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ON THE WEB
A ROUNDUP OF OUR MOST POPULAR WEB-ONLY STORIES FROM THE PAST WEEK
If you weren’t reading CommercialRecord.com last week, here’s a sampling of what you missed:
NEWPORT FEDERAL LOSES $800K IN ‘08
Newport Bancorp, the holding company for Newport Federal Savings Bank, which has plans to open a branchin Stonington “soon,” has reported a net loss of $609,000 for the quarter ended Dec. 31. For the quarterended Dec. 31, 2007, the bank reported a net loss of $47,000. For the year ended Dec. 31, the companyreported a net loss of $848,000, compared to net income of $757,000 for the year ended Dec. 31, 2007,a decline of more than 200 percent. According to Newport Federal’s Web site, the bank has plans to open abranch in Stonington, but does not offer a timeline.
U.S. HOUSING MARKET BOTTOM WITHIN SIGHT?
U.S. housing markets from Florida to California have suffered price drops of 50 percent or more from theirpeak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally, according to a re-port from Moody’s Economy.com. By the end of the housing downturn, nearly 62 percent of the nation’s 381metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, saysthe report by chief economist Mark Zandi and a team that includes Celia Chen, senior director of housingeconomics. The declines will exceed 20 percent in about 100 metro areas.
CBRE NET FALLS 95 PERCENT IN Q4
CB Richard Ellis, which has offices in Hartford, New Haven and Stamford, saw its 2008 fourth quarter netincome fall 95 percent year-over-year, from $122.4 million in 2007 to just $6.5 million last year. For theyear, net income stood at $83.9 million in 2008, down almost 79 percent from $390.5 million in 2007.
CBIA VP OFFERS BLEAK ‘09 JOBS OUTLOOK
Peter Gioia, vice president and economist for the Connecticut Business and Industry Association (CBIA),isn’t expecting any substantial improvement in the state’s employment outlook until at least 2010. Gioiacited reports from the New England Economic Partnership and Moody’s Economy.com, both of which expectConnecticut to lose 60,000 to 80,000 jobs in the next 18 months, with no recovery until mid-2010. Gioiasaid the state may lose up to 40,000 more jobs in 2009, though things may be less bleak in the second halfof this year.
SUBMIT A COMMENT
MLS MERGER FERVOR
We asked readers last week to weigh in onwhether or not they felt the Greater FairfieldCounty CMLS ought to merge with the Connecti-cut Statewide MLS. An overwhelming majorityof respondents, more than 93 percent of totalvotes and more than550 total, were infavor of a merger,saying it mightserve agentsbetter thisway.
YES 93%NO 7%
Turf War: Towns’ MLS Independence Draws FirePerks Are Being Dropped – And Added – By BanksCBIA VP Offers Bleak ‘09 Jobs OutlookNewport Federal Loses $800K In ‘08CBRE Net Falls 95 Percent In Q4
U.S. Housing Market Bottom Within Sight?Turf War: Towns’ MLS Independence Draws FirePerks Are Being Dropped – And Added – By BanksUBS Top Job A Poisoned ChaliceAMA, Others Suing Aetna, Cigna Over Payments
here’s What YoUr Peers WereinteresteD in Last WeeK: