Equity Lifestyle Properties, Inc. (NYSE:MHC), a real-estate investment trust focusing on resort communities for ages 55+, announced its 4th quarter results that were down from last year due to rising expenses and fewer sales of homes in their communities. Approximately seventy percent of Equity Lifestyle’s residents are 55+ and nearly two-thirds of its communities are […]
Category: Finance & Development
Last week the National Association of Home Builders (NAHB) released a new segment of its Housing Market Index (HMI) that tracks the confidence levels of builders that serve buyers of homes that are 55 years or older. The HMI has been used for over 20 years to gauge builder perceptions in the single-family home market […]
Last fall, all reverse mortgage lenders suspended their production of proprietary reverse mortgage products indefinitely citing secondary market restrictions and funding capacity constraints. It now seems that these challenges are starting to hit the FHA HECM reverse mortgage market. According to Reverse Mortgage Daily, one of the major wholesale reverse mortgage lenders is facing new […]
Home sales jumped 6.5% in December, the biggest monthly increase in nearly seven years, as falling prices drew out more buyers according to information released by the National Association of Realtors on Monday. The NAR report for December showed that sales are strongest where home prices have been pummeled in markets such as California, Florida, […]
The Charlotte Observer and the St. Louis Business journal are both reporting that Erickson Retirement Communities has confirmed that it is delaying two projects in those respective areas due to the inability to obtain construction financing. Both projects are likely to be restarted once credit starts flowing into the construction markets again according to the […]
Last week, Sunwest Management announced that it has sold 45 senior living communities currently managed by Sunwest to a large, un-disclosed private equity investor. . The buyer has contracted with La Vida Communities, part of the Senior Resource Group family of companies, to manage the properties once ownership and license transfers are complete. The sale […]
Capital Senior Living Corporation (NYSE:CSU), one of the country’s largest operators of senior living communities, recently announced that its Board of Directors has authorized a stock repurchase program of up to $10 million of its common stock. The stock repurchase program was a recommendation from the Special Committee formed to explore strategic alternatives for the […]
Last week, the the draft of the economic recovery bill released by the House of Representatives contains a provision that would set the single national loan limit for HECM at a higher level than $417,000–for the balance of 2009. The change would bring the HECM loan limit to 150% of the Freddie Mac limit, or […]
Late Wednesday, Sunrise Senior Living released an 8-K delivering details of a tenth amendment, effective as of December 30, 2008 (the “Amendment”), to its Credit Agreement (as previously amended, the “Credit Agreement”) dated as of December 2, 2005 by and among Sunrise, certain subsidiaries of the Company party and its lenders. The revised agreement also […]
Last week the Florida state legislature made budget cuts that will curtail a variety of senior and affordable housing projects across the state and lawmakers there deal with a $2.4 billion budget deficit. Legislators moved to remove $190 million from the state’s affordable housing trust fund and they warned that more cuts maybe coming later […]
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