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Real Estate Briefing - Archive | November, 2009

Dubai World debt freeze to hit property recovery

Posted on 30 November 2009 by Laxman  |  Email |Print

From Gulf-times.com: Dubai’s fragile real estate market could suffer another collapse in prices after the city-state asked for a standstill on Dubai World’s debt and its struggling real estate unit Nakheel.
“Should they effectively default, it can become one of the biggest sovereign defaults since the Argentinean crisis,” said Marina Akopian, partner at HEXAM Capital, which manages about $440mn in emerging markets……………………………Full Article: Source

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Dubai property market set to see further price falls

Posted on 30 November 2009 by Laxman  |  Email |Print

From Arabianbusiness.com: Dubai’s property market is likely to face further price falls and increased concerns over the availability of finance after the emirate said it would delay debt payment issued by two of its flagship firms, analysts said.

Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standsill on billions of dollars of debt as a first-step to restructuring……………………………Full Article: Source

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Dubai: Property prices may fall 30 pct

Posted on 30 November 2009 by Laxman  |  Email |Print

From Gulf-daily-news.com: Dubai’s property market is likely to face further price falls and increased concerns over the availability of finance after the emirate said it would delay debt payment issued by two of its flagship firms, analysts said.

Dubai rocked the financial world when it said it would ask creditors of Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step to restructuring……………………………Full Article: Source

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Dubai’s property woes rattle global markets

Posted on 30 November 2009 by Laxman  |  Email |Print

From Propertyfundsworld.com: News that Dubai World has asked for more time to repay its debts continues to rattle the markets, with traders and property market experts fearing that Dubai’s problems could reignite problems elsewhere.

Chris De Pury, Commercial Real Estate Partner at Berwin Leighton Paisner LLP, says, “The news of Dubai World raises some serious questions about where the global economy truly is at the present time and, most importantly, the effect this will have on market sentiment……………………………Full Article: Source

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Dubai house prices seen extending falls on debt crisis

Posted on 30 November 2009 by Laxman  |  Email |Print

From Reuters: Dubai’s property market is likely to face further price falls and increased concerns over the availability of finance after the emirate said it would delay debt payment issued by two of its flagship firms, analysts said.

Dubai rocked the financial world on Nov 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standstill on billions of dollars of debt as a first-step to restructuring……………………………Full Article: Source

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Ex-pats quit Dubai as property prices plunge

Posted on 30 November 2009 by Laxman  |  Email |Print

From Sky.com: Many of the expatriates living in Dubai are being forced to re-evaluate their dream of living in the land of opportunity.

Steve and Arti Halligan have been living in Dubai for the past 18 years, but now they want to return to Britain to care for their elderly parents……………………………Full Article: Source

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Dubai’s debt woes could further unhinge U.S. commercial real estate sector

Posted on 30 November 2009 by Laxman  |  Email |Print

From Seekingalpha.com: The potential for contagion from Dubai’s debt woes could further unhinge an already fragile U.S. commercial real estate sector, whose values have already fallen 42.9% from their 2007 peak, close to the lowest since 2002, according to Moody’s.
The latest Moody’s projection is for prices to bottom at 45-55% below their peak, but could drop as much as 65% from their peak in a “stress case”……………………………Full Article: Source

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U.S. real estate bargains come with cavaets

Posted on 30 November 2009 by Laxman  |  Email |Print

From Canada.com: A one-bedroom condo in Waikiki for US$50,000 or less? Yes. You could buy a number of such condos here in the famous vacation destination for that price.
With $5,000 down, the principal and interest on the 30-year amortization mortgage that is popular in the United States would cost you US$269 a month……………………………Full Article: Source

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New York still world’s most expensive retail location

Posted on 30 November 2009 by Laxman  |  Email |Print

From Cbre.co.uk: Prime retail rents began to stabilise in many markets across the world in the third quarter (Q3) of 2009, as economic and retail indicators started to show signs of greater stability and retailer confidence gained positive momentum.

