Posted on 27 July 2010 by Laxman | Email |Print
From WSJ: Sales of new homes are near 47-year lows, yet the supply of new and existing homes is expected to grow in the months ahead as construction ramps up and a wave of foreclosed homes hits the market.
In June, new-home sales were running at a seasonally adjusted annual rate of 330,000 units, the Commerce Department said Monday. While that was up 23.6% from the all-time low of 267,000 in May, the June figures were the second lowest on record……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Telegraph: New US house sales rebounded strongly last month, rising almost 24pc – albeit to the second lowest level of sales since records began in 1963. The number of new homes being purchased in the US rose by 23.6pc to a seasonally adjusted annual rate of 330,000.
Although this was up strongly from the annualised rate of 267,000 seen in May, sales activity remains sharply below the highs of the pre-crisis housing boom, with sales off 16.7pc year-on-year in June. The US housing market peaked in 2005, with an annual rate of sales of new homes of 1.5m……………………………………….Full Article: Source
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From Boston.com: Thought the housing crisis was over? Not quite.Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas over the next year.
Parts of the country already pummeled by the housing crisis, like Las Vegas, Phoenix and Miami, will be hit hardest. But even some places that have rebounded or held up relatively well — including New York, Los Angeles and Washington, D.C. — will suffer, too……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Helium.com: The U.S. housing market has hardly recovered four years after the housing bubble in 2006. Although home selling prices have dropped nearly 30% making houses affordable to more consumers, the housing market hasn’t shown signs of sustainable recovery.
Besides, although mortgage financing has reached historic low rates (30-year fixed 4.62, 15-year fixed 4.09 as of 7/22/2010, from 5.37 and 4.8 respectively in 2009), the U.S. real estate market seems driven by stagnation that inhibits its quick recovery……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Bloomberg: Servicers are liquidating soured commercial property loans bundled into bonds at an “anemic” pace as large mortgages delay the process, creating uncertainty as to the size of losses, according to Credit Suisse Group AG.
Of nearly 4,900 troubled loans, 86 totaling $494 million were liquidated last month, Credit Suisse analysts Serif Ustun and Sylvain Jousseaume in New York wrote in a July 23 report. More than 80 percent of those loans were less than $10 million and the largest had only $27 million in balance, the analysts said……………………………………….Full Article: Source
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From Uv10.com: Brazilian property is leading the way in occupier demand, ahead of eurozone countries and the UK, according to a new report.
The RICS Global Commercial Property Survey showed that while occupier demand is rising in the majority of countries around the world, UK and eurozone countries are lagging behind up and coming nations……………………………………….Full Article: Source
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From IPE: While occupier demand is rising in the majority of countries across the globe, austerity measures to reduce fiscal deficits are causing a drag on euro-zone and UK real estate markets, according to the latest global report from the Royal Institute of Chartered Surveyors (RICS).
The latest RICS Global Commercial Property Survey shows Brazil as having the highest net balance of surveyors reporting a rise in occupier demand – moving from 70% to 85% – while markets in Peru and China have also performed well……………………………………….Full Article: Source
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From Thisismoney.co.uk: House prices dipped in July and will continue to see modest falls in the second half of the year, according to the latest Hometrack report.
The average home saw a slight fall of 0.1% in value, – the first monthly dip in 15 months – the property information specialist reported……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Bloomberg: U.K. house prices fell in July for the first time in 15 months as the government’s budget squeeze curbed demand and more people tried to sell their properties, Hometrack Ltd. said.
The average price in England and Wales fell 0.1 percent from June to 158,700 pounds ($244,985), the London-based property researcher said in an e-mailed report today, citing a survey of surveyors and real-estate agents. Home values in the capital led the decline, dropping 0.2 percent. On the year, prices rose 2 percent……………………………………….Full Article: Source
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From Rte.ie: A report on the property market says returns from commercial property are showing signs of stabilising, having dropped by almost 60% from peak levels during the boom.
Commercial property firm CB Richard Ellis said €105m had been invested in commercial property in the first six months of 2010, compared with just €41.6m in the same period last year……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Citywire.co.uk: Property group Valad Europe has been appointed to manage Kefren Properties’ €480 million real estate portfolio in Sweden for the next five years, according to news reports.
The portfolio is made up of 150 properties and consists predominantly of office space, as well as retail and industrial……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Bloomberg: Bank of Israel Governor Stanley Fischer raised the benchmark interest rate for the first time in four months in a bid to cool housing prices which he says could develop into a bubble.
Fischer yesterday unexpectedly increased the rate by a quarter percentage point to 1.75 percent. Only five of 16 economists surveyed by Bloomberg had predicted the decision, while eleven expected no change……………………………………….Full Article: Source
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From Haaretz.com: There is no real estate bubble in Israel. These are natural market processes, driven by the big gap between the growth in the number of households and the rate of housing construction.
At least so says a report by The Macro Center for Political Economics, which was dished up to the Knesset last week. The director general of the Macro Center, Roby Nathanson, explained that the increase in housing prices is just a correction after the drop in the previous crisis……………………………………….Full Article: Source
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From Ameinfo.com: Saudi Arabia’s National Commercial Bank (NCB) has said that increased government investments are expected to drive the expansion of the non-oil GDP growth of the kingdom’s construction sector to an all-time high of 10.41% by the end of this year, Zawya Dow Jones has reported.
The kingdom has 687 current projects, 22% of which are in the execution phase, that are valued at approximately SR2.6trillion. According to NCB, contracts awarded in 2010 and 2011 are forecast to reach $64bn and $86bn, respectively……………………………………….Full Article: Source
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From BBC: India’s thirst for solar energy has transformed villager’s property from a dry, dusty inhospitable environment into a sun-drenched power socket that promises much, both for energy companies and for a country that still suffers black-outs.
The Tahr desert spreads 200,000 square kilometres across North West India, and as Dr PC Pande from Rajasthan’s Central Arid Zone Research Institute points out, sun is not in short supply……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Bloomberg: China’s home prices may decline by as much as 15 percent in the next six to 12 months as more supply becomes available, according to HSBC Holdings Plc.
HSBC lowered its stock recommendations on Agile Property Holdings Ltd., Guangzhou R&F Properties Co. and Shimao Property Holdings Ltd. to “underweight” from “overweight.” The brokerage cut its rating for Sino-Ocean Land Holdings Ltd. to “underweight” from “neutral.”………………………………………Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Reuters: China could consider taxing commercial property based on its market value rather than its original purchase price as it does now, a senior tax official said in remarks published on Monday in the China Securities Journal.
The proposal by Yin Boqin, a deputy director at the Ministry of Finance, is part of a swirling debate about how to overhaul China’s real estate tax regime to discourage speculative buying while strengthening local government finances……………………………………….Full Article: Source
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From Shanghaidaily.com: According to figures released by the National Bureau of Statistics, June witnessed a month-by-month slowdown in house prices for the first time in 16 months.
The city’s house prices grew by 8.2 per cent in June compared to May, 1.4 points less that the figures issued for April-May. Nonetheless, across the board in China house prices grew by 11.4 percent year-on-year in June……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email |Print
From Forbes: While most investors today probably understand that Europe isn’t exactly a poster-child for prudent government spending or budget planning, we’re not sure that the consensus is bearish enough on the spillover effects from a prolonged European Debt Deflation.
Exports are still the foundation of the China story, but with their largest customers still lying in intensive care, we doubt appetites for cheap Chinese goods will be quite the same……………………………………….Full Article: Source
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