December 13, 2007 |
Shares of U.S. real estate companies are market pariahs, but shares of a Chinese developer got a warm welcome Wednesday on their first day of trading on Wall Street. Xinyuan Real Estate Co., which sold 17.5 million shares at $14 each on Tuesday, jumped $2.80, or 20%, to close at $16.80 on the New York Stock Exchange. The Zhengzhou, China, company, which trades under the ticker symbol XIN, generates most of its revenue from apartment sales in five Chinese cities.
December 9, 2007 |
Up earlier than usual on a recent Sunday, I made a pot of coffee and opened The Times' Real Estate section, where a barrage of rather desperate-sounding come-ons caught my attention. Real estate pages have more exclamation points these days than a Tom Wolfe essay. Reduced! Foreclosure! Back on the Market! New Price! I circled half a dozen listings; plugging their addresses into Google Maps, I charted an itinerary across the city, from Hollywood to the beach and back east again.
December 6, 2007 |
Seeking to gird the nation's economy against a potential tidal wave of foreclosures, the Bush administration will release a plan today that is expected to block many mortgages from adjusting to higher rates for as long as five years. Administration officials acknowledged privately Wednesday that the plan was likely to face objections from low-income borrowers who won't be helped, and from investors who backed now-troubled sub-prime home loans that are at the heart of the mortgage crisis.
December 5, 2007 |
New York state doesn't have the legal authority to investigate the residential real estate lending practices of national banks including JPMorgan Chase & Co. and Wells Fargo & Co., a federal appeals court ruled. It is "beyond genuine dispute that state law may not significantly burden a national bank's own exercise of its real estate lending power," the U.S. 2nd Circuit Court of Appeals in Manhattan decided. The appeals panel upheld a lower-court ruling that said federal law gave the U.S.
December 5, 2007 |
The Bush administration's newly aggressive effort to help people facing foreclosure and shore up the troubled mortgage industry was sparked by growing concerns of an election-year recession, and the political damage that would cause, analysts said Tuesday. Indeed, a new Los Angeles Times/Bloomberg poll found that 71% of Americans now believe that a recession is likely.
November 22, 2007 |
Sales of existing homes fell in 46 states during the July-September quarter in a worsening of the housing market's slump, a real estate trade group reported Wednesday. The third-quarter figures from the National Assn. of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook. Vermont and North Dakota were the only two states to show sales increases. Existing-home sales in Vermont rose 0.
November 15, 2007
Sperry Van Ness, a commercial real estate broker based in Irvine, bought JBM Realty Advisors Inc. and is opening offices in Chicago, Seattle and New York to boost the size of its deals. The acquisition of Tampa, Fla.-based JBM will allow Sperry to broker larger purchases, said Jerry Anderson, president of Sperry Van Ness International. Anderson declined to disclose the price paid for JBM.
November 14, 2007 |
Bank of America Corp. said Tuesday that it expected to write down $3 billion of debt in the fourth quarter in the wake of the nation's deepening housing slump. Nevertheless, shares of the second-largest U.S. bank rose as investors gained confidence that the bank and its rivals could withstand further turmoil, even if credit market liquidity failed to improve and more homeowners slid into foreclosure.
November 9, 2007 |
Federal Reserve Chairman Ben S. Bernanke failed Thursday either to calm pessimists' fears or to raise optimists' hopes about the economy -- leading to the second straight day of losses on Wall Street. In lengthy congressional testimony, Bernanke tried to deliver a balanced message. On the downside, he said, the Fed believes that the economy will slow significantly by the end of the year and that problems in the housing market have yet to bottom out.
November 8, 2007 |
Stocks plunged Wednesday as the dollar sank to new lows against other major currencies, in a one-two punch that deepened concerns about the outlook for the U.S. economy. The latest rout on Wall Street was led by already-battered bank shares. That suggested that the Federal Reserve's three-month campaign to cut interest rates hadn't restored confidence in the financial system, which has been hammered by soaring mortgage defaults.