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Market Data: Government to sell foreclosures in masses Economy: Housing remains strong voting issue in presidential election Land Use / Planning: Splitting between rental and retail Legal Notes: Unlawful mortgage-servicing companies should be fined Senior Housing: NAHB announces Best of 50+ Housing Awards finalists
Improving housing markets nearly doubles in January 
NAHBThe number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI). The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry. The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. “The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing, and is even more relevant when you consider the expanding geographic distribution of the list…” noted NAHB Chairman Bob Nielsen.
Consumer credit surges most since 2001 U.S. consumer credit surged 10 percent in November, its biggest jump in a decade in a positive signal for the economy as consumers tapped their credit cards and the government doled out more student loans. Outstanding consumer credit increased by $20.37 billion during the month, the Federal Reserve said on Monday. That was the biggest gain since November 2001 and nearly three times the median forecast in a Reuters poll. Revolving credit, which mostly measures credit-card use, rose $5.60 billion, a third straight monthly increase. Wholesale inventories barely rose in November Inventories at U.S. wholesalers barely rose in November and growth in October was revised lower, suggesting the economy did not get as big a boost as expected from companies restocking their shelves. Wholesale inventories climbed 0.1 percent, the Commerce Department reported on Tuesday. Analysts had expected a 0.5 percent gain. Many economists say a restocking of inventories lifted economic growth in the fourth quarter. Businesses had run down stocks in the prior three months, dragging on the country's gross domestic product. But the wholesale inventory data, which included a downward revision for inventory growth in October, led some economists to trim their fourth quarter growth forecasts slightly. 
The MetroIntelligence Economic Update is provided to BuilderBytes by MetroIntelligence Real Estate & Economic Advisors.
Earnings preview for Lennar 
Bloomberg BusinessweekLennar Corp., is expected to post a fourth-quarter profit and report a slight increase in new home orders as the housing market continues to make modest improvements. Industry experts and investors will be looking to see what new home orders were like in the September through November quarter. Lennar, which has operations in 17 states and sells homes for entry level and move-up buyers as well as retirees, is expected to report 2,590 new home orders for the period, according to FactSet. This would top its new home orders of 2,520 in the year-ago period. The company's Rialto unit will also be in focus, as it has been a key element behind Lennar's profitability. The division buys troubled loans and properties from banks. Government to sell foreclosures in masses CNBC The Obama Administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials. There currently are about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA), and millions more are coming. The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures. Investor portfolios grow as economy does PRNewswire Memphis Invest, a leader in the burgeoning turn-key real estate investment industry, announced that it more than doubled its business last year with a 60-percent increase in home sales on behalf of its investors during 2011 compared to 2010.The company also saw a 48-percent increase to its client base, and as a result of this growth, Memphis Invest has seen an increase in revenue of more than 90 percent year over year. While the housing market continues to struggle toward a full rebound, real estate firms like Memphis Invest are thriving by helping investors worldwide capitalize on the availability of low-cost homes combined with a growing demand for rental property.
Michigan developer proposes affordable senior housing 
The Business JournalA Michigan developer wants to build a 69-unit affordable senior apartment in Mount Pleasant, adding another player to what promises to be a very competitive year for companies seeking Wisconsin affordable housing tax credits. The Legacy Woods Residence project in Mount Pleasant is led by Principal Doug Stratton of Novi, Mich., who is seeking village approval and plans to apply for tax credit financing next month from the Wisconsin Housing and Economic Development Authority. The developer offered to purchase vacant land for the project, said Michael Lerner, president of Development Consultant Services, Inc. Lerner said he has worked on past affordable housing projects in Mount Pleasant that did not proceed because they did not get enough points with WHEDA to secure needed tax credits.
Housing remains strong voting issue in presidential election 
Los Angeles TimesAt no time in memory has housing been a major issue in a presidential election. Some years, the topic garners hardly more than a passing mention in the planks of either political party. Right now, housing is not a front-and-center issue for President Obama or any of the Republican presidential hopefuls. But no fewer than four recent national surveys indicate that the issue is a top-of-mind topic among potential voters. Granted, all four were undertaken by real estate organizations — Realtor.com, HouseLogic, Yahoo Real Estate and Trulia. But the unanimity of their findings underscores just how worried current and future owners are about their homes. Bernanke Fed has it right: No magic bullet to housing recovery Forbes New York Federal Reserve President William Dudley spoke at the New Jersey Bankers sponsored Economic Leadership Forum in Iselin New Jersey on January 7. While his speech contained the perfunctory disclosures about the health and direction of the local and U.S. economy, it also was a breath of fresh air to hear the forward-looking, out of the box thinking that is going on at the Federal Reserve, especially in the area of housing. Recently the Fed published a white paper entitled “The U.S. Housing Market: Current Conditions and Policy Considerations”, which dissects the housing market by taking a look at the market conditions along with the extraordinary problems plaguing the housing market.
