National Government and Public Real Estate News

NEW ORLEANS, – July 22, 2013 – (RealEstateRama) — Today the Equal Rights Center (ERC) —a national non-profit civil rights organization dedicated to equal opportunity for all—and The National Council of La Raza (NCLR) —the largest national Hispanic civil rights and advocacy organization in the United States—unveiled the results of a testing-based investigation documenting adverse and differential treatment against prospective Latino renters and homebuyers in Birmingham, Alabama; Atlanta, Georgia; and San Antonio, Texas.Bill Shepherd
Fisher Investments Rep
and ALLRMC.COM more »

Beverly Hills Lifestyle Sotheby's Homes

Nationwide Survey Finds Most Firms Are Having a Hard Time Finding Craft Workers to Hire as Many Firms Boost Pay and Benefits, Officials Call for New Career and Technical School Programs, Other Measures

Most construction firms report they are having trouble finding qualified craft workers to fill key spots as the industry recovers from its years-long downturn, according to the results of an industry-wide survey released today by the Associated General Contractors of America. Association officials called for new career and technical school programs, as well as other workforce measures to offset the labor shortages. more »

IRVINE, CALIF. – October 22, 2014 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the United States and a market leader in the sale of retail properties, announced today that that the company negotiated the sale of more than 128,000 square feet of retail space in Los Angeles County, Calif., totaling nearly $29 million, with the sale of Sierra Commons in Palmdale and Pacific Plaza in Torrance. more »

Award Highlights KTGY’s Generation-to-Generation Focus

IRVINE, CALIF. – October 22, 2014 – (RealEstateRama) — Award-winning national firm KTGY Group, Inc., Architecture + Planning, is pleased to announce that it was recently awarded the 2014 Academy for Emerging Professionals (AEP) Firm Mentorship Award by the American Institute of Architects California Council (AIACC). The award is the highest recognition given by the AIACC AEP to a firm that has made an extraordinary effort to mentor emerging professionals through the implementation of specific programs. more »

Washington, DC – October 21, 2014 – (RealEstateRama) — Today, in response to Federal Housing Finance Agency (FHFA) Director Mel Watt’s announcement that FHFA has revised and clarified the Representation and Warranty framework, and will be developing new guidelines for mortgages with loan-to-value ratios between 95 and 97 percent, NCRC President and CEO John Taylor made the following statement: more »

WASHINGTON – October 21, 2014 – (RealEstateRama) — Secretary of Veterans Affairs Robert McDonald has directed all Department of Veterans Affairs (VA) healthcare and benefits facilities to continue to hold quarterly town hall events to improve communication with, and hear directly from, veterans nationwide. This follows the recent completion of town-halls at these facilities held between August and the end of September of this year. more »

WASHINGTON (October 21, 2014) –- October 21, 2014 – (RealEstateRama) — After a modest decline last month, existing-home sales bounced back in September to their highest annual pace of the year, according to the National Association of Realtors®.  All major regions except for the Midwest experienced gains in September.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million in September from 5.05 million in August. Sales are now at their highest pace of 2014, but still remain 1.7 percent below the 5.26 million-unit level from last September.

Lawrence Yun, NAR chief economist, says the improved demand for buying seen since the spring has carried into the fall. “Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline,” he said. “Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.”

The median existing-home price2 for all housing types in September was $209,700, which is 5.6 percent above September 2013. This marks the 31st consecutive month of year-over-year price gains.

Total housing inventory3 at the end of September fell 1.3 percent to 2.30 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace. Despite fewer homes for sale in September, unsold inventory is still 6.0 percent higher than a year ago, when there were 2.17 million existing homes available for sale.

All-cash sales were 24 percent of transactions in September, up slightly from August (23 percent) but down from 33 percent in September of last year. Individual investors, who account for many cash sales, purchased 14 percent of homes in September, up from 12 percent last month but below September 2013 (19 percent). Sixty-three percent of investors paid cash in September.

According to Freddie Mac, after falling for four consecutive months, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.16 percent in September from 4.12 percent in August. Despite the slight increase, interest rates are 33 basis points less than a year ago (4.49 percent).

“Economic instability overseas is leading to volatility in the stock market and is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now,” said Yun. “This is welcoming news for consumers looking to buy, although they could temporarily become more cautious by less certain economic conditions.”

The percent share of first-time buyers continues to underperform historically, remaining at 29 percent for the third consecutive month. First-time buyers have represented less than 30 percent of all buyers in 17 of the past 18 months.

Distressed homes4 – foreclosures and short sales – increased slightly in September to 10 percent from 8 percent in August, but are down from 14 percent a year ago. Seven percent of September sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 14 percent below market value in September (same as in August), while short sales were discounted 14 percent (10 percent in August).

