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US housing groups to launch IPOs

Posted on 14 May 2013 by Laxman  |  Email |Print

A handful of companies that rent houses to single families are preparing to launch initial public offerings on the US stock market as their private equity and hedge fund owners take advantage of investor interest in the US housing recovery.
Colony American Homes, backed by investment firm Colony Capital, is expected to be among the largest in what is becoming a new area of the US publicly listed property sector………………………………………..Full Article: Source

Sign of another U.S. housing market bubble?

Posted on 14 May 2013 by Laxman  |  Email |Print

All you have to do is look at a price chart of Lennar Corp to see the proof that the U.S. housing market is on the mend. Since January 2012, shares of the Miami, Fl.-based new homebuilder have more than doubled.
In fact, since the industry nearly collapsed six years ago, new-home construction for builders like Lennar is now clearly on an upswing. According to the March 2013 report from the U.S. Commerce Department, new home construction was on pace for more than one million units for the first time since the gaudy days of June 2008………………………………………..Full Article: Source

Cuba’s real estate market on the rise

Posted on 10 May 2013 by Laxman  |  Email |Print

In some ways, Yosuan Crespo’s real estate office resembles any you might find in New York, London or Tokyo. There are slick posters of hot properties hanging from the ceiling, a steady stream of hopeful buyers and sellers and a constant clack of computer keys.
But Crespo’s headquarters in central Havana’s trendy Vedado neighborhood is actually somebody else’s breezy front porch. The computer’s only connection to the Internet is a creaky dial-up link, and Crespo is careful to say he’s not operating as a broker, since the job is still technically illegal………………………………….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

Fund targets Latin American housing

Posted on 09 May 2013 by Laxman  |  Email |Print

The U.S. government’s Overseas Private Investment Corporation is investing $100 million in Paladin Realty Latin America Investors IV, a fund targeting housing development in Latin America. Paladin aims to build 12,000 affordable housing units for Latin America’s growing workforce, particularly first-time home.
With an initial closing of $75 million earlier this year, the fund hopes to reach a capitalization target of $400 million to $600 million, according to the release. “This new fund will continue Paladin Realty’s 15-year strategy of supporting affordable homeownership in Latin America and the growth of its housing industry,” OPIC chief executive Elizabeth L. Littlefield said………………………………….Full Article: Source

Buenos Aires lures foreign buyers with tumbling prices

Posted on 03 May 2013 by Laxman  |  Email |Print

Roderick Chapman, a 50-year-old marketing specialist from Vancouver, British Columbia, was in Buenos Aires last month, looking at one-bedrooms in the city’s posh Recoleta district.
“I’m absolutely amazed by the number of choices,” said Mr. Chapman whose budget for a vacation property is 130,000 U.S. dollars—the currency in which most Buenos Aires real estate typically is traded. “It is overwhelming, really.”……………………………………….Full Article: Source

Pending sales of existing homes in U.S. climbed 1.5pct in March

Posted on 30 April 2013 by Laxman  |  Email |Print

More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market.
The index of pending home sales increased 1.5 percent after a revised 1 percent decline the prior month that was larger than initially reported, figures from the National Association of Realtors showed today in Washington. Economists forecast a 1 percent increase, according to the median estimate in a Bloomberg survey………………………………………..Full Article: Source

Housing rebound in U.S. hampered by success as costs soar

Posted on 25 April 2013 by Laxman  |  Email |Print

Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find.
Suppliers of glass, drywall and wood products, who reduced output during the slump, are testing the vigor of the rebound by boosting prices before committing to restore capacity. Builders, including Lennar Corp. (LEN), Toll Brothers Inc. (TOL) and KB Home, are asking homebuyers for more money as a result or are delaying sales, posing a temporary hurdle for the industry that has become one of the pillars of the economic expansion………………………………………..Full Article: Source

Inside America’s billionaire housing boom

Posted on 23 April 2013 by Laxman  |  Email |Print

Stocks have been sliding. Goldbugs are reeling. China’s growth is slowing. Speculation is flying that France and Germany may face credit downgrades. And the hefty offshore accounts of rich investors, particularly Russians, face seizure in Cyprus as bailout looms.
But one market continues to thrive on the steadfast barrage of economic uncertainty: luxury housing………………………………………..Full Article: Source

