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Real Estate Briefing - Archive | November, 2011

Crisis likely to affect deal volume in Q4: JLL

Posted on 30 November 2011 by Laxman  |  Email |Print

Global real estate investment activity held up well in the third quarter of 2011 but worsening economic sentiment is likely to have an impact on transaction volumes in Q4, according to JLL’s latest Global Capital Flows research report.
Q3 2011 saw $99.4 bn (EUR 74 bn) in direct commercial real estate investment worldwide, up 36% from a year ago, with the most active city markets being London ($6.9 bn), New York ($4.3 bn) and Tokyo ($3.6 bn)……………………………………….Full Article: Source

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S&P/Case-Shiller index: Home prices falling again

Posted on 30 November 2011 by Laxman  |  Email |Print

In 17 out of 20 major American cities, home prices in September were lower than in August, the latest S&P/Case-Shiller home price index shows.
It’s the first drop after five straight months in which at least half the cities in the survey showed monthly increases, The Associated Press reported. Prices rose month-over-month only in Washington, DC, New York and Portland, the survey said……………………………………….Full Article: Source

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‘Every day is black Friday’ in housing as prices tank, Case-Shiller shows

Posted on 30 November 2011 by Laxman  |  Email |Print

Housing markets remain deeply depressed, as the latest S&P/Case-Shiller Home Price Indices show. September data, released Tuesday, show that prices continue to drift lower, with three cities posting new index lows, as real estate markets remain unable to shrug off a massive inventory of foreclosed homes and a weak economy.
National home prices fell at an annual rate of 3.9% in the third quarter, as real estate markets tread even lower. The decline appears to be decelerating, as Q2 prices fell 5.8% on an annual basis while Q3 inched up sequentially 0.1%………………………………………..Full Article: Source

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As home prices sink, home ownership heads to new lows

Posted on 30 November 2011 by Laxman  |  Email |Print

Home prices across the nation are now right back where they were at the beginning of 2003. All that was gained is largely now lost, and the effect on home ownership could continue for decades.
“Consumer attitudes have gotten a lot more negative about long-term commitment,” said Standard and Poors’ David Blitzer, after reporting home prices through September had fallen a deeper-than-expected 3.9 percent compared to the third quarter of 2010. “They dropped to new lows. This takes them below the point we saw in 2009, where briefly we all thought this thing was about to turn around.” ……………………………………….Full Article: Source

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U.S. underwater mortgages down slightly in 3Q: CoreLogic

Posted on 30 November 2011 by Laxman  |  Email |Print

U.S. homeowners with mortgages worth more than the value of their homes decreased slightly in the third quarter, according to a report from CoreLogic.
Nationwide, 10.7 million properties were worth less than their mortgages, known as underwater or negative equity. Those properties comprised 22.1 percent of all properties with a mortgage, a slight decrease from 10.9 million homes, or 22.5 percent, in the second quarter………………………………………..Full Article: Source

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Once ‘ugly’ property management grows as U.S. home rentals surge

Posted on 30 November 2011 by Laxman  |  Email |Print

Just as the U.S. housing boom gave birth to such homebuyer websites as Zillow Inc. and Redfin Corp., services for rental properties are thriving following a surge in foreclosures and stiffening of mortgage standards.
Membership in the National Association of Residential Property Managers has almost doubled in five years to a record 3,400 members, according to the Chesapeake, Virginia-based trade group………………………………………..Full Article: Source

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Empire State Building’s controlling owner Malkin may go public as a REIT

Posted on 30 November 2011 by Laxman  |  Email |Print

The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, may file to become a publicly traded real estate investment trust in about three months.
Malkin Holdings LLC, supervisor of the company the holds the title to the tower, has “embarked on a course of action” that could result in it becoming part of a new REIT (BBREIT), Empire State Building Associates LLC said in a regulatory filing today. Documents may be filed with the Securities and Exchange Commission in about three months, according to the filing……………………………………….Full Article: Source

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Canada: Is there more real estate chaos to come?