Triage for affordable green housing Green Home Builder Determining green building systems and materials in affordable housing often comes down to whether the units are for sale or for rent, and who will realize the short-term versus long-term benefits of those choices. If the owner of the development is a nonprofit corporation who will be owning the units in-perpetuity, then long-term savings are often more important than short-term savings. Sometimes, however, the funding sources are divided into development funds and maintenance funds and are not available for cross uses. This means that even if a choice for a long lasting material makes sense, if the funding source won’t allow enough funds, that savings is lost. This silo approach on funding is very counterproductive.
Seattle's sustainable lakeside remodel 
Residential ContractorSustainable building practices have become a staple in home building today. Now, builders are utilizing the techniques used to reach maximum energy-efficiency for new homes, in whole-house remodels and deep-energy retrofits without sacrificing style or location. Washington home builder, Sockeye Homes, was given the opportunity to recreate an outdated 1950's design, into a three-story, 3,276 square foot, five-bedroom, six-bathroom, 5-Star Built Green certified, lakeside masterpiece - making it an easy choice for the 2011 Pubby Award for "Green Remodel of the Year." As medical professionals, the homeowners took to the idea of having a healthy home that represented ecological values while lending itself to the contemporary craftsman design. According to Kristin Sakai, vice president of Sockeye Homes, several characteristics of the original 1,500 square foot, one-story, three-bedroom, one-bathroom, floor plan caused complications in the day-to-day lifestyle for the homeowners.
Splitting between rental and retail The Wall Street Journal A century-old limestone and brick apartment building on East 68th Street and Madison Avenue has been sold at a loss for $170 million to two developers, who plan to split the building in half. In the deal, Vornado Realty Trust is taking over a 100-foot-long prime retail space on Madison Avenue, while Ziel Feldman and HFZ Capital Group is getting control of 41 rental apartments, including a number of huge original units that fill most of the 12-story building. The rental apartments are prime candidates for conversion to condominiums, but Mr. Feldman said he had no immediate plans to convert it. Instead he said he plans "to bring the building back to its original positioning as one of the most important residences in the city."
Unlawful mortgage-servicing companies should be fined 
BloombergFederal Reserve Governor Sarah Bloom Raskin said the central bank should fine mortgage servicing companies that broke the law and are partly to blame for the current “foreclosure crisis” in U.S. housing. “The Federal Reserve (FDTR) and other federal regulators must impose penalties for deficiencies that resulted in unsafe and unsound practices or violations of federal law,” Raskin said in a speech in Washington. “The Federal Reserve believes monetary sanctions in these cases are appropriate and plans to announce monetary penalties,” she said. The Fed in April initiated formal enforcement actions against 10 banking organizations to address a “pattern of misconduct and negligence” in mortgage loan servicing and foreclosure processing.
NAHB announces Best of 50+ Housing Awards finalists 
NAHBThe National Association of Home Builders (NAHB) has announced the finalists for NAHB’s 2012 Best of 50+ Housing Awards, the premier design and marketing competition for the 50+ housing industry. A total of 79 entries were chosen as finalists and are eligible for either a Gold or Silver Award from NAHB’s 50+ Housing Council. “The finalists demonstrated how green and Universal Design features can be seamlessly incorporated throughout a home to enhance the lives of active adults, their children and grandchildren,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “We are excited to announce the award-winning projects during the 2012 NAHB International Builders’ Show.” Finalists were selected from entries in 44 categories representing active adult housing, service-enriched housing and marketing activity. More senior housing proposed for New Lenox Patch More senior housing was proposed for New Lenox, adding to the list of local developments targeting the village's older population. The Plan Commission held a public hearing to discuss a senior housing complex that would be built. Planning Administrator Robin Ellis said the public hearing was not closed and will continue to the commission's Feb. 7 meeting. In the meantime, the Village Board will likely solicit input from the community during a Jan. 23 public hearing related to annexation of the 3-acre land on which the senior housing would be built. Lincoln-Way Builders plan for 74 units with a mix of one- and two-bedroom options. Many units would be income-restricted, though Ellis didn't have details of the cost available.
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