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Canadian house prices edge higher in April

Posted on 15 May 2013 by Laxman  |  Email |Print

Canadian home prices rose in April from March as three strong cities in Western Canada more than offset weak showings elsewhere, while the annual gain in prices slowed, the Teranet-National Bank Composite House Price Index showed on Tuesday.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.2% in April from a month earlier, but the weakest April gain in 15 years except for the 2009 recession. The index was up 2.0% from a year earlier, the smallest 12-month gain since November 2009……………………………………Full Article: Source

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

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

Trulia: It’s still a housing rebound, not a bubble

Posted on 15 May 2013 by Laxman  |  Email |Print

Home prices today are rising nearly as fast as they did during the peak bubble years of 2005 and 2006. Since that bubble helped push us into the Great Recession, we should all be on high alert for the next housing bubble.
To track whether home prices are in or nearing bubble territory, today we introduce Trulia’s Bubble Watch, which is based on the most recent price data from the Trulia Price Monitor and other data sources. So are we in bubble territory? No. bubble-phobes can rest easy. Even with recent sharp home price increases, prices are still low relative to fundamentals and are far below bubble levels……………………………………Full Article: Source

UK housing demand and home prices rise strongly, surveyors say

Posted on 15 May 2013 by Laxman  |  Email |Print

The post-recession recovery of the UK housing market revival is in full swing, an industry survey has shown. New buying inquiries soared last month and home prices continued to rise as property investment sentiment benefitted from government initiatives that give potential buyers greater access to mortgages.
The Royal Institution of Chartered Surveyors (RICS) said on Tuesday, May 14 that the combination of the government-backed Funding for Lending and Help to Buy schemes was the reason for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes…………………………………..Full Article: Source

Gov’t schemes boosting housing market: Rics

Posted on 15 May 2013 by Laxman  |  Email |Print

Demand for property rose to its highest level in over three years during April, as the government’s ‘Help to Buy’ scheme began to make an impact on the UK’s housing market, the latest residential market survey from the Royal Institution of Chartered Surveyors has revealed.
Last month, new buyer enquiries rose to their highest level in over three years, with 25 per cent more chartered surveyors reporting demand for property rose rather than fell……………………………………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

Doha residential realty market remains stable

Posted on 15 May 2013 by Laxman  |  Email |Print

The residential property market in Doha appears to be stable and may see steady growth both in outright sales and rentals in the upcoming quarters, according to Al Asmakh Real Estate report.
Qatar’s population was at 1.92mn as of March 31, 2013 with year-on-year growth of 8.5%, which may realise higher demand for new housing units, especially from expatriate population. Doha and Al Rayyan municipalities remain as main hub for new supply, it said in its first quarter report……………………………………Full Article: Source

Coming soon to Singapore: Relief for home buyers, renters

Posted on 15 May 2013 by Laxman  |  Email |Print

A flood of new homes is headed toward Singapore and it will carry with it a buyer’s market, analysts say. Developers in Singapore are already offering discounts and freebies such as furniture vouchers and will probably give away more expensive “toys”–maybe even cars–as new properties begin hitting the market in force, says Chris Comer, CEO of Castlewood Group, developer of Nikki Beach properties in Asia.
Comer is a Singapore resident with global experience, including in Dubai, where he worked during the boom and bust of the past decade. He said the downturn could hit Singapore within the next 12 months, and “you’ll start to see properties resold for less than they paid for them” as investors try to cash out, he said…………………………………..Full Article: Source

NZ housing market overcooked: IMF

Posted on 15 May 2013 by Laxman  |  Email |Print

New Zealand housing is already overvalued by about 25 percent and if it continues to rise may force the Reserve Bank to hike interest rates, according to the International Monetary Fund.
Property in New Zealand has become less affordable in the past two decades with the median house price at about four times income, some 20 percent higher than the average of the past 30 years, it said……………………………………Full Article: Source

Housing improvement may herald return of U.S. workforce mobility

Posted on 14 May 2013 by Laxman  |  Email |Print

While far from their 2006 peak, home prices in major metropolitan areas have been rising since early 2012. If that persists, it should make it easier for Americans to move and for employers to match job seekers with available jobs, lowering the jobless rate and increasing overall economic productivity and growth.