Posted on 30 November 2011 by Laxman  |  Email |Print

It could well become the cocktail-party question of the holiday season: Is Canada’s gravity-defying housing market headed for a fall? The Economist says Canada is one of nine countries in the world where housing is overvalued by 25 per cent or more right now — and among four where prices are in line with those in the U.S. “at the peak of its bubble.”
The others are France, Australia and Belgium, it says under a headline that claims “the bursting of the global economic bubble is only halfway through.”……………………………………….Full Article: Source

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UK commercial property sector at a standstill

Posted on 30 November 2011 by Laxman  |  Email |Print

This week the government agreed to underwrite hundreds of millions of pounds in mortgages on new build homes to resuscitate the UK housing market. But the latest data compiled by Investment Property Databank (IPD) shows that the UK commercial property sector could also be in need of a lifeline.
According to the IPD UK monthly index, capital growth in the UK commercial sector has ground to a standstill. Total returns for October stood at just 0.6% and were almost entirely income driven, the data shows………………………………………..Full Article: Source

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UK: Property market remains ‘resilient’

Posted on 30 November 2011 by Laxman  |  Email |Print

The housing market has remained “surprisingly resilient” this month, Nationwide has said, as the average price of a property increased by 0.4% month on month.
The price of a typical home was £165,798 in November, 1.6% higher than a year ago, the Nationwide said, following a 0.8% year-on-year increase in October………………………………………..Full Article: Source

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UK: Autumn statement 2011: Housing market estimates could lead to GBP6bln black hole

Posted on 30 November 2011 by Laxman  |  Email |Print

Official estimates about the housing market used by the Government could lead to a £6bn black hole in tax receipts, according to estate agent Savills.
The Treasury is assuming measures it has put in place and an upturn in the market will lead to a 21pc increase in transactions in the housing market in two years time, followed by a further 16pc jump in 2014/15. The rise would result in a huge increase in tax receipts from stamp duty………………………………………..Full Article: Source

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Denmark’s property bubble prompts mortgage lenders to look to German model

Posted on 30 November 2011 by Laxman  |  Email |Print

Denmark’s home-loan industry, the world’s biggest issuer of mortgage-backed covered bonds, is looking to Germany to avoid a repeat of the housing bubble that sent Scandinavia’s weakest economy to the brink of a recession.
Realkredit Danmark A/S, Denmark’s second-largest mortgage lender, wants the $495 billion industry to reject loan applications if house prices exceed what German banks call the mortgage lending value, which strips out temporary price fluctuations to arrive at a long-term valuation………………………………………..Full Article: Source

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JLL: Italian real estate investment opportunities to grow during 2012

Posted on 30 November 2011 by Laxman  |  Email |Print

Despite on-going financial concern across the euro zone region, Italian real estate investment has the potential to be a platform for growth in the medium term, according to Jones Lang LaSalle research.
Robert Stassen, Head of EMEA Capital Markets Research at Jones Lang LaSalle commented: “Italian real estate investment has been flat since 2007, with average quarterly investment volumes of €1 billion per quarter………………………………………..Full Article: Source

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Dubai’s luxury real estate thrives among upheaval

Posted on 30 November 2011 by Laxman  |  Email |Print

With opulent mansions and high-rolling residents, Dubai’s Emirates Hills development is fast becoming the city’s ‘Millionaires Row’, with analysts reporting properties have held their value.
The gated community, where villas prices start at AED14m, suggests Dubai’s luxury property market has been less impacted by the city’s dramatic real estate crash than midmarket homes………………………………………..Full Article: Source

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Real estate market on the rise in Qatar

Posted on 30 November 2011 by Laxman  |  Email |Print

The real estate market in Qatar has continued to grow over the past two years, according to a local expert who said that nearly half a million square metres of office space is set to be made available to the market next year.
Jonathan Wright, of DTZ, explained that despite suffering a drop in 2008 and 2009, the market had recovered well and the vacancy rate in West Bay, Doha’s central business district with a total stock of 1.4mn square metres, now stood at around 8%………………………………………..Full Article: Source

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Property prices in Asia heading towards correction

Posted on 30 November 2011 by Laxman  |  Email |Print

Recent reports have signalled that property prices across China and other parts of Asia are heading towards a correction. But regional developers and market observers say it is not all doom and gloom yet for the sector.
The integrated resorts and international events like the F1 have brought the spotlight on Singapore. They have also piqued foreign investors’ interest to invest in luxury properties, say analysts………………………………………..Full Article: Source

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India: Home loans grow despite rising interest rates, property prices

Posted on 30 November 2011 by Laxman  |  Email |Print

High residential property prices in some parts of the country and rising interest rates have not dampened the appetite for home loans in the first half of the current financial year (April-September 2011), going by data from the National Housing Bank and the Reserve Bank of India.
In the first six months of the current financial year, the collective disbursement of home loans by 54 HFCs (housing finance companies) was 10 per cent higher at Rs 49,458 crore against Rs 44,870 crore in the corresponding year-ago period………………………………………..Full Article: Source