Retail rents globally fell by an average of 1% from the second quarter to the third quarter of 2009, according to CB Richard Ellis Group Inc.’s latest Global MarketView on the retail sector……………………………Full Article: Source

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Is the Federal Housing Authority at risk?

Posted on 30 November 2009 by Laxman  |  Email |Print

From Cbsnews.com: This year, nearly half of all first-time home buyers in the U.S., a total of 1.8 million, used FHA-insured financing to refinance or make a new purchase.

Part of the appeal is the FHA allows a down payment as low as 3.5 percent of the purchase price……………………………Full Article: Source

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Luxury home prices rebound in London

Posted on 30 November 2009 by Laxman  |  Email |Print

From Indiatimes.com: Luxury home prices in central London rose on an annual basis for the first time in 17 months as bank and hedge-fund executives bought houses and apartments in anticipation of bonuses.
Values of properties costing more than £1 million ($1.6 million) were 1.6% higher in November than a year earlier, the first annual increase since June 2008, London-based broker Knight Frank said in an e-mailed statement. Still, prices are 15% below their peak in March 2008……………………………Full Article: Source

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UK house prices: The north/south divide in 2010

Posted on 30 November 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: Not all of Britain will suffer equally, with homeowners in the north — loosely defined as anywhere north of the Midlands — likely to experience falls as much as double those in the south.

Savills estate agency predicts that the mainstream market in the northern regions will register a drop of 6.7%-7% in 2010. By contrast, prices in the south, buoyed by City bonuses and foreign buyers attracted by the low rate of sterling against the euro, are likely to fall less steeply, by 2.8%-4.1%. …………………………..Full Article: Source

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Nordic property transaction activity improves in second half

Posted on 30 November 2009 by Laxman  |  Email |Print

From Propertyfundsworld.com: Activity in the Nordic property transaction market has improved from the very low levels seen in the first half of 2009, although volumes are still low compared to previous years, according to a report by Aberdeen Property Investors.

Debt financing is gradually becoming more available and banks are demanding somewhat lower margins, compared to earlier this year……………………………Full Article: Source

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Banks to raise provisions for properties in Spain

Posted on 30 November 2009 by Laxman  |  Email |Print

From Homesoverseas.co.uk: The Bank of Spain is contemplating the idea of raising provisions made by the banks for bank-owned repossessed residential properties in Spain on to their books to 30% of asset value in 2010, from 20% due to be implemented for 2009, it has been reported today.

The Spain property market has endured a torrid time over the past couple of years, following a real estate boom, with values plummeting across the country……………………………Full Article: Source

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PE real estate firms on the rise

Posted on 30 November 2009 by Laxman  |  Email |Print

From Business24-7.ae: The number of new private equity real estate firms in the world increased by 180 this year reaching a total of 680, a new report said.

Inspite of the difficulties in the real estate sector, the number of PE real estate firms continued to grow, it said……………………………Full Article: Source

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Nigeria housing: REDAN seeks sustainable funding

Posted on 30 November 2009 by Laxman  |  Email |Print

From Thisdayonline.com: Worried by the frightening gap in the country’s housing deficit, Real Estate Development Association of Nigeria (REDAN) has called for the establishment of a separate pool of funds for housing construction as part of measures to fast-track housing development in the country.
The body which is made up of real estate developers and property managers in the country, also called on the Federal Government to step up a Housing Policy Implementation Monitoring Committee to drive the current mass housing programme……………………………Full Article: Source

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Dubai storm: Indian Realty IPOs to feel the heat

Posted on 30 November 2009 by Laxman  |  Email |Print

From Indiatimes.com: Domestic realty companies which are planning to tap the primary markets may not see a smooth sailing as the Dubai debt crisis is likely to undermine investor confidence in the sector.

As many as nine realty companies, including Emmar MGF, have filed their draft red herring prospectus (DRHP) with the market regulator SEBI aiming to raise about Rs 15,000 crore……………………………Full Article: Source

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South Korean contractors win $10bln worth of contracts in UAE

Posted on 30 November 2009 by Laxman  |  Email |Print

From Gulfnews.com: South Korean contracting companies have won contracts worth Dh36.7 billion ($10 billion) in the UAE this year, according to a top Korean official.

