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PhillyDeals: Has big real estate finally hit rock bottom?

Joseph N. DiStefano Philly News 16.07.2009

Aspen Home Sells for $43 Million, Sets ‘09 Record

Sara Lin The Wall Street Journal 15.07.2009
PhillyDeals: Has big real estate finally hit rock bottom?

John Cannon has been financing big real estate loans for $25 billion-asset Capmark Finance Inc. of Horsham and its predecessors since 1985, and he's never seen business this slow.

Aspen Home Sells for $43 Million, Sets ‘09 Record

Despite the recession, a mansion in Aspen, Colo., has fetched a boom-market price. The 21,400-square-foot home sold this week for $43 million. Brokers say it’s the most expensive home that has sold in the U.S. so far this year.

Mortgage meltdown

Joseph Rosenbloom The Boston Globe 13.07.2009
Mortgage meltdown

When Ned Gramlich was a Federal Reserve Board governor a decade ago, he became alarmed about the proliferation of subprime mortgages in the US banking system. According to Gramlich, he urged Alan Greenspan, then the Federal Reserve chairman, to crack down on the practice.

Commercial Real Estate Is a ‘Time Bomb,’ Maloney Says (Update2)

July 9 (Bloomberg) -- The $3.5 trillion commercial real estate market is a ticking “time bomb” that may lead to a second wave of losses at large U.S. banks, congressional Joint Economic Committee Chairwoman Carolyn Maloney said.

Why Diaspora dollars elude local real estate

Mwangi Muiruri The Standard 09.07.2009
Why Diaspora dollars elude local real estate

Many Kenyans living abroad hope to return home to enjoy a better life, thanks to the investments they have made over time and continue to do. The lessons they learnt as young people of thrift, austerity and sacrifice has inspired many to save millions through blood and sweat.

US mortgage fraud soars in 2008, still growing: FBI

WASHINGTON (AFP) — Mortgage fraud cost the embattled US lending industry more than one billion dollars last year and is on track to cost it even more in 2009, a report by the FBI showed.

U.S. office market continues to spiral down: report

NEW YORK (Reuters) - The U.S. office market vacancy rate reached 15.9 percent in the second quarter, the highest level in four years, and rent fell by the largest amount in more than seven years as demand remained weak, according to a leading real estate research firm.

Commercial Real Estate: Vacancy rise stretches to second year in suburbs

The region's commercial real estate market weakened further over the past three months as the increase in vacancies continued for the eighth straight quarter in Montgomery and Prince George's counties, according to the most recent surveys.

Homeownership's Downsides

The Atlantic 03.07.2009
Homeownership's Downsides

One consequence of the economic crisis is that the rate of home ownership has been slipping, as the chart below shows (via Calculated Risk).

Newspaper Publisher AH Belo Invests In Online Real Estate Brokerage Sawbuck

Moving to boost its online real estate listings, newspaper publisher AH Belo (NYSE: AHC) (NYSE: BLC) has led a $2 million investment in online real estate brokerage Sawbuck Realty. Sawbuck’s service lets people search for listings and then connects them with real estate agents. It takes a cut of any commissions.


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