CMBS market emerges from the shadows

CMBS market emerges from the shadows
Date: 29 August 2011

Europe's CMBS market is emerging from the shadows after four years in the doldrums, sending a signal to the market that it is once again a credible source of debt capital. In August, Deutsche Bank underwrote £450 mln (EUR 513 mln) of new UK loans which are likely to form the basis of another CMBS deal. The new loans are reportedly secured on the Merry Hill regional shopping centre in the West Midlands, the Design Centre in Chelsea Harbour in London and Milton Park, a business park in Oxfordshire.

http://www.propertyeu.info/index-newsletter/cmbs-market-emerges-from-the-shadows/

Bloomberg: Home Short Sales Increase as Banks ‘More Realistic’ on Market

Home Short Sales Increase as Banks ‘More Realistic’ on Market
By Dan Levy - Aug 24, 2011 08:01 PM

U.S. homes nearing foreclosure accounted for 12 percent of total sales in the second quarter as banks agreed to more transactions at prices below the outstanding mortgage balance, RealtyTrac Inc. said.

NYT: U.S. May Back Refinance Plan for Mortgages

U.S. May Back Refinance Plan for Mortgages
By SHAILA DEWAN and LOUISE STORY
Published: August 24, 2011

The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.

Bloomberg: Orders for Durable Goods in U.S. Increase 4%, Twice as Much as Estimated

Orders for Durable Goods in U.S. Increase 4%, Twice as Much as Estimated
By Shobhana Chandra - Aug 24, 2011 01:12 PM

Orders for U.S. durable goods climbed more than forecast in July as a surge in demand for aircraft and autos eclipsed a decrease in business equipment, including computers and machinery.

CNNMoney: Foreclosure settlement: Spat among the states

Foreclosure settlement: Spat among the states
By Jennifer Liberto @CNNMoney August 24, 2011: 3:13 PM ET

WASHINGTON (CNNMoney) -- A deal to help victims of improper foreclosures has been slow going, in large part because of infighting among state attorneys general over giving banks a free pass from future lawsuits.

Bloomberg: Home Prices Decline 5.9% in Second Quarter

Home Prices Decline 5.9% in Second Quarter
By Kathleen M. Howley - Aug 24, 2011 07:21 AM

Home prices in the U.S. fell 5.9 percent in the second quarter from a year earlier, the biggest decline since 2009, as foreclosures added to the inventory of properties for sale.

Reuters: U.S. housing faces extra drag - low appraisals

U.S. housing faces extra drag - low appraisals
By Alexandra Alper
NEW YORK | Wed Aug 24, 2011 8:07am EDT

(Reuters) - When Sean McGowan signed a contract to buy a New Jersey home in November, he didn't expect he'd still be living with his parents nearly a year later.

Bloomberg: Homeowner Associations in Need of Cash Sue to Force Foreclosures

Homeowner Associations in Need of Cash Sue to Force Foreclosures
By John Gittelsohn - Aug 23, 2011 08:01 PM

Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.

CNNMoney: Is yield curve signaling a recession?

Is yield curve signaling a recession?
By Hibah Yousuf August 23, 2011: 1:59 PM ET

NEW YORK (CNNMoney) -- Amid the growing number of signs that the United States may tip back into a recession, the bond market is sounding its own siren.

SG: New home sales slumped to a five-month low in July (B. Jones)

Eco Analysis - New home sales slumped to a five-month low in July (B. Jones)

■ Consistent with our expectation, new home sales remained on a downtrend

The Census Bureau reported that the number of new homes going to contract slipped by 0.7% to a seasonally adjusted annual rate of 298,000 in July, boosting the cumulative slide since April to 5.7%. Downward adjustments to the previously reported figures for April through June pared the Q2 average by 7,000 to 308,000.

