Kelley, McKeefrey, Dockery (212) 829-5482
According to CoreLogic, 23% of all residential properties with mortgages in the U.S. had negative equity by the end of the second quarter, a slight improvement from the previous quarter, likely due to foreclosure inventory being sold off. Blackstone has returned $3M in carried interest to investors in Blackstone Real Estate Partners International LP and may pay back an additional 15.7M this quarter in clawbacks to another real estate fund. Jay Brinkman of the Mortgage Banker Association spoke about the increase in U.S. mortgages with one overdue payment in the second quarter: "As we work through the bucket of troubled loans, we're seeing an increase in a new crop of troubled loans...primarily driven by the jobs market..." The Port Authority of New York and New Jersey approved a financing agreement with developer Larry Silverstein for 2 skyscrapers at the World Trade Center site. On the desk we were better for sale as the RMZ and broader markets gave up some of Wednesday's gains. We're watching 675 as good short term support in the index.
ARI, BEE, BPO, DDR, DEI, FCE/A, FPO, FVE, KRC, LALLF, LVS, MAC, MHO, PPS, PVR, ROIC, RYL, URI, WRI, WSR
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