What U.S. investors need to know about buying property in Canada

Posted on 15 April 2013 by Laxman  |  Email |Print

If your clients vacation frequently in Canada or have children who are attending a Canadian university, they may ask you whether it makes more economical sense to invest in property than to continue incurring high hotel or apartment rent costs. And then they might wonder if they can — and how.
It’s actually pretty easy for U.S. citizens to buy property in Canada. There’s no governmental red tape and lenders are happy to take your money. Also, Toronto, Montreal and across Canada stayed low in 2012 and the risk of an increase this year is modest, according to Canadian Mortgage Trends. Current posted rates for a 5-year term are below 3 percent………………………………………..Full Article: Source

Investors widen U.S. rental search as home costs rise

Posted on 05 April 2013 by Laxman  |  Email |Print

Landlords seeking the highest returns for single-family homes should hit the road as rental rates weaken in Atlanta, Phoenix and Las Vegas, where institutional investors have flooded the market.
The best deals, measured by leases and the cost of becoming a landlord, are in Memphis, Tennessee, Saginaw, Michigan and Toledo, Ohio, according to a report today by RealtyTrac, a real estate data provider………………………………………..Full Article: Source

Construction spending in U.S. rises on gain in home building

Posted on 02 April 2013 by Laxman  |  Email |Print

Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years. Outlays climbed 1.2 percent to an $885.1 billion annual rate, following a 2.1 percent decrease in January, the Commerce Department reported today in Washington. The median forecast of 41 economists surveyed by Bloomberg called for a 1 percent rise.
Near record-low borrowing costs and an improved outlook for jobs are lifting demand for residential real estate, giving a boost to homebuilders including KB Home. (KBH) Faster hiring would ensure a more sustained rebound in the industry, allowing for bigger gains in construction spending………………………………………..Full Article: Source

Americans can move house again

Posted on 02 April 2013 by Laxman  |  Email |Print

One of the biggest obstacles to improvements in the US job market since the Great Recession struck has been the fact that many Americans were stuck geographically, weighed down by an inability to sell houses that were “underwater”—that is, worth less than the mortgage on them.
That effects the efficiency of the economy. Put simply, a car mechanic with a family and an underwater house in Schenectady, New York is going to have a tough time getting one of the plentiful jobs in the North Dakota gas fields, even if his skills are somewhat transferable, because he can’t move his family. But that’s changing………………………………………..Full Article: Source

Buy or rent? 10 major cities

Posted on 02 April 2013 by Laxman  |  Email |Print

Figuring out whether it’s better to buy or rent rests on three main factors: where you live, how long you plan to stay and how home prices compare to rents in the area. Real estate website Trulia analyzed data from 100 major metro areas to help determine that last factor.
While markets vary wildly, prices are so reasonable and interest rates so low that buying is the better option in most of major U.S. cities, said Jed Kolko, Trulia’s chief economist. Nationwide, home buyers who remain in their homes for three years will save an average of 19% over renting. If they hold onto their homes for 7 years, the savings advantage grows to 44%………………………………………..Full Article: Source

Location crucial for the U.S. housing recovery

Posted on 27 March 2013 by Laxman  |  Email |Print

By one measure, the U.S.housing market turned a significant corner early this year: Prices are on the rise everywhere. For the first time since the bottom fell out of residential real estate beginning in the summer of 2006, all the 20 major cities tracked by the closely watched S&P/Case Shiller Home Price Index rose on a year-over-year basis in January, data released on Tuesday showed.
That is a significant milestone for a property market recovery that has been characterized by inconsistent momentum and spotty regional performances. On average, U.S. homes lost more than a third of their value in the recession, according to Case Shiller data, but some areas lost more than half their value, while others barely registered double-digit declines………………………………………..Full Article: Source

