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Real Estate Industry United States

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BUSINESS
June 12, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
California banks, long immune from the severe real estate slump that has plagued the Southwest and New England, reported a worrisome increase in troubled real estate loans in the first quarter of this year, the Federal Deposit Insurance Corp. said Tuesday. FDIC Chairman L. William Seidman said the agency had moved California into its "warning area" as the total of problem loans--mostly souring commercial real estate loans--in bank portfolios exceeded 4% for the first time.
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BUSINESS
November 27, 2001 | ELIZABETH HAYES, BLOOMBERG NEWS
About 83% of the commercial real estate transactions in the works Sept. 11 went through as planned, a report found, a sign that the terrorist attacks hurt sales less than expected. Of 500 sales in escrow across the U.S., about 12% were canceled and 5% were renegotiated as of Oct. 18, the survey by CB Richard Ellis Inc. found. Hotel sales had the highest cancellation rate, at 75%, followed by industrial facilities, at 16%. The rate for offices was 15%.
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NEWS
April 18, 1990 | TOM FURLONG and MICHAEL FLAGG, TIMES STAFF WRITER
Commercial real estate markets in several major California cities, including Anaheim and Los Angeles, may be headed for trouble if lending excesses are not curbed, the chairman of the Federal Deposit Insurance Corp. indicated Tuesday. L. William Seidman released a list of 40 large American cities, ranked according to risk, that is supposed to serve as an "early-warning system" for regulators and lenders on where commercial real-estate loan problems are brewing.
BUSINESS
November 9, 2001 | DARYL STRICKLAND, TIMES STAFF WRITER
Mortgage rates fell this week to their lowest level in at least three decades, providing a broad incentive for consumers to buy or refinance homes that could generate more spending to prop up the sagging economy. The reduction in rates, to an average of 6.45% for 30-year mortgages, is expected to spur sales in the weakening housing market and turn millions of people into candidates to refinance their homes at lower mortgage rates.
BUSINESS
August 12, 1989 | From Associated Press
Merrill Lynch & Co. said Friday that it would sell its residential real estate operations to Prudential Insurance Co. of America for more than $300 million. The transaction, which includes Merrill Lynch Realty, a residential broker with 18,000 sales representatives in 450 offices nationwide, will not have a significant effect on Merrill Lynch's net earnings, the company said in a news release.
BUSINESS
April 10, 1996 | JESUS SANCHEZ, TIMES STAFF WRITER
Japanese investors and lenders continued to purge their portfolios of U.S. real estate last year, selling or putting on the auction block $8.9 billion in property, including New York's famed Rockefeller Center, according to a survey to be released today.
BUSINESS
April 30, 1999 | From Reuters
Sales of new U.S. homes rose in March, after three straight months of declines, as a sharp rise in sales in the West offset weakness in the rest of the country, the government said Thursday. Sales rose 2.1% to a seasonally adjusted annualized rate of 909,000 units--well above the 876,000 forecast by analysts in a Reuters poll--compared with a revised February rate of 890,000. The rate for February was originally reported as 881,000 units. March sales were up 8.7% from the same month last year.
BUSINESS
March 30, 1999 | Reuters
Sales of new homes declined in February for a third straight month, the government reported, as the housing sector showed signs of leveling off from last year's record pace. Sales fell 2% to a seasonally adjusted annual rate of 881,000 last month, following a revised 6.7% drop to 899,000 in January and a 2.1% fall in December. New-home sales hit a record annualized rate of 985,000 in November before starting to decline over the subsequent three months.
BUSINESS
October 1, 1999 | From Bloomberg News
U.S. new-home sales rose in August to the second-highest level ever, according to government figures released Thursday, and other reports on jobs and inventories also suggest economic growth is likely to accelerate in the final three months of the year. New single-family home sales grew 2.9% in August, following gains of 0.8% in July and 3.6% in June, the Commerce Department said.
BUSINESS
September 21, 1999 | From Bloomberg News
The pace of new office construction in the United States rose 6% in August from the prior month, reigniting concern among real estate investors that development may exceed demand for new space, according to PaineWebber Inc. New office construction starts stood at 265.2 million square feet on an annualized basis last month, PaineWebber said, citing statistics compiled by F.W. Dodge, a division of the McGraw-Hill Cos. A less-volatile three-month average of starts fell 2%.