“Until the real-estate market picked up, people wouldn’t even consider a move without the certainty that they could sell their homes,” said Jerry Funaro, vice president of global marketing for TRC Global Solutions, a domestic and international relocation service based in Milwaukee…………………………………………Full Article: Source

Distortions of US housing markets

Posted on 14 May 2013 by Laxman  |  Email |Print

Housing is usually more stable because the motivations of the buyers are for long-term occupancy rather than exclusively for profit. But by rigging the market toward speculators, the Fed may have queered the pitch.
Sadly, once the money has fuelled a boom, you can’t just take it back. One of the brightest parts of the American economy is the housing market. It is considered the strongest proof of a recovery. Recent numbers appear to create a very optimistic story………………………………………..Full Article: Source

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

Is the Canadian housing market falling apart?

Posted on 14 May 2013 by Laxman  |  Email |Print

Home prices in the greater Vancouver area are down 3.9 percent from a year ago, according to the Real Estate Board of Greater Vancouver. In West Vancouver, which is sometimes said to be the wealthiest municipality in Canada, home prices have fallen 5.6 percent. Sales are down 20 percent from a year ago.
Vancouver is not alone. All over Canada there is fear that the country is in a housing bubble that is now in the process of popping. In March, Montreal saw sales decline 17 percent year over year, even while inventory continues to climb. In Ottawa, sales have fallen 16 percent………………………………………..Full Article: Source

U.K. house-price gauge rises to highest in almost three years

Posted on 14 May 2013 by Laxman  |  Email |Print

A U.K. house-price gauge rose to the highest in almost three years last month as government measures to support the housing market spurred demand, the Royal Institution of Chartered Surveyors said.
The index rose to 1 from minus 2 in March, the first reading above zero since June 2010, London-based RICS said in an e-mailed report today, citing a monthly poll of property surveyors. A positive number means more respondents saw values increase rather than decline. A measure of inquiries from new buyers rose to 25 from 13, the highest since November 2009………………………………………..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

Spain home expropriation plans seen violating EU bailout

Posted on 14 May 2013 by Laxman  |  Email |Print

Spanish politicians trying to cushion the blows of austerity plan to seize foreclosed homes to house the needy, discouraging foreign investment and threatening to violate terms of the European bailout of the country’s banks.
The regional governments of Andalusia, with the most vacant properties in the country, and the tourist destination of the Canary Islands, are planning to expropriate foreclosed properties for as long as three years to house displaced families………………………………………..Full Article: Source

Average property prices rise across most of Asia in first quarter of 2013

Posted on 14 May 2013 by Laxman  |  Email |Print

Average luxury property prices in Asia are continuing to increase with only Hong Kong and Singapore seeing values fall, according to the latest residential index from Jones Lang LaSalle.
The firms says that it has been a steady start to the year, and the first quarter of 2013 saw average capital values rise across seven of the nine luxury residential markets monitored by its index. Average capital values across the nine markets monitored were up 2.2% quarter on quarter and 6.1% year on year………………………………………..Full Article: Source

Mumbai property rates soar 66pct in 4 years

Posted on 14 May 2013 by Laxman  |  Email |Print

The Mumbai residential property rates, touted as the most costliest in India, appreciated by a whopping 66% during the last four years, quashing reports of an ‘imminent correction’, according to a report. Other satellite areas such as Thane and Navi Mumbai saw an even steeper rise in property prices compared to Mumbai’s average increase, growing by 70% and 74%, respectively.
“Residential property prices in Mumbai have increased steadily after the correction seen post the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66%”, said a report prepared by Jones Lang LaSalle India (JLLM)………………………………………..Full Article: Source

China April home sales fall 13pct as property curbs take toll

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s home sales transaction value fell 13 percent in April from the previous month as the government’s new property curbs started to take effect.
The value of homes sold declined to 494.6 billion yuan ($80 billion) from 569.4 billion yuan in March, according to the difference between National Statistics Bureau data for the first four months of the year and the first quarter. The value of sales from January to April rose 65 percent to 1.69 trillion yuan from a year earlier, the data showed………………………………………..Full Article: Source

