GLG News by Land Acquisition Experts (US)

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Bernanke Call too Early, Needs to Focus on Homebuilders

March 6, 2008

Bernanke's Call: Aid Homeowners | online.wsj.com

Some homeowners with the means to pay their mortgage payments are halting those payments, walking away from their homes instead, accepting that they are upside down, and choosing 7 years of bad credit over an unknown period of negative equity.  If Mr. Bernanke is successful in his call to bankers- that is, lower the mortgage debt for those homeowners whose homes are worth less than their outstanding mortgage balance and “struggling” to make payments- fewer owners will likely walk from their homes in 2008.   Our question to Mr. Bernanke is: what about next year?  Prices are still dropping rapidly.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Analyzing Homebuilder Risks

March 3, 2008

Decline in Home Prices Accelerates | online.wsj.com

There are risks associated with homebuilding assets and contingent obligations.  This article alerts the reader to areas of interest.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Hidden Homebuilding Assets

March 3, 2008

Decline in Home Prices Accelerates | online.wsj.com

Homebuilding impairments and tax valuation reserves provide future accelerated income streams, when the recovery occurs.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Accelerated Reductions in Book Value

March 3, 2008

Decline in Home Prices Accelerates | online.wsj.com

Issues associated with loss of income tax benefits result in accelerated reduction of book value in homebuilders.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC. What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Joint Venture Completion Agreements

March 3, 2008

Decline in Home Prices Accelerates | online.wsj.com

Unforseen risks associated with homebuilder joint venture agreements and accompanying completion agreements.

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

One Homebuilder's Auction and the Front Page

February 28, 2008

New-home bargains few at live auction | www.azcentral.com

Apparently, front page “news” is one way to boost new home sales.  Cachet’s inventory home auction, in which the builder reportedly sold 37 of 41 homes it hoped to sell, appears to have been a huge success.  New home auctions will likely gain traction in metro Phoenix in the coming months.  Hopefully, it doesn’t take disparaging front page articles, like the one that drove buyers to Cachet's auction, to build upon Cachet’s success.

Steve Bottfeld, Principal

Steve BottfeldPrincipalMarketing Solutions What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

IS THIS THE BEGINNING OF THE END?

February 19, 2008

The "R" Word | www.lvrj.com

The Las Vegas housing industry started the New Year with dismal sales volume, declining inventory and median prices that appear to be in the process of stabilizing.  In view of January’s housing statistics, this year may, in fact, have started with a good news/bad news scenario. The bad news came on two levels: (1) a decline in sales volume for all housing product types; and (2) a record foreclosure level.  The good news also came on two levels: (1) Inventory in every category continues to decline; and (2) prices appear to be in the process of stabilization. In effect, January may be the beginning of the end of the housing slump here.

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Investors and Foreclosures

February 12, 2008

Speculators May Have Accelerated Housing Downturn | online.wsj.com

“Speculators” / investors seem to bear the brunt of criticism when discussing the downturn in residential real estate.  Undeniably, this group contributed to both the rise and fall of residential real estate.  However, the MBA statistics, coupled with BREC’s previous estimates of investor buyers, reflect an equal proportion of 2004 and 2005 resident buyers are being foreclosed upon.  Others appear to be deserving of some of the blame for the current downturn….

Jim Belfiore, President

Jim BelfiorePresidentBelfiore Real Estate Consulting What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Challenging Year Not in Question, Depth is

February 11, 2008

Housing Forecast: More Storms | online.wsj.com

Few will debate whether or not prices are actually falling; most every measurement has recently shown a decline, and with economic projections what they are, prices are expected to continue to fall.  How long and how far are the questions at hand.  Belfiore Real Estate Consulting (BREC) has some thoughts on the Phoenix metro area….  

Steve Bottfeld, Principal

Steve BottfeldPrincipalMarketing Solutions What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

SIGN POSTS INDICATE BETTER YEAR FOR LAS VEGAS

January 22, 2008

Homes for Sale in Las Vegas Still Sliding | www.lvrj.com

Housing market’s statistics from 2007 showed why Las Vegas builders and Realtors raised their glasses to toast the New Year with trembling hands. Many analysts have already forecast 2008 to be a worse year for Las Vegas than 2007. I disagree.

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