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Canada: Flaherty dismisses worries over housing market amid ‘healthy’ correction

Posted on 15 May 2013 by Laxman  |  Email |Print

Finance Minister Jim Flaherty is dismissing fears about Canada’s housing market, saying the current slowdown is welcome news and that there is no need for further government intervention.
While some observers are expressing fears that a steep correction is underway that will bring down housing values and possibly affect bank credit ratings, Flaherty said Tuesday that he believes government mortgage tightening last July actually helped avert what could have turned into a housing bubble……………………………………Full Article: Source

George Osborne’s housing market sweeteners set to leave a bitter taste

Posted on 15 May 2013 by Laxman  |  Email |Print

Boosting the housing market to provide a feelgood factor is unlikely to work in the long term – and an economic study from Denmark suggests it won’t work in the short term either.
George Osborne was adamant when he became chancellor of the exchequer three years ago that Britain’s economic model had to change. Out would go an over-reliance on public and private debt, in would come the “march of the makers”……………………………………Full Article: Source

China likely to ease property controls by year-end -Former PBOC Adviser

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s policymakers will likely ease back on controls over the property market by the end of the year as such measures could hurt growth, a former academic adviser to the nation’s central bank said Monday.
“If the new government is too eager in slowing down the housing market that will do no favors for the Chinese economy,” said Li Daokui, former adviser to the People’s Bank of China. “In the long term growth is the solution,” he told a financial forum. He didn’t give any specific predictions of what form the policy retreat might take………………………………………..Full Article: Source

International property investors should beware London traps, says Riverside Capital’s Dominic Wright

Posted on 26 April 2013 by Laxman  |  Email |Print

Overseas investors looking to buy into the UK commercial property market are entering an extremely popular market and without proper knowledge and guidance they can find their investments have not been best placed.
Considered a safe haven, the London property market in particular has seen massive levels of investment in 2012 - around £16bn. Compare that to less than £4bn going into the New York property market in the same time frame and it provides a clear indication of just how attractive a location London is for overseas investors………………………………………..Full Article: Source

Zillow CEO Spencer Rascoff: Pulling back the veil on the housing market

Posted on 25 April 2013 by Laxman  |  Email |Print

Online real estate marketplace Zillow has brought to home buying and selling what a previous generation of travel websites provided to shoppers wanting to compare the prices of hotels, rental cars and airline flights — transparency. But finding data that is reliable across the board can be difficult, according to Zillow CEO Spencer Rascoff. And the key is not just simply to offer the information, Rascoff said during a recent conversation with Knowledge@Wharton and Wharton real estate professor Susan M. Wachter; it’s about the various sub-models the company’s software incorporates.
Zillow has a database of more than 110 million U.S. homes that includes homes for sale and homes for rent. It also incorporates Zestimate, which helps calculate home values. Zillow is the leading real estate website, Rascoff notes, but only about 12% of Americans have heard of it………………………………………..Full Article: Source

Housing market sprouting spring blossoms: CEOs

Posted on 25 April 2013 by Laxman  |  Email |Print

An ongoing rebound in the new home market is leading to better sales of building materials like roofing as well as new appliances, two CEOs told CNBC.
“We had a great quarter in roofing,” Owens Corning CEO Michael Thaman told CNBC’s “Street Signs” on Wednesday. “We’re seeing insulation, despite the fact that it’s losing money, move back into profitability. And we think composites will begin to turn the corner in the second quarter and improve in the second half.”……………………………………….Full Article: Source

Tycoon tests Singapore market with priciest home: Southeast Asia

Posted on 15 April 2013 by Laxman  |  Email |Print

Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals.
Wing Tai Holdings Ltd. (WINGT) Chairman Cheng is seeking a record S$300 million ($242 million) for a home near the Orchard Road shopping belt. The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent………………………………………..Full Article: Source

