| The daily source on REITs and real estate investment
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- First CMBS sale via TALF is on track as Fed's concern eases
Federal Reserve officials had raised concerns about a closely watched commercial mortgage-backed securities transaction, but the central bank now indicates that its worry is easing. The Developers Diversified Realty
Corp. debt sale is expected to be a test for the U.S. government's Term Asset-Backed Securities Loan Facility. The real estate industry hopes the debt sale will lead to similar deals. The Wall Street Journal
(11/4)
     
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- Column: Bad CRE loans will be troublesome for banks, regulators
Regulators and banks will have a tough time dealing with a slew of commercial real estate loans that are coming due, and many of the loans could go into default, Cheryl Hall writes. "If the beast is not already in the room, he's peeking in the window. Everybody's worried about all these loans coming due," Dallas real estate appraisal executive Chuck Dannis said. The Dallas Morning News
(11/4)
- With bad loans, FHA reserves to dip under mandated level
The Federal Housing Administration is trying to untangle itself from thousands of bad loans it backed in 2007 and 2008, just as the housing market collapsed. The loans were extended to people with marginal credit by private firms but guaranteed by the government agency. The FHA is expected to report the projected value of its reserves has dipped beneath the federally mandated level. The Wall Street Journal
(11/4)
- IMF raises concerns over run-up of Hong Kong asset prices
The International Monetary Fund suggested the government in Hong Kong should be doing more to prevent a housing bubble from overheating. Asset prices in Hong Kong are being run up by low interest rates and easy lending policies, the IMF said. "There is a risk that prices could become driven more by short-term liquidity conditions, divorced from fundamental forces of supply and demand," the IMF wrote in a report. The Wall Street Journal
(11/4)
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- IPO for Aviv REIT put off as investors pull back
With the capital markets awash in new offerings, Aviv REIT has put its IPO on the back burner. The nursing home REIT was aiming for a share price in the $17 to $19 range on its 16.6 million share IPO but ran into plummeting interest from investors. Bloomberg data show the performance of IPOs in the past two months has been the worst since the company started collecting the data in 1995. "The recent IPO experience is one more indication of wariness of investors," said Michael Holland, chairman of Holland & Co. Bloomberg
(11/4)
, Reuters
(11/3)
| Real Estate Marketplace | | |
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- Veteran of 1990s commercial property crash investing today
One of Boston's more colorful landlords, Harold Brown, now 84, took a beating in the commercial real estate collapse of the 1990s. But now that the hard times are back, he's back too, buying property. He headed a venture that paid $129.5 million for the 409-unit Dexter Park apartment complex in suburban Boston. It was one of the biggest apartment deals this year. The Wall Street Journal
(11/4)
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- Casey Quirk research identifies REITs as desired asset class within defined contribution plan investments
A just released research paper entitled "Target-Date Retirement Funds: The New Defined Contribution Battleground" by management consulting firm Casey, Quirk & Associates focuses on important trends associated with target-date funds used within defined contribution plans such as 401(k) plans. Based on a survey of more than 400 defined contribution plans conducted jointly with the Profit Sharing/401(k) Council of America, the paper found "Target-date funds are becoming the core, if not the sole, product of interest within defined contribution plans ..." and identified REITs as the most "highly sought" additional target-date fund asset class by far by respondents of the survey.
| Policy Watch | | |
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- Frank: House will vote next month on regulatory reform
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, expects the full House to vote on financial regulatory reform in December. Frank's prediction comes even as reconciliation on some of the biggest components -- including the proposed creation of a Consumer Financial Protection Agency -- remains unresolved. Frank's committee will resume work on the reform with a hearing today. The Wall Street Journal
(11/3)
| From the Blogosphere | | |
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- Poll finds slightly more pessimism about commercial property
When the commercial real estate listing Web site LoopNet.com questioned 1,000 of its members recently, it found them a bit more negative about commercial real estate than they were this summer. Sixty-six percent of those responding in July expected commercial real estate transaction volume to recover in 2010. Now, the number is down to just more than 50%. BusinessWeek
(11/3)
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