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US: A reality check on real estate

Posted on 15 May 2013 by Laxman  |  Email |Print

New statistics on the real estate market show home prices have risen by about 9% over the past year. Does this mean that real estate is back? On April 30, the Standard & Poors/Case-Shiller Home Price Indices release showed that a composite of real estate prices in 20 major metropolitan markets had increased by 9.3% over the past year, the best annual gain since May 2006.
Does that mean the housing market is back to the heady days of the real estate boom? A quick reality check shows that not to be the case — which may be good news for would-be home buyers……………………………………Full Article: Source

House prices rise for first time since mid-2010, finds surveyors report

Posted on 14 May 2013 by Laxman  |  Email |Print

Government measures responsible for pickup in demand that has yet to be matched by increase in supply, says Rics. Fresh evidence that Britain’s housing market is recovering from its long post-recession torpor has emerged as estate agents report the first upward trend in house prices in almost three years.
The Royal Institution of Chartered Surveyors (Rics) said the government’s Funding for Lending Scheme (FLS) and the Help to Buy initiative announced in the budget were responsible for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes to buy………………………………………..Full Article: Source

10 hottest U.S. housing markets of 2013

Posted on 10 May 2013 by Laxman  |  Email |Print

After a long and painful downturn in the housing market, home prices in many—but not all—regions of the U.S. are showing signs of recovery. According to Zillow, a real estate listing website, home values rose 5.1% across the U.S. between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. Most of the 10 housing markets on the list were disproportionately hurt by the housing crisis………………………………….Full Article: Source

Real estate markets in the emirate of Sharja remain resilient says Cluttons

Posted on 10 May 2013 by Laxman  |  Email |Print

The real estate market in Sharjah remains resilient and is one of the Emirate’s top performing sectors, according to the latest report from property firm Cluttons.
Residential apartments in popular areas have witnessed an average rental increase of 10 to 15% and in the commercial sector landlords are becoming increasingly flexible with their office leasing agreements, boosting demand………………………………….Full Article: Source

India: Weak demand for real estate may continue in June quarter

Posted on 10 May 2013 by Laxman  |  Email |Print

India’s real estate market is likely to continue to remain sluggish in the quarter ending 30 June and developers may have to drop prices to revive demand for offices and homes, according to industry reports and analysts.
The real estate sector remained weak in the year ended 31 March as investors, buyers and tenants kept away from a market that is bearing the brunt of delays in approvals, rising construction costs and high interest rates. New investments in the real estate sector across India slumped by about 55% in the March quarter to Rs.42,000 crore from Rs.92,600 crore in the corresponding period last year, according to a 6 May report by industry lobby group, Associated Chambers of Commerce and Industry of India or Assocham………………………………….Full Article: Source

Australia: Confused by reports on what the property market is doing? You’re not alone

Posted on 10 May 2013 by Laxman  |  Email |Print

Did city prices stagnate in the March quarter? Or did they show moderate growth? Or perhaps they rose strongly? All three interpretations are possible, depending on which information source you choose to highlight.
The publication this week of the house price indexes from the ABS highlight how important it is for reporters to do more than simply parrot the figures from that single source, with their own inexpert interpretation. Data released earlier from other sources contradict those interpretations………………………………….Full Article: Source

Canada: Housing starts fall 3.5pct in April as market faces ‘new reality’

Posted on 09 May 2013 by Laxman  |  Email |Print

Housing starts cooled in April, suggesting that home builders are scaling back construction in the wake of the decline in home sales. And, notably, the consensus estimate among economists for this important spring month was virtually bang on.
Starts came in at 174,900 on an annualized basis in April, a 3.5 per cent decline from March. Economists had been expecting starts to come in at 175,000 on average………………………………….Full Article: Source

UK: House prices rise in April, says Halifax

Posted on 09 May 2013 by Laxman  |  Email |Print

Prices rose 1.1% over the month and 2% over the year, but significant constraints remain on housing demand, according to the bank. House prices continued on their upward trajectory in April, partly driven by a big drop in the level of new borrower’s mortgage payments in relation to their income over the past six years, according to the Halifax.
Property prices rose by 1.1% in April, the bank said. This followed rises of 0.5% in February and 0.4% in March and contributed to a year-on-year price increase of 2%………………………………….Full Article: Source

