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Real Estate Briefing - Archive | December, 2011

Decline in U.S. home values to be smallest in four years, Zillow reports

Posted on 23 December 2011 by Laxman  |  Email |Print

Stan HumphriesU.S. home values probably will have their smallest decrease in four years in 2011 after the decline in property prices slowed, Zillow Inc. said.
The total value of the country’s housing probably fell by more than $681 billion, about 35 percent less than the $1.1 trillion lost in 2010, the Seattle-based company said in a statement today. A projected decline of $227 billion from July to the end of this month compares with $454 billion lost in the first half of the year, according to Zillow………………………………………..Full Article: Source

Economists: Housing rebound a year away

Posted on 23 December 2011 by Laxman  |  Email |Print

The three-year decline in U.S. home values won’t abate for at least another year, according to a national survey of more than 100 economists, real estate experts and investment strategists.
Prices are forecast to continue to decline until the market’s bottom is reached in late 2012 or early 2013, economists in real estate marketplace Zillow’s Home Price Expectations Survey for December reported. U.S. home prices are expected to decline 1.57 percent in the fourth quarter of 2011 after falling 0.4 percent through September, according to those surveyed………………………………………..Full Article: Source

U.S. homes set to lose nearly $700 bln in value during 2011

Posted on 23 December 2011 by Laxman  |  Email |Print

U.S. homes are expected to lose more than $681 billion in value during 2011, which is 35 percent less than the $1.1 trillion lost in 2010, according to analysis of recent Zillow Real Estate Market Reports.
The bulk of the total value lost during 2011 was in the first half of the year. From January to June, the U.S. housing market lost $454 billion. From July to December, Zillow projects residential home value losses will total a significantly lower $227 billion. Regionally, only nine out of 128 markets showed gains in home values during 2011, with the New Orleans metropolitan statistical area (MSA) showing the largest gain of $3.5 billion. The Pittsburgh MSA was second on the list, with a gain of $2.7 billion. (Press Release)

Data casts new doubt on housing market turnaround

Posted on 23 December 2011 by Laxman  |  Email |Print

The health of the housing market has come under fresh doubts after the National Association of Realtors released substantially revised figures showing 3 million fewer homes than previously thought were sold between 2007 and 2010.
The good news is that NAR’s revised data show that inventory of unsold homes has dropped to a level not seen since 2005; a smaller backlog of homes is generally viewed as a precondition for a healthy clearing market………………………………………..Full Article: Source

U.S: Economy weighs on office space market for 2012

Posted on 23 December 2011 by Laxman  |  Email |Print

Confidence in a U.S. office property market recovery is starting to erode amid stalling demand and lackluster job growth. Unease about the economy’s fragility and Europe’s debt crisis add to anxieties for this commercial real estate sector.
Experts still think office vacancy rates will keep improving in 2012, but only slightly as companies stay cautious about expanding, waiting to see what the economy will do. Occupancy growth has slowed over the past few months in most areas………………………………………..Full Article: Source

10 trends in U.S. housing in 2011 and what to look for in 2012

Posted on 23 December 2011 by Laxman  |  Email |Print

As the end of 2011 approaches, the housing market is another year removed from the subprime mortgage meltdown. But the legacy of the crash remains, as homeowners, lenders, regulators and brokers alike continue to deal with falling home prices, a glut of unprocessed foreclosures and an uncertain economy. There have been recent signs that the industry is rebounding, but many concerns remain.
Here’s a look back at housing trends in 2011 and what it could mean for the outlook in 2012………………………………………..Full Article: Source

Industry experts sound off on top real estate data issues in 2012

Posted on 23 December 2011 by Laxman  |  Email |Print

The coming year will see an increased scrutiny of the value of real estate listings syndication; a renewed debate around broker control of listings data and its distribution channels; and a rising demand among consumers and real estate professionals for higher-quality data, according to more than a dozen industry experts.
In November, HomeServices of America subsidiary Edina Realty Inc. announced plans to pull listings from Trulia and Realtor.com, reigniting a debate over the pros and cons of syndicating listings to third-party sites………………………………………..Full Article: Source

