The Des Moines Water Works Board of Trustees announced yesterday at its meeting that interim CEO and General Manager Randy Beavers will take those titles on a permanent basis on Jan.1. Beavers has 34 years of experience in the water industry and has been with the Water Works for the past 27 years.

Average home prices increased by $2,000 to $164,946 in November, and sold an average of 10 days quicker, according to a report published today by the Des Moines Area Association of Realtors. However, fewer homes were sold during the month, with just 434 home sales, down from 536 in October. Additionally, there were 214 fewer active listings during the month. Other statistics and information about the Des Moines housing market are available at www.BuyNowDSM.com.

IFF, formerly the Illinois Facilities Fund, has received the highly competitive 2008 Wachovia NEXT Award for Opportunity Finance. The Chicago-based nonprofit real estate lender and consulting group will receive $5.5 million in grants and low-cost loans to expand its lending activities in Iowa, Indiana, Missouri and Wisconsin. In August, IFF was awarded $1 million in Community Development Financial Institution (CDFI) funds from the U.S. Treasury Department to increase its lending to Midwest nonprofits. IFF has loaned $11 million to 19 nonprofit organizations outside Illinois over the past year. Organizations that may qualify for IFF funds include charter schools, child-care centers and public health clinics serving low-income communities. For more information, visit www.iff.org.

Deere & Co. secured a $2 billion loan this week that was backed by the Federal Deposit Insurance Corp. (FDIC), The Wall Street Journal reported. The loan, which is guaranteed by the FDIC’s Temporary Liquidity Guarantee Program, saved Deere tens of millions of dollars through a low interest rate of 3 percent, compared with more than 5 percent rates on some of its current debt. Deere will use the cash to help its customers purchase its equipment, the Journal said.

Wells Fargo & Co. will present its 2009 economic forecast on Thursday, Dec. 18, at 11 a.m. Iowa time. The forecast will address the labor market, the housing market, stock markets, the recession, consumer and business spending, energy prices and the effect of federal economic rescue actions. To listen to the call, dial toll-free at (866) 793-1341 or (703) 639-1312 and enter 1303927 for the conference ID number.

U.S. Bancorp announced yesterday that it will lower its prime lending rate to 3.25 percent from 4 percent at all U.S. Bank locations, effective after the close of business Dec. 16, a release stated. The last time U.S. Bancorp announced a change in its prime rate was on Oct. 29, when it decreased to 4 percent from 4.5 percent. Wells Fargo & Co. also announced yesterday that it lowered its prime rate to 3.25 percent from 4 percent.

Morgan Stanley reported yesterday a $2.3 billion loss for the fourth quarter. The nation’s No. 2 investment bank posted a net loss of $2.24 a share during the fourth quarter, which is far worse than analysts expected; consensus estimates were for a loss of $298 million, or 34 cents a share, according to Thomson Reuters.

AAA projects a 2.1 percent decline in the number of Americans traveling during the holiday period. According to a release, nearly 63.9 million Americans will travel 50 miles or more from home during the holiday travel period, a decrease from last year of 1.4 million travelers. This would be the first decline in holiday travel since 2002.