VA home loan guarantee loans in the loan limits provided to FHA and Freddie Mac and Fannie Mae were left out of the Economic Stimulus Act of 2008. The loan limit for VA loans remains at $417,000. Several bills have been introduced to assure the nation’s veterans receive the same benefits from the Economic Stimulus bill as other citizens.
The 1968 Fair Housing Act, as well as Fair Housing Month marks its 40th Anniversary in April.
New home sales declined just over 62 percent in January compared to the same period a year ago, according to the CBIA/Hanley Wood Market Intelligence (HWMI) New Homes Sales and Pricing Report. Sales of single-family homes dropped by 61 percent in January compared to 2007, while sales of town homes and duplexes were down 71 percent, and condominium sales fell 58 percent.
Fannie Mae and Freddie Mac have been permitted by The Office of Federal Housing Enterprise Oversight (OFHEO) to reduce the capital the two are required to keep on hand in a move that is anticipated to pump some $200 billion into the mortgage market. The OFHEO says the two lenders will be required to hold only 20 percent more in reserves rather than 30 percent, and that it is considering further cuts.
Remote digital technology is being used by approximately 62 percent of adult Americans who say they have taken advantage of mobile access to digital data and tools while away from their work and or home, according to a survey by the Pew Internet & American Life Project.
According to the survey, some 58 percent of adult Americans have used a cell phone or personal digital assistant (PDA) to do at least one of ten mobile, non-voice activities, such as texting, e-mailing, taking a picture, looking for maps or directions, or recording video. Roughly 41 percent have logged onto the Internet while away from home or work, either by using a wireless laptop connection or a handheld device.
The Commercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors®.
There is a lag factor in the current office market to backfill space by tenants who moved into newly constructed space. At the same time, concerns about the overall economy are causing some tenants to put expansion or relocation plans on hold. These present a challenge to timely and cost-effectively lease space in old office buildings. Office vacancies are expected to rise 13.3 percent in the fourth quarter from 12.5 percent in the last quarter of 2007.
Industrial activity remains strong in port and distribution hubs, with relative weakness around many manufacturing centers. International trade continues to play a pivotal role in industrial real estate. The areas locally with the lowest industrial vacancies include Los Angeles and Orange County, with vacancy rates of 6.1 percent or less. Los Angeles is expected to remain a landlord’s market for the next four to five years.
The supply of new retail space is finally being held in check, although secondary markets might be growing because new space often follows population growth. As secondary and tertiary market populations continue to grow, it will become necessary to track those markets in addition to monitoring older retail centers. Average retail rent is forecast to grow by 1.4 percent in 2008, compared with 3.2 percent rise in 2007. Retail markets with the lowest vacancies include Orange County and Los Angeles, with vacancy rates of 5.9 percent or less.
The apartment rental market – multifamily housing – is attracting risk-adverse institutional investors. Of the record $98.6 billion spent in this sector last year, 40 percent of acquisitions were from institutional investors such a pension funds and life insurance companies. Private investors were equally active, accounting for another 40 percent of transactions. Average rent is seen to rise 5.3 percent in 2008, up from 3.1 percent increase in 2007.
AB 1158 (Benoit) Elder Abuse Testimony: ensures that out-of-state or incapacitated senior witnesses in elder abuse and other cases are afforded their right to confront their assailant by allowing for video testimony.
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