BUSINESS
August 28, 2001 | MARK FELSENTHAL, REUTERS
Sales of U.S. existing homes fell 3% last month, a real estate trade group said Monday, as the slowing economy reduced demand for homes. The National Assn. of Realtors said sales of previously owned homes fell in July from the prior month to a seasonally adjusted annual rate of 5.17 million units. In California, sales of existing homes fell 4.
BUSINESS
March 27, 2001 | From Times Staff and Wire Reports
Sagging consumer confidence sent existing-home sales lower in February both nationally and in California, while median home prices on both fronts continued to rise, according to trade group reports. But analysts said the nation's housing market as a whole is still strong--bolstered in part by falling mortgage interest rates. Economists hope strong demand in the housing sector will continue to shore up the country's ailing economy.
BUSINESS
February 22, 2001 | Diane Wedner
The Federal Reserve Board and the Treasury Department said they have delayed a decision on a controversial proposal that would allow banks to sell and manage real estate. The federal regulators said they have extended the public comment period on the new rule from March 2 until May 1.
BUSINESS
September 26, 2000 | Associated Press
Cheaper borrowing costs encouraged Americans to snap up existing homes in August, giving sales their biggest boost in 14 months. The National Assn. of Realtors reported that sales of previously occupied homes shot up by a surprising 9.3% last month to a seasonally adjusted annual rate of 5.27 million. In August, the average interest rate on a fixed-rate 30-year mortgage was 8.03%, down from 8.15% in July. Many analysts had expected sales to increase by around 4.4% in August.
BUSINESS
September 21, 2000 | JENNIFER OLDHAM, TIMES STAFF WRITER
The median price of a single-family home in California will hit a record high of $269,200 in 2001 and home sales will fall slightly, according to an annual forecast released Wednesday by a state trade group. The median price of a single-family home in the state will rise 8.5% next year, according to the report released by the California Assn. of Realtors during its annual meeting in Palm Springs. Statewide sales of existing single-family homes will fall to 507,750 next year, down 2.
BUSINESS
July 27, 2000 | Bloomberg News
Homeownership edged up to a record during the second quarter, as gains for white households offset declines among blacks and Latinos, the government said. The U.S. homeownership rate was 67.2% in the latest quarter, beating the previous high of 67.1% in the first quarter, the Department of Housing and Urban Development said. By ethnicity, 73.7% of white households owned homes in the second quarter, up from 73.4% in the first quarter. About 47.
BUSINESS
May 19, 1999 | From Bloomberg News
Construction of new homes and apartments fell for the third consecutive month in April, the government reported Tuesday, a sign that last year's record pace of home sales isn't likely to be matched. Starts fell 10.1% last month to a seasonally adjusted annual rate of 1.574 million, the biggest monthly decline in five years, Commerce Department figures showed. The decline followed drops of 0.1% in March and 3.7% in February. Even so, builders say 1999 will still be one of their best ever.
BUSINESS
August 28, 2001 | MARK FELSENTHAL, REUTERS
Sales of U.S. existing homes fell 3% last month, a real estate trade group said Monday, as the slowing economy reduced demand for homes. The National Assn. of Realtors said sales of previously owned homes fell in July from the prior month to a seasonally adjusted annual rate of 5.17 million units. In California, sales of existing homes fell 4.
BUSINESS
May 5, 2000 | DIANE WEDNER, TIMES STAFF WRITER
Mortgage rates ticked upward last week to heights that historically have put the brakes on the housing market. Real estate experts predict a dip in home sales ahead, but admit that bullish consumers probably won't be scared off for long. Nationally, interest rates for 30-year, fixed-rate mortgages rose slightly to 8.28% Thursday, from 8.13% last week, according to Freddie Mac, the nation's second-largest buyer of U.S. mortgages. In late 1998, a mortgage could be obtained at 6.7%.
BUSINESS
March 31, 2000 | DARYL STRICKLAND, Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670, and at daryl.strickland@latimes.com
An Irvine real estate research firm said new housing demand has grown in every region of the nation for the first time in three decades. More than one-third of those nationwide who want to buy a house can't find one, the Meyers Group said in its fourth-quarter survey. Builders, who are scrambling to put up new homes, should expect "another fantastic year," the report said. The hottest markets were in California.
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