China: Property market slows as panic subsides

Posted on 14 May 2013 by Laxman  |  Email |Print

The value of new home purchases in China rose at a slower pace in the first four months with home seekers feeling less panicky in April compared to a hectic March.
Sales of new residential properties, excluding government-subsidized affordable housing, jumped 65.2 percent from a year earlier to 1.69 trillion yuan (US$273 billion) between January and April, the National Bureau of Statistics said. That compared with 69 percent annual growth registered in the first quarter………………………………………..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

Australian March home-loan approvals rise by most in four years

Posted on 14 May 2013 by Laxman  |  Email |Print

Australian home-loan approvals rose the most in four years in March as central bank interest-rate cuts lured buyers into the market.
The number of loans granted to build or buy houses and apartments advanced 5.2 percent from February, when they rose a revised 2.1 percent, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 16 economists was for approvals to rise 4 percent………………………………………..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

Housing recovery opens window to fix homeowner tax breaks

Posted on 10 May 2013 by Laxman  |  Email |Print

The U.S. housing market continues to recover. This week, we learned that the number of homeowners who are newly delinquent on their mortgages has fallen to pre-2007 levels. Housing prices also rose 9.3 percent in February for the biggest year-to-year advance since May 2006. To top it off, Fannie Mae, the government-owned mortgage financier, said it is returning $59.4 billion to taxpayers after a record quarterly profit.
This newfound strength creates an opportunity to address two tax breaks that are expensive, distortive and unfair: deductions for mortgage-interest payments and local property taxes………………………………….Full Article: Source

U.S. housing market: 5 things every homebuyer needs to know right now

Posted on 10 May 2013 by Laxman  |  Email |Print

The U.S. housing market’s recovery is gaining momentum, but there are still a number of issues for homebuyers to be cautious of.To get to the bottom of what’s really going on in the housing market, we talked to Gerri Willis, author of “Home Rich”, about the key things homebuyers need to know in today’s challenging market.
With the housing market gaining momentum, a housing market expert and author offers tip on what every homebuyer needs to know………………………………….Full Article: Source

UK: Housing market ‘most positive’ in five years, says housebuilder Barratt

Posted on 10 May 2013 by Laxman  |  Email |Print

The housing market is at its strongest in five years, according to Barratt Developments, Britain’s biggest housebuilder. “The present market backdrop, in terms of consumer demand and mortgage supply, is the most positive we have seen for five years,” Barratt said in a trading update on Tuesday. “The group expects to deliver a significant year-on-year improvement in operating profit.”
The sector is benefitting from being the focus of Government attempts to get the economy moving, most recently through the Help to Buy package of shared equity funding and mortgage guarantees unveiled in the Budget………………………………….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

Is the U.S. housing market shortage just a mirage?

Posted on 09 May 2013 by Laxman  |  Email |Print

Thanks to the near-record-low interest rates, many Americans are ready to jump back into the housing market. Unfortunately, many are running into one obstacle—there aren’t enough homes for sale. That’s a good sign, though! After all, a leading indicator of economic growth is a healthy housing market, and a lack of housing should mean that builders can’t keep up with demand.
Part of the reason there is a lack of supply is that many people don’t want to sell. Many homeowners lost a lot of equity in 2006 when the housing market collapsed. Today, 21.5% of all residential homes in the U.S. are worth less than their mortgages………………………………….Full Article: Source

US housing market passes half way mark in return of ‘normal’

Posted on 09 May 2013 by Laxman  |  Email |Print

Most of us already realize “normal” is relative. Yet, we are only human. And as such, we can scarcely stop ourselves from the very-human behavior of seizing every available opportunity to try to quantify and define the term.
Thanks to the folks at real estate data company Trulia, we don’t need to try very hard to define what’s “normal” for the housing industry. They’ve done it for us with the Housing Barometer, a monthly report that charts how quickly the housing market is moving back to normal based on the performance of construction starts, existing home sales and delinquency-plus-foreclosure rates………………………………….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

