While commercial real estate continues to burden the nation’s 7,584 insured banks and thrifts, the severity of the CRE-related impairment is gradually decreasing. Most of the recuperation is stemming from write-downs and attrition in construction and development loans, the dearth of new lending and from improvement in the multifamily sector.
As deteriorating conditions lessen, the amount of capital that banks have available to loan should increase. Banks are already setting aside fewer dollars to deal with the losses, according to the FDIC. New provisions for loan losses fell to $20.7 billion in the first quarter from $51.6 billion a year earlier. This marks the sixth quarter in a row that loss provisions have had a year-over-year decline. It is the smallest quarterly loss provision for the industry since third quarter 2007.
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Posted: Thursday, June 30th, 2011 at 5:27 am
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GAINESVILLE, Fla. — Florida was again one of the country’s leaders in population growth in the last decade, but the growth rates over the past few years have been among the lowest in the state’s history, according to a new study by the University of Florida.
Florida’s permanent resident population increased by more than 2.8 million between 2000 and 2010 — an increase of 17.6 percent to 18,801,310. That mark was the third-largest numeric increase and the eighth-largest percentage increase in the country. However, the growth rate lagged behind previous periods for the state, and projections are the growth rate will steadily decline through 2040.
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Posted: Monday, June 13th, 2011 at 10:57 am
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When Orlando business broker George Rosen seeks to finance the sale of a company, his most likely source is a 7(a) loan backed by the U.S. Small Business Administration.
Banks and most other financial institutions won’t touch many of his deals because they almost always involve financing of goodwill — a company’s reputation or position in the marketplace that has value but is not a tangible asset, said Rosen, managing director of Orlando-based Contango Investments Inc.
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Posted: Monday, June 13th, 2011 at 5:18 am
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Owners of big-name office buildings in some U.S. cities are racing to put them up for sale to exploit surging prices before it is too late.
In recent weeks, owners of the Willis Tower in Chicago, Constitution Center in Washington, the Seagram Building in New York and numerous other large properties have put all or portions of them on the block. They are hoping to cash in on the near-boom-era prices being paid by yield-hungry investors discouraged by the volatility of stocks and low interest rates in the bond market.
The surge comes as the U.S. economy shows new signs of weakness, raising questions about the direction of office rents and vacancy rates.
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Posted: Wednesday, June 8th, 2011 at 5:02 am
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In a move aimed at jump-starting Florida’s ailing economy, Florida Power & Light Co. wants to offer discounted electricity rates for businesses that start up, expand or relocate in its 35-county territory.
FPL President and CEO Armando Olivera said Thursday that the company has filed a petition with the Florida Public Service Commission seeking approval to implement the plan to expand its ability to help new businesses thrive.
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Posted: Monday, June 6th, 2011 at 5:49 am
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