News
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.
Hoffman Land Index: Land Values on Rise in Southern California
Southern California real estate players may be encouraged by news from the land brokerage The Hoffman Company, whose third annual Hoffman Land Index reveals that land values in many areas have doubled or tripled in 2009 as compared to 2008.
NAR: Give Recovery Another Year
Despite indications that the economy is recovering, the National Association of Realtors is advising caution before slipping on the rose-colored glasses.
Hines Nabs Tenant for an Entire 112,800-SF Building at its New Office Complex in Madrid
U.S. office property owners with international portfolios have been assaulted by high vacancy rates at home and abroad, so Houston-based Hines’ latest news out of its Madrid office is no small matter.
Tata Consultancy Takes 180,000 SF At Tishman’s Hyderabad Project
In Hyderabad, India’s second-largest office lease in the past year, Tata Consultancy Services has inked a five-year lease for more than 180,000 square feet at Tishman Speyer’s WaveRock project.
ING Clarion Buys Cape Cod Resort
In what may be one of many deals spearheaded by opportunistic funds this year, ING Clarion Development Ventures III has acquired the 23-acre waterfront Sea Crest Resort and Conference Center on Cape Cod. The deal was done in partnership with Scout Real Estate.
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.