|
|||||||
 |
||
 |
 |
 |
Market Data: California's November home sales increase 4 percent Economy: Foreclosure filings decline in US during holidays Financing: Low mortgage rates expected to hang around in 2012 Land Use / Planning: Construction to begin on $3.1 million residential project Senior Housing: Senior communities emphasize aging in place
Philadelphia Federal Reserve's Business Outlook Survey Continued to Improve in December Regional manufacturing continued to improve in December, according to the firms participating in December's Business Outlook Survey. The general activity index, the survey's broadest measure of manufacturing conditions, increased to 10.3 this month from 3.6 in November. All of the broad indicators, including those for new orders and employment, remained positive and suggest a modest expansion of activity. The broadest indicator of future activity reflected a trend of increased optimism about growth over the next six months.
Consumer prices remain flat in November as lower energy prices counter higher food prices The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in November on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment. The index for all items less food and energy increased 0.2 percent in November following increases of 0.1 percent in each of the prior two months. The indexes for shelter, medical care, apparel, and personal care all rose. These increases more than offset declines in the indexes for new vehicles and used cars and trucks. The all items index has risen 3.4 percent over the last 12 months. Initial unemployment claims fall to 366,000 The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending December 3, unchanged from the prior week's revised rate. In the week ending December 10, the advance figure for seasonally adjusted initial claims was 366,000, a decrease of 19,000 from the previous week's revised figure of 385,000. The 4-week moving average was 387,750, a decrease of 6,500 from the previous week's revised average of 394,250. The advance number for seasonally adjusted insured unemployment during the week ending December 3 was 3,603,000, an increase of 4,000 from the preceding week's revised level of 3,599,000. The 4-week moving average was 3,666,250, a decrease of 5,000 from the preceding week's revised average of 3,671,250. Producer Price Index increases moderating The Producer Price Index for finished goods advanced 0.3 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. Finished goods prices fell 0.3 percent in October and moved up 0.8 percent in September. At the earlier stages of processing, the index for intermediate goods rose 0.2 percent and crude goods prices increased 3.8 percent. On an unadjusted basis, the finished goods index advanced 5.7 percent for the 12 months ended November 2011, the smallest year-over-year rise since a 5.6-percent increase in March 2011. Industrial production falls unexpectedly in November Industrial production decreased 0.2 percent in November after having advanced 0.7 percent in October. Factory output moved down 0.4 percent in November; excluding a drop of 3.4 percent in the output of motor vehicles and parts, manufacturing production declined 0.2 percent. Mining production edged up 0.1 percent, while the output of utilities rose 0.2 percent. At 94.8 percent of its 2007 average, total industrial production for November was 3.7 percent above its year-earlier level. Capacity utilization for total industry decreased to 77.8 percent, a rate 2.0 percentage points above its level from a year earlier but 2.6 percentage points below its long-run (1972--2010) average.
Related Cos. turns former condos to rentals 
The Wall Street JournalFor at least three years, Related Cos. had been planning for the 151 apartments on the highest floors of its tower in Midtown MiMA building to be condominiums, sitting atop 663 rental units in the building's first 50 stories. Now, with construction finishing up, the developer is changing course. Related is putting all of the formerly for-sale apartments up for rent, aiming at the high-end with rents of more than $20,000 a month for a three-bedroom unit. "We really built through the downturn, and it opened up our rentals into a very strong rental market," Jeff Blau, Related's president, said. The shift away from condos comes as the rental market has grown. Rents in many buildings are at peak levels, while condo prices have lagged. California's November home sales increase 4 percent Los Angeles Times California's housing market showed some signs of improvement in November with sales picking up over the same month last year. Sales fell 4.2 percent from October, although they commonly decline from October to November, and compared with November 2010, they were up 4 percent, according to DataQuick. A total of 32,669 homes sold last month, and the state's median home price was $244,000, up 1.7 percent from October and down 4.3 percent from November 2010. In Southern California, sales rose 0.3 percent from October and 4.2 percent from November 2010 with 16,884 homes bought across the six-county region. The median home price for the region was $275,000 in November, up 1.9 percent from October but down 4.2 percent from November 2010. Single-family home sales leap in Sacramento area 
The Sacramento BeeThe number of single-family homes sold in the Sacramento region rose sharply in November, outpacing gains in the Bay Area and Southern California. "It's clear the surge is in the more affordable neighborhoods," said Andrew LePage, DataQuick analyst. A total of 2,427 home sales closed escrow in the four-county Sacramento region last month, an 11.7 percent increase from the year-earlier period. Sacramento County posted its fifth consecutive month of double-digit percentage gains with a 12.6 percent sales volume increase last month. Sales of single-family homes in El Dorado and Yolo counties were up 9.9 percent and 50.5 percent from 2010, while Placer County rose 0.5 percent. The Bay Area's sales volume was up 3.4 percent, and the number of single-family homes sold in Southern California increased 4.2 percent. District Plan Sparks Fight The Wall Street Journal New York City's real-estate industry is stepping up efforts to halt plans for a new landmark district for downtown Brooklyn, claiming that such a designation will result in nearly $5 million in additional costs for property owners over the next few years. The plan would cover about 20 properties made up of mostly commercial buildings built in the late 1800s and early 1900s. The city's Landmarks Preservation Commission approved the proposed district in September, and the City Council will hold a hearing on the plan. The council could vote to modify or disapprove the designation. If approved, the designation would mark the 12th district approved in the past two years.