New Zealand house sales jump as finance minister warns on prices

Posted on 12 April 2013 by Laxman  |  Email |Print

New Zealand house sales rose to the highest in almost six years as prices surged, adding to a property market boom that Finance Minister Bill English said might trigger an earlier increase in interest rates.
House sales climbed 11 percent from March last year to 8,128, the most for a month since May 2007, the Real Estate Institute of New Zealand said in an e-mailed statement. House prices advanced 8.6 percent from a year-earlier, led by a 16 percent jump in Auckland, home to a third of the nation’s 4.4 million people………………………………………..Full Article: Source

Scotiabank CEO sees Canadian housing slowdown, not crash

Posted on 10 April 2013 by Laxman  |  Email |Print

Bank of Nova Scotia Chief Executive Rick Waugh said on Tuesday that mortgage delinquencies have risen at Canada’s third-biggest bank, but that he does not foresee a U.S.-style housing crash. “We still anticipate what I would call in terms of housing, a soft landing, and all the metrics which we watch daily confirm that,” Waugh said.
His comments, part of an answer to a shareholder question about risks for the bank from the domestic housing market, came as data showed Canadian housing starts edged higher in March, offering some reassurance that the housing market is cooling rather than crashing………………………………………..Full Article: Source

Property tycoon doubts real estate measures

Posted on 09 April 2013 by Laxman  |  Email |Print

One of China’s leading property tycoons, Ren Zhiqiang, the chairman of Hua Yuan Real Estate Group, has questioned the consistency of China’s latest market regulations and whether they will be able to rein in the country’s skyrocketing house prices. Ren said the measures had failed to keep China’s property price at a reasonable level while hurting the market’s autonomy.
“The property control policies have gone wrong from day one,” said Ren. “A series of policies, including the bidding system for land acquisition, the housing credit policy and the public finance system, have actually helped push up China’s property prices, instead of cooling them.”……………………………………….Full Article: Source

Paulson says US is on its way to another housing market crash

Posted on 05 April 2013 by Laxman  |  Email |Print

If it does not reform Fannie Mae and Freddie Mac, the state-backed lenders that guarantee mortgages and were implicated by economists in the financial crisis, the US may face another housing crash, former Treasury secretary Hank Paulson said.
“Today, the government is guaranteeing 90 per cent of the mortgages,” Paulson will say. “If the government keeps doing this, and markets aren’t allowed to work, we’ll be right back where we were in 2007 and 2008.” Paulson called for reform, saying that the fact Fannie and Freddie have swung into profit should not blind policymakers to the dangers of a lender not restricted by market rigour………………………………………..Full Article: Source

Real estate not a pillar sector: Economic planner

Posted on 25 March 2013 by Laxman  |  Email |Print

China does not regard its property market as a pillar sector for its economy, according to an official with the country’s economic planner. Zhu Zhixin, deputy director of the National Development and Reform Commission, made the remark Sunday in response to the widespread misunderstanding of the importance of the housing market.
He was speaking at the ongoing China Development Forum held in Beijing. Instead, the central government considers the construction industry as a pillar one, he said………………………………………..Full Article: Source

China tycoon warns property bubbles tend to get out of control

Posted on 22 March 2013 by Laxman  |  Email |Print

A series of remarks recently published by Wang Shi, chairman of China’s largest real estate developer Vanke, signal China’s property market is facing a turning point, 21st Century Business Herald reported. “There are obvious bubbles in the property market, and it is possible it will get out of control and crack,” Wang warned on his personal micro blog on March 11.
According to data released by the National Bureau of Statistics on March 18, new house prices in 70 cities in February increased by 90 per cent from January, and the rate of increases in Beijing, Shanghai and Guangzhou were on the top of the list, hitting record highs………………………………………..Full Article: Source

Future of the housing market is ‘a great unknown’: Robert Shiller

Posted on 19 March 2013 by Laxman  |  Email |Print

There’s no doubt the housing market is recovering. New and existing home sales are well above the levels of a year ago and inventories are at their lowest level in 13 years. Plus, home prices are 7% higher than they were a year ago, according to the latest S&P/Case-Shiller report.
But along with this good news are growing concerns that another bubble is forming in the housing market. Feeding those fears is a growing number of all-cash purchases for homes—primarily by speculators. They account for 27% or more of existing home sales every month over the past year, according to the National Association of Realtors………………………………………..Full Article: Source

