Weekly Real Estate News Roundup

Inside the World's First Billion Dollar Home
While visiting New York in 2005, Nita Ambani was in the spa at the Mandarin Oriental New York, overlooking Central Park. The contemporary Asian interiors struck her just so, and prompted her to inquire about the designer.

Pocket Pads
With rising energy costs and the scarcity of raw land, the era of the McMansion may slowly be coming to a close. In 2006 the average U.S. single-family home clocked in around 2,500 square feet, up nearly 50 percent from 28 years ago.

Home Prices Drop in Areas with Long Commute
Economists say home prices are nowhere near hitting bottom. But even in regions that have taken a beating, some neighborhoods remain practically unscathed. And a pattern is emerging as to which neighborhoods those are.

Not All Credit Scores Created Equal
AS THE DIRECTOR of finance at a Spring Hill, Fla.-based Chrysler dealership, Marvin Hedrick has had his fair share of skeptical (and unhappy) clients, especially when he has to turn someone down for an auto loan or break the bad news that they'll have to pay a much higher interest rate than they expected.

Inside the Liar's Loan
Here's the narrative we've heard about the mortgage meltdown: miscalculation and unfounded optimism, clueless investors, cash-strapped home buyers clobbered by rate resets.

Recovery On Hold Until 2009
The latest release of the Leading Indicator for Remodeling Activity has even the most optimistic industry observers down on the market's chances to bounce back soon.

Deconstruction Grows in Popularity, Spawns New Businesses
In her Teardown Diary, Wall Street Journal columnist Nancy Keates forgoes the common practice of demolition and instead opts for "unbuilding."  Usually referred to as deconstruction, unbuilding is when you disassemble an old structure piece by piece and salvage the usable parts.

The 15-minute Tip: The Right Contractor for the Job
Say what you want about today's lousy housing market, one thing is for sure: it's a buyer's market for construction and remodeling services. The downward spiral in home construction has made it easier and cheaper to find a contractor to remodel that bathroom, redo those cabinets or add that second story.

12 Observations on Residential Housing
1) The rating agencies have been running like crazy.  They do that when they are behind the curve.  Whether it is Moody’s on subprime, or S&P on Alt-A lending, the downgrades are coming in packs.

What's the Difference Between a Green Roof and a White Roof?
Question: We need a new roof and want to go green with our renovation, but we are new to this and confused. What is a "white roof," and what is the difference between a "white roof" and a "green roof"? I want to know the advantages and disadvantages, and I also need an expert in my area to help me out! We would like to be able to walk on the structure, if possible.

Kitchen Remodeling Remains a Popular Project
My 84-year-old father told us a joke at the dinner table last Sunday (remember, this is a joke): “A guy cutting down a tree with a chain saw accidentally severs his left pinkie. His wife rushes him to the local hospital, where the emergency-room doctor explains to him, ‘You have two choices.

13,953 REO's Offered for Sale on Countrywide Financial's Website

Can You Refi When You Are Upside Down
Recently Bankrate's Holden Lewis answered common questions about refinancing.

Home Insurance Credits
Homeowners often don't take time to reassess home-insurance coverage when it's time to pay the premium. But with many Americans looking for ways to save a buck these days, examining that paperwork could pay off.

FROM AROUND THE REGION: DC-MD-VA

Home Prices Receding, Sales Rising in Pr. William
Painting, cleaning and remodeling the kitchen are some of the projects self-proclaimed handyman Kevin Garvey is ready to delve into now that he has a home of his own.

Boutique Hotels, Housing Pitched for Mount Vernon Triangle Property
A handful of hip new hotels want to open up in Mount Vernon Triangle, near the Walter E. Washington Convention Center, and D.C. will be choosing which it likes best.

Magic Johnson Bets on Petworth
Magic Johnson's Canyon-Johnson Urban Fund and Donatelli Development have nailed down a $53 million construction loan from Citi Community Capital for an apartment and townhouse development in Petworth.

Taxes Set to Rise in Alexandria
The Alexandria City Council is expected Monday night to raise a slew of taxes on items ranging from meals and hotel stays to real estate.

Updated Dunn Loring Metro Station Plans Presented to Residents
Merrifield residents received an update from a representative of developer Trammell Crow Residential about its plans to build apartments and retail stores adjacent to the Dunn Loring Metro station's south entrance.

A Contemporary Space in Old Town Alexandria
A certain brick building on a corner in Alexandria, VA, features two walls of huge storefront windows. At first, it’s not clear whether this is a commercial or residential space.