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India: Realty PE funds to stay invested

Posted on 30 November 2011 by Laxman  |  Email |Print

As valuations in the real estate sector become unattractive, many real estate focused private equity funds that were suppose to exit from their investments in 2012 have got one-year extension till March 2013 from investors.
“It makes sense for limited partners (LPs) to ask the fund to wait for one year than exit now when the valuations in real estate are not attractive,” said Avinash Gupta, head, financial advisory, Deloitte (India)………………………………………..Full Article: Source

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China’s property boom cools, pain spreads

Posted on 30 November 2011 by Laxman  |  Email |Print

China Vanke Co and other leading Chinese property developers are slashing prices to attract customers as government measures to rein in an overheated market are having their effect.
China Vanke, the country’s largest publicly listed developer by market capitalization, this month cut prices at projects in Shanghai and Shenzhen by 20% compared with earlier sales, according to China Real Estate Information Corp (CRIC), a data and consulting firm. Rivals such as Longfor Properties, the largest developer in the central metropolis of Chongqing, and China Overseas Property, have made similar price cuts………………………………………..Full Article: Source

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Hong Kong has Asia’s most expensive retail areas, Cushman says

Posted on 30 November 2011 by Laxman  |  Email |Print

Hong Kong accounted for the four areas with the highest retail rents in the Asia-Pacific region, according to Cushman & Wakefield Inc.
The Causeway Bay district tops the company’s survey with annual rent of $1,941 per square foot at the end of the third quarter, Cushman said in an e-mailed statement. The Central business district is second at $1,618, it said………………………………………..Full Article: Source

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Singapore private property prices to fall up to 26pct in coming years

Posted on 30 November 2011 by Laxman  |  Email |Print

Singapore’s residential property market is set for a significant downturn in the next three years and prices are expected to fall. Prices could fall between 22 and 26%, according to Daiwa Research.
‘We believe the residential property market could remain depressed for several years, triggered initially by a likely forthcoming gross domestic product slowdown in 2012 and lingering global economic uncertainty,’ it said in a new report………………………………………..Full Article: Source

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US: Home affordability near highest level in 20 years

Posted on 29 November 2011 by Laxman  |  Email |Print

It’s easy to drown in real estate statistics, but looking at “affordability” — the homes that someone on a median income could buy — is a fascinating gauge of housing markets. (Plus, it’s a statistic that can be fine-tuned to the local level). The recent release of the Housing Opportunity Index from the National Association of Home Builders/Wells Fargo shows that we’re still in a uniquely affordable phase of the market cycle. If you’re looking for good news to come from the housing slump, this is it.
One driver is prices that have fallen shockingly — in many places, by half — from 2006 highs. The national median average price has dropped less but still substantially, from $248,000 in 2006 to $176,000 in this year’s third quarter………………………………………..Full Article: Source

U.S. new home sales up 1.3 pct in October

Posted on 29 November 2011 by Laxman  |  Email |Print

Steven WoodAmericans bought slightly more new homes in October but prices fell, according to the US Commerce Department. New-home sales increased 1.3% last month to a seasonally adjusted annual rate of 307,000.
However, the figure is less than half the 700,000 annual rate that experts believe is needed to sustain a recovery. The average price of a new home fell 0.5% to $212,300 (£136,000)………………………………………..Full Article: Source

New home prices facing growing pressure

Posted on 29 November 2011 by Laxman  |  Email |Print

Sales of newly built homes are bouncing around a bottom, but prices are now at the lowest level of the year. The median price of a new home came in at $212,300 for October, which is up from a year ago, but October of 2010 represented the big fall after the end of the home buyer tax credit.
The fact that October of this year saw the lowest price of the year so far is not good news going forward. What this means for the nation’s big builders has the analysts split………………………………………..Full Article: Source

How to know whether it’s time to buy a home

Posted on 29 November 2011 by Laxman  |  Email |Print

As another year of the housing downturn ends, some are wondering if it finally is more advantageous to buy instead of rent, given discounted home prices and mortgage rates near historical lows.
The answer not only depends on where you live, but also your personal finances, the stability of your job and what you expect for home prices and rental rates in the years ahead. Historically, renting has been the better choice, according to recent research………………………………………..Full Article: Source

