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Real Estate & Construction

Cochran to FEMA: Make sure flood maps are sound

WASHINGTON — Sen. Thad Cochran (R-Miss.) and Sen. Mark Pryor (D-Ark.) have introduced an amendment that requires confirmation that FEMA’s new flood maps, which would cause millions of homeowners and business owners to buy flood insurance, are based on sound science and engineering analysis. In addition, the measure would allow a community to review a flood designation with an independent ...

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Construction costs continue to rise

WASHINGTON — For the seventh month in a row, the price of construction materials and supplies increased in May, rising 0.7 percent, according to the June 16 producer price index report by the U.S. Labor Department. Prices are 5.9 percent higher from May 2009. Leading the commodities, the prices of prepared asphalt, tar roofing and siding saw the largest monthly ...

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Supervisors oppose development at Sardis

GREENWOOD — Leflore County supervisors say flood control is the reason they oppose plans for a destination resort at Sardis Lake. The Greenwood Commonwealth reports that the proposed resort would include a 300-unit condo hotel lodge, conference center, retail village, 1,600 single-family residential units, a 36-hole golf course, a marina and other amenities. Supervisors also voted this week to ask ...

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Residential construction plummets to year-low

WASHINGTON — Home construction plunged last month to the lowest level since December and building permits also fell, the latest signs that the construction industry won’t fuel the economic recovery. Builders are scaling back now that government incentives have expired. The Commerce Department said today that construction of new homes and apartments fell 10 percent in May to a seasonally ...

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Hansen named new CEO of real estate group

JACKSON — The Mississippi Association of Realtors recently announced the appointment of Beth H. Hansen as CEO of MAR, the state’s business advocate for real estate professionals. “I welcome the opportunities that this new position brings, and look forward to working closely with our state-wide membership and leadership team to build on MAR’s strong foundation of member service, professional development ...

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Shipping company signs Jackson lease

Tiger Logistics LLC has signed a lease for 11,250 square feet at Space Center Park in Jackson. The Park, a 90,000-square-foot, multi-tenant warehouse building, is owned by 1355 Associates and was represented by EastGroup Properties. Investec Realty Services of Memphis, Tenn. Represented the lessee.

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Contractor convicted of wire fraud

GULFPORT — A business owner convicted on state charges of home-repair fraud after Hurricane Katrina has been indicted in a federal case of wire fraud. The Sun Herald reports that FBI agents arrested 51-year-old Ricky Douglas Deveny of Gulfport June 10 on a warrant involving an 11-count indictment. Deveny is accused of committing wire fraud while defrauding at least 10 ...

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Number of foreclosure notices decreases

ACROSS MISSISSIPPI — The number of Mississippi residents facing the potential loss of their homes is dropping. That’s according to RealtyTrac, which tracks foreclosure notices nationwide. Last month, there were 358 foreclosure-related actions in Mississippi. Those range from an initial notice of default to the actual loss and repossession of a residence by a lender. That’s a drop of 17.5 ...

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Mortgage rates reach near record low

WASHINGTON — Rates on 30-year fixed mortgages fell this week to the lowest level of the year and were barely shy of the all-time low. Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week. It was just above the record of 4.71 set last December. The average rate on a ...

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City Council shelves cottage ban

GULFPORT — At the administration’s request, the Gulfport City Council has agreed to table banning Mississippi cottages in traditional neighborhoods and relegate them to areas where only mobile homes are allowed. Council President Ricky Dombrowski tells The Sun Herald that he was unaware 32 residents were in the process of buying their cottages from the Mississippi Emergency Management Agency. The ...

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