…

Atlanta– Atlanta-based multifamily builder Post Properties said this week that it had ended its five-month search for a buyer, the Atlanta Journal-Constitution said.”We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment,” Post President and Chief Executive Officer David Stockert said in a release.Several potential buyers–large conglomerates, public and private multifamily companies, foreign capital providers and pension funds–expressed interest, but no one gave a final proposal, according to Post. Post Properties currently is developing 535 condominiums and owns 22,437 apartment homes in 62 communities.

NWP’s Pay by Cash SolutionOrlando, Fla.–NWP Services Corp. recently launched its enhanced Resident ePay electronic rent payment processing service with its new Pay by Cash solution. Powered for NWP by CheckFreePay, now part of Fiserv Inc., Pay by Cash enables residents to pay their monthly rent balance with cash at retail locations in their area. CheckFreePay has more than 15 years’ experience providing walk-in agent cash payments. Their network of agent locations, more than 12,000 nationwide, includes grocery stores, convenience stores, mail and shipping centers and other convenient locations. The new program eliminates the need to take cash and money…

By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–“Every building deserves a brand,” noted Christopher Lee, president & CEO of CEL Associates Inc., during his seminar yesterday morning at the 2008 National Apartment Association Conference & Exposition, held at the Gaylord Palms hotel just outside Orlando, Fla. “You need to develop a differentiating story and brand the quality for each multifamily property in your portfolio,” Lee pointed out in his session, titled “Stay Grounded during Tumultuous Times.” Indeed, when renovating value-add properties, keep in mind that “being the same as everyone else is no way to differentiate yourself,” advised Dan Lieberman, founder…

By Rachel Block, reporterFlorence, ITALY–Italian architect Dr. David Fisher has recently designed Dynamic Tower, a building that is literally in constant motion.    Fisher, who studied architecture in Florence, Italy, did not get his idea for the “building in motion” until he moved to New York City. Fascinated by the intense skyscrapers, Fisher came up with the idea to construct the first “digital building,” a structure that would change shape every second. Each floor will rotate independently, creating the continuous change in shape of the building.”Everything is moving around us and changing,” says Fisher. “The building will be changing every moment……

Jamie Woodwell Named VP of MBA’s Commercial/Multifamily Research Washington, D.C.–The Mortgage Bankers Association has promoted Jamie Woodwell (pictured) to vice president of commercial/multifamily research. In this role, he will continue to lead the research on commercial finance and multifamily finance issues, and will be responsible for providing economic and policy analysis of legislative and regulatory proposals. He will also serve as the industry’s lead source of information and interpretation on macroeconomic and capital market trends to meet MBA’s commercial/multifamily members’ needs and the needs of the association.Prior to joining MBA in 2004, Woodwell was manager of Data Initiatives for the multifamily…

Chicago–After declining for two months, sales of previously owned homes grew 2 percent in May, the Chicago-based National Association of Realtors said Thursday.Single-family home sales increased 1.6 percent; sales of apartments and condominiums rose by 5.5 percent, according to the New York Times. In the Midwest, sales increased 5.5 percent; in the Northeast, sales grew 4.6 percent. Sales increased 2 percent in the West but fell 0.5 percent in the South.Home prices for single-family and multifamily homes also rose. The median home price increased from $201,200 in April to $208,600 in May. Compared to a year ago, sales were 16…

San Francisco–Two years ago, the annual Pacific Coast Builders Conference and trade show in San Francisco drew 35,000 building professionals; this year, housing market woes cut attendance to just 18,000 to 20,000, the San Francisco Chronicle reports.Sinking home values, foreclosures, hesitant buyers and credit issues have slowed home sales–and demand for new homes, which has reduced business for homebuilders.”Why sugarcoat it?” said John Frith, spokesman for the California Building Industry Association, which represents more than 7,000 homebuilders, remodelers, subcontractors, architects, engineers, designers and other industry professionals. “It’s ugly; it’s brutal [in the housing market now.] People need to know that,…