This article from the Wall Street Journal today covers the difference between real estate finance now and in the 1980s. It says that there are "stricter controls" on how funding is received and cites the restructuring of REITs as the reason. But this is only true for those REITS with good enough credit to raise money in the corporate bond market. For the remaining large quantity of developers I believe it's because of the development of CMBS and the control of debt in the hands of very few, very conservative investors. Notice that CMBS and its $6 billion market is not mentioned. It's the elephant in the room.
Friends you should read
Authors Worth Mentioning
Haruki Murakami: The Wind-Up Bird Chronicle : A Novel (Vintage International)
I'm still not sure what it all means, but it's quite a fabulous read. He's the Gabriel Garcia Marquez of the modern, technological age. (****)- Vikram Seth: A Suitable Boy : Novel, A
(*****) Po Bronson: Bombardiers
The best fiction book about working on a trading floor. It was as if he'd been looking over my shoulder at work. (****)Khaled Hosseini: The Kite Runner
See review. (*)Michael Chabon: The Amazing Adventures of Kavalier & Clay
(*****)
What I'm listening to
Forecast Facist Future
Of Montreal: The Sunlandic Twins
When musicians make the lyrics, "Boredom murders the heart of our age while sanguinary creeps take the stage" catchy, you know they're talented. (*****)Pomeii Am Gotterdammerung
The Flaming Lips: At War With The Mystics
I love them, and I get to see them in concert on Saturday, something I've dreamed of doing for years! I'm very excited, and I'm cramming by listening to all my FL albums. This album is new to me, so I'm not yet thrilled with it. (***)This House is Not For Sale
Ryan Adams: Jacksonville City Nights
Buy me this album too. (****)Come Around
Rhett Miller: The Instigator
Buy me this album. (****)Someday My Prince Will Come
Miles Davis: Kind of Blue
(*****)Harmony In My Head
Buzzcocks: Singles Going Steady
I heart the Buzzcocks. (*****)A Day at the Races
Jurassic 5: Power in Numbers
From Morning becomes Eclectic on KCRW, http://www.kcrwmusic.com/cgi-bin/db/kcrw.pl?show_code=mb&tmplt_type=program (*****)Rockin' The Suburbs
Ben Folds: Rockin' The Suburbs
Yo don't know what it's like, being male, middle class and white! (*****)Angry Inch
John Cameron: Hedwig and the Angry Inch
"Now all I've got is a barbie doll crotch" (****)
