Cantor Morning News | Real Estate

San Francisco Bay area home sales dropped to the lowest level in 15 years in July, according to MDA Dataquick, and fell 23% year over year. The rate on the 30 year fixed mortgage dropped to 4.42% for the week ending yesterday marking the lowest level since Freddie Mac began compiling the data in 1971. These rates are still not stoking home sales with the expiration of the homebuyer tax credit and persistent unemployment to blame. Claims for U.S. jobless benefits jumped to the highest level since November. The Stuy Town-Peter Cooper Village foreclosure auction was postponed with a hearing now set for September 2nd as a result of the law suit brought by Bank of America and U.S. Bancorp. The Moody’s/REAL Commercial Property Price Index dropped 4% in June from May levels and marked the biggest decline since July 2009. “The value of malls and shopping centers fell almost 11% in the second quarter, the biggest drop of any commercial property type tracked in the Moody’s index.” EQR was trumped by Greenwich Thames Realty whose winning bid of $19.6M for 133-135 Greenwich St. in Manhattan was the highest in the bankruptcy auction. LRP 8.75M share IPO was postponed---Active in HOT ROIC DRE DEI LALLF and TWO and better to buy on the desk. We held 675 yesterday in the RMZ but today will be the true test of that support level.

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HOT ROIC DRE DEI LALLF and TWO

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