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Deep Freeze: Home Sales Barely Budge in Spring

Thu, 28 Mar 2013 19:26:11 +0000

“Only new home construction can genuinely help relieve the inventory shortage, and housing starts need to rise at least 50 percent from current levels,” said Lawrence Yun, chief economist for the National Association of Realtors in a release. “Most local home builders are small businesses and simply don’t have access to capital on Wall Street. Clearer regulatory rules, applied to construction loans for smaller community banks and credit unions, could bring many small-sized builders back into the market.”

Sales of newly built homes fell nearly five percent in February, according to the U.S. Department of Commerce. Inventories did rise, but only slightly, as the nation’s home builders struggle with labor and land shortages, as well as higher costs for materials.

(Read More: Finally: Supply of Homes for Sale Begins to Rise)

Pending home sales fell 2.5 percent month-to-month in the Northeast, rose 0.4 percent in the Midwest, fell 0.3 percent in the South and rose 0.1 percent in the West, according to the Realtors.

“The volume of home sales appears to be leveling off with the constrained inventory conditions, and the leveling of the index means little change is likely in the pace of sales over the next couple months,” Yun added.

(Read More: Map: Tracking the USReal Estate Recovery)

A better sign for March, after two weeks of declines, mortgage applications to purchase a home jumped 7 percent during the past week, according to the Mortgage Bankers Association. This as interest rates fell slightly, due to concerns over the banking crisis in Cyprus.

“The rebound in mortgage applications is a small piece of a brighter housing outlook,” says Bob Walters, chief economist for Quicken Loans. “Interest rates are still at record lows despite their upward trend, and consumers are taking advantage of record home affordability. Look for more buyers to enter the market this spring and a more robust housing recovery to occur.”

Article source: http://www.cnbc.com/id/100596583

Deep Freeze: Home Sales to Barely Budge in Spring

Thu, 28 Mar 2013 01:02:20 +0000

(Read More: Finally: Supply of Homes for Sale Begins to Rise)

Pending home sales fell 2.5 percent month-to-month in the Northeast, rose 0.4 percent in the Midwest, fell 0.3 percent in the South and rose 0.1 percent in the West, according to the Realtors.

(Read More: Map: Tracking the USReal Estate Recovery)

Article source: http://www.cnbc.com/id/100596583

Plaza Bank Adds Another Top Real Estate Finance Expert in Chuck Miller

Thu, 26 Apr 2012 01:18:06 +0000

IRVINE, CA, Apr 25, 2012 (MARKETWIRE via COMTEX) –
Plaza Bank

/quotes/zigman/407362 PLZB
-2.86%

added to its strong business banking and
real estate team with the hiring of commercial lending expert Chuck
Miller as a vice president handling real estate finance in Northern
California.

“The demand for our lending to small and midsized businesses
continues to grow,” said Gene Galloway, President and CEO of the
Irvine-based Plaza Bank. “Chuck has a long record of success in
Northern California and he’ll make our real estate lending team even
stronger.”

Mr. Miller had an extensive background working as a commercial broker
before he moved into commercial lending, with experience over the
last 15 years working for both large and community banks in Northern
California. In that time, he funded loans worth $296 million on
properties valued at nearly $400 million.

His focus will be centered in the San Francisco Bay Area helping
business owners who are becoming first-time purchasers of commercial
real estate, expanding their holdings, moving to larger facilities,
or who want to refinance their current properties.

“In the commercial real estate world, you have to be able to guide a
transaction from its inception through its conclusion,” Mr. Miller
says. “I know just how important it is to stay personally involved
and to provide every bit of follow through for every project from
beginning to closing.”

“Chuck has the experience and expertise,” Mr. Galloway said, “to work
with any commercial real estate project, no matter how complicated. A
lot of people are good at parts of a transaction, but Chuck has
proven his skill and diligence at every step.”

About Plaza Bank

Plaza Bank is full service community bank serving the business and
professional communities in California and Las Vegas, Nevada. The
bank is committed to meeting the financial needs of small to middle
market businesses and professional firms with loans for working
capital, equipment and owner-occupied commercial real estate
financing and a full array of cash management services. Our bankers
are experienced, professional and knowledgeable. For more
information, visit
www.plazabank.net or call Gene Galloway at (949)
502-4309.

Forward-Looking Statements

Certain matters discussed in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, and are subject to the safe
harbors created by that Act. Forward-looking statements can be
identified by the fact that they do not relate strictly to historical
or current facts. They often include the words “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could,” or “may.” Forward-looking statements are based on
currently available information, expectations, assumptions,
projections, and management’s judgment about the Bank, the banking
industry and general economic conditions. These forward-looking
statements are not guarantees of future performance, nor should they
be relied upon as representing management’s views as of any
subsequent date. Future events are difficult to predict, and the
expectations described above are necessarily subject to risk and
uncertainty that may cause actual results to differ materially and
adversely.

Forward-looking statements involve significant risks and
uncertainties and actual results may differ materially from those
presented, either expressed or implied, in this press release.
Factors that might cause such differences include, but are not
limited to: the Bank’s ability to successfully execute its business
plans and achieve its objectives; changes in general economic, real
estate and financial market conditions, either nationally or locally
in areas in which the Bank conducts its operations; changes in
interest rates; new litigation or changes in existing litigation;
future credit loss experience; increased competitive challenges and
expanding product and pricing pressures among financial institutions;
legislation or regulatory changes which adversely affect the Bank’s
operations or business; loss of key personnel; changes in accounting
policies or procedures as may be required by the Financial Accounting
Standards Board or other regulatory agencies; and the ability to
satisfy requirements related to the Sarbanes-Oxley Act and other
regulation on internal control.


        Media Contacts:
        Gene Galloway
        President and CEO
        Plaza Bank
        (702) 277-2221
        (949) 502-4309
        Email Contact

        Tyler Massas
        VP - Marketing
        (760) 889-4455
        Email Contact

SOURCE: Plaza Bank


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Article source: http://www.marketwatch.com/story/plaza-bank-adds-another-top-real-estate-finance-expert-in-chuck-miller-2012-04-25?reflink=MW_news_stmp