Canada: Most major cities to see housing ‘correction,’ report says

Posted on 23 December 2011 by Laxman  |  Email |Print

The Canadian housing market in 2012 will be a “tug-of-war,” with low interest rates hauling hard on one end of the rope, and economic uncertainty joining forces with slow income and employment growth to pull back on the other, according to a report from TD Economics.
The suggests Calgary and Edmonton will come out on the winning side, while price corrections will sap the strength of the powerhouse markets in Toronto and Vancouver………………………………………..Full Article: Source

Housing correction big risk for Canada

Posted on 23 December 2011 by Laxman  |  Email |Print

The Canadian housing market is at risk of a price correction and remains the chief domestic vulnerability to the country’s economy in the new year, according to two new reports.
They warn of an overvaluation of Canadian housing by 10% to 15%, aggravated by rising levels of household debt. Entering a year laden with potential global economic shocks, Canadian authorities need to beware of housing risk as the chief domestic risk, the International Monetary Fund warned………………………………………..Full Article: Source

IMF warns about Canadian household debt, housing prices

Posted on 23 December 2011 by Laxman  |  Email |Print

A combination of high household debt, overpriced housing and external economic problems are putting Canada’s recovery at risk, the International Monetary Fund is warning.
The IMF’s annual report on the Canadian economy gives a mostly passing grade on the recovery so far, but keys in on potential trip-wires that could derail the modest expansion track………………………………………..Full Article: Source

European banks retreat from U.S. property sector

Posted on 23 December 2011 by Laxman  |  Email |Print

In September, German bank Eurohypo and developer Forest City Enterprises Inc (FCEa.N) were negotiating a $65 million loan for 9 MetroTech, part of a 11-building office campus in Brooklyn, New York.
By October, the European bank told Forest City to find another lender, according to sources familiar with the talks. A month later, Eurohypo announced it was halting lending for U.S. commercial real estate altogether………………………………………..Full Article: Source

U.K. commercial property values may drop about 5pct next year on debt crisis

Posted on 23 December 2011 by Laxman  |  Email |Print

U.K. commercial property values probably will fall by 4.9 percent next year as the European debt crisis and concern that Britain may slip back into recession hurts demand for assets in all but the best locations.
Six economists, analysts and executives surveyed by Bloomberg News all predicted a decline in 2012. Prices tracked by Investment Property Databank fell last month for the first time since July 2009. The biggest drop estimated was 7 percent and the smallest was 2.5 percent………………………………………..Full Article: Source

UK: House prices will fall again in 2012, surveyors say, as more homebuyers sue for negligence

Posted on 23 December 2011 by Laxman  |  Email |Print

House prices will fall by a national average of 3pc next year, the Royal Institution of Chartered Surveyors (RICS) predicts, but cynics may suspect the surveyors’ newfound pessimism is a reaction to rising litigation from homebuyers who have already lost money.
While 2012 predictions may or may not come true, solicitors Irwin Mitchell claim there has been a 20pc increase in the number of people seeking to sue surveyors for negligent valuations which led to property being bought for more than it was worth in 2011. Most litigants were buy-to-let landlords………………………………………..Full Article: Source

UK house prices seen stable in 2012, repossessions could rise

Posted on 23 December 2011 by Laxman  |  Email |Print

The U.K. housing market is expected to be little changed over the course of 2012 compared with this year’s performance, as a broad mix of developments should serve to see prices, transactions and repossessions remain relatively stable.
But economists said that if there is to be a surprise, it is likely to be an unpleasant one, with repossessions rising sharply if unemployment increases more than expected and if funding conditions for banks get stricter………………………………………..Full Article: Source

