From the Wall Street Journal back on January 17:
To be sure, rents have continued to rise steadily in many markets . And the housing downturn means that more people are looking for rentals as well, increasing demand. Many would-be buyers have become renters because they can’t get a mortgage in today’s tight credit environment, or because they’re sitting tight in hopes that prices drop further.
Eight months later, it’s looking like the party may be over for apartment building owners . From the Journal last Wednesday:
For the past year, apartment buildings have been one of the few bright spots in the real-estate industry as people forced out of the home-buying market by foreclosures or the credit crunch have turned to renting.
But now the specter of job losses is beginning to spread the gloom into that sector as well. As would-be renters are doubling up in apartments or moving in with friends and families, rents and occupancy rates are beginning to fall in many cities...
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The Tricks of the ETF Trade Wall Street Journal- 7 hours ago With the iShares fund, which trades about eight million shares a day, trading costs are closer to two cents. A spokeswoman for Barclays PLC’s iShares group ... ... more
Back in October, Martin Mayer described his five favorite books on financial meltdowns to the Wall Street Journal. One that has since remained timely: Irvine H. Sprague’s Bailout (Basic Books, 1986). Mayer told the Journal:
“Bailout is a superbly honest first-person account of the big bank traumas of the 1980s, written by a long-term director of the Federal Deposit Insurance Corporation. Irvine H. Sprague lived through it all – the collapse of Commonwealth Bank of Detroit, First Pen... more
Morgan Stanley (MS) is down to its last $36 billion - a bit more than most of us have sloshing around in our checking accounts but a good deal less than the $800 billion or so the company had on hand before the credit crunch.Morgan converted to a bank holding company 2 months ago and is currently reviewing a number of ways to boost deposits The Wall Street Journal reports.Morgan Stanley may acquire some regional banks including a few with a customer base that overlaps its current brokerage ... more
Schumer Seeks Protection for Apartment Buildings Facing Default New York Times,United States- 42 minutes ago Mr. Schumer said that real estate investors and speculators, who borrowed hundreds of millions of dollars to buy apartment complexes like Stuyvesant Town ... ... more
Have you ever heard of Harry Schultz? I sure have, and to this day I am still in absolute awe of the money this man earns. Mr. Schultz, publisher of the International Harry Schultz Letter , is the highest paid investment consultant in the world at $3,500 an hour (or $4,900 an hour if you require his services during the weekend). I talked about him in my November 21 post where I discussed gold as a hedge and investment. Back then, Schultz said that gold will advance past the thousan... more
According to Bloomberg yesterday, Bank of America Corp. CEO Kenneth Lewis said at an industry conference in New York that fourth-quarter profit will be “quite disappointing.” Lewis predicted a “challenging” 2008 with higher writedowns for securities tied to the U.S. mortgage market. Jeffrey Harte, a Chicago-based analyst at Sandler O’Neill & Partners LP, told Bloomberg in an interview:
What’s disturbing is it sounds like Bank of America is becoming more bearish on the U.S. econ... more
Two of the three major credit rating agencies, Standard & Poor’s (S&P) and Fitch Ratings, said that there is a 40% chance for a U.S. recession in 2008 . On Monday, MarketWatch reported that Sam Stovall, S&P’s chief investment strategist, said that S&P is factoring in a 40% chance of a U.S. recession and noted that the equity market in the U.S. “is leaning toward a more defensive bias.”
Earlier today, Reuters reported that Brian Coulton, Fitch’s head of s... more
In the December 11 article “Economists Say Recession Risk Is Climbing,” the Wall Street Journal talked about some of the findings from its latest survey of economists. When asked which presidential candidate would be best for the economy, only half of the 52 economists participating in the survey responded. The Journal reported that 35% of respondents chose Rudolph Giuliani, 19% chose John McCain, and 15% picked Mitt Romney as the candidate who would be best for the U.S. econo... more
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