They include the latest $1.2 billion contract awarded to Samsung Engineering to construct a fertiliser complex in the Al Ruwais Industrial Zone to expand capacity……………………………Full Article: Source

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Korea: Asset market showing signs of cooling off

Posted on 30 November 2009 by Laxman  |  Email |Print

From Koreatimes.co.kr: The asset market, which heated up upon abundant liquidity following several economic stimulus packages, is rapidly cooling off.
Transactions are faltering and prices are falling on both bourses and the real estate market, causing analysts to be concerned that things aren’t likely to recover in the short term, as Dubai’s debt problem could temporarily freeze global liquidity……………………………Full Article: Source

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HCM City property market cools down

Posted on 30 November 2009 by Laxman  |  Email |Print

From Vnagency.com.vn: The HCM City property market will be quiescent for the rest of this year, a recent survey by the Viet Nam Real Estate Company has found.

Following a period of inactivity, the situation improved slightly in October and early November when the number of new land and apartment projects increased but things had cooled off again, the survey said……………………………Full Article: Source

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Aussie homes three times bigger than British

Posted on 30 November 2009 by Laxman  |  Email |Print

From News.com.au: Australians have the world’s largest houses, beating traditional champion the United States, however the cost of renting is similarly expanding.

The Courier-Mail reports data commissioned by CommSec showed the Australian house had grown on average by 10 per cent in the past decade to a record high of 214sq m, three times the size of the average British house……………………………Full Article: Source

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Costa Rica real estate market conditions

Posted on 30 November 2009 by Laxman  |  Email |Print

From Insidecostarica.com: The Costa Rica real estate market has been like a roller coaster. However, lows, highs and downright crashing of any market is to be expected throughout it’s life span. It’s how we react to those moments that count the most.

Throughout the past decade Costa Rica’s market conditions have gone from a “sellers market” to “buyers market”, which is where we are today. It’s not uncommon today to see properties that once had high price tags, going for 30-50% less than appraised value……………………………Full Article: Source

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Europe: Prime property prices begin to stir

Posted on 27 November 2009 by Laxman  |  Email |Print

From WSJ: After sharp falls during the credit crisis, prime residential property prices in Europe are beginning to regain their poise, fueled by investor appetite for direct investment opportunities, cheap money and exchange-rate advantages.

London is leading the charge, but residential property in Switzerland, Monaco and the South of France is also sparking to life……………………………Full Article: Source

All new buildings to be energy-neutral by 2020: EU

Posted on 27 November 2009 by Laxman  |  Email |Print

From Propertyeu.info: EU governments and Members of the European Parliament (MEPs) have struck a deal that will force all new buildings constructed after 2020 to consume ‘near zero energy’.
The agreement, part of the revision of the 2002 Energy Performance of Buildings Directive, defines near-zero-energy buildings as constructions that have ‘a very high energy performance’ with any energy they use coming ‘to a very large extent’ from renewable sources generated ‘either on-site or nearby’……………………………Full Article: Source

Standard Life to launch pan European property recovery fund

Posted on 27 November 2009 by Laxman  |  Email |Print

From Moneymarketing.co.uk: Standard Life Investments is to launch a closed-ended pan European property recovery vehicle which will have a minimum investment of £50,000.

The property recovery fund will take the structure of a five year limited partnership and will be managed by property fund manager Will Fulton……………………………Full Article: Source

European recovery will lag emerging markets: CBRE

Posted on 27 November 2009 by Laxman  |  Email |Print

From Propertyeu.info: Recovery in Europe and North America will lag the emerging markets and temper the pace of recovery, according to the 3Q 2009 CBRE Global MarketView. The recovery is being led by Asia, with Latin America in second place, the report said.

