Housing Giants - June 10, 2008 - (Page 7)

viewpoint By Bill Lurz, Senior Editor, Business Land vaLues stiLL dropping Southern California’s woes continue to hit some of the largest home builders. many of tHe largest home builders lost their shirts in the last couple of years on investments in Southern California’s housing land pipeline. And the down cycle in land values has now gone on long enough that it’s catching some big fish, including CalPERS, the immense California Public Employees Video editorial Retirement System. Hear Bill Lurz’s insight on the latest in the building industry. A real estate partnership involving the huge pension fund is now scrambling to restructure a loan after failing to make a payment on more than $1 billion borrowed to purchase thousands of acres of residential land north of Los Angeles. LandSource Communities Development is now negotiating with a syndicate of more than 100 banks headed by Barclays Capital — trying to restructure www.Housinggiants.com the $1.24 billion in debt. LandSource received notice of default from the banking syndicate in late April, after missing a payment when a decline in the assessed value of 15,000 acres of undeveloped land in the Santa Clarita Valley triggered an additional charge, says Tamara Taylor, a 6.10.08.Housing giants http://www.calpers.ca.gov/ http://www.barcap.com/ http://www.barcap.com/ http://www.housinggiants.com

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Housing Giants - June 10, 2008

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