US: Growth in commercial real estate markets expected in 2012

Posted on 29 November 2011 by Laxman  |  Email |Print

Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors(R). Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”
The commercial real estate market is expected to follow the general economy. “Vacancy rates are expected to trend lower and rents should rise modestly next year. In the multifamily market, which already has the tightest vacancy rates in any commercial sector, apartment rents will be rising at faster rates in most of the country next year. If new multifamily construction doesn’t ramp up, rent growth could potentially approach 7 percent over the next two years,” Yun said. (Press Release)

IRSA seeking opportunities in Europe as property prices plunge, CEO says

Posted on 29 November 2011 by Laxman  |  Email |Print

IRSA Inversiones y Representaciones SA (IRSA), Argentina’s biggest real estate developer, will look for opportunities in crisis-stricken Europe and keep expanding its business in the U.S. and Argentina, Chief Executive Officer and founder Eduardo Elsztain said.
“The best transactions are done when everybody stops and is paralyzed,” Elsztain said in an interview at the New York Stock Exchange. “These days, the whole world is in some way frozen and the best way to preserve value is to have real assets.”……………………………………….Full Article: Source

UK: Distressed property availability rising, investor demand subdued -RICS

Posted on 29 November 2011 by Laxman  |  Email |Print

The level of distressed commercial property available around the world is expected to rise in the final three months of 2011, but demand from cautious investors is much lower as the deepening global financial stresses take their toll, a survey from the Royal Institute of Chartered surveyors shows Monday.
The increase in availability of distressed property is set to be led by Ireland, Southern Europe and the United Arab Emirates. But, the level of global supply is set to outstrip demand by around 60%, the RICS said, up from an estimated 40% in the third quarter………………………………………..Full Article: Source

UK: House prices fall by 0.9pct, says Land Registry

Posted on 29 November 2011 by Laxman  |  Email |Print

House prices in England and Wales fell by 0.9% in October 2011, taking the annual fall in prices to 3.2% and the average price of a property to £159,999, according to latest Land Registry figures.
It said the east of England experienced the greatest monthly rise during October with an increase of 0.7%, while prices in Wales fell by 3%………………………………………..Full Article: Source

House prices fall ahead of tax hike on homebuyers

Posted on 29 November 2011 by Laxman  |  Email |Print

Government plans to increase tax on first time homebuyers next March should be scrapped, Britain’s biggest building society claims, as fresh evidence of falling confidence in the housing market emerges from Land Registry figures which show house prices fell 3.2pc last year.
According to official figures based on property sales and Stamp Duty receipts, house prices are now 7pc lower than a year ago in the North East and North West, while London is the only part of the country where house prices increased during the last 12 months – and then only by 0.3pc………………………………………..Full Article: Source

Investors warned over short-term outlook for UK residential

Posted on 29 November 2011 by Laxman  |  Email |Print

Institutional investors have been warned against mistiming any move into the private rented residential sector in the UK, despite the fundamental attraction of the emerging asset class.
Concerns were voiced at the IPD/IPF Property Investment Conference in Brighton last week that the next two - three years could be prove problematic for pension funds looking to enter the market………………………………………..Full Article: Source

Skyscraper builders’ bets on city of London sour as banking revival fades

Posted on 29 November 2011 by Laxman  |  Email |Print

It’s hard to get more central in the City of London financial district than the Walbrook, a gleaming, glass box designed by Norman Foster’s firm that sits less than 200 meters (660 feet) from the Bank of England. Almost two years after its completion, the office building remains empty.
Walbrook’s owner, Minerva (MNR), isn’t the only company searching for a large-scale City tenant. Almost two-thirds of the office space completed in the area this year isn’t leased, even though the amount built was 43 percent lower than the 10-year average, Colliers International said in a report. New rentals dropped by 52 percent in the first half, Savills Plc said………………………………………..Full Article: Source

Irish bank gears up to sell EUR 1.4bln in property loans

Posted on 29 November 2011 by Laxman  |  Email |Print

State-controlled lender Allied Irish Banks is mulling the sale of up to EUR 1.4 bn of property loans made on homes, offices and shops across Ireland, according to a news report in the Financial Times.
Potential advisers are pitching for the mandate, expected to make submissions to AIB by the middle of next week. The portfolio is made up of EUR 1.1 bn of commercial property loans, at least half of which are understood to be distressed, the FT said………………………………………..Full Article: Source

Polish commercial property market: A safe haven in CEE?

