Wednesday, October 8th, 2008
Among those breathing a hearty sigh of relief this week after the German government bailed out lender Hypo were developers Related and Metropole.
Archive for October, 2008
Tuesday, October 7th, 2008
Citigroup is largely exiting the wholesale mortgage business, a step that many rival banks took last year.
Tuesday, October 7th, 2008
MGM Mirage has received a $1.8 billion credit facility from a group of banks for its massive CityCenter project in Las Vegas.
Tuesday, October 7th, 2008
At Dubai's annual real-estate trade show, you just might forget about the financial crisis gripping much of the rest of the world.
Monday, October 6th, 2008
While looking over my businesses and investment holdings this morning, I experienced an epiphany. I carefully gazed up at the television screen and noticed a huge run on Wall Street to the tune of 500 points. (The DJIA actually fell over 800 points before recovering.) There was panic in the news reporters giving the scoop. Panic was found on DrudgeReport.com. There was Panic everywhere.
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Monday, October 6th, 2008
General Growth suspended its dividend and said that CFO Bernard Freibaum, one of the chief architects of its debt-heavy growth strategy, has been replaced.
Monday, October 6th, 2008
D.R. Horton is unloading land across California at big discounts, partly to reap the tax benefits.
Thursday, October 2nd, 2008
An internal report shows $174 million has been spent on a transit hub at the World Trade Center site, yet virtually no construction has taken place.
Thursday, October 2nd, 2008
Maguire Properties will likely appoint George Vandeman, a retired mergers and acquisition attorney, as its new chairman.
Wednesday, October 1st, 2008
Before we get to current updates to the housing market in Atlanta, GA, I would like to remind our investors that overall market economics respond to market maker’s skepticism, paranoia and superstitions. Good, bad or otherwise, it is the truth. First of all, it is an election year for the Presidency. Second, the GSEs and investment banks scandal has not been resolved yet. Next, manufacturing in the United States is terribly low with unemployment ticking up, compared to the start of the year. And our beloved government, who created this problem, is passing a new bill that will allocate hundreds of billions of dollars of taxpayer money to procure bad loans. This action will save large firms, like Fannie Mae and Freddie Mac, and increase the national debt for all Americans. (Which is sad, since we are artificially inflating markets instead of letting them do what they are supposed to do: Correct Themselves!)
Could this be the bottom we are waiting for? Or is this the beginning of worthless American dollars, ridiculous inflation and terribly cheap housing? We do not know. However, if we follow what the ultra-successful are doing, we see it is time for action. (Check out what Warren Buffet is doing. Also, look at the deals that Donald Trump is crafting now during this “housing slump”.)
Now back to our story in Atlanta:
ATLANTA – More than $153 million in newly earmarked federal funds will extend a lifeline to Georgia regions hit hardest by the home foreclosure crisis, enabling leaders from Atlanta to Savannah to acquire and redevelop foreclosed properties at risk of being abandoned.
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