Over 50pct of Americans expect home prices to rise

Posted on 08 May 2013 by Laxman  |  Email |Print

More than half of Americans now expect the country’s home prices to climb within the next year, illustrating a growing optimism toward the health of the housing industry, according to new data from mortgage-finance company Fannie Mae.
“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50% threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.”……………………………………….Full Article: Source

Baku real estate market prices grew by 1.2pct in April

Posted on 08 May 2013 by Laxman  |  Email |Print

In April the Baku real estate market observed a price rise by 1.2%. At that, the prices grew by 3.54% since early 2013 and by 7.8% versus the 2012 same term. MBA Group consulting company’s general director Nusret Ibrahimov says that in April prices on the primary housing market of Baku grew by 9.6% from $914 up to $977 per sq m and by 14.68% against last year’s same term.
“Prices on the secondary housing market grew by 2.34% from $1,582 up to $1,619 per sq m. Prices increased by 7.36% against early 2013 and by 12.64% versus last April. Growth of prices was registered in April on the land market of Baku where they increased by 3.5% from $19,026 up to $19,606 per are………………………………………..Full Article: Source

India: Distressed office space assets to go up

Posted on 08 May 2013 by Laxman  |  Email |Print

Supply of office properties from developers struggling to fund, complete or sell their projects is likely to increase further in the April-June quarter, according to the latest RICS India Commercial Property Survey.
This continues from a marked pick-up in the supply of such distressed office properties in the January-March period, the property consultancy said in a report released Tuesday, without giving specific numbers or estimates. While distressed properties would be available at prices lower than market rates, the rise in their supply could dampen the capital values of office spaces, say experts………………………………………..Full Article: Source

Japan is property ‘market to watch’

Posted on 07 May 2013 by Laxman  |  Email |Print

Direct investment in global real estate hit the highest level since 2008 in the first quarter, led by a surge in investment in Asia Pacific commercial property. More than $27 billion was directly invested in Asia Pacific commercial real estate in the first quarter, a 26 percent increase from the same quarter of 2012, according to the last capital flows report from Jones Lang LaSalle. Of the total, $20 billion came from domestic deals, while cross-border transactions in the region slipped 24 percent from a year earlier.
Japan is the “one [market] to watch,” said Stuart Crow, head of Asia Pacific capital markets at Jones Lang LaSalle. Investment in Japan property rose to $10.6 billion, up 32 percent year from a year ago and 38 percent from the previous quarter………………………………………..Full Article: Source

UK: Increased optimism as property market shows early signs of recovery

Posted on 03 May 2013 by Laxman  |  Email |Print

The number of homes sold in the UK reached a three-year high during March as increased confidence in the market translated into sales, according to the latest Royal Institution of Chartered Surveyors survey.
Chartered surveyors reported selling an average of 17.4 homes over the previous three months, the highest number since March 2010. Confidence has been slowly returning to the housing market since the end of 2012 and transactions have also risen for three consecutive months………………………………………..Full Article: Source

Housing market forges on with April house price rise

Posted on 03 May 2013 by Laxman  |  Email |Print

Further evidence of a recovery in the housing market emerged today, with figures showing house prices rose 0.3% in April – the third consecutive month that values have increased across the country.
The monthly survey by Hometrack – which tracks sentiment among over 5,000 estate agents and surveyors – also found demand in London has grown three times faster than supply over the last quarter………………………………………..Full Article: Source

US: Housing market accelerates

Posted on 02 May 2013 by Laxman  |  Email |Print

Home prices are rising at the fastest rate in seven years, with some communities seeing double-digit gains, as buyers are returning to a market where the number of properties for sale is in short supply.
Prices increased 9.3% in February from a year earlier while mortgage-interest rates hovered near record lows, according to the Standard & Poor’s/Case-Shiller index that tracks home prices in 20 major metropolitan areas. All 20 cities posted year-over-year gains for the second consecutive month, which hasn’t happened since 2005, before the crash………………………………………..Full Article: Source