Fewer Canadians plan to buy a home as housing market cools

Posted on 27 March 2013 by Laxman  |  Email |Print

Fewer Canadians are planning to purchase a home in the next two years, but more than a third of those will be first-time homebuyers, according to a study released Tuesday.
The annual poll by Royal Bank found that 15% of those surveyed say they’re likely to buy in the next two years, a drop from 27% from the previous year. Among those with buying intentions, 40% say they’ll be signing a mortgage for the first time………………………………………..Full Article: Source

Investors pile into housing, this time as landlords

Posted on 26 March 2013 by Laxman  |  Email |Print

U.S. housing recoveries almost always have been ignited by rising demand from families and individuals looking for a place to live. This recovery is different. Investors—including some big Wall Street players—are leading the way, say industry executives and analysts. Their role is noteworthy given that flippers and speculators were blamed for helping to inflate the housing bubble of the past decade.
Today’s investors are mostly buying with the intention of holding on to the homes and renting them out. ……………………………………….Full Article: Source

US housing starts rise, permits at 4 ½-year high

Posted on 21 March 2013 by Laxman  |  Email |Print

U.S. builders started more houses and apartments in February and received building permits for future construction at the fastest pace in 4 ½ years. The increases point to a housing recovery that is gaining strength.
The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 917,000. That’s up from 910,000 in January. And it’s the second-fastest pace since June 2008, behind December’s rate of 982,000………………………………………..Full Article: Source

Cubans on the move as new real estate market grows

Posted on 21 March 2013 by Laxman  |  Email |Print

At an informal housing market on Havana’s historic Paseo del Prado, Renaldo Belen puts the hard sell on a prospective buyer under a tree hung with hand-lettered signs advertising homes for sale.
A house near Boyeros, the avenue to the city’s airport, is being offered for the equivalent of $120,000, with all the amenities. “The house is beautiful, it has four bedrooms, a pool with a bar and a fountain with a lion’s head on top. Look,” says Belen, pointing to photos on the sign, “water comes out of the lion’s mouth.”……………………………………….Full Article: Source

US: Fastest growing boomtowns

Posted on 20 March 2013 by Laxman  |  Email |Print

Rising oil and gas prices have brought big oil, plenty of workers and lots of housing headaches to the nation’s fastest-growing boomtowns. Williston, N.D.: The small city of Williston, N.D., was once a sleepy farm town — until oil companies discovered ways to tap the vast Bakken formation believed to hold as many as 24 billion barrels of oil.
Dickinson, N.D.: Located on the southern edge of the Bakken formation, Dickinson is going through similar growth as Williston. In fact, out of all metro areas — large and small — last year, Williston is the only place in the country where the population grew faster………………………………………..Full Article: Source

U.S. beats Europe and Asia as growing property investment target

Posted on 13 March 2013 by Laxman  |  Email |Print

Investors increased the amount of equity they plan to commit to U.S. real estate by 19 percent to $55 billion in the second half of last year, more than any other region, according to London-based broker DTZ.
Money excluding debt intended for the Asia Pacific region rose by 15 percent to $40 billion and planned equity investment in Europe grew by 6 percent to $62 billion in the six months through December, DTZ, a unit of Sydney-based UGL Ltd. (UGL), said……………………………………….Full Article: Source

US housing market: Following 15 years of boom-and-bust, is it getting back to normal?

Posted on 05 March 2013 by Laxman  |  Email |Print

The U.S. housing market has been in stabilization mode for only the past year or so following an eight-year run-up to the peak of the housing bubble in 2006 followed by what most homeowners who bought in that period know: a bursting of a massive speculative bubble that sent the nation into recession and millions of homebuyers into foreclosure.
But, according to a recent analysis of more than 380 U.S. housing markets, home prices have in recent months begun to resemble “something recognizable as normal,” David Stiff, chief economist of Fiserv, Inc., a global provider of financial services technology, said………………………………………..Full Article: Source

Canada’s housing affordability improves in fourth quarter: RBC

Posted on 26 February 2013 by Laxman  |  Email |Print

Small declines in home prices and mortgage rates made Canadian home ownership slightly more affordable in the fourth quarter of 2012, the second straight improvement, and soft home buyer demand may help continue the trend in 2013, according to a report by RBC Economics released on Monday.
RBC, Canada’s largest bank and a huge mortgage lender, measures affordability as the percentage of monthly pre-tax income for a household needed to cover the typical costs of owning a home, including mortgage payments, utilities and property taxes………………………………………..Full Article: Source

