"The San Francisco-based real estate investment trust announced the default notices after suspending its quarterly dividend on Monday, a week after calling the dividend "secure.""
"'We're at the bottom right now in housing,' said Mark Vitner, senior economist at Wachovia Corp. in Charlotte, North Carolina. 'The biggest declines are over.'"
"Massive sales of U.S. treasuries would doubtless cause interest rates to rise and, combined with the already faltering U.S. housing market, probably push the U.S. economy into a recession we're probably overdue for."
"S&P said it had put the securities on watch for downgrade to reflect the increase in payment delinquencies, 'as well as our expectation that losses on the collateral will exceed historical precedent and may exceed our original expectations'."
"Units of American Home Mortgage Investment Corp., the residential-mortgage lender that filed for bankruptcy, Luminent Mortgage Capital Inc., facing margin calls from lenders, and Aladdin Capital Management LLC, this week exercised an option allowing them to delay repaying the debt, Moody's said.
The three issuers are probably the only ones to defer payments since extendible asset-backed commercial paper was first sold 12 years ago, according to New York-based Moody's. The failure of some companies to pay on time has cast a pall over the securities, which are considered to be almost risk free, said Lee Epstein, chief executive officer of Money Market One."
"The National Association of Realtors trimmed its sales forecast for the sixth straight month but pared back its predicted drop in existing home values.
Existing-home sales should hit a pace of 6.04 million units this year, down from the 6.11 million units it predicted last month."
"The U.K. has had a property bubble every bit as crazy as the U.S.'s. Valuations were stretched, and lending criteria loosened. And now arrears are starting to rocket, even while the economy remains healthy."
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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