Worst Residential Real Estate Market Since Man First Walked on the Moon, Says Winans International

NOVATO, CA., Aug. 1 /PRNewswire/ -- U.S. new home prices are down 13%, new home sales have reduced by 39% and property listings are down 22% since the real estate market's historic peak set in March of 2007. This marks the worst real estate bear market since 1970.

Winans International Real Estate Index (New U.S. Homes)

Percentage Change Since March 31, 2007

U.S. West Northeast South Midwest

Price (13%) (15%) (10%) (9%) (8%)

Sales (39%) (52%) (43%) (33%) (33%)

Listings (22%) (20%) (21%) (22%) (23%)

While this is humbling news to millions of homeowners nationwide, not everyone is feeling the pain in the same degree.As can be seen in the chart above, the greatest declines in home prices and sales volume have been felt in the Western states.

The Midwest has faired the best in the nation with the least price declines and better sales activity.In comparing today's real estate to past bear markets, it is interesting to note that while price declines were worse in 1969/70 (-18% vs. -13%), sales and listings have "dried up" much worse today than 38 years ago.

Fortunately, while the current condition is bad it is not record setting. The worst decline of U.S. new home prices in the last 150-years was the -68% decline from 1929 to 1932.

Winans International Real Estate Index (New U.S. Homes) Bear Market Historical Comparisons:

% Change 2007-2008 1969-1970 1929-1932

Price (13%) (18%) (68%)

Sales (39%) (16%) NA

Listings (22%) (7%) NA

Duration (yrs) NA 1.5 3.0

The Winans International Real Estate Index (WIREI) measures U.S. new home prices from 1830 to present day. More information on the Winans International Real Estate Index can be found at http://www.winansintl.com/

CONTACT:

Liz Boaz, Communications Assistant of Winans InternationalInvestment Management & Research, +1-415-506-3070, liz@winansintl.com

Web site: http://www.winansintl.com/

http://www.investmentatlas.com/

(Source: http://www.investmentatlas.com/)

SchenkelShultz Designs New Schools in Longwood, FL and Lehigh Acres, FL

ORLANDO, FL – SchenkelShultz Architecture, Orlando, one of Florida’s leading green design firms, designed Seminole County Public Schools’ innovative new $8.5 million, 78,602-square-foot addition and renovation to Sabal Point Elementary School now under construction at 960 Wekiva Springs Road in the Orlando suburb of Longwood, FL.

The new 2-story intermediate learning center will contain a media center, administrative offices and eighteen additional classrooms.

Renovations to the existing building are subdivided to create approximately four self-contained classrooms per “pod” area and will include new chilled water rooftop air conditioning units and fire sprinkler systems. DJ Haycook Construction, New Smyrna Beach, serves as general contractor for the project which is slated for completion in December 2008.

The Orlando office of SchenkelShultz is located at 200 East Robinson Street, Suite 300, Orlando, FL, phone 407-872-3322.

SchenkelShultz Architecture, Fort Myers, awarded contract to design classroom, administration and cafeteria additions and renovations to School District of Lee County's Lehigh Acres

FORT MYERS, FL – SchenkelShultz Architecture, Fort Myers, was awarded a contract to design classroom, administration and cafeteria additions along with miscellaneous renovations to the School District of Lee County’s Lehigh Acres Elementary School at 200 Schoolside Court, Lehigh Acres, FL.

Four buildings will be completely demolished and replaced with new construction to include administration offices, a new media center, art and music spaces, and replacement of the kitchen/cafeteria/auditorium.

The facility will also receive a new chiller plant to update the HVAC system throughout as well as a sprinkler system for the complex. The Fort Myers office of SchenkelShultz Architecture is located at 1591 Hayley Lane, Suite 201, phone 239-481-0200.

Contact: Kenneth H. Cristol 407-774-2515

RealtyTrac Promotes Michael Keane to Newly-Created Position of chief Product Officer

Position allows for greater focus on product development and strategic planning

IRVINE, Ca – RealtyTrac (http://www.realtytrac.com/), the nation’s leading online foreclosure marketplace, announces Michael Keane, (top right photo) its Chief Technology Officer for the past three years, has been promoted to fill the newly created position of Chief Product Officer, effective immediately.

Keane’s new title will be Founder/Chief Product Officer, and the new position will allow him to focus his attention entirely on feasibility analysis, development and implementation of new products for RealtyTrac. A search for a new Chief Technology Officer is underway.

“Michael has really been the brains behind our technology, and I was very fortunate to have his vision and expertise as one of the company’s founders when I took on the CEO position,” said James J. Saccacio, (top left photo) RealtyTrac CEO.

“Now, as we continue to accelerate the growth of the company and build on its success, I can think of no one more suited or better qualified to create and integrate new product concepts and ideas into the RealtyTrac website and improve our customers’ experience for the long term.”

With the company since its inception in 1996, Keane has played a key role in RealtyTrac’s growth from a small, regional startup with a handful of employees, to its current status as the nation‘s leading publisher of foreclosure data.