It will be a happy new year for London new homes sector

Posted on 23 December 2011 by Laxman  |  Email |Print

Despite wider UK economic and housing market concerns, the London property market is in a league of its own, with property prices at or near the peak reached at the height of the last property boom in 2007, due mainly to a general housing shortage.
While the supply of new homes coming onto the market remains low, demand for properties in London remains strong, thanks to a hike in overseas buyers and domestic buy-to-let investors seeking to cash in on rising rents………………………………………..Full Article: Source

German property market ‘remains strong’

Posted on 23 December 2011 by Laxman  |  Email |Print

Investors who made money transfers to Germany and purchased property in the country ahead of the credit crisis may be fairing better than those who opted for homes in other areas of Europe.
According to the founder of ProVenture Property Matthew Littlecott, prices in Germany have remained strong throughout the recession. He noted that many individuals have made a substantial profit when selling on their investments in recent months. The expert claimed properties are exchanging hands at an uplift of between 30 and 50 per cent since before the credit crisis………………………………………..Full Article: Source

India: PEs rake in money from realty amid slowdown

Posted on 23 December 2011 by Laxman  |  Email |Print

Amid the perception of gloom and doom in the Indian property market, here’s something to cheer about. The real estate industry has given 1.21 times, or 20 per cent, average returns to private equity (PE) investors in the past four years, compared to the global average of 0.8 times.
Mumbaiand Kolkata, with returns of 1.4 and 1.3 times, respectively, were the top performers, said a report by global property consultant Jones Lang LaSalle (JLL)………………………………………..Full Article: Source

Is China’s housing bubble about to burst? (Video)

Posted on 23 December 2011 by Laxman  |  Email |Print

In China, house prices in most cities have fallen as government policies aimed at cooling the property market start to take effect, prompting fears from some economists that the house price bubble is bursting.
Martin Patience reports from Beijing where he speaks to Hu Jin Hui, head of one of the biggest real estate agents in China and Dylan Grice, Research Analyst at Societe Generale analyses what it could mean for China’s economy………………………………………..Full Article: Source

Malaysia: Property market to see a gradual slowdown next year

Posted on 23 December 2011 by Laxman  |  Email |Print

The Malaysian property market is likely to see a gradual slowdown next year, taking into consideration the uncertainty in the global economic situation. President of Fiabci Malaysia, Yeow Thit Sang, said the high end residential units were already seeing a slowdown both in pricing and the take-up rate.
“There are less expatriates from multinational companies (MNCs) coming here and rentals with a yield of between six and eight per cent are no longer achievable. Investors in these units will have to wait longer to realise their investment. The slowdown in global economy is definitely affecting the high-end property market,” he told Bernama in an interview recently………………………………………..Full Article: Source

New Taipei property investors decline

Posted on 23 December 2011 by Laxman  |  Email |Print

Real estate investors in Taipei City and New Taipei City have dropped to 5.8 percent and 4.4 percent of total homebuyers in the fourth quarter, a sizable decline from the 20 percent before the implementation of the luxury tax, said a brokerage firm.
The figures were part of a study released by U-Trust Co. yesterday on home transactions from October to Dec. 20. The poll put homebuyers in five categories: first-time buyers, those who change places, investors, those who engage in asset allocation, and others………………………………………..Full Article: Source

Foreign owners dominate Australia’s rental housing market

Posted on 23 December 2011 by Laxman  |  Email |Print

Overseas investors now dominate the Australian rental residential property market with close to a third of the new apartments in key cities. That’s about 13,000 apartments in 37 projects spread across Australia, said property group CBRE.
Unlike the late 1980s when there was a Japanese office and hotel development boom, this time 92% of all apartments being proposed or developed by foreign firms are owned by Singaporeans, explains CBRE Executive Director Kevin Stanley………………………………………..Full Article: Source

