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Market Data: Alaska’s recent residential construction trends follow national average Affordable Housing: Proposed Solana Beach affordable housing project again redesigned Economy: More growth forecast for Oklahoma economy in 2012 Financing: Rental property market headed south?
Case-Shiller indices show broad-based declines in October S&P/Case-Shiller Data through October 2011, released today by S&P Indices for its Home Price Indices, the leading measure of U.S. home prices, showed decreases of 1.1 percent and 1.2 percent for the 10- and 20-City Composites in October versus September. 19 of the 20 cities covered by the indices also saw home prices decrease over the month. The 10- and 20-City Composites posted annual returns of -3.0 percent and to 3.4 percent versus October 2010, respectively.
Consumer confidence index rebounds to levels last seen in April 2011 
The Conference Board Consumer Confidence Index®, which improved in November, increased further in December. The Index now stands at 64.5 (1985=100), up from 55.2 in November. The Present Situation Index increased to 46.7 from 38.3. The Expectations Index rose to 76.4 from 66.4.
The MetroIntelligence Economic Update is provided to BuilderBytes by MetroIntelligence Real Estate & Economic Advisors.
Housing market’s foundation looking more stable The Wall Street Journal Builders were busier than expected in November, and many are more upbeat heading into 2012. In recent years, housing was supported by temporary help from government tax rebates. Now, the sector looks as if it can stand on its own. Housing starts jumped 9.3 percent in November to a stronger-than forecast 685,000 annual rate, and permits rose 5.7 percent to 681,000. In addition, the housing market index compiled by the National Association of Home Builders rose for the third consecutive month in December. Recent residential construction trends follow national average The Republic Alaska's home construction continues to follow national patterns: first up, then down, now maybe up again. Alaska's residential construction rose dramatically between 2000 and 2005, when about 3,000 new single-family homes were built annually in the state. Also during this time period, more than 8.5 million homes went up across the country. Alaska's numbers dropped along with the rest of the nation's as early as 2006 and reached a low-point in 2009. Now the decline has stopped and even reversed a small bit. New sky high in Manhattan 
The Wall Street JournalDespite sluggish sales in the rest of the Manhattan apartment market, demand for New York's most-expensive trophy properties has been soaring, drawing multimillionaire buyers from around the world and even some at home. Brokers say that there is a shortage of trophy apartments—those with unrivaled views and features and international bragging rights—that has driven prices on some properties far above levels seen during the real-estate boom, at least on a per-square-foot basis.The latest trophy example came this week, when a Russian billionaire, Dmitry Rybolovlev, issued a statement saying his 22-year-old daughter, Ekaterina, a student, was in contract to buy one of the best-known apartments in New York: the sprawling penthouse with a wrap-around terrace at 15 Central Park West. US home prices fell more than forecast Bloomberg Residential real estate prices dropped more than forecast in the year ended October, showing a broad-based decline that indicates the U.S. housing market continues to be weighed down by foreclosures. The S&P/Case-Shiller index of property values in 20 cities dropped 3.4 percent from October 2010 after decreasing 3.5 percent in the year ended September, the New York-based group said today. The median forecast of 27 economists in a Bloomberg News survey projected a 3.2 percent decrease. The real-estate market is bracing for another wave of foreclosures that may keep pressure on home prices, indicating any housing recovery will take time to develop.
Nonprofit donates playhouse in honor of General William Lyon HomeAid Orange County 2011 was an exciting year at HomeAid Orange County beginning with an amazing “Essentials for Young Lives” drive that supported 400 mothers and babies to the completion and opening of Laura's House. HomeAid's work goes beyond building shelter and providing essential items for homeless families, their mission stretches into the community and really makes wishes come true. In October, an extraordinary gift was given to a little girl named Ryan through the efforts of many people with very large hearts. One of HomeAid's past playhouses was donated back by the Sterling Family and refurbished for little Ryan who "wished" for a playhouse. This special donation was gifted by HomeAid in honor of General William Lyon for his 20 years of service to homeless families and individuals.
