Monthly Archives: December 2010

December 15, 2010 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, and JANICE K. FEDARCYK, the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation ("FBI"), announced charges against four defendants in a two-year scheme in which the defendants obtained fraudulent mortgages exceeding $3 million

Washington, DC - December 15, 2010 - (RealEstateRama) -- As part of the 2010-11Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.

ST. PAUL, MN - December 15, 2010 - (RealEstateRama) -- The Minnesota Department of Commerce, Office of Energy Security (OEs) today announced Minnesota will receive an additional $21.6 million in federal Low-Income Home Energy Assistance Program (LIHEAP) funds for the Minnesota Energy Assistance Program (EAP). When added to the $64.8 million in federal funds already received by the state, this allocation brings the total for the current heating season to $86.4 million.

Boston, MA - December 15, 2010 - (RealEstateRama) -- The U.S. multi-housing vacancy rate is expected to remain relatively stable through 2011, ending the year at 5.8%, before falling further to 5.3% during the course of 2012, according to a new forecast from CBRE Econometric Advisors (CBRE-EA). Multi-family property demand will remain solid, continuing a trend that began when the vacancy rate peaked at 7.4% at the end of 2009.

CHICAGO, IL - December 15, 2010 - (RealEstateRama) -- In an effort to clean up the foreclosure process in Illinois, Brent E. Adams, Secretary of the Illinois Department of Financial and Professional Regulation (IDFPR), today released a 9-point “affidavit preparation expectations” plan

PADUCH, KY - December 15, 2010 - (RealEstateRama) -- Jonathan Morgan Harris, age 25, of Detroit, Michigan, was sentenced to five and one-half months’ imprisonment in United States District Court, Paducah, Kentucky, for theft of government property, United States Attorney David J. Hale of the Western District of Kentucky announced today

WASHINGTON, D.C. - December 15, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 10, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.7 percent compared with the previous week.

McLean, VA - December 15, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announced today that it will not issue a Reference Notes® security on December 15, 2010. The company’s 2010 Reference Notes calendar designates dates that it may use to announce the issuance of Reference Notes securiti

December 15, 2010 - (RealEstateRama) -- "ABA, along with other financial trade associations, filed an amicus brief yesterday in opposition to applying overtime regulations to most bank employees who originate residential mortgages. The amicus was filed in the case of Henry vs. Quicken Loans in the United States District Court of Eastern Michigan. "The amicus brief argues that the new Administrator's Interpretation marked a sudden and dramatic shift in the Dept. of Labor's position that is inconsistent with the regulations that it seeks to interpret, and that the sudden and dramatic reversal of course results in an unfair surprise to employers who have reasonably relied on the Dept. of Labor's prior interpretations.

Irvine, CA - December 15, 2010 - (RealEstateRama) -- Colliers International, the second largest real estate services organization globally, has directed the sales of three retail properties in Southern California for a combined $4.23 million.

WASHINGTON, DC - December 15, 2010 - (RealEstateRama) -- Business Solutions, a subsidiary of the American Bankers Association, has entered into an exclusive two-year arrangement with U.S. Bank Home Mortgage that will provide member banks with a competitively-priced outlet for the sale of wholesale loans

Sacramento, CA - December 15, 2010 - (RealEstateRama) -- MERIT Property Management, a leading provider of professional community association and rental management services, announces that MERIT Community Manager Paula Lial, MERIT Community Manager John Dannon and MERIT Volunteer Board Member Mike Pettis were presented with awards from the California North Chapter of the Community Association Institute (CAI) for their hard work and dedication to the communities they serve

December 15, 2010 - (RealEstateRama) -- Builder confidence in the market for newly built, single-family homes remained unchanged in December from the previous month at 16 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today."Builders are bracing themselves for a slow holiday season as a number of factors continue to cause uncertainty among consumers and builders alike," said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. "While the HMI is adjusted for seasonal factors, the typical cold-weather slowdown in sales activity is being accentuated by ongoing weakness in the job market, the rising number of foreclosures and short-sales, and very challenging credit conditions for both builders and buyers."

VIENNA, VA - December 14, 2010 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN) today released two mortgage fraud reports entitled Mortgage Loan Fraud SAR Filings, which together cover the first six months of 2010; one report covers January through March 2010, and the other covers April through June 2010.

SALT LAKE CITY, UT - December 14, 2010 - (RealEstateRama) -- The Utah Permanent Community Impact Board (CIB) approved a finance package totaling $573,000 to the Wayne County Municipal Building Authority during a board meeting held on December 10.

RHINELANDER, WI - December 14, 2010 - (RealEstateRama) -- Attorney General J.B. Van Hollen today announced that his office has obtained a judgment of nearly $158,000 in penalties, costs and attorney fees in a civil environmental prosecution filed in Oneida County against the developers of a large lakeshore condominium project known as the Clearwater Lake Club Condominium Association. The case had been pending before Circuit Judge Mark A. Mangerson who issued the penalty decision on Friday, December 10, 2010.