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

Apartment market in Germany builds

Posted on 09 May 2013 by Laxman  |  Email |Print

The firm that owns more rental apartments than any other closely held company in Germany is getting nearer to an initial public offering, hoping to cash in on rising rents and demand for a stock with the potential to offer attractive yields in a low-interest-rate environment.
But the timing might have been better if Deutsche Annington Immobilien GmbH had moved earlier. The company, which owns about 200,000 apartments, mostly in Germany’s central and western regions, is planning to go to market in early July with its IPO………………………………….Full Article: Source

S.Arabia: Rent set to increase every 5 years

Posted on 09 May 2013 by Laxman  |  Email |Print

Rents will increase every five years due to the negative impact of recent decisions that obligate owners of vacant lands to either build or sell the land altogether. Owners not able to build on their vacant lands may be forced to sell, according to experts in real estate.
Talal Samarqandi, chairman of the Engineering Houses Commission at the Jeddah Chamber of Commerce and Industry (JCCI), said, “The percentage of vacant lands in Saudi cities lies at 50 percent. However, selling such lands will cause a rise in the price of housing units every five years because of the increase in the volume of sales.”…………………………………Full Article: Source

Beijing clampdown on property market ‘won’t hold back China homes sales’

Posted on 09 May 2013 by Laxman  |  Email |Print

Mainland home sales to grow at slower pace and prices to rise 5 to 10 per cent, says Moody’s. The mainland property market will continue to grow, but at a slower pace, while developers which focus on the mass market will experience strongest growth, Moody’s Investors Service said.
Its view, in a report released yesterday, echoed predictions by analysts that property prices will rise 5 to 10 per cent this year………………………………….Full Article: Source

Stronger housing market raises financial risk for NZ - RBNZ

Posted on 09 May 2013 by Laxman  |  Email |Print

A surging New Zealand housing market is raising the risks to the country’s financial system, prompting a move to tighten lending rules for major banks, while an overvalued currency is hindering the rebalancing of the economy, the central bank said on Wednesday.
The Reserve Bank of New Zealand (RBNZ) repeated warnings that house prices are overvalued in some areas and banks have loosened their lending rules, which is leading to households becoming more indebted and more vulnerable………………………………….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

American housing market is slowly recovering momentum

Posted on 08 May 2013 by Laxman  |  Email |Print

Properties in America are hot for Chinese investors, but what can we expect as the “new normal” for housing in the United States? The American housing recovery is absolutely underway. The operative part of this phrase is “way” since America has a “way-to-go” before the recovery actually takes hold.
The 1950s were a post WWII society in America that involved larger families and boomers who had, on average, 2.3 children. As those children were born and came of age, there was an unnaturally large housing cycle which, on a per capita basis, made for an unusual level of housing demand relative to the historic norms in America………………………………………..Full Article: Source

Another U.S. housing market crisis on the horizon?

Posted on 08 May 2013 by Laxman  |  Email |Print

Home prices are heating up, as the flow of new homes and permits continue to steadily increase and the attraction of historically low mortgage rates motivates buyers. The buyers that are driving up the housing market are not only the buyers of principal homes, but also the investors who are attracted to the relatively lower home prices and cheap financing.
What is interesting is that we are seeing major buying from not only the smaller investor who may dabble in an investment property, but also the large institutions and hedge funds that are getting into the swing of things, gobbling up hundreds and thousands of properties at lower prices………………………………………..Full Article: Source

Public housing agencies push to impose time limits, work requirements for aid recipients

Posted on 08 May 2013 by Laxman  |  Email |Print

Deep in the president’s new budget is a plan that could transform public housing in the nation by allowing housing authorities to increasingly set time limits or work requirements for participants.
Currently, government housing benefits are generally open ended. Unlike welfare—which has a five-year limit—federal housing programs allow low-income Americans to receive rent vouchers or live in government complexes for decades………………………………………..Full Article: Source

Canadian housing - bursting bubble or gentle landing?

