CALPERS Housing Portfolio – Down 35% For 2007-2008
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CALPERs, the massive California Public Employees’ Retirement System, has taken a hit in it’s residential housing units. A big hit. A California sized hit.
It is down 35 percent for the fiscal year. Now the losses in real estate are a small part of CALPERs funds, a little under 3 percent, but this is still sizable.
But the big number for CALPERs is that it’s assets are down 63 billion dollars since June of 2007.
If CALPERs is indicative of the marketplace, here is an expectation. The big pension funds are going to be retrenching and not investing in real estate for a while. So this will but more pressure on high rise apartment buildings and complexes in the near future as capital will not be racing into the market.
The California Public Employees’ Retirement System reported Wednesday that in the year ended June 30 its real estate portfolio declined to $6.08 billion from $9.36 billion, based on 461 independent appraisals of its investments in 288,000 housing units across the country.
The decline in real estate represents a portion of CalPERS losses since the fund hit a high of $247.7 billion on June 30, 2007. It fell to $239.2 billion a year later and since then has plunged a further 23%, to $184.2 billion as of Monday.
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Comment by Shawn on 13 November 2008:
Are there any plans for recovery or are they just looking at what happened? That’s a big hit but there have tp be plans to recover their losses, where are they looking?
Thanks
Comment by Rochester MN Real Estate on 13 November 2008:
That’s a lot to recover … hopefully they won’t try and make that up by re-investing in the real estate market. If you get a chance please check out my site at Real Estate Rochester MN
Comment by W.C. Varones on 15 November 2008:
CalPers was lying about its investment performance.
Who coulda knowed?