As we near the end of 2008, it probably comes as no surprise, that the Dr. Kervorkian of automobile investing, Tracinda Corporation's billionaire investor Kirk Kerkorian, has sold off all of his remaining shares of Ford Motor Co. Having successfully purchased almost $1 billion in shares at an average price of $7.10, Kerkorian sold approximately 134 million shares at around $2.45 a share, a loss in excess of 65%. Apparently his offer to help resuscitate Ford fell on a dumb board of directors, who were fearful of Tracinda's influence. Ford has withdrawn from the Fed bailout, leaving Chrysler and GM…

"A lot of people in that plant feel betrayed by their own government. This is class warfare by Republicans against blue-collar workers," United Auto Workers Local 2209 President Orval Plumlee.  With the big 3 automakers shutting down plant operations for at least the next 30 days, if not longer, UAW rank and file are planning to send a message to their former employers, and it won't be pretty. Their anger is palpable and may show up in a variety of ways. The may vote out their current leadership in exchange for tougher negotiations, or some of them might sign up…

Once I built a tower, up to the sun, brick, and rivet, and lime; Once I built a tower, now it's done. Brother, can you spare a dime?(c) "Brother, Can You Spare a Dime," lyrics by Yip Harburg, music by Jay Gorney (1931) With over $500 billion in commercial real estate loans coming up for renegotiation in the next 3 years, according to some estimates and approximately one third of that in 2009, a number of real estate groups have asked Treasury Secretary Paulson to include commercial real estate as a permissible sector under TARP. With the greatest risks apparently…

"I think we will see a rebound in the economy partly because of this substantial easing that we've seen from the Fed, but I think it will be delayed. I think we are likely to see clear evidence of this emerging towards the end of the fourth quarter this year and a rebound well under way in the first quarter next year." Actor Jimmy Stewart, 1949 Seen this movie before? There have been a lot of questions lately about how the multi-family industry is faring against the backdrop of all of the Federal initiatives. One of the favorite holiday classics…

As the holidays approach, observers of the economy are likely in anything but a festive spirit. A rash of recent news has proven that the turmoil is far from over, and the situation may well become significantly worse before it gets better. The auto industry’s requested bailout remains in limbo at the moment, with President Bush saying he might use funds from the Troubled Asset Relief Program to aid automakers in avoiding bankruptcy. Bush would not provide a timeline for such a plan, which would involve providing the Big Three auto companies with money from TARP, which was originally earmarked…

This is an unprecedented time, as far as I can tell. In the height of the holiday season, when thoughts usually turn to snow angels, twinkling lights and shopping deals, the reverie usually reserved for festive parties has been stolen and replaced by endless news about layoffs, failed federal policy responses and endemic fears about losing one's job. Recently it has come to light that the TARP initiative has failed to provide any modest level of relief for the property sector because the banks taking advantage of the funds haven't followed through on loosening credit standards to average borrowers. Although…

There is a distinction in examining renter trends that often gets overlooked. One of the smartest guys in this business is a research guru at a large owner, who bristles at the idea that there are "shadow markets." In conversations about rental markets, and rightly so, I believe, the point is made that in most metropolitan areas, there have always been renters in a wide variety of housing types and that no one is hiding in the shadows, even though that term has gained great popularity. A leading expert in monitoring markets nationally, Greg Willett, MPF wunderkind and the sultan…

"There's something happening here What it is ain't exactly clear"© Buffalo Springfield The recent employment situation report from the Bureau of Labor Statistics released today show a decline in payroll employment of over 530,000 jobs in November, the ugliest report since 1974. Major revisions to earlier releases including September and October suggest that in the past three months combined, the U.S. has lost 1.256 million jobs. The unemployment rate increased to a staggering 6.7%. According to some analysis of the Mortgage Bankers Association data, about 10% of all U.S. households are in default in one way or another on their…

With so many companies now cutting back on holiday celebrations, this could be the season when property managers can really make a difference in their residents’ lives as well as in their communities. Simple opportunities for get-togethers may now be appreciated more than in previous years when budgets were more lavish. Perhaps the time is right for a return to basics, like a homemade cookie exchange or carol singing. This is the time of year that people especially value warm greetings and times together. They're a welcome antidote to the worrisome headlines of daily news reports.. And with reduced corporate…

Are we bailing on the automakers? Any astute observer of the auto industry will tell you that there is pretty direct correlation between auto sales and housing starts. It's likely that the home equity mortgage withdrawal from the wealth effect is part of the cause, but more importantly the auto industry has created millions of jobs and helped to create the middle class. Taking a moment to look at the history of the industy, since the 1950s, the unions have held an iron grip on labor negotiations, forcing the big 5, now the big 2 (you gotta wonder about Chrysler)…