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Real Estate & Construction

Katrina program halfway to goal

The Mississippi Development Authority Disaster Recovery Division’s (MDA DRD) Small Rental Assistance Program (SRAP) has completed and received certificates of occupancy for more than 2,000 small rental units in less than two years, halfway to SRAP’s projected 4,000 unit goal. SRAP, along with the state’s Long Term Workforce Housing and Public Housing Assistance programs, represents almost $1 billion committed by ...

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State Farm unveils policy change

JACKSON — State Farm gave consumers one part of its policy change when it announced eight months ago it would resume issuing insurance policies in the state. What the company didn’t say is it is writing policies on a lose-one, write-one basis. So it will write a new homeowner’s policy only if another of its policies is canceled. “There is ...

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Sephora to open at Renaissance in May

Sephora beauty store has signed a lease for 5,417 square feet at Ridgeland’s Renaissance at Colony Park and has a target opening date of May 7. Andrew Mattiace of Mattiace Properties Inc. handled the transaction for Renaissance. Linda Abrahamson, Sephora’s director of real estate, represented Sephora. Sephora is a beauty products retailer leading offering cosmetics, skin care, makeup, perfume, hair, ...

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Freddie Mac loses $7.8B in one quarter

WASHINGTON — Freddie Mac lost $7.8 billion in the final three months of last year, but the mortgage finance company didn’t need a federal cash infusion for the third quarter in a row. Freddie Mac, which has been controlled by federal regulators since Sept. 2008, lost $2.39 a share, the company said today. The loss included $1.3 billion in dividends ...

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New-home sales fall to record-low level

Tax credit can’t halt decline of sales to 309,000 annual pace in January WASHINGTON — Sales of new U.S. homes plunged 11.2% in January to a seasonally adjusted annual rate of 309,000, the lowest rate on record dating back to 1963, the Commerce Department estimated Wednesday. The third-straight drop in sales was unexpected. Economists surveyed by MarketWatch forecast sales to ...

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Home prices continue to rise

Home prices rose for the seventh straight month in December, a sign of price stability as the U.S. housing market continues its bumpy road to recovery. The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday rose 0.3 percent from November to December, to a seasonally adjusted reading of 145.87. The index was off 3.1 percent from December last year, ...

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Aldermen mull Cedar Oaks' upkeep

OXFORD — Now that Oxford taxpayers own the historic Cedar Oaks home, they — like all homeowners — will have to start paying for the upkeep of their property. The Oxford Board of Aldermen this week approved transferring the deed for the property from the clubs that had previously owned the antebellum home to the city. Now city officials are ...

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Foreclosures fall off significantly

WASHINGTON — The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. The Mortgage Bankers Association said Friday the percentage of borrowers who missed just one payment on their home loans fell to 3.63 percent in the October to December quarter, down from ...

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