Housing rebound has a long way to go: Meritage CEO

Posted on 19 March 2013 by Laxman  |  Email |Print

The housing market is rebounding, but the new-home market still has a long way to go before it’s back to normal, Meritage Homes CEO Steven Hilton told CNBC’s “Squawk on the Street” on Monday.
“Our business has been strong,” Hilton said. “We’ve had very brisk traffic and sales activity across all our communities.” He also suggested that the third monthly drop in homebuilder sentiment reported by the National Association of Home Builders was inconsistent with business activity………………………………………..Full Article: Source

Saudi: ‘Do not inflate housing issue’

Posted on 18 March 2013 by Laxman  |  Email |Print

The Minister of Economy and Planning Mohammad Al-Jasser said, “We will not overcome the issue of housing through exaggeration while ignoring achievements. What we are looking for rather is to be accurate when stating new data and not exaggerating the issue of lacking houses in the Kingdom.”
He added that the housing projects would provide new job opportunities to the public. The government, he said, would look into all issues related to urbanization that includes the issue of pollution, and increase in crimes, need for water and power supply, as well as other challenges. He said: “Providing houses will help create political and social security.”……………………………………….Full Article: Source

Canada: Home prices to gain ‘measly’ 2pct a year over next decade: TD

Posted on 12 March 2013 by Laxman  |  Email |Print

Canada’s housing market has been a source of angst for many, for industry players who have watched it cool over the past half-year, and for policy makers who are trying to engineer a soft landing and believe they have done so.
The market has cooled significantly since Finance Minister Jim Flaherty brought in his fourth round of mortgage restrictions last summer, and credit growth has slowed. So much so that last week, the Bank of Canada removed from its policy announcement a warning that it could hike interest rates to stop borrowers who have push their debt to record levels………………………………………..Full Article: Source

We’re betting big on residential real estate: Blackstone CEO

Posted on 12 March 2013 by Laxman  |  Email |Print

Blackstone Group is betting heavily on residential real estate, Chairman and CEO Stephen Schwarzman said. “Blackstone is now the largest owner of individual houses in the United States,” Schwarzman said, pointing to his company’s $3 billion portfolio of residential real estate.
But given the nascent recovery in the housing market, they’re not buying and selling them quickly but rather renting them out. “It’s a good business for us. It’s a new thing, but it’s also good for America,” he said……………………………………….Full Article: Source

China’s property curbs are unsuccessful, billionaire Lo says

Posted on 08 March 2013 by Laxman  |  Email |Print

China’s property curbs in the past decade have been unsuccessful and the new round of measures will slow property sales, said billionaire Vincent Lo, also a member of the government’s advisory board.
“Certainly they haven’t been,” said Lo, chairman of Shui On Land Ltd. (272), a Shanghai-based developer, in an interview in Beijing yesterday. “Had they been successful, home prices wouldn’t have risen higher the more the government curbed.”http://www.bloomberg.com/news/2013-03-07/china-s-property-curbs-are-not-successful-billionaire-lo-says.html” target=”_blank”>Source

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China’s ‘ghost cities’ warn of property bubble: Chanos

Posted on 08 March 2013 by Laxman  |  Email |Print

Avoid investments that rely on the Chinese real estate market because the bubble there is getting “bigger, and bigger, and bigger,” hedge fund manager Jim Chanos told CNBC on Thursday. “Anything that’s depending on the Chinese economic miracle I would be careful of,” Chanos said.
The founder of Kynikos Associates, said it was “somewhat controversial” when he started to warn about real estate in China three years ago. But he added, “[the] property bubble is visual. You can’t miss it [now].”……………………………………….Full Article: Source

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China, HK real estate markets to thrive: Pro

Posted on 08 March 2013 by Laxman  |  Email |Print

Real estate markets in China and Hong Kong are going to thrive, said the CEO of Mapletree Greater China Commercial Trust, Cindy Chow, amid heightened investor concern over a bubble forming in these two markets.
“If you look at the Hong Kong and China [property] markets, we are still very positive about growth. We are seeing strong consumerism and strong take-up in office use,” said Chow. Mapletree Greater China Commercial Trust has one retail mall in Hong Kong - Festival Walk - as well as an office building in Beijing in its portfolio………………………………………..Full Article: Source