U.S. single-family home starts rise to four-year high

Posted on 21 February 2013 by Laxman  |  Email |Print

Work began in January on the most U.S. single-family houses in over four years and permits for future projects climbed, setting the stage for construction to keep adding to economic growth in 2013.
Builders broke ground on 613,000 houses at an annualized rate last month, the most since July 2008 and up 0.8 percent from December, Commerce Department figures showed today in Washington. Total housing starts dropped to an 890,000 rate, lower than forecast and restrained by a slump in construction of multifamily units, which is often volatile……………………………………Full Article: Source

U.S. Industrial real estate market enjoying a resurgence in late 2012

Posted on 21 February 2013 by Laxman  |  Email |Print

The industrial real estate market is making a comeback. Net demand for warehouse space was 40.8 million square feet in fourth quarter 2012, making it the second strongest quarter since record-keeping began in 1993 at Cassidy Turley, a commercial real estate company with offices around the US.
Industrial vacancies are tightening quickly, according to a report by Cassidy Turley. In the fourth quarter, vacancies declined by 20 basis points from the previous quarter to 8.9%. The national industrial vacancy rate was at its lowest point in three years in the fourth quarter of 2012……………………………………Full Article: Source

U.S. housing recovery just beginning: Brookfield

Posted on 20 February 2013 by Laxman  |  Email |Print

Brookfield Residential Properties Inc., the second-best performing home-building stock in the Americas over the past year, said the recovery in U.S. housing is only just starting to add to earnings.
“We’re just at the beginning” of the recovery, Brookfield Chief Executive Officer Alan Norris said in a telephone interview from Calgary, where the company is based. “If you take a look at our numbers, all of our profit is from Canada. We’re only just starting to get to the point where the U.S. is going to be contributing.”………………………………..Full Article: Source

Canadian housing market shows signs of stabilization

Posted on 18 February 2013 by Laxman  |  Email |Print

There were signs of stabilization in the housing market as prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association.
The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, while the number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that’s due to tighter mortgage rules that came into effect midway through last year.Sales rose 1.3 per cent from December to January………………………………………..Full Article: Source

A tale of two housing markets: US and Canada

Posted on 14 February 2013 by Laxman  |  Email |Print

Few barometers of economic activity say as much as housing data. They usually give ample warning of recessions. Housing sales and construction activity is typically as good at predicting recovery. The prescience of these data speak to the deep linkages the housing sector has to the broader economy. As such, when these data shift in a big way, it pays to pay attention.
US and Canadian housing markets are being hit by big shifts that look like the best of times and the worst of times. As of December, US housing starts are just shy of the million mark, up 37 per cent over December, 2011. In contrast, Canada’s January starts plunged 20 per cent compared with year-ago data, eking out just 161,000 units. Are we headed for recession while the US economy recovers?……………………………………….Full Article: Source

Why Moody’s, Fitch are worried about Canada’s housing market

Posted on 30 January 2013 by Laxman  |  Email |Print

Moody’s, Fitch warn on debt: Two major rating agencies are sounding alarm bells over the level of consumer debt in Canada, and the outlook for the housing market. As The Globe and Mail’s Grant Robertson reports, Moody’s Investors Service downgraded the ratings of several of Canada’s banks, citing the potential for trouble.
Among those downgraded were Toronto-Dominion Bank, which lost its triple-A ranking, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada and Caisse Centrale Desjardins………………………………………..Full Article: Source

Housing markets: The return of the bubble?

