Sacramento Business Journal – November 16, 2006by Jeff Clabaugh
Freddie Mac says the biggest slowdown in the housing market might be over, and falling mortgage rates should help stimulate the market.

The mortgage giant’s weekly rate report shows 30-year fixed-rate mortgages fell to an average 6.24 percent this week, below year-ago levels.

One-year adjustable-rate mortgages fell to 5.53 percent, though adjustable-rate mortgages remain higher than year ago levels.

“We’ve probably seen the worst of the housing slump, although it may not have entirely bottomed out yet,” said Freddie Mac chief economist Frank Nothaft. “Lower mortgage rates should help stimulate activity in the housing market.”

Lenders, real estate agents and potential buyers will be watching for a report on October housing prices this month. The Office of Federal Housing Enterprise Oversight pegs confirming loan limits each year on fluctuations in annual housing prices from October to October.

If the median housing price fell in October, the conforming rate will be frozen for 2007 at the current $417,000.

Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are restricted to purchasing mortgages at or below conforming limits. This year’s data won’t be published until Nov. 28.

Last year, the October median home price was up 16 percent.

Charlotte Business Journal – 11:05 AM EST Tuesday

A Columbia, S.C., real estate development company is planning a $20 million office condominium project in Lake Wylie, S.C.

The Lake Wylie Business Centre will be built near the intersection of S.C. Highway 49 and S.C. Highway 274. The site is 15 miles south of Charlotte.

The Jackson Corp. will build the exterior shell and provide a list of local subcontractors to handle interior finishing for buyers.

Each of the one-story buildings will measure 7,000 square feet, with individual units ranging from 700 to 7,000 square feet.

The development will total 91,000 square feet.

“We are delighted to have this attractive new development in our community,” says Susan Bromfield, director of the Lake Wylie Chamber of Commerce. “It is a great location, and the architecture will make it a great fit for our town.”

The Jackson Corp. has developed numerous residential and business projects across the Southeast for more than 30 years, including Plantation Pointe on South Carolina’s Lake Murray.