Keane and his team have delivered a number of first-in-the-industry innovations, including a patent-pending integration of aerial photography into the RealtyTrac website, and a mapping solution that allows users to drag and drop their way across the United States, viewing all foreclosure-related activity in an intuitive graphical user interface.

CONTACT: Tammy Chan, Atomic PR, 415 402 0230, tammy@atomicpr.com

$116.1M refinancing arranged by HFF for Century Center I and II in Arlington, VA

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $116.1 million refinancing for Century Center I and II (above centered photo), a 624,573-square-foot office project in Arlington, Virginia.

Working exclusively on behalf of Lowe Enterprises, HFF senior managing directors Bob Donhauser(top right photo) and William Asbill (middle left photo) and director Cary Abod(middle right photo) placed the three-year adjustable-rate loan with GE Real Estate.

Loan proceeds were used to repay the original loans and provide financing to complete the current renovation project. This is the second financing of a Washington, D.C. area office building that HFF has secured for Lowe Enterprises in 2008.

Century Center I and II is located at 2450 Crystal Drive and 2461 South Clark Street four blocks south of the Crystal City Metrorail station in Arlington, providing access to downtown Washington, D.C., the Pentagon (bottom left photo) and Reagan National Airport.

Century Center I has 389,188 square feet and Century Center II has 235,385 square feet of office space. The properties share a three-level, 2,025-space underground parking garage.

“The borrower has spent the last two years completely renovating the building systems and infrastructure and refurbishing lobbies and public spaces to meet the standards of today’s demanding tenants,” said Donhauser. “The next phase of the renovation consists of a major retail repositioning whereby the existing ground-level space will be transformed into a dynamic amenity-rich retail destination.”

Lowe Enterprises is a leading national real estate investment, development and management firm. The firm currently manages in excess of $6 billion of investments on behalf of its investment clients and partners.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Robert F. Donhauser, HFF Senior Managing Director, 202 533 2500, rdonhauser@fflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

FelCor Lodging 'BB-' Rating Put On CreditWatch Negative

NEW YORK Aug. 1, 2008--Standard & Poor's Ratings Services today placed its ratings on Irving, Texas-based FelCor Lodging Trust Inc., including the 'BB-' corporate credit rating, on CreditWatch with negative implications.

"The CreditWatch listing reflects our concern that given our expectation for a more challenging lodging environment in the second half of 2008, the company may not reduce leverage to the 6x area or below by the end of 2008, which we had cited as an important factor for maintenance of the current rating," explained Standard & Poor's credit analyst Liz Fairbanks. "We previously expected the company to reduce leverage through EBITDA growth in 2008."

For a complete copy of the release, please contact,

Media: Mimi Barker, New York (1) 212-438-5054, mimi_barker@standardandpoors.com

Analysts: Liz Fairbanks, New York (1) 212-438-7459
Emile Courtney, CFA, New York (1) 212-438-7824

Marcus & Millichap Announces Promotions and New Agents

LORI SCHNEIDER PROMOTED TO SENIOR VICE PRESIDENT INVESTMENTS IN FORT LAUDERDALE OFFICE

FORT LAUDERDALE, FL — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Lori Schneider (top right photo) to senior vice president investments, according to managing director and regional manager Gene A. Berman (top left) in the firm’s Fort Lauderdale office.

“Lori has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Berman. “Her focus on client services has earned her a high degree of loyalty and respect from investors as well as her peers. She is frequently called upon as an adviser to institutions and is trusted by private investors to assist with the planning and implementation of their investment strategies.”

Schneider, who joined Marcus & Millichap nine years ago, specializes in single-tenant net lease sales and retail investments throughout the United States and has successfully closed transactions in 16 states and Puerto Rico. She serves as a senior director of the firm’s National Retail Group. She has won eight National Achievement Awards and 10 Sales Recognition Awards. Schneider has been inducted into the prestigious Chairman’s Club four times.

KIRK L. TRAMMELL PROMOTED TO SENIOR VICE PRESIDENT INVESTMENTS IN PALO ALTO OFFICE

PALO ALTO, CA — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kirk Trammell (photo at left) to senior vice president investments in the Palo Alto office, according to regional manager Steven J. Seligman.

“Kirk has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Seligman. “He is a consummate professional, continually striving to expand his knowledge and expertise. Kirk’s focus on client services has earned him a high degree of loyalty and respect from investors as well as his peers.”

Trammell began his career with Marcus & Millichap 19 years ago, specializing in retail, single-tenant net lease and multi-family properties. He has been inducted into the firm’s prestigious Chairman’s Club twice and the Seven-Figure Club in 1998. Trammel has received 13 National Achievement Awards and 15 Sales Recognition Awards from the firm. Trammell earned his bachelor’s degree in finance from Brigham Young University.

