Real Estate

Fannie Mae Is Fifth-Biggest Lehman Creditor With $15.8 Billion in Claims Fannie Mae, the money-losing mortgage-finance company seized by regulators, said it has $15.8 billion in claims against bankrupt securities firm Lehman Brothers Holdings Inc. that it will at best partially recover.

Stuyvesant Town $3 Billion Loan Moved to Servicer, Fitch Ratings Says The $3 billion loan backed by Stuyvesant Town-Peter Cooper Village in Manhattan was transferred to a special servicer at the request of Tishman Speyer Properties Inc. and Blackrock Realty, Fitch Ratings said.

U.S. Commercial Property Is `Long Way' From Rebound, GE's Pressman Says The U.S. commercial property market is far from recovery and needs job growth, sustained low interest rates and further government support, said GE Capital Real Estate Chief Executive Officer Ronald Pressman.

Decline in London Luxury-Home Prices Slows on Scarce Inventory for Sale Luxury-home prices in London had their smallest annual decline in 15 months in October on a shortage of properties for sale, Knight Frank LLP said.

U.K. Home Prices Will Probably Fall Next Year, Savills and Cluttons Say U.K. home prices probably will fall as much as 6.6 percent next year, reversing an estimated 3.7 percent gain in 2009, as unemployment deters buyers and more properties go on sale, London-based broker Savills Plc said.

Shanghai Farmers Lose Fields as Disney Kingdom Creates `Crazy' Home Prices Walt Disney Co.’s newest castle may rise from the Shanghai fields where retired farmer Jin Xinmei and her husband grow Chinese cabbage, potatoes and strawberries to supplement their $103 monthly pension.

PennyMac Declines After Analyst Cites Slow Deployment of Capital for Loss PennyMac Mortgage Investment Trust, headed by former Countrywide Financial Corp. President Stanford Kurland, fell the most since it began trading in July following an unexpected loss.

AIG Plunges as Sales Decline at Property-Casualty, Life Insurance Units American International Group Inc., the insurer bailed out by the U.S., fell the most in two months in New York trading after posting sales declines at its property-casualty and life insurance divisions.

California, Connecticut Begin $2.1 Billion of Bond Sales to Close Deficits A public agency in California, the U.S. state with the most municipal debt, and the wealthiest state, Connecticut, began taking orders today for $2.1 billion in bond sales to help with budget deficits.