Copley tower to include affordable housing units 
The Boston GlobeThe developer of a 47-story residential tower at Copley Place will dramatically increase the number of affordable units in the building following a long negotiation with neighbors and Boston regulators, according to a letter released by the city. Simon Property Group will build all 48 of its required affordable units on the site, dropping a prior plan to include only 10 such apartments in the tower and build the rest in the South End or Back Bay. The tower, to rise above the existing Neiman Marcus store, will be the tallest residential building in the city. It is planned to include hundreds of condominiums, an expansion of the Neiman Marcus store, and other shops and restaurants. Enterprise supports affordable housing bills PRNewswire Enterprise, a national leader in the affordable housing and community development industry, strongly supports the Low Income Housing Tax Credit (Housing Credit) legislation introduced. Senate bill 1989 and House Resolution 3661 will promote stability and certainty for affordable housing development through improved efficiencies in the Housing Credit– the most successful affordable housing production and preservation tool in U.S. history. "Affordable housing continues to be a major concern and challenge across our nation and here in Washington state," Senator Cantwell said. "By helping to spur investment in affordable housing development, we stimulate our local economy and lessen the impact of the tough economic times on our most vulnerable populations. This bill will help projects move forward that provide much-needed homes for Washington families and create construction jobs."
Foreclosure filings decline in US during holidays 
BloombergU.S. foreclosure filings fell last month as delinquent homeowners got a holiday break, RealtyTrac Inc., reported. A total of 224,394 properties received notices of default, auction or repossession, down 14 percent from a year earlier. One in 579 U.S. households got a filing, compared with one in 563 in October, a decline partly the result of a holiday eviction moratorium by mortgage giants Fannie Mae and Freddie Mac, said RealtyTrac Chief Executive Officer, James J. Saccacio. The U.S. housing market must digest more than 14 million distressed properties - 1.5 million homes in the foreclosure process, 3.5 million with delinquent mortgages and at least 10 million “underwater” properties, whose owners owe more than the homes are worth - before the foreclosure crisis will subside, according to RealtyTrac. Mortgage rates for 30-year loans fall to 3.94 percent Bloomberg Mortgage rates for 30-year U.S. loans declined, matching the lowest level on record, as the European debt crisis drove investors to the relative safety of Treasury bonds. The average rate for a 30-year fixed loan fell to 3.94 percent from 3.99 percent, Freddie Mac said. That rate, first reached in October, is the lowest in records dating to 1971. The average 15-year rate fell to an all-time low of 3.21 percent from 3.27 percent. The housing market has been weighed down by an 8.6 percent unemployment rate, tighter lending and foreclosures even as borrowing costs fall. Yields on 10-year treasuries dropped amid concern that Europe’s fiscal crisis will hobble U.S. expansion.
Low mortgage rates expected to hang around in 2012 
The Wall Street JournalMortgage rates are expected to remain very low at least through mid-2012, while housing activity improves slightly, according to Freddie Mac’s economic and housing outlook released. It also projected fewer single-family home-loan originations but more multifamily lending in 2012. The rental market is likely to lead growth in the lending industry, though parts of the country will also benefit from increased activity in the single-family home market. High unemployment and foreclosed properties have depressed the housing market in recent years, despite extremely low interest rates. “While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly,” said Frank Nothaft, Freddie Mac’s chief economist. Freddie Mac predicts the U.S. economy will grow by about 2.5 percent next year.
