AP - The former chairman and chief executive of giant homebuilder KB Home pleaded not guilty Monday in a stock options backdating case that authorities say bilked shareholders of millions of dollars.
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Reuters - Sales of vacation and investment homes in the United States slipped to 30 percent of all transactions of existing and new homes in 2008, the National Association of Realtors said on Monday.
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Reuters - The regulator of U.S. government-controlled Fannie Mae and Freddie Mac is looking at ways the two firms might help finance small mortgage banks hobbled by a dearth of credit, the Wall Street Journal reported.
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General Growth Properties missed another debt payment but avoided bankruptcy as bondholders continue to talk with the mall owner.
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AP - KB Home slashed its first quarter losses by 78 percent as first-time buyers flocked to the builder’s smaller and more affordable homes, but the company warned Friday the U.S. housing market has yet to hit bottom.
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Reuters - KB Home posted a quarterly loss that was not as bad as Wall Street had expected, as orders rose and the builder took a smaller charge to write down the value of its landholdings, sending shares up as much as 12 percent.
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AP - Here at the epicenter of the nation’s housing crisis, an ebullient Marc Joseph bounces off a pontoon boat onto a dock behind a lovely waterfront home — it was recently vacated when its former inhabitants couldn’t pay the mortgage.
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BusinessWeek Online - After a terrible 2008, real estate investment trusts are having an awful 2009. The SPDR Dow Jones Wilshire REIT (NYSEArca:RWR - News) exchange-traded fund, which tracks 82 REITs, has dropped 35% after plunging about 45% in 2008. On Mar. 19, Moody’s downgraded General Growth Properties to “C,” its lowest rating above default, prompting another wave of selling.
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BusinessWeek Online - A surprising new report suggests that U.S. home foreclosures actually declined 10% in November despite signs that the housing slowdown is worsening in much of the nation.
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With foreigners returning home and banks reining in loans, the global crisis has shattered Singapore’s goal of reinventing itself as a financial and entertainment hub like Dubai or Monte Carlo.
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