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Real Estate Briefing - Archive | April, 2012

US new home sales fell in March

Posted on 25 April 2012 by Laxman  |  Email |Print

Sales of new homes in the U.S. fell last month, but still are edging higher than in the last months of 2011. The government’s Commerce Department said Tuesday that buyers in March bought new houses at an annual pace of 328,000, off more than 7 percent from a spurt in sales in February.
The sales pace is slightly higher than in the last quarter of last year, but less than half the 700,000 figure that analysts consider the sign of a healthy market………………………………………..Full Article: Source

US: Housing market inches ahead

Posted on 25 April 2012 by Laxman  |  Email |Print

A host of housing indicators offered mixed signals about the weak U.S. real-estate market on Tuesday. New-home sales in March fell from their February level, the Commerce Department said. Home prices hit a new low in February and were 3.5% below their year-earlier level, according to the Standard & Poor’s/Case-Shiller index, which tracks home prices in 20 cities.
But beneath those lackluster headline numbers, there were signs that housing could be improving slowly. The 3.5% annual decline in the Case-Shiller index represented an improvement from a corresponding 3.9% year-over-year drop recorded in January or the 4.1% drop in December………………………………………..Full Article: Source

US home prices fall and sales of new homes drop as foreclosures weigh on housing market

Posted on 25 April 2012 by Laxman  |  Email |Print

Rising foreclosures are weighing on the U.S. housing market, reducing prices and keeping new-home sales weak. Foreclosed homes are usually sold at steep discounts, thereby lowering average prices. And by expanding the supply of low-priced previously occupied homes, foreclosures tend to limit demand for new homes.
Some economists expect foreclosures to keep prices under pressure this year, even though they think sales of previously occupied homes will rise………………………………………..Full Article: Source

U.S. housing: A tale of many cities

Posted on 25 April 2012 by Laxman  |  Email |Print

One of the reasons U.S. policy makers failed to see the financial crisis coming was because they misread the housing market. In 2005 and 2006, U.S. treasury secretary John Snow said repeatedly that there was no such thing as a national housing market. Home prices were dictated by local factors, Mr. Snow and almost everyone else believed. That’s why troubling signs in places such as Florida and Arizona didn’t register as an issue worthy of national attention.

We know now that Mr. Snow and others were severely mistaken. They missed that the United States was in the grip of a home-buying frenzy, driven by cheap credit, an explosion of securitization, and shoddy lending standards. It was a national bubble, and prices plunged in concert across the country………………………………………..Full Article: Source

US property market offers promises and pitfalls (Video)

Posted on 25 April 2012 by Laxman  |  Email |Print

After the US sub prime mortgage disaster and subsequent global financial crisis, Australian investors are being drawn in to the American property market but face potential pitfalls and predators.……………………………………….Full Article: Source

Canadian real estate trusts surge near five-year high

Posted on 25 April 2012 by Laxman  |  Email |Print

Canadian real estate investment trusts have rallied to the highest levels in five years as rising occupancy and investor demand for yield outweigh concern the Bank of Canada will raise interest rates to cool the market.
The S&P/TSX Capped REIT Index has climbed to within 0.2 percentage point of a March 13 peak of 162.75, the highest level since July 2007, fueled by dividend yields almost twice the average for the Standard & Poor’s/TSX Composite Index. The gauge has gained 6.3 percent this year, beating the 0.3 percent increase in the broader index………………………………………..Full Article: Source

Why big investors are eyeing real estate investment trusts

Posted on 25 April 2012 by Laxman  |  Email |Print

Canadian REITs are no longer just reliable income plays. They’re becoming takeover targets – with juicy premiums being paid in several recent cases.

The latest acquisition among real estate investment trusts came last week when Northwest Value Partners Inc. paid a 61 per cent premium to acquire GT Canadian Medical Properties REIT………………………………………..Full Article: Source

Deleveraging will slow European investment growth: DTZ

Posted on 25 April 2012 by Laxman  |  Email |Print

New European banking regulations are expected to force further deleveraging in the real estate sector and will increase the existing debt funding gap across key European markets, according to DTZ’s new edition of its Money into Property 2012 Europe report.

