Monthly Archives: September 2007

Center for Responsible Lending’s Corbett to Sit on Subprime Lending Panel

Media Advisory: Center for Responsible Lending senior vice president Keith Corbett will be on a panel to discuss the impact of subprime lending on communities of color

DHS One Step Closer to Permanent, Consolidated Home

WASHINGTON, Sept. 26 /PRNewswire-USNewswire/ -- The U.S. General Services Administration has completed a draft master plan and draft environmental impact study at St. Elizabeths Hospital, marking another milestone in GSA's effort to establish a permanent, consolidated home for the Department of Homeland Security (DHS).

Census Bureau Tip Sheet: Home Equity Lines of Credit – Who Uses This Source...

Home Equity Lines of Credit --- Who Uses This Source of Credit? -- This report profiles single-family homeowners who used home equity lines of credit in 2001 and compares them to their counterparts from 10 years earlier, including age, home value, mortgage, age of home, number of loans for home improvements and proportion of people using home equity for debt consolidation.

Justice Department Files Fair Housing Lawsuit Against Spokane, Washington, Developers, Architects, and Engineers

WASHINGTON, Sept. 25 /PRNewswire-USNewswire/ -- The Justice Department today sued the developers, architects, and professional engineers responsible for building five apartment complexes in Spokane County, Wash., alleging that they designed and built the complexes in violation of the Fair Housing Act by failing to make the complexes accessible to wheelchair users and other persons with physical disabilities.

Natural Disaster Legislation Would Help Property Owners

WASHINGTON, Sept. 26 /PRNewswire-USNewswire/ -- The National Association of Realtors(R) supports the Homeowners' Defense Act of 2007, H.R. 3555, because it would help protect homeowners, commercial property owners, and potential property owners by ensuring the availability of adequate and affordable insurance, which NAR views as an important consumer issue.

August Existing-Home Sales Fall on Temporary Mortgage Problems

WASHINGTON, Sept. 25 /PRNewswire-USNewswire/ -- Existing-home sales fell in August when mortgage availability problems were peaking, according to the National Association of Realtors(R)

National Community Reinvestment Coalition Files Discrimination Complaint Against Wall Street Securitizer and Subsidiary Mortgage...

WASHINGTON, Sept. 24 /PRNewswire-USNewswire/ -- The National Community Reinvestment Coalition (NCRC) has filed a civil rights complaint against Morgan Stanley, Morgan Stanley Mortgage Capital Holdings, LLC., Saxon Mortgage, Inc., Saxon Asset Securities Company and Saxon Capital, Inc., (collectively, "Morgan Stanley") to the United States Department of Housing & Urban Development and the United States Securities & Exchange Commission.

Solid Fundamentals Support Commercial Real Estate

WASHINGTON, Sept. 18 /PRNewswire-USNewswire/ -- Most commercial real estate markets are enjoying relatively low vacancy rates and healthy rent growth from a fundamentally sound economy, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors(R).

Despite Labor and Pricing Pressures, Turner Forecasts Continued Increase in Construction Costs

New York, N.Y. - September 17, 2007 - Turner Construction Company, the nation’s leading general builder, today published its quarterly Turner Building Cost Index forecasting that construction costs in the US building industry are continuing to increase in the Third Quarter

Despite Mortgage Woes, Subprimes Serve Purpose

COLLEGE STATION, TX – High-risk home mortgages are facing national scrutiny thanks to the recent rise in subprime foreclosures, but a noted research economist with the Real Estate Center at Texas A&M University is coming to their defense.

NAHREP Members Overwhelmingly Favor FHA Reforms

WASHINGTON, Sept. 14 /PRNewswire-USNewswire/ -- Hispanic Real Estate Professionals overwhelmingly favor Federal Housing Administration reforms and believe Hispanic homebuyers and those with adjustable-rate subprime loans could be better served if proposed changes to FHA programs are quickly adopted by Congress, according to a survey released today by the National Association of Hispanic Real Estate Professionals (NAHREP).

Mortgage Problems to Dampen Home Sales in the Short Term

WASHINGTON, Sept. 11 /PRNewswire-USNewswire/ -- Tighter credit for home mortgages will measurably dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008, according to the latest forecast by the National Association of Realtors(R).

New Foreclosures Up in 47 States

WASHINGTON, Sept. 6 /PRNewswire-USNewswire/ -- The 2nd Quarter National Delinquency Survey, released today by the Mortgage Bankers Association (MBA), shows that mortgage loans entering foreclosure have increased in 47 states since this time last year. On average, the increases were 50% higher. Only four states -- North Dakota, South Dakota, Utah and Wyoming -- did not experience increases in new foreclosures. Less than two percent of the American population lives in those states.

U.S. HOUSE PRICES SLOW

WASHINGTON, DC – U.S. home prices increased only slightly in the second quarter of 2007 according to the OFHEO House Price Index (HPI). The HPI, which is based on data from sales and refinance transactions, was 0.1 percent higher in the second quarter than in the first quarter of 2007. This is below the revised growth rate of 0.6 percent for the previous quarter and the lowest since the fourth quarter of 1994. Prices in the second quarter of 2007 were 3.2 percent higher than they were in the same quarter of 2006, the lowest annual price change since the 1996-97 period.

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Affordable Housing Comes to U Street with the Funding of Portner...

On July 7th, the District of Columbia Housing Finance Agency (DCHFA) closed on the financing of an affordable housing development in one the District’s most sought after neighborhoods, the U Street Corridor. The Agency issued $27 million in short term DCHFA tax exempt bonds providing a portion of the funding for the acquisition of Portner Place and construction of Portner Flats (1440-1450 V Street, NW) located in Ward 1, one block west of The Frank D. Reeves Municipal Center at 14th and U Streets, NW

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The Emergence of “18-Hour” Cities is Focus of Urban Land Institute’s...

The emergence of “18-hour” cities as magnets for investment and development will be discussed at the J.C. Nichols forum, an event being hosted on Thursday, September 29, by the Urban Land Institute (ULI) at Kansas City’s Nelson-Atkins Museum of Art. The forum honors the legacy of Kansas City developer J.C. Nichols, a founding ULI member considered to be one of America’s most creative entrepreneurs in land use during the first half of the 20th century