‘Clearly, a synchronized downturn is not being followed by a synchronized recovery. Regions and countries are experiencing widely divergent trends.’ The report added, however, that the market is close to ‘bottom.’…………………………..Full Article: Source

Two thirds of UK properties sold at below valuation, IPD says

Posted on 27 November 2009 by Laxman  |  Email |Print

From Propertyweek.com: More than two thirds of UK property disposals last year were sold at below price valuation, according to the Investment Property Databank (IPD).

By contrast the three other major European markets, Netherlands, France and Germany, all achieved the majority of sales prices at higher than valuation……………………………Full Article: Source

UK: House prices set to rise gradually

Posted on 27 November 2009 by Laxman  |  Email |Print

From Reuters: House prices have probably bottomed but will only creep higher over the next couple of years as more properties come on the market and the economy makes a plodding return to growth, a Reuters poll showed.

Average house prices are seen ending this year 3.4 percent higher than where they started, but will rise just 1.8 percent next year and 2.2 percent in 2011, the poll of over 30 analysts found — a far cry from double-digit growth during boom times……………………………Full Article: Source

German property prices up last quarter according to latest index from GPG

Posted on 27 November 2009 by Laxman  |  Email |Print

From Property-abroad.com: German property prices rose 0.93% on a quarterly basis in Q3, according to the global house price index recently released by the Global Property Guide.
The annual picture is not so bright however, with prices down 2.78% on last year, which is only a moderate slow from the contraction of 2.93% in the 12 months ending Q3 last year……………………………Full Article: Source

Egypt one of most attractive destinations for real estate investors

Posted on 27 November 2009 by Laxman  |  Email |Print

From Property-abroad.com: Egypt is one of the “most attractive destinations for real estate investors in 2009,” said experts at a recent conference in Cairo.
The panel of 19 experts said that Egypt’s relatively young mortgage market left it shielded from the banking crisis because its lending policies are still restrictive. The US crash they said, was because mortgage LTVs were upped from 70% to 110%……………………………Full Article: Source

Dubai may be forced into foreign property sales

Posted on 27 November 2009 by Laxman  |  Email |Print

From Tradearabia.com: The Dubai government could be forced to hold a firesale of its international real estate if creditors to two of its flagship companies reject proposals to put near-term debt obligations on ice until May 2010.

International property advisers are bracing for a potential slew of instructions to revalue and sell trophy assets owned by Dubai World and its many property-owning units as the emirate struggles to shrink its $59 billion debt pile……………………………Full Article: Source

Location determining house rents in Doha

Posted on 27 November 2009 by Laxman  |  Email |Print

From Thepeninsulaqatar.com: When it comes to residential rents the most important factor is “location”. If we look for example, to the Al Sadd area, we see more than a dozen apartment buildings which are offered for rent.
The vacancy rates in Doha’s residential sector will be above 10 percent in 2010, as more residential buildings will be completed during the next 12 months……………………………Full Article: Source

Kuwait: Call for more residential areas

Posted on 27 November 2009 by Laxman  |  Email |Print

From Kuwaittimes.net: More plots of land should be allocated to citizens who wish to build homes, said , Municipal Council member and Head of Farwaniya governorate committee, Ahmad Al-Baghli.
He called for allotting more residential areas for citizens’ sake, pointing out that only eight percentage of the country’s total area has been used for such purposes……………………………Full Article: Source

Abu Dhabi to limit construction projects

Posted on 27 November 2009 by Laxman  |  Email |Print

From Building.co.uk: Abu Dhabi will limit construction projects over the next 18 to 24 months. The idea to protect the city’s real estate market from the housing glut and plummeting property prices seen in fellow emirate Dubai.
Under the plan Abu Dhabi will allow only 3,500 homes and 140,000m² of commercial space to be built during the period. This is despite the fact Abu Dhabi has a housing unit shortage of 15,000 to 20,000……………………………Full Article: Source

New law allows foreign investors to own development land in Iraq

Posted on 27 November 2009 by Laxman  |  Email |Print

From Propertywire.com: A new investment law in Iraq will allow foreigners to own land for residential property projects and also streamline the regulation and application process.