Australia: Redressing the housing gap

Posted on 23 December 2011 by Laxman  |  Email |Print

One thing Australia has is plenty of land, so it is worth asking why the nation has a worsening housing shortfall. Demand for housing has slackened since the global financial crisis in 2008 but supply has tightened at the same time, leading to a growing shortage of dwellings from 28,000 last year to 186,000.
Unless action is taken, the latest State of Supply Report from the National Housing Supply Council shows the gap is set to stretch to a shortage of 640,000 dwellings by 2030, a predicament that would damage prosperity and the quality of life of many Australians, especially low income earners. Without adequate housing, Australia will be unable to accommodate the migration needed to capitalise on the resources boom and grow the economy………………………………………..Full Article: Source

Real estate crash hit lower-priced homes the hardest

Posted on 22 December 2011 by Laxman  |  Email |Print

Alex VillacortaWhen the housing bubble popped — in 2006, 2007, or 2008, depending on where you were — chances are that the value of your home took a nose dive. But who got hit worse, the top of the market or the bottom?
In an effort to answer this question, Clear Capital, a valuation and analytics firm in Truckee, Calif., (near Lake Tahoe) analyzed the market in terms of “tiers.” Take as a starting point the national peak of the market, that glorious, golden-haze summer of 2006………………………………………..Full Article: Source

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It’s official: Housing market was sicker than we thought

Posted on 22 December 2011 by Laxman  |  Email |Print

Lawrence YunReal estate agents are famous for putting a listing in the best possible light to close a sale. On Thursday, the industry’s national trade association confirmed that its monthly data have been painting a rosier picture of the pace of home sales since 2007.
The National Association of Realtors has been overstating the pace of existing home sales by more than 16 percent. The trade group now says just 17.7 million existing homes were sold from 2007 to 2010, not the 20.6 million it originally reported. The NAR made no changes to its data on home prices………………………………………..Full Article: Source

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Sales of existing U.S. homes rise from slump

Posted on 22 December 2011 by Laxman  |  Email |Print

Sales of existing homes in the U.S. rose in November to a 10-month high, showing demand may be starting to stabilize following a plunge over the past four years that was steeper than previously calculated.
Purchases climbed 4 percent to a 4.42 million annual pace, the most since January, the National Association of Realtors said today in Washington. The group revised down figures going back to 2007 by an average 14 percent, putting them more in line with other measures of demand………………………………………..Full Article: Source

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Housing market ‘on sale,’ may be the year’s best holiday gift

Posted on 22 December 2011 by Laxman  |  Email |Print

With stronger GDP numbers coming out, will the Federal Reserve continue its easy money policy, and hold rates exceptionally low forever? With unemployment rate trending downward, will labor costs continue to remain flat in the calculation of new home costs?
While additional foreclosures are certainly going to increase the supply on the market, will that really affect the value of a home in your neighborhood? You will be more affected if home mortgage rates start to rise………………………………………..Full Article: Source

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Home sales rising. Is a new wave of home investors forming?

Posted on 22 December 2011 by Laxman  |  Email |Print

The housing downturn is creating what looks to be a new wave of real estate investors, who are snapping up homes at distressed sale prices. But this time, instead of flipping homes, they plan on holding them for the long term and renting them out.
This combination of a steady income stream and the potential for future price appreciation looks like a better, more comfortable, bet to many people than investing in stocks or bonds. Record-low interest rates combined with still declining home prices has made homes so affordable that existing-home sales edged up again in November and now stand at 34 percent above the housing market’s cyclical low point in mid-2010, the National Association of Realtors (NAR) reported Wednesday………………………………………..Full Article: Source

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International investors look to U.S. real estate

Posted on 22 December 2011 by Laxman  |  Email |Print

Foreign investors continue to be attracted to the real estate market in the United States, according to Paul Curbo, portfolio manager with Invesco Real Estate. “If you look at 2011 we are roughly on par to double the amount of foreign investment in the United States as we saw last year,” he said.
Curbo attributed this to a number of factors including the declining dollar, which he said has made real estate in the United States cheaper. He added that the positive fundamentals have also played a role in increased international investments………………………………………..Full Article: Source