Five communities recognized for Smart Growth Achievements 
Thomas Net NewsThe U.S. EPA has recognized five communities from across the U.S. with the 2011 National Award for Smart Growth Achievement, which acknowledges their use of innovative policies and strategies to strengthen their economies while providing sustainable housing and transportation choices. Smart growth policies are those that promote transportation choices that include walking, bicycling and public transit; redevelop potentially contaminated areas in local neighborhoods; and reduce polluted storm water runoff into area rivers and streams. Selected from a pool of 68 applicants from 27 states, the winners of the 2011 National Award for Smart Growth Achievement are communities in: St. Louis, Mo., Albuquerque, NM; El Paso, Texas; Howard, SD; and Normal, Ill.
Mixed-use project with almost 2,000 homes gets green light Atlanta Business Chronicle A development permit was OK’d in Barrow County, Ga., for a 292-acre, master-planned project that developers said will be mix of commercial, light industrial and residential buildings, providing between 1,300 and 1,900 multifamily and single-family housing units, and up to 4.5 million square feet of commercial and light industrial space. The Barrow County Commission approved the permit for the project. Representatives for Walton Development and Management offshoot Walton Georgia, LLC, provided county officials with details about the planned development called Barrow Landing. The project would be built in phases, as warranted, and would feature many options geared toward senior citizens, Walton representatives said. The project is slated to have a New Urbanism feel, with walkable neighborhoods connected to a walkable, downtown-style commercial district. Construction to begin on $3.1 million residential project 
The Business ReviewWork is scheduled to begin by the end of the month on a $3.1 million upscale residential development project in downtown Schenectady. The project involves tearing down a vacant boarded up building and building eight, upscale townhome apartments. Each apartment will have about 1,350 square feet of space and come with its own garage. Financing for the first phase of the project, valued at $1.5 million, is being provided by Kinderhook. The partners plan to begin the $1.6 million second phase, which includes construction of a new building next year. The building will have 14 apartments on three floors and ground-floor retail space. The Schenectady County Metroplex Development Authority is providing a $150,000 grant toward the cost of site preparation. Developer to seek affordable housing permit for Easthampton project 
Mass LiveThe developer of the proposed Parsons Village project is putting the finishing touches on a Comprehensive Permit application that will be filed with the city. Valley Community Development Corp. Executive Director, Joanne Campbell, said the agency will apply for the permit. A comprehensive permit allows the Zoning Boards of Appeals to approve affordable housing developments under more flexible rules. The city has just 6.3 percent affordable housing. They will be seeking to build 38 units instead of the 37 that had last been proposed for the 4.3-acre lot. The plan is to build six buildings with between five and seven units in each. There would be four studio apartments; eight, one-bedroom units; 18, two-bedroom; and eight, three -bedroom units. Two units would be completely accessible.
Judge makes no ruling in State Center lawsuit 
Baltimore Business JournalA Baltimore City Circuit Court judge heard oral arguments in the case involving Maryland’s plan to develop a mixed-use complex at State Center in midtown. Judge Althea Handy heard lawyers’ arguments on a motion from a group of downtown property owners to dismiss a $100 million state lawsuit against them. The lawsuit by state officials seeks to dismiss a suit brought by the Coalition to Save Downtown Baltimore. That group wants to stop construction of the $1.5 billion State Center project, saying it would drain tenants from downtown office buildings in favor of the redeveloped complex. Construction on State Center was supposed to start by fall 2010 but was put on hold.
Senior communities emphasize aging in place 
Senior Housing NewsWhen it comes to designing aging urban communities, the focus shouldn’t be on “senior housing”—it should be about lifestyle, a place where residents want to live and age in place, said the senior living community architect behind the BOOM projects. The BOOM projects are residential communities being built around the world that bill themselves as pedestrian-oriented, culture-driven and socially-empowering; the first one is scheduled to break ground in 2012. Although the concept started with a client who wanted a retirement community designed for the LGBT community, later projects aren’t so niche, and they’re not just for retirees either, said Matthias Hollwich, Hollwich Kushner design firm. “People have the right to live well all their lives and we all have to work together to make that happen,” he said.
CLICK ON THE EVENT LINK TO BE TAKEN DIRECTLY TO EVENT'S WEBSITE
|
|
|
|
