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Decades-Old Carpinteria Palms Replanted at Affordable Housing Development

Seven palm trees that were temporarily relocated at Peoples’ Self-Help Housing’s Casas de las Flores affordable rental complex have been replanted at the site in preparation for the property’s opening in October

Survey of Exclusive Buyer Agents Shows Lack of Inventory is the Top Issue Facing Today’s Home Buyers

The National Association of Exclusive Buyer Agents recently conducted a survey of its membership to determine the top issues facing today’s home buyers. Exclusive buyer agents across the country were simply asked, “What is the number one issue facing home buyers in your market today?” Two-thirds of the respondents responded with lack of inventory or low inventory.

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JUNE

Sales of new single-family houses in June 2015 were at a seasonally adjusted annual rate of 482,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau. This is 6.8 percent (±12.5%)* below the revised May rate of 517,000 and is 18.1 percent (±18.1%) above the June 2014 estimate of 408,000.

New-Home Sales Fall 6.8 Percent in June

Sales of newly built, single-family homes dropped 6.8 percent to a seasonally adjusted annual rate of 482,000 units in June, according to newly released data from HUD and the U.S. Census Bureau.

Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak

Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months.

Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak

Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months.

PICK-UP PROJECTED IN HOME IMPROVEMENT ACTIVITY MOVING INTO 2016

The extended easing of gains in residential improvement spending is expected to change course by early next year, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects annual spending growth for home improvements will accelerate to 4.0% by the first quarter of 2016.

Majestic Realty Co. Named NAIOP 2015 Developer of the Year

NAIOP, the Commercial Real Estate Development Association, has selected Majestic Realty Co. as its prestigious 2015 Developer of the Year – the association’s highest honor. Headquartered in Southern California, and with regional offices throughout the United States, Majestic is the largest, privately-held industrial developer in the United States and is widely-recognized as a long-term powerhouse in the development community and beyond.

Finance Committee Tax Reform Working Group Does Not Recommend Changes to Housing Credit, Bonds

On July 8, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) released reports from the five bipartisan working groups the Committee established earlier this year to develop policy options and recommendations for it to consider as part of comprehensive tax reform. The reports focused on individual income, business income, savings and investment, international taxes, and community development and infrastructure.

NAR Survey finds Like-Kind Exchanges Promote Job, Economic Growth

Real estate like-kind exchanges are an important vehicle for disposing of and acquiring properties and support the nation's financial growth, job creation and economy, according to a new report from the National Association of Realtors

CONSTITUTION AND CIVIL JUSTICE SUBCOMMITTEE TO HOLD HEARING EXPLORING PROPERTY RIGHTS

On Thursday, July 9, 2015, at 2:00 p.m., the Subcommittee on the Constitution and Civil Justice will hold a hearing on the state of property rights in the United States on the tenth anniversary of the Supreme Court’s landmark decision in Kelo v. City of New London.

North Shore And Barrington Area Home Sales Rise; Median Price Sees Minor Drop In May

While the number of closed sales and properties under contract continue to steadily rise, the median sales price has slipped in May for the first time this year. According to data from the North Shore – Barrington Association of Realtors (NSBAR), the number of closed sales in May this year compared to this time last year and increased by 1.3 percent to 678. Year-to-date this number is up by 5.2 percent to 2,534.

Mayor Lee Announces New “One-Stop Shop” Office of Short-Term Rental Administration & Enforcement

Mayor Edwin M. Lee today announced the creation of the new Office of Short-Term Rental Administration and Enforcement, funded in the Mayor’s FY 15-17 budget, to create a “one-stop” shop and centralized location to streamline applications for the City’s short-term rental registry and more aggressively coordinate complaints and enforcement of the City’s short-term rental regulations.

FIFTEEN COMMERCIAL PROPERTIES WIN THE OUTSTANDING BUILDING OF THE YEAR® AWARDS

The commercial real estate industry honored 15 commercial properties with The Outstanding Building of the Year® (TOBY®) Awards last night at the Building Owners and Managers Association (BOMA) International’s annual conference, the 2015 BOMA International Conference & Expo in Los Angeles

Pending Home Sales Maintain Momentum in May

Pending home sales continued to rise in May and are now at their highest level in over nine years, according to the National Association of Realtors®. Gains in the Northeast and West were offset by small decreases in the Midwest and South.

IBHS Advises Residents to Stay Alert for Evacuation Orders and Prepare Homes Now as Wildfires Continue to Burn in Central Washington

At least 24 structures were reduced to ashes when the so-called Sleepy Hollow Fire started as a brush fire in central Washington on Sunday afternoon and quickly spread due to hot and dry conditions, underscoring the harsh realities of how quickly a fire can spread and threaten properties this time of the year.

National Association of Real Estate Editors Announces 2015 Robert Bruss Real Estate Book Award Winners

The National Association of Real Estate Editors (NAREE) has named the winners of the Eighth Annual Robert Bruss Real Estate Book Competition. The awards recognize excellence in books published in 2014 covering the broad field of real estate.

Three South Florida Defendants Charged in $10 Million Government Fraud Involving Six Miami Low-Income Housing Developments

Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Nadine Gurley, Special Agent in Charge, United States Department of Housing and Urban Development, Office of Inspector General (HUD-OIG), and Kelly R. Jackson, Special Agent in Charge, Internal Revenue Service, Criminal Investigation (IRS-CI), announced the filing of charges against three defendants in a joint investigation of individuals who fraudulently obtained federal money and property in connection with the construction of low-income housing developments in Miami-Dade County.

Buy-Back Program Exceeds $500 Million Paid to Landowners for Voluntary Consolidation of Fractional Interests

In a major milestone for the Department of the Interior’s Land Buy-Back Program for Tribal Nations (Buy-Back Program), Deputy Secretary Michael Connor today announced that more than $500 million has been paid to more than 24,000 individual landowners to restore the equivalent of nearly 850,000 acres of land to tribal governments

Citizens Bank provides $50 million apartment construction loan for Hyde Park housing near University of Chicago campus

Citizens Bank announced today that it has provided a $50 million apartment construction loan to an affiliate of Blue Vista Capital Management for a mixed-use apartment project serving the Hyde Park and Kenwood neighborhoods of Chicago. The housing project will be built in partnership with the University of Chicago