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U.S. housing market overview

Posted on 22 December 2011 by Laxman  |  Email |Print

The real estate market continues to show little signs of life. Despite record-low mortgage rates and a collapse in home prices, builders see little demand for new homes due to the record-high overhang of existing homes on the market, including the record-high level of foreclosed properties (4.29% of all active loans) which have continued to gain most attention from buyers due to much lower prices.
Even more disturbing is that the fact new foreclosures are outpacing foreclosure sales by a factor of 3 to 1. This means that the existing home inventory due to foreclosures is growing by 3 times the rate of foreclosure sales………………………………………..Full Article: Source

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Housing market stands in way of revitalizing U.S. economy

Posted on 22 December 2011 by Laxman  |  Email |Print

In recent months there has been a string of positive economic news flow out of the U.S., ranging from better than expected employment data to green shoots in the housing sector. Last month, for example, the U.S. unemployment rate fell to 8.6 per cent, its lowest level in 2 1/2 years.
And this week we saw that new home construction in November also rose to the strongest level in almost two years. It is no coincidence to see both of these forces working in unison………………………………………..Full Article: Source

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US: 5 real estate markets to watch in 2012

Posted on 22 December 2011 by Laxman  |  Email |Print

Ah, the end of the year. Time to look back, contemplate on the high points and lessons learned over the year, and start to look forward to the next one. And when it comes to looking forward in the real estate realm, it’s most interesting to wonder: where will the market be bright in the coming year?
I posed precisely this question to one of the smartest real estate prognosticators I know, Trulia’s Chief Economist, Jed Kolko. His answer was concise and provocative: “Smart cities are hot.”……………………………………….Full Article: Source

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Russian tycoon to invest $1 bln in US real estate

Posted on 22 December 2011 by Laxman  |  Email |Print

Russian billionaire Mikhail Fridman, the owner of financial conglomerate Alfa-Group, is set to invest up to $1 billion in properties on the east coast of the US,.
Fridman is launching a real-estate fund together with New York-based property developer and manager Rosen Partners to focus on distressed properties from Boston to Miami, in the latest example of a deep-pocketed foreigner investing funds in the US real-estate market, a paper said………………………………………..Full Article: Source

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Compared to global real estate markets, Canada is mostly average

Posted on 22 December 2011 by Laxman  |  Email |Print

Canada’s recent housing price gains still only leave it in the middle of the pack globally, according to report out Tuesday by ScotiaBank Group.
House prices here have risen 85% since 1998, but that’s “relatively small” compared with some other global markets, said economist Adrienne Warren………………………………………..Full Article: Source

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House prices set for 2012 fall as euro risk weighs

Posted on 22 December 2011 by Laxman  |  Email |Print

House prices will fall modestly next year, but that could prove optimistic should the euro zone sovereign debt crisis worsen significantly, a Reuters poll of analysts found.
Already meagre economic growth will probably slow further in 2012, sapping average national property prices in the process despite a recent up-tick reported in some housing market surveys over the last two months………………………………………..Full Article: Source

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UK: Property sales hit annual high, says HMRC

Posted on 22 December 2011 by Laxman  |  Email |Print

Home sales hit their highest monthly level of the year so far in November, figures from HM Revenue and Customs (HMRC) have shown. There were 85,000 property sales during the month, up from 79,000 in October, it said.
However, despite the apparent pick-up in transactions, the number of sales in the first 11 months of the year was lower than the same period in 2010. The property market has been subdued for some time……………………………………….Full Article: Source

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Ireland: Average house price drops 16pct in past 12 months

