The Los Angeles Business Journal rounds up how real estate businesses were rocked by yesterday's Wall Street dive: Maguire Properties dropped 18 percent to close at $5.7, while CB Richard Ellis dropped 17 percent to $11.51, and KB Home fell 10 percent to $19.34. Additionally, another article in the LABJ looks at the fallout the banking crisis will have on the already-softening office space sector. Notably, Century City, downtown and parts of the San Fernando Valley will likely be vulnerable (AIG, Merill Lynch, and Lehmen Brothers all hold leases in Century City and downtown, while Countrywide and IndyMac are in the Valley). The upside is that office rents could come down. Meanwhile, some answers to your worries about your shrinking 401(k) from the New York Times, and here's a very stern lecture from the Wall Street Journal on cutting back on spending-and they recommend you start right now. So cancel the ski trip and the Tivo. [LABJ/NYT/WSJ]
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