Monthly Archives: July 2011

Second Quarter Numbers Show Federal Home Loan Banks Supporting Economy

Washington, DC - July 29, 2011 - (RealEstateRama) -- Figures released today demonstrate the Federal Home Loan Banks continue to support housing, jobs and economic growth by channeling capital from global markets to consumers and communities, according to the trade group representing the 12 regional cooperatives.

Gloria Nilson Closes Landmark Home Sale in Rumson

July 29, 2011 - (RealEstateRama) -- The $12 million sale price for Long Point in Rumson, N.J., has secured Kelly Zaccaro’s place in the annals of real estate history. On the heels of four continuous months of improving national home sale numbers, Zaccaro, a veteran sales associate with the Rumson office of Gloria Nilson, REALTORS®, Real Living – the leading high-end real estate brokerage in central New Jersey – recently closed the single largest residential real estate transaction in the history of Rumson.

LISC names MA state housing leader as Executive VP of Programs

NEW YORK, NY - July 29, 2011 - (RealEstateRama) -- The Local Initiatives Support Corporation (LISC) has named Tina Brooks, undersecretary for housing and community development for the Commonwealth of Massachusetts, as its new executive vice president for programs.

USAA Real Estate Company Affiliate, RXR Realty and Broadway Partners Form Joint Venture to...

San Antonio, TX - July 29, 2011 - (RealEstateRama) -- U.S. Republic Core Fund, an affiliate of USAA Real Estate Company, RXR Realty and Broadway Partners today announced the recapitalization of 340 Madison Avenue, an approximately 750,000-square-foot Class A office building located in Midtown Manhattan’s Grand Central submarket.

Up to $50,000 Available to Help Pay Your Mortgage

BOISE, ID - July 29, 2011 - (RealEstateRama) -- Do you need help with your mortgage payments? Emergency Homeowners’ Loan Program (EHLP) funds are available through the Idaho Housing and Finance Association (IHFA) to assist qualified unemployed or ...

Realtors Urge Action on Debt Ceiling

Washington, DC - July 29, 2011 - (RealEstateRama) -- The following is a statement by National Association of Realtors® President Ron Phipps. “The National Association of Realtors®, on behalf of its 1.1 million members, their clients and customers, and the nation’s 75 million homeowners, urges Congress to resolve the mounting debt ceiling crisis before the August 2 deadline.

PROPERTY ASSESSMENT ROLL INCREASES AFTER TWO YEARS OF DECLINE

Los Angeles, CA - July 29, 2011 - (RealEstateRama) -- Los Angeles County Assessor John R. Noguez today announced the 2011 Assessment Roll reflecting a 1.49 percent increase in value, ending two years of decline and producing a property roll of more than a trillion dollars for Los Angeles County. The $1,105,742,244,670 gross total property roll is $16.2 billion greater than last year.

Modesto Man Indicted for Mortgage Fraud Scheme

FRESNO, CA - July 29, 2011 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced that a federal grand jury returned a two-count indictment today charging Tony Huy Havens, 37, of Modesto, with conspiracy to commit mail fraud and mail fraud in a mortgage fraud scheme.

Matthew La Madrid Sentenced for His Role Masterminding $30 Million Ponzi Scheme and Mortgage...

July 29, 2011 - (RealEstateRama) -- United States Attorney Laura E. Duffy announced that Matthew “Beau” La Madrid was sentenced today by U.S. District Court Judge William Q. Hayes to serve a lengthy federal prison term in connection with his operation of the Plus Money Premium Return Funds (“PRF”) and related real estate investment and mortgage fraud schemes. The defendant entered his guilty plea on January 3, 2011.

NEW INDUSTRIAL DEVELOPMENT PLANNED FOR DCT INDUSTRIAL TRUST LAND ACQUISITION

Miami, FL - July 29, 2011 - (RealEstateRama) -- DCT Industrial Trust, Inc. purchased 14.68 acres of land from Jacksonville-based, Everbank, for $6,260,000. The two parcel property had a staged closing with the first phase occurring July 19. The second phase is slated to close by year end. DCT Industrial plans to develop industrial distribution space for lease. The site is located in the Doral/Airport submarket.

Connecticut River Expedition For Real Estate Investors

West Hartford, CT - July 29, 2011 - (RealEstateRama) August 23, 2011 Boat departs at 5:30pm sharp Only $45 - Space Is Limited Eagle Landing State Park 14 Little Meadow Rd. Haddam, CT (Exit 7 off of Route 9)

Lee & Associates Welcomes Three Associates to Newport Beach Office

Torrance, CA - July 29, 2011 - (RealEstateRama) -- Lee & Associates, one of the largest national commercial real estate providers with regional expertise, welcomes three commercial real estate experts to the Newport Beach office. With more than 15 years of combined experience, Judd Hietbrink, Wyatt Prichard and Justin Wegnes specialize in industrial and office brokerage.

