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NovaStar reports half-billion-dollar loss
“Accordingly there can be no assurance that we will be able to continue as a going concern”
NovaStar Financial Inc. reported a third-quarter loss of more than half a billion dollars and said it could be forced to file bankruptcy if it can’t repay outstanding debt to its major lender, Wachovia. via Bizjournals
Subprime Blues - When Will It Ever End?
Can the bottom for the subprime market be predicted? What factors are involved…?
Judge Orders Galleria Owner To Pay Total $89.23M
“This is a great victory for consumers and cities, opening the door for more options, more jobs and more competition.”
The owner of the Glendale Galleria was ordered to pay $15 million in punitive damages Tuesday to the developer of The Americana at Brand for intimidating The Cheesecake Factory while it was exploring leasing there.
Today’s verdict brings the total damages awarded to Caruso Affiliated by a Los Angeles Superior Court jury to $89.23 million. Last week, the jury ordered General Growth Properties Inc., the Glendale Galleria’s owner, to pay Caruso Affiliated more than $74 million in compensatory damages. Read more
Canada’s existing home sales climb to October record
Sales of existing homes in Canada’s major cities reversed two months of declines in October, clocking in with the largest ever figure for that month, according to a national realtors association.
Study: Philly housing prices show first decline in 5 years
A new study apparently confirms what real estate agents in Philadelphia have been expecting: Home prices in the city are on the decline for the first time in five years. via PhillyBurbs.com
Homeowners Upset After Builder Pulls Out of Unfinished Subdivision
Their builder, D.R. Horton, the nation’s top home builder is pulling out of the development, citing business considerations.
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