City 'affordable housing' fund destroys more houses than it builds Baltimore Sun A cluster of vacant rowhouses in the 1600 block of North Gay Street succumbed to the metal claw of an excavator this month, as yet another batch of unwanted city homes turned to rubble. Once the East Baltimore tract is cleared, nothing will be built there. It will be turned into a community-managed open space, providing a patch of green for residents of nearby senior housing units and tenants at the restored American Brewery building. The $215,000 demolition is among the most recent projects funded by the city's Affordable Housing Program. The $60 million program was created six years ago, after then-Mayor Martin O'Malley dangled it as a carrot in his successful effort to persuade a skeptical City Council to support a new Hilton convention center hotel downtown. NJ prods towns to spend money on special-needs housing 
NJ.comNew Jersey municipalities are sitting on a pile of cash — more than a quarter-billion dollars — and the state would like to help them spend it while addressing a critical housing shortage for some of its neediest residents.The Department of Community Affairs signed a deal last week with 12 municipalities which allows the towns to spend some of their own money for new special needs housing. Lori Grifa, the outgoing DCA commissioner, expects the money to create 600 new beds by June 2013. Under the deal, the towns will receive a dollar-for-dollar match on the money they spend. The towns committed $5.1 million, which the state matched. Proposed Solana Beach affordable housing project again redesigned 
Sign on San DiegoAn affordable housing complex proposed across the street from the Solana Beach bluffs has once again been redesigned and is entering a new public-comment period. The 10-unit complex, tentatively called The Pearl, is proposed to be built above a public parking lot near a beach access on South Sierra Avenue, just north of Via de la Valle. The city must supply the affordable housing units to make good on a legal settlement reached in 1993. The neighborhood consists mainly of blufftop condominium and time-share complexes. The city earlier this year held three public workshops, beginning in June, for presentations on the previous designs and to gather public comments on them. Affordable housing grants available for eligible homeowners Victoria Advocate Applications are being accepted for Victoria's Affordable Housing Program Grant. Funds from the grant assists low-income homeowners with minor home improvements or remodeling, according to a news release from the city of Victoria. The improvements are designed to make houses accessible to the elderly or disabled. Eligible improvements include retrofitting bathrooms, building wheelchair ramps, roofing or other activities aimed at making the home safe and easily accessible to residents. Eligibility guidelines include meeting total household income requirements and the homeowner or spouse must be 55 or older or with disabilities that require minor rehabilitation in order for home to remain accessible.
Builder and Developer names Meritage Builder of the Year Builder and Developer With a strong presence in the home building industry, Meritage Homes has maintained a solid reputation for building quality homes at affordable prices. By focusing on current trends that not only represent style, but also cater to the aspects of sustainability that today’s homebuyers are looking for, Meritage Homes has earned its place as Builder and Developer magazine’s 2011 Builder of the Year.
