Tuesday, April 01, 2008

Yahoo - "Some homes worth less than their copper pipes" (4-1-08)

"Jonathan Osman, a broker in Charlotte, North Carolina, said growing numbers of banks are balking at lending to prospective buyers of foreclosed homes that are stripped of copper pipes and other metals, further depressing housing prices."

Bloomberg - "UBS Says Ospel Resigns After Writedowns Lead to Loss" (4-1-08)

"
UBS AG, battered by the biggest writedowns from the collapse of the U.S. subprime mortgage market, reported a 12 billion-franc ($11.9 billion) first-quarter loss and said Chairman Marcel Ospel will step down."

Bloomberg - "Construction Spending in U.S. Fell 0.3% in February" (4-1-08)

"
Spending on U.S. building projects fell in February for a fifth consecutive month as the housing recession dragged on and construction of offices and utility plants declined. The 0.3 percent decrease, less than economists forecast, followed a revised 1 percent drop in January that was smaller than initially reported, the Commerce Department said today in Washington. Building of private non-residential projects including offices declined for a third straight month."

Bloomberg - "Blackstone Raises Record $10.9 Billion Property Fund" (4-1-08)

"
Blackstone Group LP, manager of the world's biggest leveraged buyout fund, raised a record $10.9 billion to invest in property as the U.S. housing slump pushes global real-estate prices lower."

Bloomberg - "Thornburg Mortgage Gains After Averting Bankruptcy" (4-1-08)

"
Thornburg Mortgage Inc., the 'jumbo' mortgage lender teetering on the edge of bankruptcy for a month, gained 20 percent in New York trading after agreeing to a $1.35 billion rescue that leaves current investors with a fraction of the company's stock. Thornburg added 24 cents to $1.45 at 4 p.m. in New York Stock Exchange composite trading. The company received $1.15 billion from the sale of common stock, warrants and senior subordinated notes and will get $200 million more after the last parts of the transaction are completed, the Santa Fe, New Mexico- based company said late yesterday in a statement."

CNN - "Senate reaches foreclosure relief compromise" (4-1-08)

"A legislative effort to address the nation's home foreclosure crisis moved forward in the Senate Tuesday as Democratic and GOP leaders defused a potential filibuster. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky agreed to bring a bipartisan bill to the floor as early as Wednesday instead of a Democratic plan that stalled a month ago."

Orange County Register - "U.S. vacation-home sales plummeted most in ‘07" (4-1-08)

"Lawrence Yun, NAR chief economist, said in a statement that the findings suggest different cycles for each of the sectors over the past two years. 'Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007,' he said. 'Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn’t find a property as a result of tight supplies in preceding years.'"

Orange County Register - "O.C.’s high-end home values holding up better" (4-1-08)

"Zillow.com reports this week that the median price of an Orange County home fell 12.1% in the fall of 2007 vs. the same quarter of 2006. But pricier home values held up better in Zillow’s fourth quarter figures for O.C. than did the low end. While this trend is not new for O.C., local data run contrary to what Zillow’s figures show for the nation as a whole, with the low end of the U.S. housing market holding up better than the high end."

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