The once war torn country needs millions of new housing units in the next few years but also needs foreign investment to build them……………………………Full Article: Source

India: Realty may see no FDI lock-in

Posted on 27 November 2009 by Laxman  |  Email |Print

From Indiatimes.com: The commerce ministry has moved a proposal to remove the condition of the minimum lock-in period for repatriation of FDI in construction industry.
According to a note circulated among pertinent ministries for their comments, the move is aimed at further easing FDI flow in construction of housing projects, hotels and townships etc……………………………Full Article: Source

India: Realty rebound on cards with over 3,67,000 houses to come up by 2011

Posted on 27 November 2009 by Laxman  |  Email |Print

From Financialexpress.com: Leading independent global property consultancy, Knight Frank India, said its latest research on the country’s residential market found that 3,67,000 housing units will be available by 2011, across seven Indian cities of which 25% will come up in the National Capital Region (NCR) alone.
The NCR will be the largest contributor with 92,202 housing units equating to 160.16 million sq ft of fresh supply of residential space followed by Mumbai with 72,906 units equating to approximately 80.61 million sq.ft by the end of 2011……………………………Full Article: Source

The madness of Hong Kong’s property prices

Posted on 27 November 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: Despite strong headwinds still blowing against Hong Kong’s financial industry, the residential property market has risen explosively this year: house prices have surged 30 per cent, while luxury properties have leapt by more than 40 per cent.
The HK$439 million (£34 million) paid for the 5,000sq ft duplex put the (still unfinished) apartment ahead of London’s (also unfinished) One Hyde Park as the world’s most expensive piece of (non-existent) residential property……………………………Full Article: Source

Excellence eyes $500 mln HK IPO next year

Posted on 27 November 2009 by Laxman  |  Email |Print

From Reuters: Chinese property developer Excellence Real Estate Group Ltd, which shelved its up to $1 billion Hong Kong IPO last month, plans to relaunch it next year, cutting the fundraising size to about $400 million-$500 million, sources close to the deal said on Thursday.

Asia has been the top region for companies tapping markets for money this year as its economies have outpaced other parts of the world still trying to inch out of a recession……………………………Full Article: Source

Singapore: Property prices at record high

Posted on 27 November 2009 by Laxman  |  Email |Print

From Asiaone.com: Property prices in Singapore jumped an all-time record 14.3 per cent in the third quarter, in tandem with the rise in prices elsewhere, according to some of the latest global data.

However, property experts here say the steep rise in housing prices is unlikely to continue, thanks to a slew of government- introduced measures to prevent the market from overheating……………………………Full Article: Source

Taipei housing prices on the rise, but will the upswing persist?

Posted on 27 November 2009 by Laxman  |  Email |Print

From Etaiwannews.com: Taipei’s volatile real estate market has been thriving recently after a few quarters in the doldrums, but recent proposals to raise various property-related taxes and complaints by city residents that housing is too expensive have led to uncertainty about the market’s future direction.

According to My Housing magazine, the average price of housing under construction in Taipei City reached NT$599,000 per ping (3.305 square meters) last year before falling to NT$576,000 per ping during the first two quarters of 2009, due to the financial crisis……………………………Full Article: Source

Philippine property prices expected to increase in 2010

Posted on 27 November 2009 by Laxman  |  Email |Print

From Homesoverseas.co.uk: Philippine property yields are expected to remain steady or show a slight increase during 2010, driven by a resurgent Asian economy, forecasts apart-hotel property investment specialist, Asset Property Brokers.

