The city’s unemployment rate is 29%, but gaming revenue at its three casinos has been off only 2% from a year ago so far this year. Atlantic City’s gaming revenue has fallen 14%, and the Las Vegas Strip is down 14%.
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AP - Banks must accurately identify their potential losses when modifying troubled commercial real estate loans under federal guidelines issued Friday.
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AP - An Oxon Hill man has been sentenced to more than three years in prison for a mortgage fraud tied to 25 properties in Maryland, D.C. and Virginia worth millions of dollars.
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Reuters - A bill pending in the Senate that would help unemployed workers, businesses and the housing market would add billions to the U.S. deficit in the short term but would be essentially budget-neutral over 10 years, congressional analysts said on Friday.
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CQPolitics.com - The extension and expansion of a tax credit for first-time homebuyers has been incorporated into Senate legislation that would extend unemployment benefits.
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AP - In an Oct. 28 story about foreclosure rates in Pennsylvania, The Associated Press erroneously reported the location of a town that, according to a RealtyTrac report, is in a statistical region with the highest foreclosure rate in Pennsylvania. The statistical region includes Warren, Ohio, not Warren, Pa.
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Some of the country’s top office-building owners reported they are cutting rents and increasing tenant incentives to keep buildings filled during one of the worst commercial real-estate markets in decades.
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More than 25 years ago, when the U.S. commercial real-estate began to emerge from its last collapse, Germans snapped up properties at discount prices. History may be repeating itself.
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A trade group for the mortgage industry has proved itself a poor judge of the commercial real-estate market.
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CapitaLand said third-quarter net profit fell 33%, due to the lack of substantial divestment gains made a year earlier, but the group was encouraged by the absence of revaluation losses and impairment charges seen earlier this year.
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