Archive for June 4th, 2008
Continue Reading June 4th, 2008
My hat is off to the folks at the financial industry trade publication Investment News for creating this fascinating and frightening table showing how America’s home equity has withered over the decades.
The big news here is that for the first time in at least 63 years, the amount of equity we have in our homes has fallen below 50%. In 1945, for example, Americans held residential real estate worth $116 billion and had borrowed $18 billion against that. That’s 84% equity or a loan-to-value, as mortgage folks call it, of just 15%. Last year the percentage of equity stood at 48%.
What’s particularly startling about that number is that even though the total value of America’s homes doubled since 1998 to more than $20 trillion dollars, the total mortgage debt grew even faster. It now stands at $10.5 trillion.
Although the percentage of equity has been declining for decades it hasn’t done so continually. From 1960 to 1985 it held relatively steady at 69%. The source for this data is the Federal Reserve.
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Continue Reading June 4th, 2008
Stamford, Conn., Mayor Dannel Malloy has announced that Harbor Point Development L.L.C. received approval from Stamford’s Board of Representatives for financing of infrastructure improvements and approval from the Zoning Board for buildings and open space plans for Phase I of its transformation of Stamford’s South End. Read more »
Continue Reading June 4th, 2008
Comcast, the provider of entertainment, information and communications, and Live Nation, live music company, announced a 10-year partnership that gives Comcast the naming rights to the former Tweeter Center located in Mansfield, Mass. Read more »
Continue Reading June 4th, 2008
Qineti Q North America Operations L.L.C. will soon bring its local offices under one roof at Ocean Ranch Plaza, now that the company has leased approximately 20,300 square feet at the nine-month-old mixed-use property in Oceanside, Calif. Read more »
Continue Reading June 4th, 2008
The 17,200-square-foot industrial building at 1104 W. Geneva in Tempe, Ariz., is now under the ownership of California investor Jeff Lion, who snapped it up from BRS-San Diego Commerce Center L.L.C. Read more »
Continue Reading June 4th, 2008
In the history of real estate there are a handful of legendary homebuilders - William Levitt, who created Levittown on Long Island, being one, and then there’s Eli Broad, who became a billionaire building tract homes throughout the Midwest and Southern California.
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Continue Reading June 4th, 2008
Vornado Realty Trust has revealed plans to redevelop Madison Square Garden and the Hotel Pennsylvania on a smaller scale than what was initially expected. Read more »