----- 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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