More growth forecast for Oklahoma economy in 2012 Bloomberg Oklahoma's economy showed signs of recovery in 2011, with encouraging growth in oil and natural gas production, the aerospace industry and manufacturing. But the prospect of ongoing political turmoil in Washington, D.C., and a significant financial crisis in Europe bring uncertainty to the state's economic outlook for 2012. "There are a lot of things that are kind of beyond our control," said Mickey Hepner, an economist and dean of the College of Business at the University of Central Oklahoma in Edmond. "We're riding the waves of the economic ocean. What happens in Athens and Rome still affects what happens in Oklahoma." Economists aren't very hopeful about 2012 Miami Herald The good news is that the U.S. economy in 2012 isn't likely to be much worse than this year's has been. The bad news is that it might not be much better. The most likely outcome for 2012, economists say, is another year of muddling along. What's most troubling about that forecast is that many economists warn that if they're wrong, it's most likely to be because they were overly optimistic. "Unfortunately, right now most of the risks are on the downside. There's the possibility of a meltdown in the eurozone that would drag the U.S. down into recession, and probably China and other parts of the world as well," said Nariman Behravesh, the chief economist for forecaster IHS Global Insight. That's not what Behravesh expects: He puts the odds at one in five or one in four. But what happens in Europe will affect how the U.S. economy performs next year. Home prices edge down MHN Online The housing market still has that sinking feeling, with the latest Standard & Poor’s/Case-Shiller indexes describing downward movements in prices in almost all major U.S. markets in October. Month-over-month, the 20-city index dropped 1.2 percent, with 19 of the 20 metro markets seeing a decline. The 10-city index dropp 1.1 percent for the month of October. Year-over-year in October, the decline was 3.4 percent for the 20-city index and 3 percent for the top 10 housing markets. Stocks are flat on mixed economic news Bloomberg Stocks were moving between small gains and losses Tuesday on mixed economic news. Consumer confidence surged to an eight-month high, but home prices dropped in major cities. Sears plummeted after reporting that it would close more than 100 stores around the country. In the latest sign of a bumpy recovery in the housing market, home prices fell in 19 of the 20 cities tracked by the Standard & Poor's/Case-Shiller index. Atlanta, Detroit and Minneapolis posted the biggest declines. Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began. That report dampened investors' enthusiasm about a jump in consumer confidence to the highest level since April.
Rental property market headed south? The Sacramento Bee A review of real estate investment opportunities shows that the some of the best opportunities may be headed South. The fourth-quarter analysis of "Best Markets to Invest in Rental Property" places five Florida markets in the Top 10 of U.S. markets. Daytona Beach and Fort Myers moved up from 109 and 125 and into the second and fifth spots respectively, joining other Florida cities of Orlando, which came in at number four, Ft. Lauderdale at number eight and Tampa at number nine. The five other cities that fill-out the top ten rankings are first place winner, Las Vegas, Detroit (No. 3), Warren, Mich. (No. 4), Bakersfield, Calif., (No. 7) and Rochester, N.Y. (No. 8).
Green building forecast sees retros rising EarthTechling While more people are choosing to build green than ever before, the fading away of federal stimulus funds and a general slowdown in the commercial building sector put a crimp on green building projects in the past year or so – a trend that’s likely to reverse in the coming year, according to Jerry Yudelson, an architect and LEED fellow based in Tucson, Ariz. This is one of Yudelson Associates’ predictions in the firm’s Top Ten Green Building Mega Trends for 2012, which also foresees increased emphasis on green retrofits of existing buildings. Green Outreach Project, community reports success Casper Journal Staff members of the Casper College Center for Training and Development are pleased with how the Green Outreach Project has worked in Casper. A little over halfway through a three-year grant, the project already has reached its goal for people trained. A $578,200 State Energy Sector Partnership Grant from the U.S. Department of Labor, distributed through the Wyoming Workforce Development Council, allowed the Casper College Center for Training and Development to begin Green Outreach Project.
New affordable senior housing center opens in Oceanside Sign On San Diego Less than two months after opening, Lil Jackson Senior Community affordable housing complex already has more applicants than rooms. With its barbecue patio and tranquil fountain area, the three-story, 80-unit facility looks like a modern apartment complex where rents could easily exceed $1,000 a month. But tenants in the Lake Boulevard complex are low- to moderate-income residents older than 62. To qualify for residency, prospective tenants must earn less than $28,150 annually or less than $32,150 as a couple, according to U.S. Department of Housing and Urban Development guidelines. For rent, the seniors pay one-third of their adjusted income, that is, income after medical costs and insurance premiums are accounted for, said Eileen Haller, Lil Jackson housing administrator. CNL Properties Trust plans $84M senior living acquisition GlobeSt.com CNL Properties Trust is working to acquire five senior living communities from affiliates of Primrose Retirement Communities. CNL Properties will pay $84 million for the portfolio. Since the transaction is not expected to close until the first quarter of 2012 and is still subject to due diligence completion and other factors, Stephen Mauldin, president and COO of CNL Properties Trust, tells GlobeSt.com he can’t reveal all the details yet.
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