Posted on 29 January 2013 by Laxman  |  Email |Print

American housing markets are at long last recovering from the epic bust that began in 2006. Sales, prices, and construction all seem to have reached a cyclical bottom. Some analysts reckon that a new boom and, possibly, bubble could be inflating, born of tight supply and low interest rates.
Robert Shiller is sceptical, noting that while indicators are strengthening, there is little reason to think that short-run momentum must lead to a more sustained price boom. Karl Smith disagrees: Shiller and I agree that nothing drastically different occurred in the the economy from March to September………………………………………..Full Article: Source

U.S: A new housing boom? Don’t count on it

Posted on 28 January 2013 by Laxman  |  Email |Print

We’re beginning to hear noises that we’ve reached a major turning point in the housing market — and that, with interest rates so low, this is a rare opportunity to buy. But are such observations on target?
It would be comforting if they were. Yet the unfortunate truth is that the tea leaves don’t clearly suggest any particular path for prices, either up or down. On the one hand, there were sharp price increases in 2012, with the S.&P./Case-Shiller 20-City Index, which I helped devise, up a total of 9 percent over the six months from March to September………………………………………..Full Article: Source

What Florida shows us about the real estate market

Posted on 28 January 2013 by Laxman  |  Email |Print

Sick of the cold? Maybe you should buy a place in Florida, where temperatures are warm and the housing market is heating up. The cold snap gripping much of the country is surely prodding many to dream of owning a second home someplace warm, or of moving there for good. Data show that Florida’s housing market might be in a sweet spot.
Prices remain low, as Florida was among the states hit hardest by the collapse of the housing bubble, but prices are on the rise, so a purchase now would appear less risky than it would have a year ago………………………………………..Full Article: Source

U.S: As prices rise, rental home investors seek new markets

Posted on 22 January 2013 by Laxman  |  Email |Print

Major real estate investors are buying fewer homes in some hot markets while expanding in others as they race against rising prices to turn more distressed homes into rentals. Phoenix, which has led the nation with rapid home-price gains, is among the first markets to see investors’ interest cool.
The percentage of Phoenix homes bought by investors fell to 28% in November after cresting at almost 36% in August and is now on a “clear downward” trend says Mike Orr, real estate expert at the W.P. Carey School of Business at Arizona State University……………………………………….Full Article: Source

U.S. home sales probably rose, avowing rebound

Posted on 21 January 2013 by Laxman  |  Email |Print

Sales of U.S. homes probably rose in December to the highest level in three years as the industry headed toward a more rooted recovery in 2013, economists said before reports this week.
Combined purchases of new and existing properties climbed to a 5.49 million annual rate last month, the highest level since November 2009, according to the median forecast of economists surveyed by Bloomberg. Another report may show the outlook for growth brightened last month………………………………………..Full Article: Source

Ladies and gentlemen, the U.S. housing market really is back

Posted on 21 January 2013 by Laxman  |  Email |Print

December housing starts came in at a seasonally adjusted on a annual rate of 954,000, an increase of over 12 per cent from November and up nearly 37 per cent from December of last year, the U.S. Department of Commerce said today. The figure was far higher than the consensus forecast of 890,000 starts and the strongest reading since mid-2008. It also represents the largest monthly jump since May 2006.
Building permits for private residential construction were at a seasonally adjusted annual rate of 903,000, up a small tick from November, but nearly 29 per cent above December 2011………………………………………..Full Article: Source

U.S. housing market recovery just rescued 4 mln homeowners

Posted on 17 January 2013 by Laxman  |  Email |Print

In further signs of a U.S. housing market recovery, home prices are up - meaning a whopping 33% fewer homeowners are underwater. When the U.S. housing market bottomed out in 2008, nearly one in six homeowners owed more on mortgages than their homes were worth. That translated to 12 million underwater homeowners.
But the outlook has improved considerably. That’s because home prices, which peaked in 2007, rose 7.4% in November from a year ago, according to real estate firm CoreLogic. That’s the largest year-over-year increase since 2006, when the housing industry was nearing its peak………………………………………..Full Article: Source

Calgary best performing real estate market in Canada

Posted on 16 January 2013 by Laxman  |  Email |Print

Calgary was the only major Canadian market to see a year-over-year rise in MLS residential sales in December as the national market plunged and the city finished 2012 with the best annual sales growth in the country, according to the Canadian Real Estate Association.
In releasing a report Tuesday, the association’s data indicated Calgary MLS sales in December of 1,343 were up 7.2 per cent from December 2011 while Canada saw a decline of 17.4 per cent to 20,538 sales………………………………………..Full Article: Source

