Hot on the heels of New York City mayor Michael Bloomberg’s call to install wind turbines on the city’s high-rises and bridges as part of a green-energy plan, a California company has offered to donate a wind turbine to the city to demonstrate that the idea is indeed workable.
First the good news.
Home sales in July jumped by 3.1%, the highest level in five months, the inventory of unsold single-family homes declined slightly, and home prices in the Midwest climbed 1% compared to a year ago.
But the National Association of Realtors July report released Monday also has plenty in it to worry about.
Single-family home prices fell 7.7% compared to a year ago when the credit crunch was just beginning. In the west, prices fell 22% compared to a year ago, though sales during the same period were up 0.9% on a seasonally adjusted basis (Sales are increasing because first-time home buyers and investors have been jumping on foreclosures and other bargains).
We're a long way from recovery, I'm afraid. Interest rates are creeping up and the foreclosure crisis isn't letting up in California, Florida, Nevada, and Arizona. And even in the relatively strong Northeast market, Connecticut, Massachusetts, abd Rhode Island are in tough shape and could weaken further when homeowners get their winter energy bills.
It could be a while before we see a really positive home-sale report.
The FDIC, six weeks after taking over mortgage lender IndyMac Bank, said Wednesday that it will start systematically modifying some of the bank's most troubled loans to keep borrowers in their homes.
At the Democratic National Convention in Denver this year, "green" key cards will be used in Denver hotel rooms--their debut in this country, according to Sustainable Cards and their manufacturer CPI Card Group. More than 70,000 biodegradable cards will be issued and used in area hotels.
Shares of mortgage finance giants Fannie Mae and Freddie Mac plunged and then rebounded in early trading on Thursday after new reports that the federal government may have to take over the troubled firms.
ROEL Construction Co. Inc. has completed construction of The Agua Caliente Casino Resort Spa located on Bob Hope Drive in Rancho Mirage, Calif.
Jones Lang LaSalle Hotels is pleased to announce the sale of the fee simple interest in the Sheraton Gateway Hotel at Los Angeles International Airport on behalf of its owners, Kor Hotel Group and its partners.
A retail co-op occupied by Duane Reade in New York City is being put on the block by Extell Development, according to Eastern Consolidated, which is acting on behalf of the seller.
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District.
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units.
