Thursday, July 30, 2009

Bloomberg – “Marriott to Expand by Converting Competitors’ Hotels” (7-30-09)

“Marriott, owner of about 45 of the 3,000 hotels that carry its flag, expects conversions to help the company gain market share during the global recession. The value of hotel properties in default or foreclosure surged to $17.3 billion in the second quarter through June 24 from $9 billion at the end of the first quarter, data compiled by Real Capital Analytics Inc. show.”

BloombergLas Vegas, Fort Myers, Florida Lead U.S. Cities in Foreclosures” (7-30-09)

“Home prices in 20 major U.S. metropolitan areas dropped 17.1 percent in May from a year earlier, according to the S&P/Case-Shiller index. Nationwide, home prices have fallen 21 percent since peaking in July of 2006, according to the National Association of Realtors in Chicago. The U.S. unemployment rate rose to 9.5 percent in June, the highest in almost 26 years, the U.S. Labor Department said on July 2”

Bloomberg “Ryland Falls After Reporting Bigger Loss Than Analysts Expected” (7-30-09)

“Ryland had a net loss of $1.70 a share, compared with the projected loss of $1.01 a share in a Bloomberg survey. The net loss narrowed to $73.7 million from $241.6 million a year ago, Calabasas, California-based Ryland said in a statement yesterday. Revenue fell 44 percent to $272.2 million.”

Bloomberg – “U.S. Mortgage Rates Rise to 5.25%, Freddie Mac Says” (7-30-09)

“Mortgage rates in the U.S. rose for a second consecutive week, threatening a revival in property sales as higher borrowing costs made homes less affordable. The average 30-year rate increased to 5.25 percent from 5.2 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.69 percent."

Orange County Register“Realtors find fewest O.C. homes to sell since slump” (7-30-09)

“It would take 5.8 months to sell all the houses for sale in June at that month’s sales pace. That’s the lowest 'inventory' level for Orange County since the housing slump begain in October 2005.”

Orange County Register“Mortgage relief stumbles. Frank threatens cram-downs” (7-30-09)

“Treasury Secretary Tim Geithner said there are just 200,000 trail loan modifications under way under the Obama administration’s Making Home Affordable plan. When it was announced back in February the goal was up to 4 million mods. (Of course, this does not include all the modifications being done outside the program.) Geithner and HUD Secretary Shaun Donovan met with some servicers to discuss how to improve results. By August 4 they will begin releasing reports on how many loan mods companies are offering, doing and if the mods work.”

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