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by • 30 September, 2008 • REAL ESTATEComments (0)1254

CG Digest: European Bank Bailouts, Unprecedented Asia Travel, Home Values

Its been a while since Criterion Global brought blog readers the “CG Digest,” and in light of the economic situation worldwide, we’re bring it back to get a pulse on banking – or commercial lending, at least – in our client’s markets.

While the US’ proposed banking bailout, which led to sleepless nights for many Americans this past weekend, arrived a stillborn baby Monday as it failed to pass Congress, Criterion Global‘s clients in Europe are pleased to have their commercial lenders shored up by national government.

Reports the New York Times: “Belgium, the Netherlands and Luxembourg came up with 11.2 billion euros, or $16.2 billion, to rescue the retail bank Fortis. The British Treasury said it had seized the lender Bradford & Bingley, after no private buyer emerged. Germany and its banks promised 30 billion euros to save Hypo Real Estate, a commercial property lender.” Here’s a link to the full article.

Unprecedented Rise in Number of Trips to Asia

“According to Air Transport Association analyses compiled for The New York Times, 996 nonstop flights a week were scheduled in the third quarter of 2008 from the United States to Asian countries, more than ever before. Los Angeles is the most popular departure city from the United States, with 180 flights a week. Narita Airport in Tokyo is the most frequent destination, with 380 arrivals a week.” Full Article.

Home Values Drop, Stagnate

Home values in the US have plummeted, but some recent data suggests certain markets may have reached their bottom. In the UK and Europe, the FT’s Interactive Home Value map just doesn’t appear to have been updated. Is the news so bad they can’t bear to report?

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