Posted on 29 November 2011 by Laxman  |  Email |Print

The commercial property market in Poland has so far resisted the economic turmoil affecting other parts of Europe, and as a result the segment is now regarded as one of the most attractive for investments in the CEE region. Major commercial developers active in Poland claim the sector warrants stable investment but at the same time they also point to several potential dangers.
“The uncertain economic situation is causing a return to investments which generate stable revenues secured by long-term deals, and commercial real estate is certainly one such investment,” said Eli Alroy, president of the supervisory board at developer Globe Trade Centre. He added that there is now plenty of interest in Poland from commercial property market investors………………………………………..Full Article: Source

Lebanon sees 14.5 pct drop in real-estate transactions

Posted on 29 November 2011 by Laxman  |  Email |Print

Lebanon’s real-estate sector took a hit in 2011 as the number of real estate transactions tumbled by 14.5 percent year-on-year as of the end of October 2011 influenced by domestic political bickering and regional unrest, reported Credit Libanais Bank in its latest weekly market report.
The report said the real-estate sector demonstrated sluggish activity when compared to the same period last year with the number of real estate transactions dropping year-on-year to 66,143 from 77,360, Credit Libanais Economy Research Unit said………………………………………..Full Article: Source

Bahrain firms in a bid to meet affordable housing demand

Posted on 29 November 2011 by Laxman  |  Email |Print

Key Bahrain-based companies are leading the way in meeting the affordable housing challenge, and setting a leading example for all countries across the Middle East and North Africa (Mena) region.
As the Bahraini government is faced with a growing shortfall of affordable housing, currently estimated at 40,000 units, it must react quickly and efficiently to meet the soaring demand………………………………………..Full Article: Source

UAE: Property valuators come under pressure

Posted on 29 November 2011 by Laxman  |  Email |Print

Owners of property portfolios - both private and corporate - are leaning on property valuation firms to match “pre-crash valuations”. An industry expert told this website that most owners of properties believe the market has recovered sufficiently and, therefore, want to see the value of their holdings put back at what they were worth before the economic crisis struck in 2008.
“Clients are pressing valuers to match their older pre-crash valuations done on their assets as they believed the market had recovered sufficiently from this year,” Simon Gray, Managing Director - Mena, Chesterton International, said………………………………………..Full Article: Source

Myanmar: Real estate market heating up again

Posted on 29 November 2011 by Laxman  |  Email |Print

Investors in Myanmar have limited options, which results in a situation where one commodity can be the subject of intense speculation for a period until something changes that market or makes a new stream more attractive.
For most of 2011, speculation in the real estate market was rife and prices rose consistently across the board. At the same time, interest in cars – another major investment market – continued to abate and prices kept falling, until the Ministry of Rail Transportation announced a car import substitution program in early September………………………………………..Full Article: Source

China’s property market cooler, hard landing unlikely: analysts

Posted on 29 November 2011 by Laxman  |  Email |Print

The acceleration of housing price drop and apparent slump in real estate transactions in China’s first-tier cities indicate that its overheating real estate sector has become increasingly cooler. However, analysts have ruled out any possible burst of the Chinese real estate market.
In October, 34 cities in a statistical pool of 70 major cities saw declines in new home prices from September, compared with 17 cities in September, said the National Bureau of Statistics (NBS)………………………………………..Full Article: Source

Property risks ‘overshadow’ China outlook: OECD

Posted on 29 November 2011 by Laxman  |  Email |Print

Property risks are “overshadowing” China’s economic outlook as a slowdown in sales threatens to trigger developer collapses, the Organization for Economic Cooperation and Development said.
“While the exit of small developers would not pose a problem, the failure of large promoters could put some bank lending at risk, perhaps triggering negative chain reactions,” the Paris-based OECD said in a report yesterday. “A key risk is an overly quick liquidation of unsold property……………………………………….Full Article: Source

Singapore home prices may be poised to plunge

Posted on 29 November 2011 by Laxman  |  Email |Print

If you’ve been waiting for a chance to purchase a property in Singapore, maybe you should wait some more. The city-state’s red-hot residential real estate market could be poised to plummet 20% to 30% over the next three years – at least according to some analysts, who say demand is dampening just as a flood of new flats is hitting the market.
“We now expect a multi-year downturn in the residential market, with overall private home prices falling by 22% to 26%,” by the end of 2014 said David Lum, an analyst for Daiwa Capital Markets, in a recent report………………………………………..Full Article: Source

Is Canada’s housing market frothy or steady as she goes?

Posted on 28 November 2011 by Laxman  |  Email |Print

Most Canadian economists believe the housing market is going to slow further, but they don’t envision a U.S.-style bust. The Economist magazine, however, appears somewhat more worried.

