IN BRIEF

SAN DIEGO

Group sees modest growth for prices, rising sales for housing

Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday.

Home resales are projected to total 5.7 million next year, up from an estimated 5 million this year. Prices will climb about 4 percent after a projected decline of 13 percent this year, according to Lawrence Yun, chief economist for the trade association.

The housing market's rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in September to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market.

Hooters Hotel expresses financial concerns in filing

Hooters Hotel continues to operate under default, expressing concern that the property's cash on hand and expected cash flows may be insufficient to cover financial obligations including debt payments, a filing Friday with the Securities and Exchange Commission shows.

Hooters' loss increased to $5.38 million in the third quarter ended Sept. 30 from a loss of $5.26 million a year earlier.

Quarterly revenues dropped 24.5 percent, to $10.7 million from $14.2 million.

Casino revenues fell 33.1 percent in the quarter and room revenues dropped 26.2 percent.

Hooters has $144.5 million in long-term debt. The property failed to make $5.7 million in interest payments in April and October. Average daily room rates in the 696-room hotel dropped to $47 from $58 last year.

WASHINGTON

Despite weakening dollar, September trade deficit rises

A weaker dollar may boost the nation's economy by increasing exports and narrowing the trade gap -- but that won't happen anytime soon.

Instead, the nation's trade deficit rose in September by the largest percentage in a decade as U.S. exports grew for the fifth straight month, but imports rose faster, a government report showed Friday. That trend is likely to continue until the middle of next year, economists said.

Rising oil prices and higher purchases of foreign goods by U.S. companies drove imports higher. So did more purchases of foreign parts by U.S. manufacturers, which are ramping up production in the fledgling economic recovery.

Falling revenue figures in loss in quarter for Las Vegas Hilton

The Las Vegas Hilton posted a net loss of $13.2 million for the third quarter ended Sept. 30, driven by continued sharp decreases in revenues, a filing with the Security and Exchange Commission shows.

Net revenues dropped 30.6 percent, to $44 million in the quarter from $63.5 million for the same time last year. The quarterly net loss is an increase from the $6.2 million net loss posted the same quarter last year.

The property has $235 million in long-term debt, $230 million of which matures in June 2011.

The property is 60 percent owned by Los Angeles-based real estate firm Colony Capital; Whitehall Street Real Estate Funds controls the rest.

1st Commerce Bank purchase now off, companies decide

Western Liberty Bancorp and Capitol Bancorp on Thursday said they agreed to terminate Western Liberty's planned purchase of 1st Commerce Bank of North Las Vegas.

Western Liberty, a New York-based company previously known as Global Consumer Acquisition Corp., in July announced an agreement to acquire $45 million-asset 1st Commerce Bank and the Nevada banking operations of Colonial Bank, which was headquartered in Montgomery, Ala. By acquiring 1st Commerce, Western Liberty obtained a state bank charter for Colonial Bank branches.

However, regulators seized Colonial Bank before Western Liberty closed on the purchase and BB&T Corp. took over Colonial.