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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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To: ravenseye who wrote (4574)9/10/2007 2:59:02 PM
From: ravenseye   of 5673
 
Sunday, September 9, 2007 - Page updated at 02:05 AM
Real-estate funds plunge; Franklin, Fidelity slump
By Sree Vidya Bhaktavatsalam
Bloomberg News
Fidelity Investments, Franklin Resources and Kensington Investment Group were the biggest losers in a decline by U.S. real-estate funds that wiped out $13 billion in a three-month period ended Aug. 14.

Property funds, the best performers in 2006, slumped 16 percent, the most of any category tracked by research firm Morningstar in Chicago.

The $5.9 billion Fidelity Real Estate Investment Portfolio, the largest among the group, fell 19.7 percent. The $718 million Franklin Real Estate Securities Fund and the $500 million Kensington Strategic Realty Fund each dropped 20.3 percent, the most among actively managed property funds with more than $100 million in assets.

U.S. house prices are suffering their first annual decline since the 1930s as rising mortgage rates and stricter lending standards hurt demand, according to the National Association of Realtors.

Investors pulled $4.5 billion from real-estate funds in the three-month period after a drop in commercial property shares slashed returns....
seattletimes.nwsource.com
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