The magazine’s new study of global housing markets, released this week, warns that real estate in Canada and a few other countries appears frothy. While prices have dropped in half of the 16 countries measured, they’re high in many others. The study looks at the price-to-income ratio, which measures affordability, and a price-to-rent measure………………………………………Full Article: Source

What housing risk?

Posted on 28 November 2011 by Laxman  |  Email |Print

Joseph GyourkoBefore the 2007 housing bust, financial analysts who raised questions about Fannie Mae and Freddie Mac’s shaky finances were dismissed as cranks. So it’s worrying to see a thoughtful critique of another taxpayer-backed monolith—the Federal Housing Administration—receive a similar brush-off.

The flap centers around an American Enterprise Institute paper “Is FHA the Next Housing Bubble?” by Wharton real-estate finance professor Joseph Gyourko earlier this month………………………………………Full Article: Source

US housing crisis

Posted on 28 November 2011 by Laxman  |  Email |Print

Experts say more foreclosed homes are coming onto the U.S. housing market and U.S. home prices are still dropping. They believe the housing problem would have been solved if the Federal Reserve could keep long-term interest rates down for the next 10 to 20 years. But interest rates will have to rise sooner rather than later as inflation becomes a problem in America.
The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011………………………………………Full Article: Source

Home ownership more affordable in US

Posted on 28 November 2011 by Laxman  |  Email |Print

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is now more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of US cities.

The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas, detailed Saturday, found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc………………………………………Full Article: Source

Danger ahead for U.S. housing market

Posted on 28 November 2011 by Laxman  |  Email |Print

Michael Lombardi, leading contributor to Profit Confidential, was in Miami last weekend and realtor after realtor was telling him that the biggest condo building bust in history has bottomed out and that it is rebounding with the U.S. housing market. Buyers are snapping up properties, one-third of them paying cash, and the best deals are gone.

Lombardi is not sure he believes them. Or, to rephrase: he’s not sure they understand. Lombardi is the analyst who correctly predicted the housing crash and told his readers to get out of real estate a couple of years before the crash. We all remember when banks pulled way back on home foreclosures in 2010, as they were accused of not having their paperwork in order when they foreclosed. This put a temporary halt to U.S. home foreclosures. Now that they’ve cleaned up their act, big U.S. banks are actually starting to accelerate their foreclosures. (press Release)

UK: Housing turnover may dip to new low

Posted on 28 November 2011 by Laxman  |  Email |Print

A property analyst has warned that 2011 could see the lowest level of housing turnover in 40 years, as new figures showed prices dipped again in November. Hometrack said 840,000 sales are expected this year - almost 50% lower than the figure for 2007, cementing expectations of the low milestone for 2011.

The analyst’s latest housing survey showed that prices fell by 0.2% in November from the previous month, following another 0.2% tumble in October……………………………………….Full Article: Source

U.K. house prices decline for seventh month, Hometrack says

Posted on 28 November 2011 by Laxman  |  Email |Print

U.K. house prices dropped for a seventh month in November and the pace of decline may accelerate as weak consumer confidence erodes demand, property researcher Hometrack Ltd. said.

The average cost of a home fell 0.2 percent from October and was down 2.3 percent from a year earlier, the London-based company said today in an e-mailed report on its monthly survey of real-estate agents. Prices based on Hometrack’s gauge have fallen every month except one since July 2010……………………………………….Full Article: Source

U.K. house-price outlook has become more gloomy on growth fears, CEBR says

Posted on 28 November 2011 by Laxman  |  Email |Print

The outlook for Britain’s housing market has become more gloomy in recent months as economic growth falters and unemployment rises, according to Centre for Economics and Business Research, which lowered its price-growth forecasts.

Home values will rise 1.6 percent in 2012 after falling 1 percent this year, the London-based group said in an e-mailed statement today. The CEBR, which previously forecast that prices would increase 2.4 percent next year, cut its annual projections through 2015………………………………………Full Article: Source

C&W: Chink of light in London office market

Posted on 28 November 2011 by Laxman  |  Email |Print

After diminished take-up in the London office market this year, particularly in the first six months, there is light ahead for developers in the Capital, according to a study from Cushman & Wakefield.
With companies adopting a ‘wait-and-see’ attitude towards property decisions in 2011, it is expected that the London office market will benefit from some of the resulting pent-up demand next year. When asked about their organization’s strategy in 2012, just under half of London companies (49%) described it as one of opportunistic growth and just under one-fifth (17%) will be looking for aggressive growth……………………………………….Full Article: Source

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