Recovery in U.S. saving 8 mln underwater homeowners

Posted on 16 January 2013 by Laxman  |  Email |Print

The housing market is rebounding faster than anyone thought possible, according to Blackstone Group LP (BX)’s global head of real estate Jonathan Gray, as the Federal Reserve buys mortgage bonds to keep rates near record lows and investors sop up a diminishing supply of properties for sale.
Housing construction could boost U.S. gross domestic product by 0.4 percentage point and home price appreciation may add another 0.2 percentage point, Bank of America Corp. (BAC)’s senior economist Michelle Meyer forecasts………………………………………..Full Article: Source

CoreLogic: US home price index saw 7.5 pct annual gain in 2012; more gains seen for 2013

Posted on 15 January 2013 by Laxman  |  Email |Print

A measure of U.S. home prices rose in 2012 by the most in six years, buoyed by stronger demand, a lower inventory of unsold homes and fewer sales of bank-owned properties.
Real estate data provider CoreLogic says its home price index, which is based on repeat sales of the same properties, climbed 7.5 percent last year. That’s the biggest annual increase since 2006. CoreLogic forecasts that home prices will rise 6 percent nationally this year………………………………………..Full Article: Source

Argentine real estate activity sharply falls

Posted on 15 January 2013 by Laxman  |  Email |Print

One thing Argentines will be looking to put far behind them as the New Year begins is last year’s real estate sector performance. According to a recent report, real estate activity in 2012 fell approximately 40%, making it one of the sector’s worst performing years in the country in a decade. For transactions related to properties already on the market, activity plummeted nearly 80%.
One reason for the slowdown is that economic growth in Argentina has stalled. After expanding at a reported rate of nearly 9% in 2011, economic growth for 2012 is expected to amount to less than half of that………………………………………..Full Article: Source

US: Stage set for rents to go higher

Posted on 14 January 2013 by Laxman  |  Email |Print

The surge in apartment rents since the downturn has sparked development across the country. But tenants pinched by rising rents shouldn’t expect relief soon from the new apartments for a simple reason: Demand is likely to outpace supply for some time.
While apartment construction has picked up from its lethargic pace in 2009 and 2010, today’s level is still below historical norms. There were 242,000 apartment units—the vast majority of which were rentals, not condominiums—under construction in November, below the roughly 340,000-a-month average during the 2000s, according to the Census Bureau………………………………………..Full Article: Source

30pct of U.S. homeowners are mortgage-free, Zillow says

Posted on 11 January 2013 by Laxman  |  Email |Print

Media coverage of the real estate market has focused so much on the mortgage woes of homeowners over the past five years, you might be excused for believing that only a small minority of homeowners actually, well, own their homes — mortgage-free. But you’d be mistaken, a report released by listing service Zillow suggests.
As of the third quarter of 2012, nearly 30 percent of homeowners, or just about 21 million Americans, were free and clear of a mortgage. Zillow told AOL Real Estate that that rate is 3 percentage points lower than the number of mortgage-free homeowners in 2010, indicating that the country’s debt burden has creeped up over the last 2 years………………………………………..Full Article: Source

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To Canadian funds, U.S. real estate looks ripe

Posted on 09 January 2013 by Laxman  |  Email |Print

The Canadians are coming. Pension funds north of the border have poured about $9 billion into U.S. commercial real estate in the past three years, after largely steering clear of owning hotels, office buildings and apartments in the U.S. before then.
While there are only a handful of big funds that are active abroad, they are having a disproportionate impact on the U.S. market by funding ambitious plans that domestic investors have been afraid to touch………………………………………..Full Article: Source

US house prices ‘to rise five per cent this year’

