Real Estate  

STOCKHOLM, Sweden Regulatory News:

WASHINGTON Cash-strapped homebuyers and borrowers facing foreclosure will get some relief from a housing bill passed by the House on Wednesday but the bill won't solve the deep-rooted ills of the U.S. housing market.

PHILADELPHIA Here's something almost everyone knew before today, but let's make it official: The majority of condo buyers are looking not just for a home, but for a lifestyle.

DALLAS Capstead Mortgage Corporation (NYSE: CMO) today reported net income of $36,728,000 for the quarter ended June 30, 2008 compared to $30,147,000 for the first quarter of 2008. After considering preferred share dividends, the Company earned $0.58 per diluted common share for the second quarter of 2008 compared to $0.53 for the first quarter of 2008. During the second quarter of 2007 the Company earned $5,774,000 or $0.04 per diluted common share.

HENDERSON, Nev. The U.S. Bankruptcy Court for the District of Nevada in Las Vegas yesterday granted Lake Las Vegas ("LLV") use of up to approximately $1.1 million of cash collateral to continue day-to-day operations, including funding of payroll and critical repairs to the Las Vegas Wash bypass conduit. In addition, the Court approved the continuance of customer programs, including unexpired pre-petition gift certificates, gift cards and golf coupons; deposits return policies for golf, catering and related services; pro shop merchandise refunds and exchanges. At the same time, the Court set August 4, 2008, as the date to hear motions regarding the company's request for up to $127 million in debtor-in-possession financing (DIP).

LOS GATOS, Calif. The following is a statement by Carey Sutton regarding the foreclosure crisis.

CHESTERFIELD, Mo. Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today reported second quarter income from continuing operations of $3.9 million, or $0.14 per diluted share. This represents a 60.9 percent increase from the second quarter of 2007, when income from continuing operations was $2.4 million, or $0.09 per diluted share.

TORONTO Brookfield Properties Corporation (BPO: NYSE, TSX) today announced that it has closed on the sale of its 50% interest in the TD Canada Trust Tower to OMERS Realty Corporation, the co-owner in the building, for gross proceeds of C$425 million or C$721 per square foot.

SAN FRANCISCO Comcast SportsNet Bay Area, home of the San Francisco Giants, Oakland Athletics, Golden State Warriors, San Jose Sharks, San Jose SaberCats, and San Jose Earthquakes announced today that the network will relocate to bigger quarters at 370 3rd Street in San Francisco (South of Market) and construct new high-definition facilities to accommodate the network's growth and future expansion. The announcement was made by Ted Griggs, Vice President and General Manager, Comcast SportsNet Bay Area.

NEW YORK Fitch downgrades and removes from Rating Watch Negative four classes of notes issued by C-BASS CBO XVII LTD. (C-BASS XVII). The following rating actions are effective immediately:

CALABASAS, Calif. The board of directors of The Ryland Group, Inc. (NYSE: RYL), has declared a third-quarter dividend of $0.12 per share, payable on Oct. 30, 2008, to common stockholders of record on Oct. 15, 2008.

URBANA, Ill. When investors bid for 29 student condominiums in Urbana on July 31, they'll do so with the certainty that their investment for the 2008-2009 school year will pay off.

WASHINGTON Sales of existing homes tumbled more sharply than expected in June, pushing activity down to the lowest level in more than a decade.

IRVINE, Calif. Thompson National Properties, LLC announced today that Desiree Sipin Runes has joined the company as corporate controller.

TEMPLE, Texas Wilsonart(R) Solid Surface, a division of Wilsonart International, Inc., announced its Duracryl Sink products have been awarded the GREENGUARD(R) Indoor Air Quality Certification and GREENGUARD Children & Schools(SM) certification. GREENGUARD certification means these Wilsonart products are safe for indoor applications and make a significant contribution to quality indoor air by meeting strict chemical and particle emission guidelines.

PHILADELPHIA Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it has completed a $54 million financing of Paxton Towne Centre in Harrisburg, Pennsylvania. The mortgage loan, provided by U.S. Bank National Association as Lead Arranger and Administrative Agent and Aareal Capital Corp. as Syndication Agent, has a term of three years with two one-year extension options. The variable interest rate, 200 basis points over one-month LIBOR, was swapped to a fixed rate of 5.837 percent for the initial term of the loan.

ROCKVILLE, Md. Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) reported financial and operating results today for the quarter ending June 30, 2008:

EMERYVILLE, Calif. ZipRealty, Inc. (Nasdaq:ZIPR) today announced that management will conduct a conference call to discuss second quarter financial results for 2008 on Thursday, August 7th at 5:00 p.m. EDT. Investors seeking access to the call are asked to dial 888-220-8746. A press release with second quarter financial results for 2008 will be issued at approximately 4:00 p.m. EDT that same day.

NOVATO, Calif. Air conditioning, heat, and hot water are just a few necessities supplied by equipment that is susceptible to breaking down. That's why Fireman's Fund Insurance Company is offering homeowners a new coverage to protect against the breakdown of equipment used to provide these and other critical services in the home.