Bloomberg: New-Home Sales in U.S. Declined in July to the Lowest Level in Five Months

New-Home Sales in U.S. Declined in July to the Lowest Level in Five Months
By Timothy R. Homan - Aug 23, 2011 06:50 AM

Sales of new U.S. homes declined more than projected in July to the lowest level in five months, indicating the industry is struggling to stabilize two years into the economic recovery.

Bloomberg: Baby Boomers Selling Shares May Depress Stocks for Decades, Fed Paper Says

Baby Boomers Selling Shares May Depress Stocks for Decades, Fed Paper Says
By Vivien Lou Chen - Aug 22, 2011 12:20 PM

Aging baby boomers may hold down U.S. stock values for the next two decades as they sell their investments to finance retirement, according to researchers from the Federal Reserve Bank of San Francisco.

CNNMoney: Number of troubled mortgages on rise again

Number of troubled mortgages on rise again
By Les Christie August 22, 2011: 11:39 AM ET

NEW YORK (CNNMoney) -- In another hit to the beleaguered housing market, a report out Monday found that the number of delinquent mortgage borrowers -- those who have missed at least one payment -- rose during the second quarter.

Bloomberg: Mortgage Payments One Month Late Jump as Economy Weakens

Mortgage Payments One Month Late Jump as Economy Weakens
By Kathleen M. Howley - Aug 22, 2011 07:20 AM

The percentage of U.S. mortgages overdue by one month rose to the highest level in a year in the second quarter as homeowners who lost jobs were unable to make their payments.

CNNMoney: Shadow inventory improves but still threatens housing recovery

Shadow inventory improves but still threatens housing recovery
By Les Christie August 22, 2011: 6:58 AM ET

NEW YORK (CNNMoney) -- An ominous cloud is hanging over the housing market: Millions of distressed properties could be put up for sale at any moment, potentially adding to the glut of unsold homes that are already on the market and depressing home prices even further.

Bloomberg: Homebuyers Hunker Down as Real Estate’s Drag on U.S. Economy May Worsen

Related News: Bloomberg, Real Estate, U.S., Currencies
Homebuyers Hunker Down as Real Estate’s Drag on U.S. Economy May Worsen
By Kathleen M. Howley - Aug 21, 2011 08:00 PM

Sanjay Jain called his real estate broker four days ago to cancel a deal to buy a three-bedroom home in Folsom, California, unnerved by another plunge in the most volatile equities market on record.

Reuters: Bernanke to aid recovery with gradual boost in dosage

Bernanke to aid recovery with gradual boost in dosage
By Mark Felsenthal
WASHINGTON | Sun Aug 21, 2011 10:08am EDT

(Reuters) - While it's not time for emergency measures, the patient still needs the drip.

CNNMoney: How can Obama solve long-term unemployment?

How can Obama solve long-term unemployment?
By Tami Luhby @CNNMoney August 21, 2011: 9:11 AM ET

NEW YORK (CNNMoney) -- Want to help the long-term unemployed, President Obama? Subsidize their paychecks, experts say.

CNNMoney: PIMCO's Gross: Recession inevitable

PIMCO's Gross: Recession inevitable



Bill Gross, founder of Pimco, says central banks are out of bullets and the political environment does not point towards growth

Bloomberg: Fed’s Dudley Says U.S. Economic Performance ‘Mixed,’ Banks in Better Shape

Related News: Bloomberg, Economy, U.S., Municipal Bonds

Fed’s Dudley Says U.S. Economic Performance ‘Mixed,’ Banks in Better Shape
By Caroline Salas Gage - Aug 19, 2011 06:42 AM

Federal Reserve Bank of New York President William C. Dudley said U.S. economic performance is “at worst, mixed,” with negative news offset by loosening credit, firmer retail sales and stronger bank balance sheets.

Bloomberg: Growth Forecasts for U.S. Cut at Citigroup, JPMorgan Amid Global Slowdown

Related News: Bloomberg, Economy, U.S., Currencies

Growth Forecasts for U.S. Cut at Citigroup, JPMorgan Amid Global Slowdown
By Scott Hamilton - Aug 19, 2011 04:27 AM

Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) cut their U.S. growth forecasts as the global economy slows and officials struggle to stem Europe’s sovereign-debt crisis.

