PNC Closes $71 Million Tax Credit Equity Fund for Multifamily Housing in 8 States

PNC has announced the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership. The $71 million

fund is comprised of investments in 10 operating partnerships involving multifamily housing properties in eight states, targeting families and seniors earning 60 percent or less of area median income.

Pittsburgh, Pa. April 20, 2010 PNC announced today the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership which closed on February 28, 2010.

The $71 million fund is comprised of investments in 10 operating partnerships involving multifamily housing properties targeting families and seniors earning 60 percent or less of area median income. Properties owned by the Fund are located in eight states, and total 1365 apartment units. Property locations include California, Louisiana, Maryland, Massachusetts, New Hampshire, New Mexico, Pennsylvania and Texas.

A single institutional investor acquired the limited partnership interests in the fund. The investor will derive a return based primarily on the receipt of Low Income Housing Tax Credits and passive losses from real estate depreciation.

“This marks our first tax credit equity fund closing of 2010, and shows continued interest in PNC sponsored funds despite challenging economic conditions,” said Todd Crow, executive vice president, PNC Real Estate and Manager of Tax Credit Capital. “While the investor clearly viewed this fund as an attractive investment, the real beneficiaries are the many families and seniors that make their homes in these properties.”

GovernmentAuction.com Unveils Social Media Plan to Showcase Real Estate Videos of Government Land for Sale

Washington, DC April 21, 2010 GovernmentAuction.com, the leader in previously owned government land for sale, unveils a social media plan that

showcases real estate videos of cheap wooded land for sale in Arkansas (http://www.governmentauction.com/about-us/newspress/land-for-sale-real-estate-video/) and throughout several states in the United States. Websites such as Facebook, YouTube and Twitter will encourage those seeking a great investment opportunity to interact with real estate experts specializing in rural land for sale.

Each of these pages encourages the potential real estate investor to learn more about the government land for sale (http://www.governmentauction.com/auctions/all-buy-it-now/) that GovernmentAuction.com is selling through their online auctions. Each of these pages will offer real estate videos showcasing cheap wooded land for sale in Arkansas, California, Nevada and other states across the US.

“Social media has become another way for real estate investors to connect and learn more about potentially great investments all over the country without having to leave their home or office. We’ve set up these pages to help foster conversations about what’s taking place with rural and cheap wooded land for sale in Arkansas and other great states,” said Paul Sabesky, Chief Land Strategist. “We are encouraging people to become a fan and begin interacting by uploading pictures or real estate videos and speaking with our real estate experts about government land for sale (http://www.youtube.com/watch?v=aLOywGYAUu0).”

Fixed-Rates Stable, Posting Little Change From Last Week's Figures

April 29, 2010 McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market

Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.06 percent with an average 0.7 point for the week ending April 29, 2010, down slightly from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.78 percent.

The 15-year FRM this week averaged 4.39 percent with an average 0.7 point, unchanged from last week when it averaged 4.39 percent. A year ago at this time, the 15-year FRM averaged 4.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.00 percent this week, with an average 0.6 point, down from last week when it averaged 4.03 percent. A year ago, the 5-year ARM averaged 4.80 percent.

The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.5 point, up from last week when it averaged 4.22 percent. At this time last year, the 1-year ARM averaged 4.77 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Mortgage rates on 30-year fixed loans have averaged about 5 percent over the first four months of this year, staying within a band of roughly a quarter percentage point and virtually matching 2009’s annual average," said Frank Nothaft, Freddie Mac vice president and chief economist." These low rates have been helping to moderate house price declines over the course of the year.

"Prices on existing homes showed a 12-month increase of 0.7 percent in February, which was the first annual increase since December 2006, according to the S&P/Case-Shiller® 20-city composite index [PDF]. In addition, nine cities experienced positive growth, matching the number in January. Further, the Census Bureau’s Constant Quality price index showed that new home prices rose 2.5 percent in the first quarter on an annual basis."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.