Posted on 08 May 2013 by Laxman  |  Email |Print

It’s looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.
In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40 percent in the first quarter from a year earlier, making homeowners and investors jumpy………………………………………..Full Article: Source

UK: Does the government actually want any new homes built?

Posted on 08 May 2013 by Laxman  |  Email |Print

With a limp-wristed tearing of the reams of planning law and a hit-and-hope punt at helping the consumer mortgage market - does the government actually want any new homes to be built?
Housing demand means we need to build about 250,000 new homes a year just to keep up. In 2012, not even 100,000 housing starts were made. This is one of the reasons the UK’s housing costs are the third highest in Europe as families’ earnings are drained just on shelter………………………………………..Full Article: Source

NZ: Housing outlook hits record high

Posted on 08 May 2013 by Laxman  |  Email |Print

Expectations of house price inflation have hit a record high in ASB’s quarterly survey, while the numbers who consider it a good time to buy a house continue to fall. In the bank’s latest survey, 63 per cent of respondents expected house prices to rise over the year ahead, up from 59 per cent three months ago and above the peak 10 years ago.
A seller’s market is also evident in the net balance who consider it a good time to buy, which has fallen to 8 per cent from 13 per cent in the previous survey………………………………………..Full Article: Source

NZ: Raging housing market a headache

Posted on 08 May 2013 by Laxman  |  Email |Print

Increasing pressure in a housing market where supply is failing to meet demand is posing a growing risk to New Zealand’s financial stability, the Reserve Bank warns. In the bank’s six-monthly financial stability report, released on Wednesday, governor Graeme Wheeler says the country’s financial health is still sound, but growing private sector credit and rising house prices which are already high pose a concern.
The fears have emerged as Auckland and Christchurch stand out as struggling to meet demand for housing and as banks become more tolerant of lending on smaller deposits………………………………………..Full Article: Source

Returning to the housing market after a short sale, foreclosure

Posted on 07 May 2013 by Laxman  |  Email |Print

For the millions of Americans who lost their homes in a foreclosure or short sale during the recession, things are starting to look up. In addition to receiving a piece of the $3.6 billion settlement that banks are distributing to borrowers who were wrongfully foreclosed on, some homeowners are now becoming “boomerang buyers” and re-entering the market after a foreclosure or short sale.
Neal Katz, a mortgage agent at All Western Mortgage in Las Vegas, says he fields calls from a number of people wondering how long they have to wait before qualifying for another mortgage. “The biggest hurdle is time,” he says. “Time is the only thing that makes things better.”……………………………………….Full Article: Source

Housing crash fades as defaults decline to 2007 levels

Posted on 07 May 2013 by Laxman  |  Email |Print

Six years after the start of the foreclosure crisis, American homeowners are paying their mortgages like the housing crash never happened.
First-time delinquent home loans fell to 0.84 percent of the 50.2 million mortgages in March, the first month below 1 percent since 2007, before a wave of defaults led to the financial crisis, according to a report today by Lender Processing Services Inc. The rate of first-time defaults, defined as loans that went from performing to at least 60 days delinquent, peaked at 2.89 percent in January 2009………………………………………..Full Article: Source

US housing perks up, but too few homes for sale

Posted on 07 May 2013 by Laxman  |  Email |Print

Beth Heinen Bell and her husband, Christian — like a rising number of Americans — are ready to jump into the real estate market and become homeowners. Yet they’re running into an obstacle that’s keeping the national housing recovery in check: There aren’t enough homes for sale.
The housing shortage they face in Grand Rapids, Mich., a city known for its furniture industry and sleek downtown hospital complex, is fairly typical of what the country as a whole is facing this spring………………………………………..Full Article: Source

Secret ‘pocket listings’ return in hot housing markets

Posted on 07 May 2013 by Laxman  |  Email |Print

The housing rebound has given new life to an old, but little-known sales practice called “pocket listings,” where agents reserve homes for serious buyers only.
Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and listings posted on real estate websites………………………………………..Full Article: Source

A reality check on real estate

Posted on 07 May 2013 by Laxman  |  Email |Print

New statistics on the real estate market show home prices have risen by about 9 percent 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 percent 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

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