Kelley, McKeefrey, Dockery (212) 829-5482

Today's Real Estate Stories
News and Views | Active Names

News and Views

Real Estate

S&P futures were down 43.8 handles at 5:43pm post the CSCO release.  KBH last night announced their treasurer would resign. We were active in ASCA yesterday as the the NY Post broke the story that the company was exploring a sale and had hired Lazard--there is a 6% short in the name and we saw short covering and long selling into the news. The median existing single-family home price in the U.S. was $176,900 in the quarter, a 1.5% gain year over year. Distressed homes accounted for 32% of sales in the quarter. Core Logic reports that short sales are expected to hit 400,000 this year--they have tripled since 2008. The Obama administration will offer $1B in zero-interest loans via HUD in an attempt to help homeowners avoid foreclosure in economically distressed areas. Gaming revenues in Atlantic City were down 5% in July after table gaming was approved in Pa and De. Some analysts have predicted the competition could cost A.C. $300mln a year. Near term support (697) in the RMZ was broken yesterday--it would be a small victory if we could close above there by week end. 685 was good support in yesterdays down-draft (also the 200 day) and it looks like 675 (the 50day) is the next significant level of support.

News and Views

 

EQR is planning to bid on a vacant lot at 133-135 Greenwich St in Manhattan at a bankruptcy auction this Wednesday. Min bid is $14.5M. EQR has been one of the most aggressive NYC residential and development buyers. The MSCI US REIT Index (RMZ) slipped 0.21% to close at 679.82 in a quiet session on Friday, above near term support of 675. On the desk we were better for sale with a number of sellers active in the lodging space.

Active Names

AMB, BDN, BYD, DEI, FBCM, HOT, HST, IVR, LIA, MGAM, MGM, MHO, OLP, XHB 

Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ

Kelley, McKeefrey, Dockery (212) 829-5482

Today's Real Estate Stories
News and Views | Active Names

News and Views

Real Estate

S&P futures were down 43.8 handles at 5:43pm post the CSCO release.  KBH last night announced their treasurer would resign. We were active in ASCA yesterday as the the NY Post broke the story that the company was exploring a sale and had hired Lazard--there is a 6% short in the name and we saw short covering and long selling into the news. The median existing single-family home price in the U.S. was $176,900 in the quarter, a 1.5% gain year over year. Distressed homes accounted for 32% of sales in the quarter. Core Logic reports that short sales are expected to hit 400,000 this year--they have tripled since 2008. The Obama administration will offer $1B in zero-interest loans via HUD in an attempt to help homeowners avoid foreclosure in economically distressed areas. Gaming revenues in Atlantic City were down 5% in July after table gaming was approved in Pa and De. Some analysts have predicted the competition could cost A.C. $300mln a year. Near term support (697) in the RMZ was broken yesterday--it would be a small victory if we could close above there by week end. 685 was good support in yesterdays down-draft (also the 200 day) and it looks like 675 (the 50day) is the next significant level of support.

News and Views

 

EQR is planning to bid on a vacant lot at 133-135 Greenwich St in Manhattan at a bankruptcy auction this Wednesday. Min bid is $14.5M. EQR has been one of the most aggressive NYC residential and development buyers. The MSCI US REIT Index (RMZ) slipped 0.21% to close at 679.82 in a quiet session on Friday, above near term support of 675. On the desk we were better for sale with a number of sellers active in the lodging space.

Active Names

AMB, BDN, BYD, DEI, FBCM, HOT, HST, IVR, LIA, MGAM, MGM, MHO, OLP, XHB 

Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