| The daily source on REITs and real estate investment |  |
- U.S. economy on steady but uninspiring course
The picture of the U.S. economy that's emerging is one of 2% annual growth in GDP and wages and not enough job growth to make much progress on those fronts. This is the new normal for at least the first half of the year, economists predict, but the second half might see some improvement. MarketWatch
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Basel Committee weighs in on bad debt bank standards: The Basel Committee has revealed the minimum requirements it wants to see banks use when making provisions for bad debt. The committee's position is laid out in a letter to the International Accounting Standards Board and the U.S. Financial Accounting Standards Board just made public. The committee's input comes as the two standard-setting bodies are struggling to reach convergence on this issue. "While the boards have made significant progress in developing expected loss models, we also remain concerned as to whether the eventual standards will result in the early and timely build-up of sufficient levels of credit allowances," the committee's letter said. Reuters
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- SEC approves RREEF's $2.5B offering
The Securities and Exchange Commission has given the nod to RREEF Property Trust's public offering of $2.5 billion in common stock. Net proceeds will be used for acquisitions. The timing of the offering hasn’t been finalized. GlobeSt.com
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| Real Estate Marketplace | | |
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- Sabin: Favorable retail opportunities ahead
Excel Trust has a robust pipeline and sees favorable opportunities ahead, said Gary Sabin, chairman and CEO of Excel Trust, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. "We have several hundred million dollars of properties that we are sifting and trying to have that cream rise to the top," he said. REIT.com
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| Policy Watch | | |
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- FHA drops reporting requirement for small banks
The Federal Housing Administration has ruled that small banks, credit unions and thrifts will not have to submit annual internal control and compliance reports for the single-family loan program -- reports that would require the hiring of auditors or accountants. The institutions had argued that such a requirement would be too expensive for them, and several had dropped out of the program. AmericanBanker.com (free registration)
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 | If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that may be said to possess him."
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