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Making sense of Obama’s housing market

Posted on 07 March 2013 by Laxman  |  Email |Print

Despite a national, downward trend in foreclosure rates, too many struggling Americans continue to lose their homes, placing families and the economy at risk. Recovery has been uneven, with some states, such as Oregon, faring better than others.
This is due to a variety of reasons, including locally enhanced legal responsibilities imposed upon lenders, higher-than-average home sales and decreasing unemployment rates. Other states such as New York, New Jersey and Florida continue to see people struggling greatly and often failing to hold onto hearth and home………………………………………..Full Article: Source

Five questions for Barry Sternlicht on the housing recovery

Posted on 06 March 2013 by Laxman  |  Email |Print

Starwood Capital Group Chief Executive Barry Sternlicht has invested in nearly every corner of the real-estate world, from hotels to condos to shopping malls.
In the last few years, however, the property magnate and creator of the W hotel brand has increased his presence in the world of residential real estate by snapping up cheap land from builders, buying about 1,500 foreclosed single-family homes to renovate and rent out, and most recently, by taking home builder TRI Pointe Homes Inc.public in a stock offering………………………………………..Full Article: Source

BSG eyes distressed European property

Posted on 04 March 2013 by Laxman  |  Email |Print

Beny Steinmetz, the diamond mining entrepreneur and one of Israel’s richest men, is launching a $2bn venture to buy distressed European property, marking the latest effort by a wealthy investor to cash in on the funding difficulties facing the continent’s governments and companies.
The billionaire has hired Chris Papachirstophorou, a former head of real estate at Deutsche Bank’s fund management arm, RREEF, to oversee the business, which will be launched on Monday………………………………………..Full Article: Source

More adjustment to come in home prices: Carney

Posted on 18 February 2013 by Laxman  |  Email |Print

The correction underway in Canadian house prices is likely to persist for another two years, warns Bank of Canada Governor Mark Carney. “We’ve seen the adjustment in the housing market. We think there’s a bit more to come over the next couple of years,” Carney said.
Carney said rapidly rising prices experienced in Canada over the past decade are “certainly not normal” and Canadians shouldn’t count on home prices to be their main source of wealth gains………………………………………..Full Article: Source

Toronto: Is it bloom or bust for real estate this spring?

Posted on 18 February 2013 by Laxman  |  Email |Print

Economist David Madani sent shock waves through the real estate industry when he predicted that Toronto’s overheated housing market was due for a 25 per cent correction. That was two years ago.
He’s still waiting — and watching closely — as the GTA heads into one of the most pivotal spring markets of the last two decades. Madani remains convinced that the most prolonged housing boom in history, fuelled largely by low interest rates, is headed for a hard landing, particularly in Toronto’s “overbuilt” condo sector………………………………………..Full Article: Source

Housing market still needs Fannie Mae, says chief economist Doug Duncan

Posted on 08 February 2013 by Laxman  |  Email |Print

No matter what indicator you look at, the housing market is improving. New and existing home sales are rising. So are home prices. Even foreclosures are declining. In the latest housing data release, the National Association of Home Builders Wednesday reported that the housing recovery has spread to 70% of the 361 metro markets tracked by an NAHB/First American index compared to just 3% in September 2011.
Fannie Mae, the government-sponsored enterprise which buys and packages mortgages into securities for investors, says its own survey of consumers shows increasing optimism about the housing market, and the broader economy………………………………………..Full Article: Source

Fed’s Duke says stronger housing market to spur growth

Posted on 06 February 2013 by Laxman  |  Email |Print

Federal Reserve Governor Elizabeth Duke said she’s upbeat about the outlook for the U.S. economy in part because of a rebound in housing, even after growth stalled during the fourth quarter.
“I’m actually on the optimistic side,” Duke said today in response to audience questions during a speech in Duluth, Georgia. “If you look at the underlying thesis, the growth in consumer spending and some of the business growth, I think there is some momentum building, particularly in the area of housing.”……………………………………….Full Article: Source

