Cantor Morning News | Real Estate

The S&P 500 broke it's streak of 7 straight positive weekly starts yesterday. The median forecast of 54 Bloomberg surveyed economists predicts home sales declined 12% to a 5.01M annual pace, which would mark the lowest level since March 09. Blackstone Group LP agreed to invest in a plan to construct 1k houses in China--this on the back of news that a number of large pension funds have stepped up their real estate investing in the region. HOT yesterday said they were on track to increase hotels in India by 60% by 2013. SLG stands to make $50mln on their investment in two discounted loans related to 510 Madison Ave. after BXP bought the property for $317M. VNO said it will spend about $100 million on transit improvements around Manhattan's Penn Station. Dick Bove was cautious on the big banks yesterday citing softer trading revenues and a lack of funding in the commercial paper markets to deal in mortgage based products. Ytd bank closures number 118. 48% of the 1.3M people enrolled in the governments mortgage relief program had dropped out by the end of July. Irish building materials company CRH.DB sold off over 14% on disappointing results; "There's further uncertainty about the pace of and timing of the recovery in the U.S. in what is the crucial early season for us. There's very little visibility out there and there's a huge amount of uncertainty" said COO Albert Manifold. We get results from TOL tomorrow. 675 failed to hold in the RMZ as the markets pushed lower into the close. On the desk we were better to buy and active in lodging and homebuilder names.

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