U.K. property prices little changed as Nationwide sees momentum

Posted on 02 May 2013 by Laxman  |  Email |Print

U.K. house prices were little changed in April, according to Nationwide Building Society, which said there are signs of momentum in the property market.
The average cost of a home fell 0.1 percent from March to a seasonally adjusted 165,586 pounds ($257,000), the Swindon, England-based customer-owned lender said today. From a year earlier, prices rose 0.9 percent, the biggest annual increase in 14 months………………………………………..Full Article: Source

Scotland: Housing market showing signs of recovery

Posted on 02 May 2013 by Laxman  |  Email |Print

House prices recorded their strongest annual increase in more than a year in April, amid further signs that the market is seeing a pick-up, Nationwide reported.
The 0.9 per cent year-on-year rise took average prices to £165,586, and activity is likely to strengthen further in 2013, the building society’s latest study said. On a month-on-month basis, prices dipped by 0.1 per cent following a flat March………………………………………..Full Article: Source

Austrian housing market to remain buoyant in 2013

Posted on 02 May 2013 by Laxman  |  Email |Print

After almost nine years of continuous house price rises, the Viennese housing market remains buoyant. However, house price rises are now slowing.
The residential property price index in Vienna, the capital, rose by 13.09% (10.02% inflation-adjusted) during 2012, its ninth consecutive year of continuous house price rises, according to Oesterreichische Nationalbank. However on a quarterly basis, house prices in Vienna actually dropped 0.65% (-1.61% inflation-adjusted) in Q4 2012, its first quarterly drop since Q2 2011………………………………………..Full Article: Source

State of the S.Africa property market

Posted on 02 May 2013 by Laxman  |  Email |Print

The latest issue of Rode’s Report on the SA Property Market reveals a modicum of good news for the industrial property market, says property valuer and economist Erwin Rode of Rode & Associates.
On a national basis, the yearly growth in industrial rentals is slowly heating up, seemingly benefiting from the lagged impact of declining vacancy rates. “In fact, such has been the acceleration in the growth of market rentals in this sector that in the fourth quarter of 2012, prime rentals recorded a nationally averaged growth rate of 7%, with the strongest yearly growth of 9% being achieved in the Cape Peninsula.” Disappointing, however, is that the national average still failed to be in excess of building-cost inflation. “Hence, we are not yet out of the woods,” cautions Rode………………………………………..Full Article: Source

Doha property market stable

Posted on 02 May 2013 by Laxman  |  Email |Print

Property sales in Doha have carried on at a swift pace, with the total value of transactions increasing by an estimated 2% in the first quarter of 2013.
The latest Asteco Q1 2013 Qatar report points out that, compared to fourth quarter 2012, there has been a 6% increase in total transaction value and an 8% growth in the number of villa transactions. During the same period, the total value of transactions for apartments fell by 56%. On the whole, there was a 2% decline in sale volume across all sectors………………………………………..Full Article: Source

UK: House price rise disguises regional differences

Posted on 30 April 2013 by Laxman  |  Email |Print

House prices in England and Wales increased by 0.1% in March, according to the latest Land Registry report, but the headline figure disguised a mixed pattern of rises and falls around the regions.
London continued to record the strongest growth, with prices rising by 2.5% in March alone. The annual rate of price growth in the capital hit 9.6% and the average price reached £374,568. In contrast, prices in Middlesbrough fell by 5.1% in March and were down 16.5% year-on-year to an average of £69,049………………………………………..Full Article: Source

London property market hits 2007 levels as prices rise for third month in a row

Posted on 30 April 2013 by Laxman  |  Email |Print

London’s booming property market helped house prices rise for the third month in a row in April, as conditions in the capital’s housing market reached levels not seen since 2007.
Prices increased by 0.3% month-on-month across the country, following a similar uplift in March, with a 0.7% rise in London driving the rate of growth, a study by Hometrack found. Demand from new buyers registering with estate agents in London has grown three times faster than the rate of homes coming on the market over the last three months, the study said………………………………………..Full Article: Source

