Financial Business Recap: Blackstone Into FORECLOSURES, General Growth OPTIMISTIC

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Upon approval by its board, Two Harbors Investment Corp. (AMEX:TWO) will spin off its portfolio of single-family properties to a newly formed real estate investment trust, Silver Bay Realty Trust, through which it will receive shares. For its part, Silver Bay has filed for an initial public offering and will purchase additional portfolios of single-family rentals.

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Companies such as The Blackstone Group, L.P. (NYSE:BX), are participating more and more in foreclosure auctions. The new trend of Wall Street rushing into single-family housing is making the purchases of foreclosures for profit that much tougher, as if it were not already.

Mall operator General Growth Properties (NYSE:GGP) now estimates that its fiscal year 2012 FFO will be 96 cents per share, which is below consensus of 97 cents, according to its presentation at the Barclays Financial Services Conference. The firm says that plans for new store openings at its malls stand at a 4-year high, citing international retailers as especially strong.

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