The Chinese economy is predicted to grow by 9% in 2010 with Singapore expanding by 4.3%, Taiwan by 3.7% and the Philippines by 3.2%, according to the International Monitory Fund……………………………Full Article: Source

Cambodia warming to idea of foreign ownership

Posted on 27 November 2009 by Laxman  |  Email |Print

From Nytimes.com: Just three decades after the downfall of the Khmer Rouge, a deadly regime that left behind little notion of private property, a law that would allow foreigners to buy some kinds of real estate here appears to be nearing approval.
And while the proposed law is focused on the property market, experts agree it also would be a general boost for the country, which has been struggling through its own version of the global economic downturn……………………………Full Article: Source

Japan Retail Fund says eyeing $573 mln share sale

Posted on 27 November 2009 by Laxman  |  Email |Print

From Forbes: Japan Retail Fund Investment Corp is considering selling shares to raise as much as 50 billion yen ($570 million) once its planned merger with LaSalle Japan REIT is completed in March, the retail fund’s asset manager said.

JRF, which owns 50 commercial buildings including shopping malls, plans to merge with LaSalle REIT by March 1. The new REIT would have total assets of over 700 billion yen ($7.7 billion) putting it just behind Nippon Building Fund Inc, the biggest listed REIT in Japan……………………………Full Article: Source

3 reasons to watch real estate ETFs

Posted on 27 November 2009 by Laxman  |  Email |Print

From Etftrends.com: Although the housing sector and the exchange traded funds (ETFs) witnessed a minor setback last week, things are looking better this week as home sales rise to a two-and-a-half year high.

Many have suggested that the drop in housing starts in October was caused by the expiration of the first-time homebuyer tax credit, which was recently extended by policymakers……………………………Full Article: Source

Canadian REITs favoured over U.S. counterparts

Posted on 27 November 2009 by Laxman  |  Email |Print

From Nationalpost.com: Canadian real estate investment trust have risen 40% in value since bottoming out in early 2009, but CIBC World Markets senior economist Benjamin Tal thinks there is more to come and favours them over their U.S. counterparts.

“Against a backdrop of a virtual drought in commercial real estate financing south of the border, the availability of capital in the Canadian space suggests that commercial real estate on this side of the border will be the first to capitalize on improving economic conditions,” Mr. Tal wrote in a report……………………………Full Article: Source

Prudential starts Mexico industrial real estate fund

Posted on 27 November 2009 by Laxman  |  Email |Print

From Reuters: Prudential Financial is launching an investment fund in Mexico to tap opportunities in industrial real estate using a new vehicle aimed at local pension funds.

Prudential wants to raise up to 6.5 billion pesos ($500 million) from local pension funds by the first quarter of next year, Paulo Gomes, research director at Prudential Real Estate Investors in Latin America, or PREI, told Reuters on Thursday……………………………Full Article: Source

World’s housing markets recovering unevenly: Q3, 2009

Posted on 26 November 2009 by Laxman  |  Email |Print

From Globalpropertyguide.com: Housing markets in the world’s leading economies continue to recover, says the Global Property Guide’s summary of housing statistics for the year to end-Q3, 2009.
Many housing markets in leading economies remain distressed. Of the 27 countries which have already published their Q3 data, more countries have experienced house price falls (17 countries) during the year to date, than have enjoyed price rises (10)………………………….Full Article: Source

Sales of new homes in U.S. rise to highest since 2008

Posted on 26 November 2009 by Laxman  |  Email |Print

From Bloomberg: Purchases of new homes in the U.S. rebounded more than anticipated in October as buyers rushed to take advantage of a government tax credit before it expired.

Sales rose 6.2 percent to an annual pace of 430,000, the highest level since September 2008, the Commerce Department said today in Washington. The median sales price fell 0.5 percent and the number of unsold homes reached a four-decade low………………………….Full Article: Source

US housing market recovers

Posted on 26 November 2009 by Laxman  |  Email |Print

From Investorschronicle.co.uk: The US housing market is recovering more strongly than expected, according to this week’s figures. The National Association of Realtors reported that sales of pre-owned houses rose by 10.1 per cent in October, to their highest level since February 2007. They are now 35.8 per cent above January’s trough.
And the S&P/Case-Shiller index of house prices - generally considered the most reliable measure - rose by 0.3 per cent in September………………………….Full Article: Source

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