"Gore Leads Charge Against Overdevelopment"
USA Today (09/03/98) P. 8A; Watson, Traci

Vice President Al Gore began a federal campaign yesterday against overdevelopment into rural suburbs and its consequences of increased traffic and a loss of open space. Gore said the federal government would start enacting new policies designed to limit sprawl and its effects. The campaign began with a $100 million pilot program by Fannie Mae that will offer high mortgages to families living near highly-populated areas with mass transit. Gore will also visit urban and rural areas across the country and will discuss growth policies with residents. Developers didn't argue against Gore's proposals, but Kent Colton of the National Association of Home Builders said the concerns were misplaced. He referred to a high demand for new housing and the fact that "less than 5 percent of the United States is developed." Environmentalists said the proposals were modest but did reflect their concerns.

"M.D.C.'s Home Orders Rose 27 Percent"
Dow Jones News (09/03/98)

M.D.C. Holdings Inc.'s home orders last month increased 15 percent from 520 houses a year ago to 600 this year. According to the Denver-based builder, the increased orders are mainly due to home sales in such states as Arizona, California, and Virginia. For the first eight months of 1998, home orders climbed 30 percent from 3,996 a year ago to 5,250.

"Florida Home Resales Set Soaring Record in July, Says the Florida Association of Realtors"
PRNewswire (09/02/98)

Growth in the nation's economy, falling interest rates, and a recent adjustment in the capital-gains tax have boosted July 1998 sales of existing single-family homes in Florida, 22 percent above last year's levels. According to figures compiled by the Florida Association of Realtors, more than 13,500 units were sold during the month as median sales prices rose 6 percent beyond 1997 levels to $103,800. The Ocala Metropolitan Statistical Area (MSA) topped statewide charts, recording a dramatic 47 percent increase in residential sales and a median sales price of $70,700. Real estate sales in the MSA of West Palm Beach-Boca Raton were boosted 41 percent beyond July 1997 levels, and the median price for an existing single-family residence was lifted 16 percent to $133,100. Other regions reflecting a marked increase in July 1998 sales included the South Florida MSA, where resales rose 29 percent; the Naples MSA, 27 percent increase; and both the Sarasota-Bradenton MSA and the Tampa-St. Petersburg-Clearwater MSA, 23 percent increase.

"Home Values Increase by 9.5 Percent in the Second Quarter, First American Real Estate Solutions Reports"
PRNewswire (09/02/98)

According to a new First American Real Estate Solutions report, home values in the nation's major metropolitan areas rose by 9.5 percent during the second quarter of 1998, compared to the same three-month period a year ago. The housing market has been buoyed by the continuing strength of the U.S. economy. However, supply constraints are now putting much pressure on home values in several parts of the nation. While home values increased more than 17 percent in Orange County, Calif., home values in other parts of the Golden State have not risen to a level to compensate values which have incurred equity losses since the early part of the decade. Over in the Northeast, New York City's housing market continues to be the strongest performer among major urban areas. Meanwhile, such nearby metropolitan areas as Philadelphia and Washington, D.C., continue to post relatively sluggish results. In the District of Columbia, for example, home values are 6 percent below their peak of eight years ago. First American RES provides data and other services to some 28,000 real estate, mortgage lending, and title insurance companies around the United States.

"Refurbished Home Marks Move to Cut Substandard Housing"
Baltimore Sun (09/01/98) P. 2B; Guy, Chris

Maryland state and local officials, as well as volunteers met recently in the Chester Park neighborhood of Talbot County to celebrate the renovation of a home for resident Marcella Babes. Volunteers and officials hope the home will be the first in a series of projects focused on improving substandard housing in the county and the entire Eastern Shore. To facilitate the program, the county created the Talbot County Housing Advisory Board to identify unsafe homes and find ways to improve them. "We feel that Marcella's house has really been a catalyst for Talbot County to take a serious look at substandard housing," according to Dewees Showell III, a member of the board. Aside from renovating the homes, the county is also improving sewer and roadway systems in poor neighborhoods.

