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U.K. Faces Housing Shortfall of About 1 Million by 2015, Savills Estimates

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housingThe U.K. faces a housing shortage of about 1 million homes by 2015, with London worst hit, as construction fails to keep pace with the growing population in the south of England, Savills Plc (SVS) said.

The shortfall was about 344,000 homes last year, the U.K.’s largest property broker said today. At the peak of the last housing boom in 2006, demand outstripped supply by an additional 60,000 homes each year. That number will increase to as much as 150,000 this year, Savills estimates.

U.K. House Prices Fall as Supply of Properties Surges Most in Three Years

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U.K. house prices fell for an eighth month in February as the supply of homes for sale increased the most in three years, Hometrack Ltd. said.

The average cost of a home fell 0.2 percent from January, the London-based property researcher said in an e-mailed report today. Prices in London were unchanged, according to Hometrack, which no longer publishes an average property price. The supply of homes for sale jumped 7.5 percent.

Is Affordable Housing Gentrifying Brooklyn?

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Is the city's public-private affordable housing model—the Community Preservation Corp., a group of 70 banks and insurance companies, in particular—expediting Brooklyn's gentrification?

Cleaning Up: Purrell Fortune Buys Meier Penthouse in On Prospect Park

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On Prospect Park was expected to be a magnet for Manhattan ex-pats, making the news that it was more than half-full of Brooklynites a bit of a surprise. Yet who'da thunk it, a Midwesterner has bought the first of five penthouses atop the Richard Meier-designed masterpiece on Grand Army Plaza.

A trust associated with the Kanfer family of Akron, Ohio, has just purchased the 3,500-square-foot spread for $3.97 million.

Dimon Calls Fannie, Freddie ‘Biggest Disasters’ Ever

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said government-sponsored mortgage companies Fannie Mae and Freddie Mac were “the biggest disasters of all time” and a leading cause of the U.S. financial crisis.

“That one was an accident waiting to happen,” Dimon said in an Oct. 20, 2010, interview with the Financial Crisis Inquiry Commission. The congressional panel yesterday released audio files of interviews gathered during its 18-month investigation into the causes of the crisis.

Home-Price Drop Leaves 27% of U.S. Owners Underwater on Loans, Zillow Says

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The number of U.S. homes worth less than their outstanding mortgage jumped in the fourth quarter as prices fell and lenders seized fewer properties from delinquent borrowers, according to Zillow Inc.

Commercial Property Recovers in U.S. as `Tsunami of Distress' Fails to Hit

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From Manhattan office towers to apartments in Florida to retail properties in Washington, commercial real estate values are rising, defying predictions of a collapse that would drag the U.S. economy back into recession.

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