Sales on secondary housing market in Baku rose nearly by 3pct in March

Posted on 30 April 2013 by Laxman  |  Email |Print

The supply decreased by 4.4% in the secondary housing market of Baku. Public organization “Property Market Participants” informs that totally 5,700 apartments were proposed for the market in March.
“Last month, 78.7% of the portfolio of the secondary housing market was formed from flats in Yasamal, Nasimi, Narimanov and Khatai districts of Baku, which is associated with the transition of apartments from the primary market to the secondary market in these districts,” PMP said………………………………………..Full Article: Source

Kuwait real estate sales climb 19pct in March

Posted on 30 April 2013 by Laxman  |  Email |Print

Real estate sales in Kuwait worth a total KD 293 million leapt 19pct in March, 2013 since the same period last year, said a National Bank of Kuwait (NBK) report here on Saturday. The increase comes after a drop witnessed at the beginning of the year, NBK’s weekly economic brief on Kuwait said, expecting the market to remain stable until a slowdown marked by the advent of the summer period, particularly as the market’s three main sectors are witnessing healthy demand.
Total sales in the housing sector, including 490 transactions, reached KD 149 million in March with an average of 1.0pct on a year-on-year basis as the average of each transaction grew by 7.0pct in comparison with 2012………………………………………..Full Article: Source

Irish house prices: Residential property prices fall by 3pct in the year to March 2013

Posted on 26 April 2013 by Laxman  |  Email |Print

In the year to March, residential property prices at a national level, fell by 3%. This compares with an annual rate of decline of 2.6% in February and a decline of 16.3% recorded in the twelve months to March 2012, according to the CSO today. Residential property prices fell by 0.5% in the month of March. This compares with a decrease of 1.5% recorded in February. Prices were unchanged in the month of March of last year.
In Dublin residential property prices fell by 0.8% in March but were 1.4% higher than a year ago. Dublin house prices fell by 0.3% in the month but were 1.5% higher compared to a year earlier………………………………………..Full Article: Source

Swiss real estate prices record high in 2012, likely to head down

Posted on 25 April 2013 by Laxman  |  Email |Print

Swiss home prices are likely to start drifting down, says Wüest & Partner in its latest report on the Swiss real estate market. The company is an international real estate consultancy firm that regularly produces reports on its home market.
“In the coming months, demand for commercial properties is expected to flatten in response to sluggish economic growth. The residential markets are overall robust, but likely to enter calmer waters in 2013 compared to the previous years,” the company’s “Property Market Switzerland 2013/2, published 23 April, forecasts………………………………………..Full Article: Source

Moscow: Q1 2013 saw record volume of new office space delivered to the market since 2011

Posted on 25 April 2013 by Laxman  |  Email |Print

According to CBRE’s latest office market report, the Moscow market was stable in Q1 2013 with the exception of the largest volume of new office space delivered to the market in Q1 2013 since 2011. New delivery in Q1 2013 was 259,544 m².
In Q1 2013 the total Moscow office market take was 221,458 m² which is comparable to the volume of deals closed in Q1 2011 (219,000 m²), but is lower than the figure for Q1 2012 (about 274,000 m²) were leased in Q1 2012………………………………………..Full Article: Source

Home prices rose 7.1pct in year through February, FHFA says

Posted on 24 April 2013 by Laxman  |  Email |Print

U.S. house prices rose 7.1 percent in the year through February, the biggest gain since 2006, indicating a solidifying recovery as buyers compete for properties amid tight inventory.
Prices climbed 0.7 percent on a seasonally adjusted basis from January, the Federal Housing Finance Agency said in a report today from Washington. That matched the average estimate of 16 economists, according to data compiled by Bloomberg………………………………………..Full Article: Source

Investing in student property in the UK set to bring 9.2pct annual return

Posted on 24 April 2013 by Laxman  |  Email |Print

The student accommodation property investment sector in the UK is predicted to see 9.2% annual returns over the next 12 months due to continued demand.This reflects an increase of 0.4% on London returns to 9.1%, due to rising rents in an acutely structurally undersupplied market, says the latest report from property firm Knight Frank.
Average rents are forecast to rise 3% in London and 2.75% in the regions from September 2013, according to its latest forecast for the student accommodation sector………………………………………..Full Article: Source