Posted on 04 January 2013 by Laxman  |  Email |Print

American house prices could rise up to 5% in 2013, says a top industry association economist. The comments from Lawrence Yun, chief economist with the National Association of Realtors, came as November 2012’s showed a 9.8% year-on-year rise.
The figures from the forward-looking Pending Home Sales Index rose 1.7% to 106.4 in November from 104.6 in October. The data reflect contracts signings but not closings. For each of last 19 months the year-on-year figures have risen and the index has reached the highest level since April 2010, were boosted by changes in household formations, says Mr Yun………………………………………..Full Article: Source

Canada’s housing hangover: Real estate boom, meet dot-com crash

Posted on 03 January 2013 by Laxman  |  Email |Print

Housing market, meet the stock market. You two have a lot in common, though plenty of people believe you’re worlds apart. They think the housing market is a very smart place to invest, while stocks are treacherous. They’re half right. Stocks do have a nasty side, but so does residential real estate.
We may be seeing it emerge in the latest resale housing numbers. Sales across Canada fell 12 per cent on a year-over-year basis in November, and prices dipped almost 1 per cent. Vancouver sales were down 29 per cent, and prices fell 1.7 per cent; Toronto sales fell 16 per cent, while prices moved 1.6 per cent higher………………………………………..Full Article: Source

Canada: Why the housing market won’t crash in 2013

Posted on 02 January 2013 by Laxman  |  Email |Print

The 12-month change in the Teranet-National Bank House Price Index has decelerated in recent months to 3.4 per cent, led by declines in Vancouver (-1.4 per cent) and Victoria (-1.7 per cent).
Some people interpret this weakness as a sign that a housing crash has started – see, for example, the Canadian Business article “Canada’s housing crash begins.” I don’t see a collapse in 2013 for several reasons. One is the highly supportive monetary environment………………………………………..Full Article: Source

The top towns for sales of $10 mln homes

Posted on 20 December 2012 by Laxman  |  Email |Print

A new report from Coldwell Banker shows that sales and listings of homes priced at $10 million or more have more than doubled in some communities in the past year. While the market for these mega-mansions remains tiny nationally, they are becoming downright common in a select few towns favored by the super-rich.
The top zip code for homes sold for $10 million or more is Beverly Hills, with 19 mega-homes sold between November 2011 and October of 2012. Tied for second place was Aspen, Colo., and Santa Barbara, both with 13 homes sold for $10 million or more………………………………………..Full Article: Source

Turnaround continues for CMBS market in 2013, but fiscal cliff bears watching

Posted on 20 December 2012 by Laxman  |  Email |Print

The commercial real estate market, and the U.S. CMBS market in particular, are likely to see steady improvement in the New Year, says Huxley Somerville, head of US CMBS at Fitch Ratings in New York. “A slow increase in volume is preferable; we would not like to see a 50% increase over 2012,” he says. “A 15% to 20% increase would be much better. Otherwise, competition would lead to the erosion of underwriting standards.”
“We expect 2012 CMBS issuance to finish at roughly $45 billion, with a slight increase to $50 billion as a possibility in 2013,” says Zanda Lynn, managing director at Fitch Ratings………………………………………..Full Article: Source

Best and worst real estate markets in Canada

Posted on 19 December 2012 by Laxman  |  Email |Print

The Canadian Real Estate Association released its latest home sales data on Monday, showing a nearly 12-per-cent year-on-year drop in the number of home sales in November. But what emerged is a picture of many, very different housing markets. Though the overall numbers were negative, two of every five local markets actually saw a pick-up in the number of sales.
To figure out which markets are strongest and which are weakest, we looked at CREA’s total dollar value statistics, which measure the market by adding up the value of all sales in a given area………………………………………..Full Article: Source

Canadian housing will not go the way of the U.S.

Posted on 19 December 2012 by Laxman  |  Email |Print

There’s a lot of chatter today on the Canadian real estate market — that Canada will soon go the way of the U.S. real estate market circa the 2000’s. Those who write such poppycock (been dying to use one of Conrad Black’s favourite words) have not taken the time to read a study or two of the underlying conditions in the Canadian market, compared to the U.S. in the lead up to the mortgage crisis.
First off, let’s be clear. The Canadian market is starting to correct. Housing starts are falling, though average housing resale prices are still holding up relatively well in most areas………………………………………..Full Article: Source

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