Most powerful Arabs in real estate

Posted on 04 February 2013 by Laxman  |  Email |Print

Emaar boss Mohamed Alabbar tops the Gulf Business list of the most powerful Arabs in the real estate.
The chairman, who has been instrumental in shaping the region’s real estate landscape, is also a trusted advisor to Dubai’s Ruler, HH Sheikh Mohammed. In a sign that Emaar has balanced its books after Dubai’s real estate crisis, the company’s shares have nearly doubled in the last one year. Charismatic Alabbar also runs 60 global companies beneath the Emaar banner……………………………………..Full Article: Source

VietNam: Saving real estate market is not “rescuing the rich”

Posted on 31 January 2013 by Laxman  |  Email |Print

The spokesman of the Government, Minister Vu Duc Dam has confirmed that the plan to remove difficulties for the real estate market will benefit the medium and low-income earners more than the rich. The Chairman of the Government Office –Vu Duc Dam – said the resolution to remove difficulties for the real estate market does not aim to save the rich, but for the sake of the economy.
“The Government never focuses on saving the rich. The Government’s management is for economic development. The Government’s consistent priority is for the difficult subjects,” Dam emphasized………………………………………..Full Article: Source

Vanke boss sees bubble in spike

Posted on 29 January 2013 by Laxman  |  Email |Print

China Vanke chairman Wang Shi said mainland home prices are high and he sees bubbles forming. “The bubble must be controlled, or both the real estate market and domestic economy will be jeopardized,” the boss of the world’s largest developer by turnover warned.
However, he does not think any bubbles are “set to burst” any time soon because home prices in first and second-tier cities have been under control since 2010, when Beijing executed a series of cooling policies………………………………………..Full Article: Source

Ireland: Economist questions house price statistics

Posted on 24 January 2013 by Laxman  |  Email |Print

A senior economist has questioned the credibility of the Central Statistics Office’s house price statistics, and said the decline in house values is much higher than the CSO estimates. Conall MacCoille, chief economist with Davy, said the launch of the national property price register “has added to the evidence that the CSO index is increasingly unrepresentative of true market conditions”.
The latest CSO house price index shows that, after an increase of 1.1% in November, residential prices fell 0.5% in December………………………………………..Full Article: Source

Finance minister Flaherty ‘pleased’ as Canada’s housing market softens

Posted on 17 January 2013 by Laxman  |  Email |Print

Finance Minister Jim Flaherty says he’s happy that the rapid increase in Canadian home prices is over. In fact, he would be pleased if the housing market softens further. “I don’t mind prices coming down a bit, too,” he said in an interview, after the latest data showed that home sales fell sharply in December compared with a year ago.
The figures, released Tuesday by the Canadian Real Estate Association, include all sales of existing homes, or resales, over the Multiple Listing Service………………………………………..Full Article: Source

Australian housing is in ‘largest bubble on record’ and will crash

Posted on 17 January 2013 by Laxman  |  Email |Print

Academic Philip Soos has acknowledged that mainstream opinion is opposed to the idea that a housing bubble exists in Australia, as governments, the FIRE sector (finance, insurance and real estate) and many of his colleagues in academia all claim that prices are linked to fundamentals or intrinsic value.
But noting entrenched views exist on both sides, Soos has repeated his strong belief that evidence suggests the residential property market was currently experiencing a bubble, with prices detached from fundamental valuations. “This appears to be the largest bubble on record, orders of magnitude larger than all preceding bubbles,” he says………………………………………..Full Article: Source

US housing market outlook for 2013 (Video)

Posted on 15 January 2013 by Laxman  |  Email |Print

Managing Director & Chairman of the S&P Index Committee, David Blitzer gives his thoughts on the US Real Estate and Property Market for 2013. In this video, David discusses how housing might add to economic growth in 2013 and what could potentially stall a recovery, factors contributing to explosive growth in certain MSA’s, and whether or not we might see more first time homebuyers enter the market in 2013.……………………………………….Full Article: Source

