Regions

Washington, D.C.–A bill designed to prevent U.S. foreclosures made it through a crucial test vote in the Senate Tuesday, increasing the chance that the bill could be passed by mid-summer, the New York Times said.The Senate agreed by a vote of 83 to 9 to end debate on the plan–which would establish an affordable housing fund financed by Fannie Mae and Freddie Mac to provide $500 million to prevent foreclosures–and move to a final vote, which could come quickly. The legislation still has other obstacles to overcome–including making it through the White House, which has said it may veto the…

By Erika Schnitzer, Associate EditorPensacola, Fla.–Distressed Real Estate Consulting Services, Inc. (DRECS), a real estate research and consulting firm based in Pensacola, Fla., has launched a flat-fee annual subscription-based service for REITS, opportunity funds and investors. “We serve as a clearinghouse and detailed research service for institutional investors looking for products,” says Howard Liggett, president and CEO of DRECS. The firm identifies for its clients distressed properties due to foreclosures, bankruptcies, discontinued financing and market oversupply.”It’s our experience that there is a cost for every participant that plays a role in helping investors in their quests to acquire property,” Liggett…

By Keat Foong, Executive EditorWashington, D.C.—A broad coalition of groups has opposed a provision in the Senate housing bill that would require “loan originators” to submit their fingerprints to a registry. The provisions would require any worker defined as a “loan originator” to “furnish … fingerprints for submission to the Federal Bureau of Investigation” and other government agencies. A coalition of 16 liberal, conservative, and libertarian policy groups, including the American Conservative Union to the American Civil Liberties Union, have voiced their opposition to the provision in a letter to the Senate. The term “loan originator” is defined in the…

By Erika Schnitzer, Associate EditorHouston–Wrightwood Capital has provided $8.79 million for the acquisition of the 448-unit Northern Oaks Apartments in Houston.Located at 15530 Ella Boulevard, the development is comprised of 17 two- and three-story buildings. One- and two-bedroom units are available and range in size from 450 to over 1,000 sq. ft. The property features two pools, laundry facilities and a picnic area, and each unit includes outside storage space and patios or balconies.The sponsor, Dallas-based Centaurus Investments, plans to make improvements to the property, as well as bring occupancy and rents to Houston market levels.

By Erika Schnitzer, Associate EditorWashington, D.C.–The Senate is set to debate HR 3221, the Housing and Economic Recovery Act of 2008 (previously called the Federal Housing Finance Reform Act). The bill would restructure Fannie Mae and Freddie Mac, as well as reform the Federal Housing Administration (FHA) to help homeowners facing foreclosures.The bill includes a provision that would create an Affordable Housing Trust Fund, which would carve out some funds from Fannie Mae and Freddie Mac and put them into a new housing trust fund, explains Linda Couch, deputy director of the National Low Income Housing Coalition (NLIHC). “The money…

By Anuradha Kher, Online News Editor San Francisco–Great fortunes in the real estate industry have often had their roots in downturns, but the industry needs to understand the trends that will make those fortunes for them. That is what Bob Gardner, managing director of Los Angeles-based Robert Charles Lesser + Co. (RCLO), discussed at a session titled “Multifamily Housing Market Outlook: Rental and For-Sale,” held at the Multifamily Trends 2008 Conference on June 24.Knowing demographic or economic trends, however, is not enough. It is essential to get to the crux of what a demographic wants or how the economic trends…

Almhult, Sweden–The housing decline has slowed sales on a global level at IKEA, according to CEO and president Anders Dahlvig.”A lot of things are going in the wrong direction,” Dahlvig said, citing inflation, the softening job market and credit crisis. Almhult, Sweden-based IKEA’s international sales growth declined from 15 percent to 11 percent in the fiscal year ended Aug. 31, the International Herald Tribune said. The U.S., Germany and Britain were the most affected, but Dahlvig said business in Spain and other European countries is also beginning to slow down.However, IKEA–which operates about 250 stores in 31 countries–now is focusing…

Washington, D.C.–Although private lenders have basically phased out mortgages allowing consumers to put little to no money down, some are still available through a government-backed program–despite concern about the mortgages’ safety level, Federal housing officials are working to eliminate the loans, but homebuilders are currently utilizing no-money-down programs to sell excess inventory.”I just smell a massive taxpayer burden coming,”  Sen. Christopher Bond (R., Mo.) told The Wall Street Journal.Downpayment assistance programs run by nonprofit organizations support the mortgage plans, which can include 100 percent financing. Builders aren’t the only ones providing funding. Private homeowners who are eager to sell their homes…

Washington, D.C.–Washington, D.C.-based Fannie Mae and McLean, Va.-based Freddie Mac are purchasing their own mortgage-backed securities, which helps reduce losses, instead of buying jumbo loans–which the agencies were given approval to do three months ago, Bloomberg said Tuesday.Fannie Mae has packaged $24 million of jumbo loans into securities; Freddie Mac has added $220 million since the new jumbo loan limits took effect in March. The companies spent more than $32.4 billion to buy their own instruments In April, according to regulatory filings.Their delay may have intensified the housing decline in markets such as California and Florida, where home prices already…

New York–Home prices fell a record 15.3 percent year-on-year in April in 20 of the biggest U.S. cities, according to the Standard & Poor’s/Case-Shiller Index.Prices showed the sharpest yearly decline since the New York-based index began eight years ago, the Financial Times said Tuesday. Prices increased in eight cities, including Chicago and Boston. But overall, prices in the top 20 U.S. cities fell 1.4 percent between March and April.Miami had the most difficult price conditions; prices dropped in the area by 26.7 percent.The Conference Board also announced its latest measure of U.S. consumer confidence on Tuesday. Confidence fell to its…