Fortune: Will Europe come tumbling down?

Will Europe come tumbling down?
By Shawn Tully, senior editor-at-large August 19, 2011: 5:00 AM ET

The debt crisis that started in Greece now threatens to topple the whole continent -- and kill the weak recovery in the U.S. Inside the race against the clock to fix the euro economy.

2011 Midland Basin Horizontal Activity – Many Target Horizons

http://info.drillinginfo.com/

2011 Midland Basin Horizontal Activity – Many Target Horizons
by Chris Smith on August 17th, 2011

CNBC: Risk of Recession Is Still 'Quite Low': Fed's Dudley

Risk of Recession Is Still 'Quite Low': Fed's Dudley
Published: Thursday, 18 Aug 2011 | 11:19 AM ET
By: Reuters

Despite "anemic" U.S. growth so far this year, the risk of a double-dip recession is "quite low, a top Federal Reserve policymaker said on Thursday.

Bloomberg: Mortgage Rates in U.S. Tumble to Lowest in More Than 50 Years

Related News: Bloomberg, Real Estate, U.S., Personal Finance

Mortgage Rates in U.S. Tumble to Lowest in More Than 50 Years
By Prashant Gopal - Aug 18, 2011 08:00 AM

U.S. mortgage rates fell to the lowest in more than half a century as concern that the global economic recovery is faltering spurred demand for bonds that guide home loans, according to Freddie Mac.

CNBC: Home Sales Fall on Credit, Cancellations, Confidence

Home Sales Fall on Credit, Cancellations, Confidence
Published: Thursday, 18 Aug 2011 | 10:51 AM ET
By: Diana Olick
CNBC Real Estate Reporter

July's existing home sales, which represent contract closings, came in well below expectations of a two to three percent gain, falling 3.5 percent month to month.

CNBC: Home Sales Dropped 3.5 Percent in July, Hit 2011 Low

Home Sales Dropped 3.5 Percent in July, Hit 2011 Low
Published: Thursday, 18 Aug 2011 | 10:11 AM ET
By: Associated Press

The number of people who bought previously occupied homes plunged in July. The third decline in four months suggests the depressed housing market won't help the U.S. economy recover this year.

Bloomberg: Existing Home Sales in U.S. Fell in July

Related News: Economy, Real Estate, U.S.
U.S. Existing Home Sales Unexpectedly Decreased in July
By Alex Kowalski - Aug 18, 2011 06:25 AM

Sales of U.S. previously owned homes unexpectedly dropped in July, reflecting an increase in contract cancellations due to strict lending rules and low appraisals.

Bloomberg: Jobless Claims in U.S. Top Forecast

Related News: Economy, U.S.
Jobless Claims in U.S. Top Forecast
By Shobhana Chandra - Aug 18, 2011 04:43 AM

More Americans than forecast filed applications for unemployment benefits last week, signaling the labor market is struggling two years into the economic recovery.

CNBC: Morgan Stanley Cuts 2011 Global Growth Forecast

Morgan Stanley Cuts 2011 Global Growth Forecast
Published: Thursday, 18 Aug 2011 | 6:10 AM ET
By: Reuters

Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the U.S. and the euro zone were "dangerously close to a recession", and criticized policymakers in Washington and Europe for not acting more decisively to contain the sovereign debt crisis.

Fortune: Anatomy of a soft economy

Anatomy of a soft economy
August 18, 2011: 5:00 AM ET

It's been a tough slog coming out of the Great Recession. As for a double dip, consider this: We've had only three in 160 years. Here's a look at how this recovery compares with recessions past.