Posted on 22 December 2011 by Laxman  |  Email |Print

House prices across Ireland continued their precipitous decline last month and the collapse in the market is showing no sign of abating, according to figures published by the Central Statistics Office.
The new data indicates that the cost of an average home in the Republic has now fallen by almost 16 per cent in the year to the end of November. The figures show the rate of decline actually accelerating this year when compared with a fall of 11.5 per cent which the CSO recorded in the 12 months to the end of November 2010………………………………………..Full Article: Source

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German property owners enjoying boom period

Posted on 22 December 2011 by Laxman  |  Email |Print

The German property market may be worth considering for property owners and investors because of its strong performance over the course of the recession.
Matthew Littlecott, founder of ProVenture Property, believes that the property market in Germany has come through the recession without too much damage and that resilience could attract investors………………………………………..Full Article: Source

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Cyprus: Property prices under pressure

Posted on 22 December 2011 by Laxman  |  Email |Print

According to figures released by the European Central Bank on Tuesday, property prices in Cyprus fell by 4.9 percent during the first half of 2011, almost twice the fall experienced in 2010.
The performance of Cypriot housing market suffered the third highest decline in the Euro area with prices falling by 4.9% during the first half of 2011 behind Ireland, where prices fell by 11.8%, and Spain, where they fell by 5.5%………………………………………..Full Article: Source

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Taiwan: Short-term investments in housing market drop

Posted on 22 December 2011 by Laxman  |  Email |Print

Short-term investments in the greater Taipei real estate sector have fallen in the fourth quarter of the year, a real estate agency survey showed Wednesday, indicating that the government’s efforts to curb the rises in housing price may be producing results.
In the last three months of the year, short-term investments accounted for 5.8 percent of the total in the real estate market in Taipei City and 4.4 percent in New Taipei, according to the poll carried by U-trust among the clients at its branches in the two cities October to Dec. 20………………………………………..Full Article: Source

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Canada’s real estate outperforms globally: Report

Posted on 21 December 2011 by Laxman  |  Email |Print

Canada’s real estate market is strong compared to its global counterparts, but the boom has lasted longer than in most other countries and shows signs of waning, a Scotiabank report said.
“The Canadian housing market remains an outperformer among advanced nations, with real home prices up 4.8 per cent year over year in [the third quarter],” Scotiabank’s Global Real Estate Trends report said. “While the sector’s continued buoyancy is impressive, monthly data through November suggest prices have levelled off since the spring, with conditions in the majority of local markets in ‘balanced’ territory.”……………………………………….Full Article: Source

Canada’s real estate market likely to cool: report

Posted on 21 December 2011 by Laxman  |  Email |Print

Canada is at the top of a list of 10 developed nations when it comes to the health of our real estate market, but activity is expected to cool here too, according to a new report from Scotiabank.
The report into global real estate trends says the slow pace of the global economic recovery, intensifying sovereign debt worries, high unemployment and weak consumer confidence are all putting pressure on the global market………………………………………..Full Article: Source

U.S. housing starts jump 9.3pct, to highest in year

Posted on 21 December 2011 by Laxman  |  Email |Print

Builders broke ground in November on more houses than at any time in the past 19 months, led by a surge in multifamily units, signaling the market is stabilizing heading into 2012.
Starts increased 9.3 percent to a 685,000 annual rate, exceeding the highest estimate of economists surveyed by Bloomberg News and the most since April 2010, Commerce Department figures showed in Washington………………………………………..Full Article: Source

Housing market’s foundation looking more stable

Posted on 21 December 2011 by Laxman  |  Email |Print

Builders were busier than expected in November, and many are more upbeat heading into 2012. In recent years, housing was supported by temporary help from government tax rebates. Now, the sector looks as if it can stand on its own.
Housing starts jumped 9.3% in November to a stronger-than forecast 685,000 annual rate, and permits rose 5.7% to 681,000. In addition, the housing market index compiled by the National Association of Home Builders rose for the third consecutive month in December………………………………………..Full Article: Source