SNB’s Zurbruegg is concerned about Swiss property market

Posted on 08 January 2013 by Laxman  |  Email |Print

Swiss National Bank Governing Board member Fritz Zurbruegg said the central bank is worried about the development of the country’s property market. “We are concerned,” Zurbruegg said. “We had the impression that the situation eased to a certain extent in the second quarter. Sadly this wasn’t repeated in the third quarter.”
The SNB’s decision to impose a ceiling on the franc in September 2011 as demand for the currency surged has made the Swiss property market more attractive for foreign investors seeking a haven for their money………………………………………..Full Article: Source

U.S. must rethink housing ambitions, BofA’s Moynihan says

Posted on 17 December 2012 by Laxman  |  Email |Print

Brian T. Moynihan, Bank of America Corp.’s chief executive officer, said the U.S. government, lenders and borrowers need to reset their expectation that everyone can own a home.
“We need to look hard at some of the old assumptions and ask the question is homeownership the right solution for everyone?” Moynihan said……………………………………..Full Article: Source

Flaherty takes credit for cooling housing market

Posted on 05 December 2012 by Laxman  |  Email |Print

Canada’s finance minister is taking credit for the recent cooling in the hot housing market, saying a slowdown now is better than a crash later. Jim Flaherty was reacting to the sudden loss of momentum in the Canadian economy and the role housing, with the sector contracting 3.5 per cent annualized in the third quarter, is playing.
The government moved for the fourth time in as many years to tighten mortgage availability in July, resulting in a sharp reduction in housing activity, resales and even lower prices in some markets………………………………………..Full Article: Source

Is Warren Buffett talking up the US housing market?

Posted on 30 November 2012 by Laxman  |  Email |Print

Owain Bennallack and Nate Weisshaar discuss Warren Buffett’s recent opinion piece in the New York Times about increasing taxes on the rich. They look at what investors can learn from Buffett, and if he is talking up his book or really giving good advice.
They also discuss Buffett’s exposure to the US housing market, and whether Berkshire Hathaway will be well placed to benefit. Other companies mentioned include Wells Fargo and Brookfield Asset Management………………………………………..Full Article: Source

Real estate mogul Corcoran: ‘A great time to buy’

Posted on 29 November 2012 by Laxman  |  Email |Print

Housing values are poised to outpace expectations, real estate whiz Barbara Corcoran said Wednesday on CNBC. “You have 30 percent reduction in sale price. You have cheap money around,” she said, adding that in nine out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once. “You don’t think that until you go shopping for a house.”
In response to a question from “Fast Money” pro Tim Seymour about whether people should borrow as much as they can if they can, Corcoran said she agreed with the premise. Multifamily housing wasn’t Corcoran’s first choice………………………………………..Full Article: Source

Canada housing market moving in right direction - BoC’s Murray

Posted on 28 November 2012 by Laxman  |  Email |Print

Canada’s housing market is the key domestic risk to the economy but it is moving in the right direction after a period of overheating, Bank of Canada Deputy Governor John Murray said on Tuesday.
“It’s still early days. But we’re certainly seeing evidence of movement and acceleration in the right direction,” Murray told a business audience after giving a speech in New York………………………………………..Full Article: Source

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Bernanke says Fed will do what it can to support housing

Posted on 16 November 2012 by Laxman  |  Email |Print

Federal Reserve Chairman Ben S. Bernanke said the Fed will take action to speed growth and a rebound in a housing market facing obstacles ranging from too- tight lending rules to racial discrimination.
“We will continue to use the policy tools that we have to help support economic recovery,” Bernanke said today in a speech in Atlanta, Georgia. Bernanke is pressing on with record easing including a plan to buy $40 billion a month of mortgage-backed securities, aiming to spur growth and reduce a 7.9 percent unemployment rate………………………………………..Full Article: Source

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James Hardie sees improving U.S. housing market next year

Posted on 15 November 2012 by Laxman  |  Email |Print

Australian building materials maker James Hardie Industries Ltd said it expected the U.S. housing market would improve next year even as the country faces the risk of tax increases.
“Most of us feel that even if we have some bumps, not shocks, on tax rates and stuff like that, the housing market will still grow. It may not grow at the optimum rate but it will still grow,” James Hardie Chief Executive Louis Gries told reporters on Thursday………………………………………..Full Article: Source