Fortune: American Idiots: How Washington is destroying the economy

American Idiots: How Washington is destroying the economy
By Allan Sloan, senior editor-at-large August 18, 2011: 5:00 AM ET

What's ailing us? It's not just unemployment. It's not just Europe's debt woes. And, no, it's not Wall Street this time. It's the takeover of the economic debate by fanatics who are up to no good. Fix that -- and maybe you fix the economy.

Bloomberg: Homebuilding in U.S. Probably Fell as Sales Dropped, Foreclosures Climbed

Related News: Bloomberg, U.S., Real Estate, Economy, Currencies
Homebuilding in U.S. Probably Fell as Sales Dropped, Foreclosures Climbed
By Shobhana Chandra - Aug 16, 2011 04:00 AM GMT

Builders probably began work on fewer houses in July, showing residential real estate is failing to contribute to U.S. growth two years into an economic recovery, economists said before a report today.

CNNMoney: Europe's economy: Truly awful or just bad?

Europe's economy: Truly awful or just bad?
Ben Rooney @CNNMoney August 15, 2011: 4:40 PM ET

NEW YORK (CNNMoney) -- As officials in Europe struggle to contain the debt crisis roiling financial markets around the world, economic growth appears to be slowing significantly across the euro zone.

Reuters: U.S. banks continue to ease lending standards: Fed

U.S. banks continue to ease lending standards: Fed

WASHINGTON | Mon Aug 15, 2011 3:09pm EDT

(Reuters) - U.S. banks continue to ease lending standards and most terms on all major non-real estate loans during the past three months, the Federal Reserve reported in its quarterly survey of senior loan officers.

Reuters: Analysis: How low can mortgage rates go?

Analysis: How low can mortgage rates go?

By Ashleigh Patterson
NEW YORK | Mon Aug 15, 2011 11:03am EDT

(Reuters) - Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.

Fortune: Don't fight the last recession's war. You'll lose.

Don't fight the last recession's war. You'll lose.
August 15, 2011: 5:00 AM ET

Opening the managerial toolbox from the 2008 recession to tackle today's economic turmoil will only get you into trouble. That's because the critical elements that affect companies are sharply different today.

USA Today: Economists' outlook darkens: See 30% chance of recession

Economists' outlook darkens: See 30% chance of recession
By Paul Davidson and Barbara Hansen, USA TODAY

The chances of the economy slipping into another recession have risen significantly, and forecasts for economic growth and job gains over the next year have been substantially downsized, according to USA TODAY's quarterly survey of top economists.

S&P: How The U.S. Sovereign Downgrade Affects Municipal Housing

How The U.S. Sovereign Downgrade Affects Municipal Housing (00:03:34 min)

After downgrading the U.S. to ‘AA+’ from ‘AAA’ on Aug. 5, 2011, Standard & Poor's lowered its ratings on many U.S. companies and government-sponsored entities with financial ties to the sovereign.

WSJ: Roubini Warns of Global Recession Risk

Roubini Warns of Global Recession Risk
8/11/2011 6:42:02 PM

Economist Nouriel Roubini says the risk of a global recession is greater than 50 percent, and the next two to three months will reveal the economy's direction. In an interview with WSJ's Simon Constable, Roubini also says he's putting his money in cash. "This is not the time to be in risky assets," he says.

Bloomberg: First-Time Jobless Claims in U.S. Unexpectedly Decrease to Four-Month Low

Related News: Bloomberg, Economy, U.S.
First-Time Jobless Claims in U.S. Unexpectedly Decrease to Four-Month Low
By Bob Willis - Aug 11, 2011 08:19 PM GMT

Claims for U.S. unemployment benefits unexpectedly dropped last week to a four-month low, signaling the job market is being hampered by a lack of hiring rather than more firings.

CNNMoney: Mortgages rates keep falling: 30-year nears record low

Mortgages rates keep falling: 30-year nears record low
By Les Christie August 11, 2011: 3:17 PM ET

NEW YORK (CNNMoney) -- Just when it seemed mortgage rates weren't going to get any lower, they started testing new lows.