According to NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, fewer distressed sales is good news for appraisers, who have faced undue pressure since the downturn. “An appraisal is an important part of the home buying and selling process,” he said. “With foreclosures and short sales falling closer to average levels, appraisers will have fewer distressed sales in their list of comparables when determining home valuations.”

Properties typically stayed on the market in September longer (56 days) than last month (53 days) and a year ago (50 days). Short sales were on the market for a median of 116 days in September, while foreclosures sold in 59 days and non-distressed homes typically took 55 days. Thirty-five percent of homes sold in September were on the market for less than a month.

Single-family home sales rose 2.0 percent to a seasonally adjusted annual rate of 4.56 million in September from 4.47 million in August, but remain 1.9 percent below the 4.65 million pace a year ago. The median existing single-family home price was $210,300 in September, up 5.9 percent from September 2013.

Existing condominium and co-op sales increased 5.2 percent to a seasonally adjusted annual rate of 610,000 units in September from 580,000 in August, and are unchanged from the 610,000 unit pace a year ago. The median existing condo price was $205,200 in September, which is 3.2 percent higher than a year ago.

Regionally, September existing-home sales in the Northeast climbed 1.5 percent to an annual rate of 680,000, but remain 1.4 percent below a year ago. The median price in the Northeast was $249,800, which is 4.8 percent higher than a year ago.

In the Midwest, existing-home sales declined 5.6 percent to an annual level of 1.17 million in September, and remain 4.9 percent below September 2013. The median price in the Midwest was $165,100, up 4.9 percent from a year ago.

Existing-home sales in the South increased 5.0 percent to an annual rate of 2.12 million in September, and are now 1.4 percent above September 2013. The median price in the South was $180,900, up 5.1 percent from a year ago.

Existing-home sales in the West jumped 7.1 percent to an annual rate of 1.20 million in September, but remain 4.0 percent below a year ago. The median price in the West was $294,200, which is 4.0 percent above September 2013.

# # #

NOTE:  For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

3Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

4Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

Realtor.com®, NAR’s listing site, posts metro area median listing price and inventory data at: www.realtor.com/data-portal/Real-Estate-Statistics.aspx.

The Pending Home Sales Index for September will be released October 27, and existing-home sales for October is scheduled for November 20; release times are 10:00 a.m. EDT.

WASHINGTON – October 21, 2014 – (RealEstateRama) — The following is a statement by National Association of Realtors® President Steve Brown:

“NAR applauds the Federal Deposit Insurance Corporation for finalizing the Qualified Residential Mortgage rule today, which includes a broad definition of QRM and aligns with the Qualified Mortgage standard implemented earlier this year. more »

WASHINGTON, D.C. – October 21, 2014 – (RealEstateRama) — Florida and Nevada Have Largest 12-Month Gains, New Jersey and Arizona Have Biggest Annual Percent and Total Declines; Mississippi and Texas Top Monthly Rankings, Maine and Pennsylvania Shed Most Jobs in September more »

WASHINGTON, D.C. – October 21, 2014 – (RealEstateRama) — Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del., issued the following statement on today’s announcement by six federal regulators to establish new rules for a qualified residential mortgage that would exempt securitizers from retaining 5 percent of the credit risk on loans packaged and sold as securities: more »

Tampa, FL – October 21, 2014 – (RealEstateRama) — CBRE Debt & Structured Finance originated a $39.5 million loan on behalf of IP Capital Partners of Boca Raton, FL and Fir Tree Partners of New York, to finance the acquisition of the Sabal Park Portfolio, a 518,338-square-foot complex of nine office buildings located in Tampa’s I-75 corridor. BankUnited of Tampa provided the five-year loan, which is fixed with partial interest only, at a 65 percent loan-to-value ratio. more »

LOS ANGELES, CA – October 21, 2014 – (RealEstateRama) — NAI Capital’s Tim Steuernol and Rob Zaharia with the West L.A. office represented the seller, Wilcox Gateway Partners LLC, and the buyer, NHVA1-XVlll, in the sale and purchase of the Wilcox Gateway Properties which consists of 24 units on four parcels of land located at 1812 -1830 Wilcox Ave in Los Angeles, CA. The value of the sales transaction was $4.4 Million. more »

WASHINGTON, D.C. – October 21, 2014 – (RealEstateRama) — Seasoned & New Real Estate Investors: You’re cordially invited – and strongly urged – to Register for this year’s Expo! We’ve called in a posse of seven extraordinary Real Estate Experts to converge in one place with their most jealously-guarded SECRETS in tow, to craft your individual ‘master plan’ for the monumental… more »