U.S. home prices to fall in 2012: Zillow

Posted on 21 December 2011 by Laxman  |  Email |Print

U.S. home prices will continue to decline through late 2012 or early 2013 as negative equity and weak job growth hinder a real estate recovery, according to a survey by Zillow Inc.
After 2013, prices may rise about 3 percent a year through 2016, which is slightly below appreciation rates experienced before the residential market collapsed, Seattle-based Zillow said……………………………………….Full Article: Source

Weak housing recovery seen in 2013

Posted on 21 December 2011 by Laxman  |  Email |Print

Home prices will likely continue to fall through next year, before finally beginning a weak recovery in 2013 or late 2012, according to the views of over 100 economic and real estate experts.
The group, surveyed this month by Zillow Inc., sees home prices falling another 0.2 percent from their current level before a bottom is finally reached. From there, the group sees prices rising by only 1.75 percent in 2013 followed by continued slow growth, with a total increase of only 9.3 percent through the end of 2016………………………………………..Full Article: Source

What’s in store for the housing market in 2012?

Posted on 21 December 2011 by Laxman  |  Email |Print

It’s been a pretty long ride down from the meteoric highs the housing market hit in the boom years. Who knew more than five years later, Americans would still be trying to shake off the one of the worst financial hangovers the country has ever known.
Millions of homes have been foreclosed on and millions more Americans have underwater mortgages, the lasting legacy of the housing bubble that grossly overinflated home values. Now, living in homes they can’t sell, Americans today are “stuck.” Stuck financially, stuck in their homes, and stuck wondering when things will get better………………………………………..Full Article: Source

Has America’s housing market hit bottom?

Posted on 21 December 2011 by Laxman  |  Email |Print

U.S. housing starts and permits for future construction jumped to a 1-1/2 year high in November as demand for rental apartments rose, suggesting the housing market was starting to recover.
The Commerce Department said on Tuesday housing starts surged 9.3% to a seasonally adjusted annual rate of 685,000 units, the highest since April last year………………………………………..Full Article: Source

Metropolitan real estate forecasts

Posted on 21 December 2011 by Laxman  |  Email |Print

The top 25 largest metropolitan real estate market forecasts in the U.S are listed from the largest cities based on population density and the number of homes to the smallest.
The forecasts that compile this list are taken from the 230 cities annually forecast by Housing Predictor analysts after collecting data on more than 20 factors, including recent home prices, local political influences, mortgage interest rates, home sale velocity, regional development, home and commercial construction, growth and other factors………………………………………..Full Article: Source

In 2011, rich homebuyers went bargain hunting

Posted on 21 December 2011 by Laxman  |  Email |Print

The ultra-luxury real estate market took off at a gallop in 2011. In February, a Russian tech billionaire paid a record price for a single-family home in the U.S. Yuri Milner, an investor in Facebook, Zynga, and Twitter, bought a Silicon Valley mansion at 13310 La Paloma Road in Los Altos Hills for $100 million, with a $50 million loan from the owner, ESS Technology founder Fred Chan. The behemoth deal set the tone in housing’s top segment in 2011.
While the general housing market struggled to shake off the effects of foreclosures, unemployment, and a fragile economic recovery, several new records were set in such luxury markets as San Francisco, Manhattan, and the Hamptons as the superrich returned to real estate. ……………………………………….Full Article: Source

Is the housing market poised for a true recovery this time?

Posted on 21 December 2011 by Laxman  |  Email |Print

A number of analysts tell us that the weak housing market has been the main impediment to stronger growth in the broader economy. One recent study advises simply that Housing Is The Business Cycle.
Unfortunately, that relationship has only brought trouble in recent years, courtesy of a housing market that fell off a cliff and remained flat on its back. But thinking about residential real estate in something other than a deeply negative light is topical again this morning after reading today’s update on housing starts and newly issued building permits for November………………………………………..Full Article: Source

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