----- Original Message -----
Sent: Sunday, December 21, 2008 5:30 PM
Subject: [TimeandCycles] new wave of mortgage foreclosures (not
subprime)
there are some bright spots
look at PLD
pays a 20% dividend,,
disclosure
bought at 8.77 Fri. sold January/10
calls
for downside protection
selling at 50% off book value
Ben
----- Original Message -----
Sent: Sunday, December 21, 2008 4:30
PM
Subject: Re A new wave of mortgage
foreclosures (not subprime)
Claude,
I was in the commercial real estate world up until 8 months ago and still
keep in touch with what's happening. Here in Houston (which is not getting hit
as hard as some other areas), some major projects that are underway are being
halted on a dime. REITs are bracing themselves for vacancies but the bottom
has not completely fallen out yet, but I am hearing troubling things such as a
major retail REIT that I know has NO money for tenant improvements for new
tenants. That is unheard of in the business but the REIT's access to $ has
dried up. If this credit freeze continues much longer I can't imagine anything
but disaster for commercial real estate.
GD
On Dec 21, 2008, at 2:02 PM, Claude Spink wrote:
FWIW, and IMHO,
from what I have read, and what I am hearing ( several family members in the
mortgage industry), the next shoe to fall is not residential but commercial,
both large and small commercial projects.
But, there will
probably be at least a couple trillion $ to show up from somewhere to rescue
the investors and lenders
From: On Behalf Of Joseph
Ehardt
Sent: Sunday, December 21, 2008 2:29
PM
ToA new wave of mortgage
foreclosures (not subprime)
For
those who did not watch the Dec 14th show of CBS’s 60 Minutes, the
following segment is definitely worth watching. It documents the next wave
in mortgage foreclosures, and it does NOT involve subprime
mortgages.
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