WASHINGTON, D.C. – October 20, 2014 – (RealEstateRama) — WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau today announced the following new residential construction statistics for September 2014: more »

WARREN, Mich. – October 20, 2014 – (RealEstateRama) — Mitigation specialists continue their outreach in five new locations in Oakland and Wayne counties to give free advice on rebuilding properties damaged in the August floods, and to answer questions on how to be disaster-ready.

more »

and By Region and State* During Media Call on Wednesday, October 22 at Noon EDT

WASHINGTON, D.C. – October 20, 2014 – (RealEstateRama) — On Wednesday, October 22 at noon EDT, the Associated General Contractors of America (AGC) will release new data showing the severity of construction worker shortages nationwide and by region and state* during a media conference call at (800) 874-4559 (verbal pass code VT64858). The new data is based on a comprehensive survey of construction firms nationwide and includes data on how many firms are coping with labor shortages and what some of the possible causes are for tight labor conditions. more »

TYSONS, VA – October 17, 2014 – (RealEstateRama) — Award-winning national firm KTGY Group, Inc., Architecture + Planning announces that two rental communities, Cornerstone at Monroe Street Market in Washington, DC, and Paragon at Columbia Overlook in Elkridge, MD, were honored by Delta Associates at the firm’s 18th Annual Washington/Baltimore Multifamily Market Overview & Awards for Excellence program. Cornerstone won the Best Washington Mid-Rise Apartment Community and Paragon won the Best Lease-Up Pace for a Baltimore Apartment Community. The event was held on October 3, 2014, at The Mayflower Hotel in Washington, D.C. more »

Honors Recognizes Firm’s Capabilities in Single-Family Attached & Detached Residential Communities

TYSONS, VA – October 17, 2014 – (RealEstateRama) — Award-winning national firm KTGY Group, Inc., Architecture + Planning, has earned top honors in the Great American Living Awards (GALA), the most prestigious residential design, sales and marketing competition in the metropolitan Washington, DC market for more than 50 years. The awards, which are presented by the Maryland-National Capital Building Industry Association, the Northern Virginia Building Industry Association and the Washington Metropolitan Sales and Marketing Council, recognized KTGY’s wide range of capabilities, excellence and innovation in the design of attached, detached single-family and multifamily residential communities. more »

WASHINGTON, D.C. – October 17, 2014 – (RealEstateRama) — For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Total housing production in September rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million units. more »

WASHINGTON, D.C. – October 17, 2014 – (RealEstateRama) — The Internship Advisory Committee (IAC) has selected eight architecture firms as recipients of the 2014-2017 Intern Development Program (IDP) Outstanding Firm Award. The firms have not only satisfied the requirements for recognition with the IDP Firm Award, but have demonstrated a deep commitment to the program by going above and beyond the baseline criteria and demonstrating innovation in their commitment to the IDP. more »

WASHINGTON, D.C. – October 17, 2014 – (RealEstateRama) — Being connected matters. Download the mobile app for Development ’14 and get the most out of your conference experience. more »

 
Government and Public Real Estate News by State
Real Estate News by Alabama
Real Estate News by Colorado
Real Estate News by Georgia
Real Estate News by Iowa
Real Estate News by Maryland
Real Estate News by Missouri
Real Estate News by New Jersey
Real Estate News by Ohio
Real Estate News by South Carolina
Real Estate News by Vermont
Real Estate News by Alaska
Real Estate News by Connecticut
Real Estate News by Hawaii
Real Estate News by Kansas
Real Estate News by Massachusetts
Real Estate News by Montana
Real Estate News by New Mexico
Real Estate News by Oklahoma
Real Estate News by South Dakota
Real Estate News by Virginia
Real Estate News by Arizona
Real Estate News by Delaware
Real Estate News by Idaho
Real Estate News by Kentucky
Real Estate News by Michigan
Real Estate News by Nebraska
Real Estate News by New York
Real Estate News by Oregon
Real Estate News by Tennessee
Real Estate News by Washington
Real Estate News by Arkansas
Real Estate News by DC
Real Estate News by Illinois
Real Estate News by Louisiana
Real Estate News by Minnesota
Real Estate News by Nevada
Real Estate News by North Carolina
Real Estate News by Pennsylvania
Reale Estat News by Texas
Real Estate News by West Virginia
Real Estate News by California
Real Estate News by Florida
Real Estate News by Indiana
Real Estate News by Maine
Real Estate News by Mississippi
Real Estate News by New Hampshire
Real Estate News by North Dakota
Real Estate News by Rhode Island
Real Estate News by Utah
Real Estate News by Wisconsin
Real Estate News by Wyoming