GE Real Estate foreclosed Jan. 6 on a portfolio of 2,284 apartments in Alabama.

The growing likelihood that the German government will take over Hypo doesn’t bode well for a fast recovery of the European capital markets for real-estate investors.

Markets News on stocks, currencies and oil.

The US Conference Board Consumer
Confidence Index, which had decreased in December, inched lower in
January and continues to be at a historic low. The Index now stands
at 37.7 (1985=100), down from 38.6 in December. The Present
Situation Index declined slightly to 29.9 from 30.2 last month. The
Expectations Index decreased moderately to 43.0 from 44.2.

S&P/Case-Shiller Home Price Indices:  Data through November 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of US home prices, shows continued broad based declines in the prices of existing single family homes across the United States, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10% versus November 2007. The annual price falls, were led by 32.9% in Phoenix, 30.8% in San Francisco and 28.7% in Miami. 

The German Ifo Business Climate Index for industry and trade, unexpectedly rose in January for the first time in eight months, after the European Central Bank lowered interest rates and the German government proposed a second economic stimulus package to fight the recession. Following a strong decline in the last year, the Business Climate Index continues at a low level. The two components of the Business Climate changed in different ways: Whereas the firms again assessed the current situation as worse, they are a little less sceptical about their business in the next six months.

Markets news on stocks, currencies and commodities.

Asia-Pacific Business & Finance
News: The Chinese Lunar New Year began on Monday and the Year of the Ox coincides
with economic worries fro Chinese people across Asia and in the rest of the
world. An estimated 1 million jobs have been lost in the run-up to the holiday
period.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Iceland’s Prime Minister, Geir H. Haarde, on Monday announced the resignation of the coalition government of the Independence Party and the Social Democratic Alliance following a campaign by street protestors who are angry about the economic meltdown. Thousands of Icelanders had taken to the streets, protesting against the government’s handling of the economy, clattering pots and kitchen utensils in what some commentators dubbed the “Saucepan Revolution.” Police had used tear gas last Thursday, to quell a protest for the first time since 1949.