SHAWN BAKKE NAMED VICE PRESIDENT INVESTMENTS IN LOS ANGELES OFFICE

LOS ANGELES, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Shawn Bakke (photo at right) to the position of vice president investments. The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Scott Lamontagne, regional manager in the firm’s Los Angeles office. Bakke joined Marcus & Millichap in 2002 and specializes in retail investment sales.

MICHAEL DERK NAMED VICE PRESIDENT CAPITAL MARKETS IN LONG BEACH OFFICE

LONG BEACH, CA– The board of directors of Marcus & Millichap Capital Corporation (MMCC) has named Michael Derk (photo at left) to the position of vice president capital markets. The achievement of vice president investment status is one of the highest levels of recognition the firm awards its agents. It represents excellence in client relationships and investment real estate expertise, according to John Rodiles, regional manager in the firm’s Long Beach office. Derk joined Marcus & Millichap in 2003 and oversees loan originations in the Long Beach office.

TWO AGENTS NAMED VICE PRESIDENT INVESTMENTS IN DETROIT

DETROIT, MI — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Andrew Daitch (photo at right) and Peter Wenzler (photo at left) to the position of vice president investments. The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Steven Chaben, regional manager in the firm’s Detroit office. Daitch joined Marcus & Millichap in 2003 and specializes in multi-family investment sales. Wenzler joined the firm in 2002 and specializes in retail investment sales.

CHICAGO DOWNTOWN OFFICE GETS TWO NEW AGENTS

CHICAGO, IL— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named John Abuja (photo at left) and Steve Rachman (photo at right) to the position of vice president investments. The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John Przybyla, regional manager in the firm’s Chicago Downtown office. Abuja joined Marcus & Millichap in 2002 and specializes in office and industrial investment sales. Rachman joined the firm in 2002 and specializes in retail investment sales.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Realty Capital Markets Remain Surprisingly Steady, Says New RECI Report

CHICAGO, IL, Aug. 1, 2008 - The realty capital markets remain surprisingly steady despite volleys of negative news about financial institutions and government-sponsored enterprises, according to the newest Real Estate Capital Scoreboard issued by The real Estate Capital Institute.

(Jim Postweiler, RECI advisory board member, top right photo)

Mortgage spreads are higher, but stable, with funds available for quality loans. Life companies and other balance-sheet lenders continue funding deals based on similar underwriting as seen most of the year. Mortgage benchmark indices are stable as well. Treasuries are at nearly identical levels from a month ago, although notes and bonds bounced higher by about 30 to 40 basis points.

In other words, no major changes in the capital marketplace in either mortgage spreads or corresponding benchmark yields. Hopefully, the rate stability will set the stage for return of the CMBS lenders in a meaningful way.

Select Wall Street firms announced reentering the marketplace by targeting overlooked markets based on funding mortgages in secondary markets, as well as funding more entrepreneurial properties.

Overall rates remain similar to a year ago -- albeit at substantially lower leverage levels. However, more subtle overall trends are evident including the following:

* Funding sources provide competitive rates, but 70% or less of project value remains the norm for mortgage lending.

* Upward pressure on mortgage spreads as most active lenders meet funding targets for 2008. As 2009 approaches, fresh allocations along with some additional CMBS funds should create more liquidity.

At the same time, competition from highest quality corporate debt is forcing mortgage yields to rise. Many funding sources demand 25 to 50 basis point premiums as compared to purchasing corporate bonds.

* Mezzanine and opportunity funds ramping up as first mortgage lenders tread with caution. Pricing on mezz debt starts in the lower-teens.

* The large supply of bargain-hunting equity capital is preventing any major pricing discounts from being realized.

* Equity returns are under upward pressure, but few sellers of prime properties show duress and are reluctant to transact below full price as properties continue performing.

Overall equity yields for Class A "Core"institutional properties trade from the low to middle teens; "Core Plus"assets trade within the mid-teen range and opportunistic ventures offer returns in excess of 20%.

* Given illiquidity within the equity markets with few comparable trades, numerous lenders are setting valuation parameters for debt fundings.

In general, the 7%-to-8%-capitalization-rate range is a popular appraisal benchmark for higher-quality commercial properties in most marketsthroughout the country. Multifamily properties start at 5.5% cap rates.

* Loans in excess of $50 million per property generally require funding syndications as only a handful of domestic lenders are active in this arena.

* New, speculative projects feature substantial equity of 40% or more of cost. Development deals limited to finest projects with substantial preleasing (70% or more) with established sponsorship.

Jim Postweiler, (top right photo) advisory board member of the Real Estate Capital Institute,suggests "Buyers and sellers are still reluctant to transact, mostly due tostingy debt markets. However signs of improvement are emerging as buyersrealize few opportunities for core properties are available." (Federal Reserve Bank photo at left)

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields. The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR.

Call the Real Estate Capital RateLine at 7RE-CAPITAL, (773-227-4825) for hourly rate updates.

CONTACT:

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com/

http://www.reci.com/

The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624