Simona Covel hunts for a two-bedroom apartment in Chicago and learns that a 10% drop in home prices doesn't necessarily translate.
Office rents declined throughout the U.S. as business slowed and landlords grappled with a growing expanse of empty space.
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Spending on U.S. construction projects is holding up better than expected, but it is likely to falter in the coming months.
![[Marvene Haltermans condemned shack in Arizona]](http://s.wsj.net/public/resources/images/P1-AO182_SHACKp_A_20090102150821.jpg)
A small shack in Arizona with a $103,000 mortgage helps explain how a series of bad decisions can add up.
![[The Palmazes built a huge underground complex for their winery in Napa.]](http://s.wsj.net/public/resources/images/WK-AO157_HOME_C_A_20081230144813.jpg)
The Palmazes dreamed of a 100,000-square-foot wine cave. The neighbors weren't happy.
![[Private Properties]](http://s.wsj.net/public/resources/images/OB-CW811_privpr_A_20081231113631.jpg)
A manor house that's about half a millennium old has gone on the market for $595,000 in the French region of Normandy … a mansion in Los Angeles' Bel Air neighborhood has sold for $38 million … and more.
![[Relative Values: Winter Real Estate, Naples, Florida]](http://s.wsj.net/public/resources/images/OB-CW844_rv11_A_20081231131905.jpg)
Weathering the winter in places where prices -- but not temperatures -- have been dropping.
The National Association of Realtors said an increase in fees by Fannie Mae "imposes major new costs" on home buyers and people trying to refinance into more affordable mortgage loans.
A buyer is ready to plunk down $1.65 million, but the seller owes more than that on the house. What to do?
From property-themed haiku to TARP limericks, this year's Wall Street crisis inspired a crop of financial poetry.
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![[SLS owner Sam Nazarian, right, with L.A. Mayor Antonio Villaraigosa.]](http://s.wsj.net/public/resources/images/MK-AT679_HOTELS_A_20081230180018.jpg)
Los Angeles's newest luxury hotels are showing signs of strain as room occupancy rates fall.
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![[With efforts to stem home foreclosures stagnating, mortgage 'cram-down' efforts seem destined to re-emerge under the new Congress. Here, a foreclosed home for sale in Lakewood, Colo., in September.]](http://s.wsj.net/public/resources/images/MI-AU302_BANKRU_A_20081230173625.jpg)
The effort to give bankruptcy judges the power to rewrite mortgages is gaining steam.
![[Shanghai World Financial Center, China]](http://s.wsj.net/public/resources/images/OB-CW743_Bluepr_A_20081230162300.jpg)
The global economic crisis has taken its toll on real-estate deals in practically every market. Here is a scorecard of how some of them fared this year.
![[House of the Day: A Spanish Island Retreat in Ibiza]](http://s.wsj.net/public/resources/images/OB-CW470_ibizap_A_20081229100809.jpg)
The Spanish island of Ibiza is known both for its natural beauty and nightlife. Take a look at one house in the island's San Jose neighborhood that is on the market for €6.5 million, or $9.25 million.
A measure of October home prices dropped by the sharpest annual rate on record. Separately, consumer confidence hit a new low in December.
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![[New York, Boston Prices Expected to Fall Further]](http://s.wsj.net/public/resources/images/NA-AV014_HOUSIN_A_20081230210352.jpg)
Cities that haven't seen steep drops in housing prices, such as New York, may be in the worst shape because they have further to fall.
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![[House of the Day: 43 West 64th Street, No. 6A on Manhattan's UWS]](http://s.wsj.net/public/resources/images/OB-CW490_nycpro_C_20081229115359.jpg)
The price on a four-bedroom apartment on Manhattan's Upper West Side has been cut for the third time in a year, most recently by more than 15%.
![[Money's Worth: Ski-In, Ski-Out Convenience]](http://s.wsj.net/public/resources/images/OB-CV967_mw5_A_20081222174154.jpg)
For skiers, nothing says luxury so much as an ideally situated ski-in, ski-out home. Here are three such ski properties on the market.
![[Homes in Ski Towns]](http://s.wsj.net/public/resources/images/WK-AN881_REL_VA_A_20081204113507.jpg)
Homes in ski towns with well-established winter-sports schools and plenty of family activities.
![[A decade's most remarkable homes]](http://s.wsj.net/public/resources/images/OB-CW115_topfiv_A_20081223134702.jpg)
In the last decade, some architects resisted the housing boom's mentality of excess to design homes that are smaller and incorporate recycled materials.
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General Growth changed its bankruptcy counsel to Weil Gotshal, parting with Sidley Austin.
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![[House of the Day: Fort Lauderdale]](http://s.wsj.net/public/resources/images/OB-CR547_FL1_A_20081117115911.jpg)
A 20,000-square-foot Florida mansion remains on the market for $28.5 million nearly a year after $6.5 million price cut.
![[Housing Push for Hispanics Spawns Wave of Foreclosures]](http://s.wsj.net/public/resources/images/OB-CX116_forecl_A_20090104212258.jpg)
A push by lenders, lawmakers and advocacy groups to increase homeownership among Latinos resulted in a huge increase in nonprime lending. Now, many Hispanics find themselves mired in the national housing mess.
![[Calls Grow to Cap Property Taxes]](http://s.wsj.net/public/resources/images/NA-AV076_PROPTA_A_20090104221527.jpg)
Support for property-tax rollbacks is building, fueled by homeowners who are seeing rising tax bills despite plunging home prices.
The pricing of derivatives linked to U.K. property prices suggests that investors will lose as much as 20% and that a recovery in the property market is still far off.
—Tom Kundig, principal, Olsen Sundberg Kundig Allen Architects“It seems a lot of the innovation wasn't in how houses were built or how they look or function. Instead the novelty was in financing.”
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