December 14, 2010 - (RealEstateRama) -- Concerned that a significant number of already-expired public employee contracts would not be subject to the proposed two percent cap on arbitration awards to public employee unions, Assemblyman Declan O'Scanlon introduced today a measure clarifying that the cap would apply to contracts that expired before the cap begins on Jan. 1

WASHINGTON, DC - December 14, 2010 - (RealEstateRama) -- Congressman Randy Neugebauer (R-TX), House Financial Services Oversight Subcommittee Chairman, released the following statement today regarding his December 13, 2010 letter to FHFA Director DeMarco

BEVERLY HILLS, CA - December 14, 2010 - (RealEstateRama) -- International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company’s retail brokerage group completed two major lease transactions in the Los Angeles area. Roger Dunn Golf signed a 12,000 square foot lease at NoHo 14 in North Hollywood and Korea-based Tom N Toms Coffee will establish its flagship U.S. location at Solair in Koreatown. Kennedy Wilson has closed over $11 million of retail leases in the past month, including Sweet Lady Jane’s new Santa Monica location, Americana at Brand’s L.A. Creamery, a new Santa Monica location for BlankSpaces and Want Agency’s Nudie Jeans showroom off of Melrose Avenue.

December 14, 2010 - (RealEstateRama) -- NRMLA, last week, published independent research showing high levels of satisfaction among seniors with reverse mortgages and equally positive numbers indicating borrowers understood the transaction they were getting into and felt no pressure getting a loan.

Washington, D.C. - December 14, 2010 - (RealEstateRama) -- The American Institute of Architects (AIA) today announced it was sponsoring a Haiti reconstruction conference in early January that will bring together a host of organizations to identify and coordinate opportunities in Haiti for design assistance teams, building assessments, resources and other programs.The AIA Summit on Haiti will be held on January 13 – one day after the first anniversary of the Haitian earthquake of 2010 – at the Loew’s Hotel in New Orleans. Organizations participating in the AIA’s Haiti conference include The American Red Cross, National Urban League - Greater New Orleans, Adecco Group North America, United States Green Building Council (USGBC), Architecture for Humanity (AFH), National Organization of Minority Architects (NOMA), Public Architecture and Black Design Network News. More organizations are expected to attend.

DENVER, CO - December 14, 2010 - (RealEstateRama) -- Denver B-cycle today announced its partnership with Kentwood City Properties. In addition to branded B-cycles and annual memberships for employees, Kentwood City Properties will also have the capabilities to utilize B-cycles when showing property, a convenient option to get to downtown properties. Kentwood City Properties’ sponsorship support of Denver B-cycle arrives as the bike sharing system closes down for the winter in its inaugural season. Denver B-cycle reopens March 2011.

Washington, DC - December 14, 2010 - (RealEstateRama) -- The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.2 trillion, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data.

New York, NY - December 14, 2010 - (RealEstateRama) -- Savanna, a New York-based real estate private equity firm with investments in $3 billion of real estate in the Northeast and Mid-Atlantic corridor, today purchased 1375 Broadway, a 513,401-square-foot corner office building located on Broadway and 37th Street, for $135 million. With this purchase, Savanna has acquired four New York City office buildings in 2010, totaling approximately 1.4 million square feet, including 386 Park Avenue South, 5 Hanover Square, 104 W. 40th Street and now 1375 Broadway.

Torrance, CA - December 14, 2010 - (RealEstateRama) -- The one-time home to a world-famous Brown Derby Restaurant location is the subject of a $2.95 million lease arranged by Lee & Associates’ Sherman Oaks office. Hillhurst Los Feliz LLC is leasing the historic property located at 4500 Los Feliz Blvd., in Los Angeles. Chase Bank takes over the circa-1928 asset via a 10-year lease set to begin in June 2011

ANCHORAGE, AK - December 14, 2010 - (RealEstateRama) -- Monday, December 13, 2010 - Alaska Housing Finance Corporation (AHFC) announced the award of $26 million in federal tax credits to Cook Inlet Housing Authority (CIHA) for the redevelopment of Loussac Manor, a 50-year-old public-housing site in Anchorage. AHFC had relocated the former tenants from the 62-unit complex this summer, and the demolition of the site is currently underway

FRANKFORT, KY - December 14, 2010 - (RealEstateRama) -- The State Property and Buildings Commission (SPBC) will hold a meeting on Wednesday, Dec. 15, 2010 at 2 p.m. in Room 182 of the Capitol Annex, Frankfort, Kentucky.

WASHINGTON, DC - December 14, 2010 - (RealEstateRama) -- Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Mortgage Bankers Performance Report released today.

Oxnard, CA - December 14, 2010 - (RealEstateRama) -- Colliers International, the second largest real estate services organization globally, has negotiated three industrial leases totaling 68,670 square feet in Oxnard Calif.

MILFORD, CT - December 14, 2010 - (RealEstateRama) -- Hartford National Title, Inc., a leading provider of national title and closing services, announced today that in order to accommodate its rapid growth and expanding clientele it has moved its headquarters to a larger, state-of-the-art office facility located at 344 West Main Street Milford, CT