Sunstone Hotel Investors, Inc. today announced that it has entered into a joint venture agreement to acquire the Doubletree Guest Suites Hotel located at the corner of 47th Street and Broadway — in the heart of New York City’s Times Square. Sunstone has made a structured investment in the joint venture totaling $68.5 million, and [...]

Doral Financial said today it had filed its results for the third quarter, posting a loss of $28.7 million. The large Puerto Rican lender is one of a number of lenders based in the U.S. territory to restate finanical results due to improper accounting of mortgage-related transactions. The company said its filing today with the [...]

Price appreciation remains level in Illinois as the housing market continues to transition off the recent boom years for residential real estate. According to MLS data released by the Illinois Association of Realtors, the statewide median sale price in November was $199,000, off 0.5 percent from $200,000 a year earlier.

The lumber industry will likely be saving a few more trees in 2007, according to a forecast by the Western Wood Products Association (WWPA). After four consecutive years of record lumber consumption, demand for lumber fell in 2006 and is expected to slow further during 2007, the association said. Residential construction is the largest market for [...]

The Office of Federal Housing Enterprise Oversight said late Thursday that it has reclassified Fannie Mae as significantly undercapitalized during the fourth quarters of 2002 and 2003 as a result of Fannie Mae’s recently-completed 2004 financial restatement. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requires OFHEO to determine the capital level and [...]

Gene Spirling at Bloomberg looks at where housing is headed in 2007.

New research from Pew Internet & American Life Project says that nearly 2 in 5 internet users have gone online in search of a home.

As the housing slowdown continues, Florida’s resale market continues to be hit hard, according to statistics released today by the Florida Association of Realtors. A total of 11,912 existing single-family homes sold statewide last month, a decrease of 30 percent from the 17,088 homes sold during the previous November. The statewide existing-home median price was [...]

ABN AMRO Bank’s North American businesses, which include ABN AMRO Mortgage Group, Inc. and LaSalle Bank Corporation, will reduce workforce by five percent in 2007, according to a statement released this afternoon. The cuts will amount to nearly 900 jobs, the bank said.

Fitch Ratings has affirmed Aurora Loan Services L.L.C.’s ‘RPS2+’ residential primary servicer rating for Alt-A products and its ‘RSS2-’ residential special servicer rating, the rating agency said in a statement today. In addition, Fitch said it has affirmed Aurora’s residential master servicer rating of ‘RMS1-’.