CNNMoney: Unemployment claims fall to 4-month low

Unemployment claims fall to 4-month low
By Annalyn Censky @CNNMoney August 11, 2011: 9:55 AM ET

NEW YORK (CNNMoney) -- At a time when the economy seems to be hanging by a thread, the Labor Department reported at least some better news about the job market Thursday.

U.S. Consumer Confidence Declines to Lowest Since May in Bloomberg Index

Related News: Bloomberg, U.S., Economy
U.S. Consumer Confidence Declines to Lowest Since May in Bloomberg Index
By Jillian Berman - Aug 11, 2011 05:45 AM GMT-0800

Consumer confidence dropped last week to the lowest level since mid-May as American high earners, homeowners and those working full time turned more pessimistic.

CNNMoney: Foreclosures fall for 10th straight month

Foreclosures fall for 10th straight month
By Les Christie August 11, 2011: 5:27 AM ET

NEW YORK (CNNMoney) -- Foreclosure filings dropped once again in July, hitting their lowest level since November 2007, as processing delays and foreclosure prevention measures enabled a larger number of delinquent borrowers to remain in their homes.

Bloomberg: Cut in Household Spending Points to Recession

Related News: Bloomberg, Canada, Retail, Economy, Currencies, Italy, Municipal Bonds, US
Cut in Household Spending Points to Recession
By Shobhana Chandra and Steve Matthews - Aug 11, 2011 04:01 AM GMT

Recession signals in the world’s largest economy are flashing red again.

CNNMoney: Roubini: Double dip more likely

Strategy Sessions
Roubini: Double dip more likely

 
Economist Nouriel Roubini says the chances of a double dip recession have increased given the market plunge, weak housing market and structural weaknesses in the economy. Play

CNNMoney: Recession 2.0 would hurt worse

RECOVERY AT RISK
Recession 2.0 would hurt worse
By Chris Isidore @CNNMoney August 10, 2011: 10:25 AM ET

NEW YORK (CNNMoney) -- The risk of double dip recession is rising.

WSJ: Report: Housing Pain Persists, but Less Pervasive

AUGUST 9, 2011, 12:02 AM ET
Report: Housing Pain Persists, but Less Pervasive
By Nick Timiraos

The pace of home-value declines eased during the spring, but worries over the economy and high levels of foreclosures mean that the housing bottom is as elusive as ever.

CNNMoney: Housing recovery slips out of sight

Housing recovery slips out of sight
By Les Christie August 9, 2011: 1:58 PM ET

NEW YORK (CNNMoney) -- Any glimmer of hope that the housing market will stage a recovery in the upcoming months has vanished, thanks to the recent spate of bad economic news that has been making headlines over the past several weeks.

BNP: Daily Interest Rate Strategy (US)

With Treasury debt downgraded from AAA status over the week-end, the response from the market was to unleash a massive rally in the rates market

PIMCO Comments

Implications for investors

Anticipate volatility over the short term but in the long term, the outlook for bond returns as "bonds mature" remains positive. Overtime we will have the advantage of higher spread margins over risk assets.

PIMCO Client Letter

7 August 2011

Dear Valued PIMCO Client:

As you know, S&P announced Friday evening that it was downgrading the US sovereign credit rating from AAA to AA+, and it assigned a negative outlook to this new rating. This once- unthinkable step has naturally raised many questions among our client base – including: what has happened so far; what is PIMCO planning to do; and what, if anything, do I need to do?

Goldman poaches Deutsche Bank property chief

Goldman poaches Deutsche Bank property chief
By James Wallace Paul Norman - Thursday, August 04, 2011 15:25

Goldman Sachs has poached Fabrizio Grena, a director in Deutsche Bank’s special situations team, as the wider team restructuring at the German bank continues, CoStar News can reveal.

http://www.costar.co.uk/en/assets/news/2011/August/Goldman-poaches-Deutsche-Banks-director-Fabrizio-Grena-/