NZ: Property market heat no surprise: English

Posted on 14 November 2012 by Laxman  |  Email |Print

Household incomes have increased by a third in the last four years, while average house prices have risen nationally by only 1.3 percent in the same period, making recent real estate market buoyancy unsurprising, says Finance Minister Bill English.
Appearing before parliament’s finance and expenditure select committee today, Mr English appeared to have prepared the figures in advance for questions on the apparent heat in the Auckland housing market, where average prices have risen above pre-GFC peak levels………………………………………..Full Article: Source

Housing policy still key for Obama’s next term

Posted on 09 November 2012 by Laxman  |  Email |Print

Though it wasn’t addressed much during the presidential campaign, the path toward a housing market recovery will remain a top issue among the many economic problems President Barack Obama faces in his second term.
The real estate market crash was a major trigger for the economic recession the president stepped into four years ago, and it will remain a major part of the overall economic recovery. His reelection was the least disruptive path for current national housing policy………………………………………..Full Article: Source

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Housing still precarious in Obama’s second term

Posted on 08 November 2012 by Laxman  |  Email |Print

The housing market is on the slow road to recovery. Home prices in the last three months rose in 120 out of 149 metropolitan markets surveyed by the National Association of Realtors.
Compare that to just 39 rising metros a year ago. The median home price is up 7.6 percent from a year ago, the strongest year-over-year increase since the first quarter of 2006. Much of that is due to the shift in sales away from distressed properties, as lenders modify more loans and in some case write down mortgage principal………………………………………..Full Article: Source

It’s now Obama’s housing market: Street whispers

Posted on 08 November 2012 by Laxman  |  Email |Print

President Obama’s re-election Tuesday offers him a second shot at fixing the economy and, thereby, the housing market. Or is it fixing the housing market and, thereby, the economy?
The two are inextricably linked, which is why the President cannot afford to put housing issues on the backburner, even amid signs of a recovery in home prices. Housing data in recent months have been encouraging, with the S&P Case Shiller 20-city index showing a 2% rise in August on a year-on-year basis. Housing prices in September rose 5% over a year ago, according to Core Logic , the best showing since July 2006………………………………………..Full Article: Source

In Obama’s second term, what will happen to the housing market?

Posted on 08 November 2012 by Laxman  |  Email |Print

The most glaring absence during the hard-fought campaign between President Barack Obama and Mitt Romney was any offer of substance regarding the housing market. It was, after all, a housing bubble-driven financial crisis that helped propel Obama to victory in 2008 and recent improvements in the housing market that perhaps helped secure his re-election Tuesday night.
So housing policy was always there, even if only in the background. What does the next four years likely hold for the housing market?……………………………………….Full Article: Source

Warren Buffett teams up with Brookfield on huge bet on U.S. housing market

Posted on 01 November 2012 by Laxman  |  Email |Print

Warren Buffett’s Berkshire Hathaway Inc. is extending its bet on the U.S. housing market by forming a venture with Brookfield Asset Management Inc. as low interest rates, inventory and prices spur a real-estate rebound.
Berkshire’s HomeServices of America Inc. unit will be the majority owner of the venture to manage a U.S. residential real- estate affiliate network, according to a statement on the new company’s website. The firms plan to offer a new franchise brand, Berkshire Hathaway Home Services, starting next year. Brookfield’s network has operated under the Prudential Real Estate and Real Living Real Estate brands………………………………………..Full Article: Source

Fischer seen responsible adult in Israeli home bubble

Posted on 01 November 2012 by Laxman  |  Email |Print

Bank of Israel Governor Stanley Fischer is signaling he’s ready to stave off a potential housing bubble like the one that triggered the U.S. housing collapse, even as the government focuses on re-election.
The central bank announced home loan limits this week while at the same time unexpectedly reducing the benchmark rate to the lowest in 22 months. The directives set a maximum loan-to-value for the first time, restricting mortgages to 50 percent for investors, 75 percent for those who have never purchased a home before and 70 percent for everyone else………………………………………..Full Article: Source

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