Finance
Economy Watch: Bernanke Speaks; New-Home Sales Wilt
Twice a year, Federal Reserve Chariman Ben Bernanke reports to Congress on the economy, and Wednesday was the day. He promised low, low rates for a while longer–“an extended period,” which is a phrase that has turned up again and again from the Fed since the early days of the Panic of 2008.
Economy Watch: FDIC Says Banks’ Loan Exposure Slides
In its Quarterly Banking Profile Report on Tuesday, the Federal Deposit Insurance Corp. reported a whopping decline in bank loan exposure in 2009 compared with the year before, a drop of $587 billion, or 7.5 percent.
Unique ‘Regional Center’ Designation Finances $235M Mixed-Use Project in Suburban Seattle
Twin Development L.L.C. has found a way around the chilly lending market. Having successfully attained the United States Citizenship and Immigration Services’ “Regional Center” status for the City of Federal Way in Washington, Twin Development can now rely on funds from the EB-5 Immigrant Investor Program to finance the bulk of the $235 million Sky Hotel & Residences.
Consumer Confidence Takes a Plunge
The Consumer Confidence Index declined sharply last month, falling to 46.0 from 56.5 in January. For perspective, the Index stood at 100 in 1985 during boom times.
Starwood to Acquire $503M Loan Portfolio
Real estate finance and investment REIT Starwood Property Trust announced on Friday that it will acquire a $503 million portfolio of performing commercial loans from TIAA-CREF.
Economy Watch: Mortgage Delinquencies Dip
According to the Mortgage Bankers Association, mortgage delinquencies–those borrowers one payment late–dropped slightly between the third and fourth quarters of 2009, from 9.64 percent to 9.47 percent.
Mortgage Delinquency Rates Take a Tumble – Are Signs of Stabilization Afoot?
Delinquencies on mortgage loans for properties ranging from one to four units have fallen, according to a statement from the Mortgage Bankers Association. The MBA’s National Delinquency Survey found that the rate fell to a seasonally adjusted rate of 9.47 percent of all loans outstanding as of the end of the fourth quarter 2009.
Economy Watch: Baby Steps Toward Higher Interest Rates
Is the Federal Reserve taking baby steps back to a more historically normal monetary policy? That is, toward an eventual broader hike in interest rates?
Economy Watch: Walgreens Goes New York
Dearfield, Ill.-based Walgreen Co., owner and operator of over 7,100 drug stores nationwide, is buying its way into the New York City metro market in a huge way with the purchase of Duane Reade, whose presence in the Big Apple is near-ubiquitous.
Economy Watch: GGP Says No Thanks, Simon (For Now)
General Growth Properties hit the ball back to Simon Property Group’s side of the court on Tuesday by calling Simon’s $10 billion takeover bid a trifle low. GGP then invited other interested parties to make their own bids, and even offered to provide financial projections and data on its shopping malls to potential suitors.