What’s that gurgling sound? According to First American CoreLogic, a real estate research firm, some 7.5 million homeowners nationwide are underwater–that is, they owe more on their mortgages than their homes are current worth. They suffer from “negative equity,” to use the uninteresting and pointlessly euphemistic technical term. Another 2.1 million are nearly in that [...]

Plunging commercial property values this year could lead to a flurry of investment sales activity in 2009, according to a study by Jones Lang LaSalle Inc. Almost two-thirds of the property owners, development firms, service firms and consultants polled for the biannual study said they intend to bump up their activity next year. [...]

Rep. Barney Frank, chairman of the powerful House Financial Services Committee, Friday warned banks getting money from the $700 billion bailout fund that they must use it for lending and only lending. Other uses, such as acquisitions and bonuses, are in “violation” of the Troubled Asset Relief Program, Frank said.“I am deeply disappointed that a [...]

“I actually think we’re in an equity crisis, not a debt crisis,” declared John Kukral, president of Northwood Investors, speaking on the capital markets session that opened the ULI/Stan Ross Real Estate Trends Conference on Wednesday during the Urban Land Institute’s Fall Meeting. He referred to the lack of equity invested in real estate properties. [...]

ProLogis has signed new lease agreements in Atlanta in eight transactions totaling approximately 946,000 square feet during the third quarter of 2008. Lennox Industries, a leading provider of customized home comfort systems, residential generators and indoor air quality products, leased approximately 254,000 square feet with ProLogis at Midland Distribution Center #1, located near the intersection [...]

The Wallick Cos. of Columbus, Ohio, and the Cincinnati-based Stern-Hendy Properties today announced that they will merge. The 42-year-old family-owned Wallick, with 625 employees, is one of the largest owner-managers of affordable housing in the state. The Stern-Hendy Properties has 140 full- and part-time associates, specializes in housing for low- and moderate-income residents, and includes both [...]

For those waiting to see if any of the $700 billion federal bailout fund would deal with rising numbers of foreclosures and homeowners with distressed mortgages, help could be on the way. Major news organizations have reported that the Treasury and Federal Deposit Insurance Corp. are working on a plan to have the government back [...]

It’s official: the economy is contracting. U.S. GDP shrunk at an annualized rate of 0.3 percent during 3Q08, mostly as consumers decided that they needed to do less shopping. How long will the contraction continue? It’s anyone’s guess, but if it continues at the current pace through 1Q09, that would be the worst recession since [...]

A 58-story Waldorf=Astoria Hotel and Residences has been announced for Philadelphia, set to open in 2012. The $420 million mixed-use project will be co-developed by Mariner Commercial Properties Inc. and Gatehouse Capital Corp. The hotel–to be managed by an affiliate of the Hilton Hotels Corp.–will be located at the northeast corner of 15th and [...]

The investment sales market has hit a rough patch due to the credit freeze-up, but despite this, Lee & Associates announced today it is launching an investment sales arm, to be dubbed Lee Investment Services Group. The new group will work in all product types, including office, industrial, retail and multi-family, and will be headquartered [...]