HUD SECRETARY ANNOUNCES AVAILABILITY OF $95 MILLION FROM SUSTAINABLE COMMUNITIES GRANT PROGRAMS

WASHINGTON, DC - July 29, 2011 - (RealEstateRama) -- Today, U.S. Housing and Urban Development Secretary Shaun Donovan announced the availability of $95 million to support sustainable local initiatives through the FY 2011 Regional Planning and Community Challenge Planning Grant Programs from HUD’s Office of Sustainable Housing and Communities. Awarded competitively, both programs work to expand housing choices, improve connections between employment centers and homes, and reduce barriers to achieving affordable, economically vital, and sustainable communities.

Lee & Associates Transacts 15,510 Square Foot Office Lease in Oxnard, CA

OXNARD, CA - July 29, 2011 - (RealEstateRama) -- Lee & Associates-LA North/Ventura, Inc. Principals John Ochoa, SIOR, and Grant Harris and Vice President David Kim transacted a 15,510-square-foot office lease that will bring the first Laurus College campus to Ventura County.

Homeownership Tax Benefits Must Be Preserved, Say Realtors®

Washington, DC - July 29, 2011 - (RealEstateRama) -- Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth.

NAR and NHC Bring Workers Home Through Workforce Housing Forum

Washington, DC - July 29, 2011 - (RealEstateRama) -- Public and private sector workers in the Northeast need more affordable housing opportunities. In response, the National Association of Realtors®, in partnership with the National Housing Conference, will host a regional forum today in Boston to help develop solutions to workforce housing issues

Federal Proposal Could Raise Refinance Costs for Nearly 25 Million Homeowners

WASHINGTON, D.C. - July 29, 2011 - (RealEstateRama) -- Nearly 25 million homeowners across the country would face more expensive mortgages if a proposal by federal regulators goes unchanged. A proposal released by six federal agencies to implement credit risk retention provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act would require homeowners to have at least 25 percent equity in their homes in order to qualify for a lower-rate "Qualified Residential Mortgage" (QRM) for refinancing. An analysis of the CoreLogic data shows 24.8 million U.S. homeowners – more than half of all U.S. homeowners with a mortgage - have less than 25 percent equity in their homes.Homeowners looking to refinance but fail to qualify for a QRM will be subject to additional costs associated with lenders' risk retention requirements included in the Dodd-Frank bill. According to the National Association of REALTORS®, consumers in a non-QRM loan could pay between 0.80 and 1.85 percentage points more in interest rate, simply because they could not meet the down payment or equity requirements.

Office-Using Employment Gains, Reliance on Concessions to Nudge Down Phoenix Vacancy in Second Half

Phoenix, AX - July 29, 2011 - (RealEstateRama) -- Although office net absorption in Phoenix remains negative year to date, the local economic recovery gained traction in the second quarter. Businesses added 14,900 positions locally, a 0.9% staffing boost, in the past six months, compared to a nationwide increase of 757,000 jobs, or 0.6%. Improvements have been greatest in the Valley’s healthcare and leisure and hospitality sectors, with white-collar industries dampening overall growth through the first quarter of 2011. Nevertheless, Phoenix white-collar employers rebounded in the most recent quarter. Local office-using employment sectors augmented payrolls by an estimated 2,800 workers, a 0.7% quarterly gain, mirroring the healthy white-collar improvements that have been recorded nationally. Recent hiring announcements from companies including Safelite, Humana, Yelp and Easy Energy Systems Inc. support projections for a sturdy, albeit late, white-collar recovery through year end, helping to stabilize space demand. U.S. emp loyment will increase by a projected 1.65 million jobs in 2011, including to 39,000 positions in Phoenix, a 2.3% marketwide gain. Local white-collar sectors are anticipated to hire 5,600 workers, growth of 1.3%.

84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011

IRVINE, CA - July 28, 2011 - (RealEstateRama) -- RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2011 Metropolitan Foreclosure Market Report, which shows that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s 211 metropolitan areas with a population of 200,000 or more. The report also shows that all top 10 metro areas with the highest foreclosure rates in the first half of the year posted decreasing foreclosure activity compared to the first half of 2010.

MBA Statement on Debt Ceiling Negotiations

WASHINGTON, D.C. - July 28, 2011 - (RealEstateRama) -- David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement today.

Popular

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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Federal Construction Projects in D.C. Show No Hiring or Subcontracting; As...

The office of Congresswoman Eleanor Holmes Norton (D-DC) today released the most recent set of available data (July 2016) on the number of District of Columbia residents hired to work at federal construction sites in the District and D.C. small businesses with subcontracts at the sites.  These projects were not hiring from any jurisdiction in July, but D.C. representation among workers held steady.  The same was true of subcontracting, with no sites adding subcontractors from any jurisdiction