"Federal Housing Platform Formulated for Legislation"
PRNewswire (08/31/98)

The Chicago Campaign for Housing Justice, a coalition of local community advocacy groups, recently developed a Federal Housing Platform and Statement of Principles, intended to serve as a foundation for affordable housing legislation in the future. The Campaign criticizes both Congress and the Clinton administration for failing to solve the affordable housing crisis, which has resulted in the demolition of public housing and a growing number of homeless working families. As part of its efforts, the Campaign is encouraging Congressional officials to exclude Chicago from any recent rules established by the Department of Housing and Urban Development. Themes of the local effort include preserving existing affordable housing, enhancing government programs that provide housing tax credits, and encouraging ownership and management of public housing. The Campaign also says that Congress should earmark increased funding for HUD.

"A Harborside Complex on the Potomac"
New York Times (08/30/98) P. 34; Hardcastle, James R.

A 158-slip marina will be the focal point of a new 325-acre community in the Washington, D.C., metropolitan area. In the fall, floating piers are scheduled to be installed in a harbor along the western shore of Belmont Bay that builder and developer Preston C. Caruthers of Arlington, Va., also designed and constructed. And by next spring, the first major marina in the area since the early 1980s is expected to open. Belmont Bay is a tidal cove that is about two miles wide where the Occoquan River and the Potomac River come together. The Belmont Bay community will consist of 1,710 mixed residential units and more than 2 million square feet of commercial and office space. Last year, a public golf course opened in the development. The bay, about 20 miles southwest of downtown Washington, is already a popular spot for water skiing and bass fishing.

"Housing Starts Hit Five-Year High"
National Mortgage News (08/24/98) Vol. 22, No. 48; P. 5; Hicks, Darryl

Single-family housing starts rose 3 percent in July from June to their highest level since December 1993, according to the U.S. Commerce Department. The levels were also up 12 percent from last July, and David Seiders, chief economist for the National Association of Home Builders, says this could be the best year for housing starts since 1978. The housing market has been fueled by low interest rates, low unemployment, and a strong demand for new housing as inventories decline. The NAHB Housing Market Index fell one point in August to 71, but this still indicates builder confidence that sales will remain strong throughout the year. However, some builders have expressed concern about labor and land supply shortages.

"Survey Shows Continued Zest for Land Development"
Today's Realtor (09/98) Vol. 31, No. 9; P. 42

According to The CCIM/Landauer Investment Trends Quarterly, a new survey conducted by Landauer Associates Inc. and the Commercial Investment Real Estate Institute (CIREI), the sale of land for commercial development will remain strong well into the next century. In the first three months of this year alone, commercial development property sales accounted for nearly 23 percent of real estate investment nationwide. CIREI President Dewey Struble states, "While construction starts are significantly below the speculative peaks of the 1980s, the market remains highly competitive and land prices continue to rise." The group's quarterly data was gleaned from a survey of first quarter commercial transactions of approximately $4.5 billion. For additional information online, point a Web browser to the survey's Internet address at www.ccim.com/trends.html.

"EEOC Alleges Discrimination at Freddie Mac"
Real Times (09/03/98)

There is widespread discrimination against black employees at the Federal Home Loan Mortgage Corp., according to the U.S. Equal Employment Opportunity Commission, but Freddie Mac denies the charge. The EEOC alleges that the publicly held Freddie Mac has created a "hostile work environment," and the commission urged Freddie Mac officials to take immediate corrective action or face a discrimination lawsuit. The original complaint was filed with the EEOC by a former director of corporate relations. The EEOC filed suit against Freddie Mac last year, but a federal judge dismissed the suit after finding that the company had taken sufficient remedial action. Since then, other employees at Freddie Mac have made allegations of a pattern of discrimination against black employees, mainly racial jokes on e-mail and graffiti on bathroom walls, as well as allegations of discrimination in promotions. Freddie Mac spokesman Sharon McHale said the EEOC's allegations are baseless, and that the company already implemented corrective measures following a few, isolated incidents.