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- Delinquencies, defaults surge on loans linked to CMBS
The rate of defaults and delinquencies on the commercial mortgages that underlie CMBS issues reached 4.52% in the last quarter compared with 0.8% in the same quarter a year ago, data provider Reis reported. The potential default on debt secured by Manhattan's Stuyvesant Town-Peter Cooper Village apartment complex could send the rate soaring. The financing package for the 2006 acquisition of the mammoth property included $3 billion of loans that were packaged into five CMBS issues. Bloomberg
(11/2)
    
- Official: Some banks not ready for commercial mortgage losses
Community and regional banks with large concentrations of commercial real estate loans will be "particularly affected" by conditions in their markets, said Jon Greenlee, associate director of the Division of Banking Supervision and Regulation at the Federal Reserve. Some of these banks might not have sufficient reserves to cope with the challenge, he said. Reuters
(11/2)
- FDIC's Bair says government can't maintain status quo
Federal Deposit Insurance Corp. Chairwoman Sheila Bair said the government's intervention in financial markets, though necessary, has been challenging to her as a market advocate. She also said the government needs additional tools to keep financial institutions from becoming too big to fail. "The government has been going into places where we don't want to be," Bair said. "We simply cannot afford to maintain the status quo." Reuters
(11/2)
- British government set to break up rescued banks
The U.S. is under pressure to break up bailed-out banks after the British government moved to do just that. European regulators pressured the British government to force the Royal Bank of Scotland, Lloyds Banking Group and Northern Rock to sell off parts of their operations. The push illustrates a divide between British and U.S. regulatory policy. The Washington Post
(11/3)
- Chinese developers' debt to be reviewed by bank regulator
Increasingly concerned about the high level of debt taken on by real estate developers, the China Banking Regulatory Commission intends to take a close look at borrowing by property developers. The bank regulator is worried that excessively loose lending is driving sharp price increases for land that can't be sustained over the long run. Bloomberg
(11/3)
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- Increased transaction volume good news for CRE market
The most recent data from MIT's transaction-based index shows the gap between sellers' demands and the price buyers are willing to pay is narrowing, which is good news for the commercial real estate markets as
a whole and REIT investors in particular, said Brad Case, NAREIT vice president of research and industry information. Case examines the effect increased transaction volume could have on the market in this video segment.  REIT.com
(11/2)
- Commercial property index posts 4.4% gain in third quarter
The transaction-based index maintained by the MIT Center for Real Estate recorded a 4.4% increase in the price of investment-grade commercial real estate in the third quarter. "One quarter does not a trend make, and we are still well below normal trading volume," said David Geltner, research director at MIT's real estate center. "Nevertheless, this is the strongest sign of a bottom that we've had in two years." Reuters
(11/3)
, Reuters
(11/2)
, Bloomberg
(11/2)
- Public offerings give REITs stability
Liberty Property Trust and other REITs are back on solid footing after raising capital through public offerings. "We've cleaned up our balance sheet, which allows us to have capital to pursue acquisitions and do tenant improvement work," said Don Schoenheider, Liberty's vice president and city manager. REJournals.com
(11/3)
| Real Estate Marketplace | | |
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- Industry doing better, Real Estate Roundtable survey finds
The Real Estate Roundtable's latest "sentiment survey" pointed to some improvement within the industry but not enough good news to celebrate. "The problems now are more clearly defined and there's grim sense of reality," Jeffrey DeBoer, the Roundtable's president and CEO, said in a statement. "But that's a long way from saying markets are stabilizing or that conditions are on the mend." GlobeSt.com
(11/2)
- AMB's Moghadam: Optimistic about industrial space demand
Hamid Moghadam, chairman and CEO of industrial REIT AMB Property Corp., said he believes the industrial property market has hit the trough in demand and is headed up. The company operates in 15 countries and there are early signs of recovery in the majority of those economies. "I'm reasonably optimistic for the next six to nine months," he said. ClipSyndicate/Bloomberg
(11/2)
- Lloyds: No improvement for U.K. property market next year
The United Kingdom's property markets will continue to struggle throughout 2010, according to Lloyds Banking Group Plc. "We currently expect residential house prices to be flat in 2009 and 2010," the London-based bank said. Commercial real estate values, which fell 15% this year, also are expected to be flat next year. Bloomberg
(11/3)
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