US: Existing home sales edge down, prices rise

Posted on 23 April 2013 by Laxman  |  Email |Print

Home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools.The National Association of Realtors said on Monday existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units.
Economists polled by Reuters had expected home resales to rise to a 5.01 million-unit rate.”The disappointing pace of home sales provides some evidence that positive momentum in the housing sector is beginning to leak lower,” said Millan Mulraine, a senior economist at TD Securities in New York………………………………………..Full Article: Source

Sydney property prices regain all lost ground

Posted on 22 April 2013 by Laxman  |  Email |Print

Property prices in Sydney have regained all their losses since the property slump in 2010 making it the first Australian city to do so whilst Melbourne has maintained steady prices despite predictions that prices would fall further.
According to RP Data Rismark, property prices in Sydney rose 1.5 per cent in March making it the first city in Australia to regain all the ground lost over the last three years………………………………………..Full Article: Source

US: Should home prices rise over time?

Posted on 18 April 2013 by Laxman  |  Email |Print

Nationwide home prices are up 8% over the last year, according to the Case-Shiller housing index. This isn’t surprising. The supply of existing homes for sale is at a seven-year low. Construction of new homes is still well below the rate of household formation. Prices will almost always rise in that situation. It’s simple supply and demand.
And it’s pulled millions of homeowners out from being underwater on their mortgage and brought new hope to the housing industry, boosting shares of D.R. Horton and NVR as the outlook for construction rises. ………………………………….Full Article: Source

U.S. housing starts surpass 1 mln in March

Posted on 17 April 2013 by Laxman  |  Email |Print

U.S. builders broke ground in March on homes at a seasonally adjusted rate of 1.04 million, the fastest since June 2008. The gain was driven by a surge in apartment construction and showed continued strength in the housing market at the start of the spring buying season.
The Commerce Department says that builders increased their construction pace by 7 percent in March from February. Apartment construction jumped 31.1 percent to a seasonally adjusted rate of 392,000 — the fastest pace since January 2006. Single-family home construction, which represents nearly two-thirds of the market, fell 4.8 percent to a seasonally adjusted 619,000. That was down from February’s pace of 650,000, which was the fastest pace since May 2008……………………………………Full Article: Source

ZipRealty’s new report provides real-time analysis of real estate market

Posted on 16 April 2013 by Laxman  |  Email |Print

According to the debut edition of the ZipRealty Housing Trends Report, median home prices in the cities examined increased 14.6% to $242,519 on a year-over-year basis, with the highest gains in San Francisco, where home prices shot up 38% as of March 15, 2013. Real estate prices in both Las Vegas and Phoenix jumped 31% during the same period.
Total housing inventory in the 24 metropolitan areas declined 34% as of March 15, 2013, as did the level of distressed home sales. The report shows 35% of the homes sold in the 2012 period were either foreclosures, short sales or REOs, compared to only 23% of the homes in 2013, a decline of 12 percentage points in the prevalence of distressed property sales. (Press Release)

Singapore: Private home sales jumped a whopping 295pct in March

Posted on 16 April 2013 by Laxman  |  Email |Print

According to PropNex Realty, a subsidiary of P & N Holdings, the private residential market rebounded sharply last month—as developers returned to the market with a plethora of new launches to entice homebuyers. Despite the onset of January’s cooling measures, transactions in March reversed the 65% plunge in the previous month to register a healthy 2,793 units sold excluding ECs (or a 295% increase comparing M-O-M).
“Despite the resale market not performing as well, the new sale market has remained robust. With the recent cooling measures, the rebound in March is indicative of robust demand from genuine first-time homebuyers………………………………………..Full Article: Source

US: Hopes housing data will buck weak March trend

Posted on 15 April 2013 by Laxman  |  Email |Print

Housing and manufacturing reports will lead the data parade next week. Economists expect the numbers to buck the recent trend of weaker activity last month. But forecasters have been wrong before about March data. Next week’s factory reports will cover March and April.
The first of two regional Federal Reserve surveys is scheduled to be reported Monday. The New York Fed’s Empire State survey is expected to show continued expansion although at a slightly weaker pace. The business conditions index is forecast to slow to 7.5 in April from 9.24 in March, according to the median forecast of economists surveyed by Dow Jones Newswires………………………………………..Full Article: Source

UK: Housing market predicted to revive in 2013 with more than 1m to move home

Posted on 15 April 2013 by Laxman  |  Email |Print

Forecasters Item Club say chancellor’s Help to Buy scheme will get people moving but broader economic outlook still gloomy. The housing market will finally return to life this year with more than a million people expected to move home – the highest number since the financial crisis struck.
The Ernst & Young Item Club, which uses the Treasury’s economic models, predicted that housing transactions this year will rise by 7.5% to 1m. In its spring forecast the respected economic forecaster said the chancellor’s plan to use £12bn of taxpayer funds to underwrite up to £130bn of mortgages will push home moves up a further 7.8% next year to 1.08m………………………………………..Full Article: Source

RealtyTrac: Home repossessions fell in March

Posted on 12 April 2013 by Laxman  |  Email |Print

The number of homes repossessed by lenders in March fell to the lowest level in more than five years, according to foreclosure listing firm RealtyTrac. While some states still saw increases in homes taken back by lenders, nationally home repossessions fell 3% in March from the previous month and were down 21% from a year earlier.
Thirty-four states posted annual declines in completed foreclosures. Among those bucking that trend: Arkansas, Maryland, Washington and Pennsylvania………………………………………..Full Article: Source

UK: One in two people expect house prices to rise in the next 12 months – the highest level in two years

Posted on 12 April 2013 by Laxman  |  Email |Print

The number of people who believe property prices will increase over the next year is at highest level for at least two years, a study has found. Almost half – 45 per cent – expect prices to rise over the next 12 months while just one in eight predict declines, according to the research by Halifax.
The latest findings show the strongest overall sentiment that house prices will increase since the quarterly study began in April 2011, and add to a string of recent reports pointing to signs of optimism creeping back into the market………………………………………..Full Article: Source

U.K. house prices reach five-year high as London’s lead widens

Posted on 12 April 2013 by Laxman  |  Email |Print

London’s property market powered a seventh month of increases in U.K. house prices in March as values reached a five-year high, according to Acadametrics Ltd.
The average cost of a home in England and Wales rose 0.2 percent on the month to reach 230,078 pounds ($354,000), Acadametrics and LSL Property Services Plc (LSL) said in a monthly report published in London today. Excluding the capital, prices fell 0.1 percent on the month………………………………………..Full Article: Source

JLL forecasts global volumes of $450-500 bln for 2013

Posted on 11 April 2013 by Laxman  |  Email |Print

Jones Lang LaSalle is sticking to its forecast of a global real estate investment volume of $450-500 bn (€307-384 bn) for 2013. Europe, Asia-Pacific and the Americas recorded strong growth in the first quarter of 2013 as preliminary global real estate investment volumes reached $94 bn, according to JLL’s capital markets research which is based on data from 60 countries. The real estate investment volumes in Q1 2013 represented an 8% increase over the same quarter in 2012.
Improving confidence in the global economic recovery and continued demand for direct real estate exposure continue to push volumes higher with Germany, Japan, and the US all finishing the quarter on a strong note………………………………………..Full Article: Source

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US: Housing inventory picked up in March

Posted on 11 April 2013 by Laxman  |  Email |Print

Housing inventories picked up modestly in March, offering some hope to home buyers who are grousing about slim pickings, according to a report released Wednesday.
The number of homes listed for sale in March jumped by 2.4% from February and has increased by 3.5% from January, according to data compiled by Realtor.com. Inventories typically rise in the spring as the peak home-sales season begins, and the recent uptick is outpacing last year’s increase of 2% from January to March. Inventories were still 15% below their levels of a year ago………………………………………..Full Article: Source

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Home prices seen falling in some areas as rates increase

Posted on 11 April 2013 by Laxman  |  Email |Print

Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc.
Driven in part by borrowing costs close to historic lows, buyers spent three times their annual incomes on homes at the end of last year, up from a 2.6 multiple from 1985 to 1999, Zillow said in a statement today. That means properties were almost 15 percent pricier relative to incomes than before the housing bubble of the mid-2000s, according to the Seattle-based real estate research firm………………………………………..Full Article: Source

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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

Housing market ‘at three-year high’, says RICS survey

Posted on 10 April 2013 by Laxman  |  Email |Print

Activity in the UK housing market has hit a three-year high, surveyors report, supporting hopes of a revival that would help the economic recovery. Chartered surveyors handled an average of 17.4 home sales over the last three months, according to the latest monthly survey by industry body RICS. That was the highest number reported since March 2010 and meant sales rates have been rising for three consecutive months.
Surveyors also said demand improved, as a net balance of 11pc reported rises in enquiries from new buyers, compared with those who reported a fall. This marked the strongest reading since October, after a subdued start to the year. Researchers speculated this could be due to the improving affordability of mortgages………………………………………..Full Article: Source

Baku real estate market prices fall by 0.8pct

Posted on 10 April 2013 by Laxman  |  Email |Print

In March the Baku real estate market observed a price decline by 0.8%. At that, the prices grew by 0.8% against early 2013 and by 3.27% versus the 2012 same term. MBA Group consulting company’s general director Nusret Ibrahimov says that in March prices on the primary housing market of Baku decreased by 0.87% from $992 up to $914 per sq m and by 4.82% against last year’s same term.
“Prices on the secondary housing market grew by 0.44% from $1,575 up to $1,582 per sq m. Prices increased by 4.91% against early 2013 and by 10.48% versus last March. Growth of prices was registered in March on the land market of Baku where they increased by 3.36% from $18,409 up to $19,026 per are,” Ibrahimov said………………………………………..Full Article: Source

U.K. housing market, retail sales pick up

Posted on 09 April 2013 by Laxman  |  Email |Print

Activity in the U.K.’s housing market and on the high street picked up in March despite unseasonably cold weather, surveys showed on Tuesday, giving the economic outlook a boost for the first quarter and suggesting the U.K. may avoid a triple-dip recession.
Real-estate activity increased in March, with the number of residential property sales rising to 17.4 per estate agency from 16.8 in February, the Royal Institution of Chartered Surveyors’ monthly house price survey showed. The number is the highest in three years………………………………………..Full Article: Source

New Zealand house prices increase at fastest pace since 2008

Posted on 09 April 2013 by Laxman  |  Email |Print

New Zealand house prices rose at the fastest pace since 2008 in March as the central bank warns that a housing boom would trigger interest rate increases.
Prices rose 6.5 from a year earlier, Quotable Value New Zealand, a government-owned property research company, said in an e-mailed statement. There hasn’t been a bigger increase since the 12 months ended February 2008………………………………………..Full Article: Source

U.S: Housing prices are on a tear, thanks to the Fed

Posted on 08 April 2013 by Laxman  |  Email |Print

The U.S. housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago. For many homeowners, that is a cause for celebration. But the speed at which prices are rising is prompting murmurs of concern that the Federal Reserve’s campaign to reduce interest rates could be giving the housing market a sugar high.
Prices of existing homes rose 10% in February nationally from a year ago. They have been rising during the seasonally slow winter months—and they show signs of jumping further as the spring buying season gets under way. What’s going on?……………………………………….Full Article: Source

7 fastest shrinking cities

Posted on 08 April 2013 by Laxman  |  Email |Print

Whether it’s due to crime, a lack of jobs or Mother Nature, these cities lost residents faster than any others last year, according to the Census Bureau. Pine Bluff, Ark: One of the nation’s poorest cities, Pine Bluff’s population has been declining fast.
Severe economic and social problems have plagued the area. Close to a third of the metro area’s population lives below the poverty level and it ranks second only to the Detroit for crime………………………………………..Full Article: Source

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