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Marvin Clark
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Marvin R. Clark is the Managing Principal of Monsoon Wealth Management (MWM). Monsoon offers affluent individuals and business owners’ wealth management, economic, and market advice throughout America. Based in Scottsdale, Arizona, Monsoon’s major task is employing a macroeconomic top-down... More
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Monsoon Wealth Management
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Fixed Income Daily
  • Is This a Sign of a Real Estate Market Bottom? 0 comments
    Feb 7, 2010 12:18 PM | about stocks: IYR, VNQ, ICF, RWR
    This headline over at the Wall Street Journal caught my eye:
    Mortgage Bankers Mum on How They Fixed Their Own Mortgage Woes
    Here is the salient paragraph of the story:
    On Friday, CoStar Group Inc., a provider of commercial real estate data, announced that it had agreed to buy the MBA’s 10-story headquarters building in Washington, D.C., for $41.3 million. The price is well below the $79 million the trade group says it paid for the glass-walled building in 2007, while it was still under construction. The price also falls short of the $75 million of financing that the MBA received from a group of banks led by PNC Financial Services Group Inc. for the purchase.”
    I’m not sure what to make of this. I would like your comments on following possibilities:

    a.      The MBA is lousy at arranging financing
    b.      They are running low on cash
    c.      They no longer believe in real estate as a long-term investment
    d.      This is the ultimate sign of capitulation at the market bottom
    e.      They’ve decided to seek Alpha elsewhere
    f.       None of the above 

    Disclosure: none
    Themes: real estate Stocks: IYR, VNQ, ICF, RWR
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