The survey indicated that sentiment among both lenders and investors has deteriorated in the past year//. Lenders expect less new lending and tighter conditions, with a further decline in existing loan performance………………………………………..Full Article: Source

UK: Housing market optimism on the rise

Posted on 25 April 2012 by Laxman  |  Email |Print

People are becoming increasingly optimistic about the housing market in Scotland, a survey has revealed. The Bank of Scotland Housing Market Confidence tracker showed a third (33%) of respondents believe property prices will rise in the next 12 months, compared to 23% who expect them to fall.
As a result, the headline House Price Outlook balance, which shows the difference between the proportion of people that expect house prices to rise rather than fall, increased to an overall score of 10% in March, more than double the reading of 4% in the same survey carried out in January………………………………………..Full Article: Source

Could the UK housing rental market be about to crack?

Posted on 25 April 2012 by Laxman  |  Email |Print

If you want to find out what’s going on in the financial world it usually pays to look at the bond market. Bond investors tend to focus more on the facts, and be less emotional than equity investors.

A great example is Bill Gross, one of the world’s best bond investors. In 1998 he wrote a great book, Bill Gross on Investing. It’s full of good advice. But for me, the best part of the book is Gross’s “plankton theory” and its application to the housing market………………………………………..Full Article: Source

Don’t believe the hype on house prices!

Posted on 25 April 2012 by Laxman  |  Email |Print

Headlines screaming that UK property prices have reached an all-time high may have prompted a smug smile on the faces of homeowners.

But average house price indices should be taken with a large vat of salt, because they are completely irrelevant to the values of many UK homes. Indeed, the all-time high figure reported will have seemed staggering to many people up and down the country, when the housing market on their doorstep is definitely still in the doldrums………………………………………..Full Article: Source

French banks can withstand a falling housing mkt

Posted on 25 April 2012 by Laxman  |  Email |Print

We don’t expect French banks’ creditworthiness to suffer from a potential 15% decline in residential property prices over 2012-2013.
We consider that the housing market remains a supportive factor in our ratings on the country’s banks, particularly owing to the good credit quality of the loan book……………………………………….Full Article: Source

CBRE: Moscow office real estate market expects further growth in rents

Posted on 25 April 2012 by Laxman  |  Email |Print

During Q1 2012 Moscow’s office market saw a low volume of new supply, high tenant activity, falling vacancy rates and stabilization of rental rates, according to the latest research by CBRE.
A low volume of new supply was observed in Q1 2012. Just 111,300 m² of office space was delivered to the market (55,000 m² less than in Q4 2011). Analogous figure for Q1 2011 totaled to almost 190,000 m². According to announcements from developers, the total new supply in 2012 will be about 700,000 m²………………………………………..Full Article: Source

India: Property prices to see stability: survey

Posted on 25 April 2012 by Laxman  |  Email |Print

If you are a prospective homebuyer and are looking to invest in one of the upcoming under-construction apartment projects, this may be the right time to enter the market. According to a survey conducted independently by Mint Money among developers, about 30% of the developers (maximum among those surveyed) are not planning to increase the prices of their projects.
While some have already increased prices, others will do so only by the next quarter or so, leaving a window of opportunity open for you. The survey was conducted among 22 developers across Delhi, Mumbai and Bangalore through email. Out of these, four did not respond to our queries. Surveys by two research firms, Crisil Research and Colliers International, indicate stability in prices………………………………………..Full Article: Source

Will China’s real estate bubble burst?

Posted on 25 April 2012 by Laxman  |  Email |Print

The real estate market was on fire. Buyers were snapping up sparkling new condos faster than developers could build them. Investors were grabbing two, three, four apartments each, hoping to cash in on skyrocketing prices.
But then the music ended. Prices started to slide. Developers were stuck with empty buildings. Homeowners saw their wealth begin to slip away. Sound like the United States in 2007? Nope. It’s China in 2012………………………………………..Full Article: Source

Singapore may set rules to cool housing market

Posted on 25 April 2012 by Laxman  |  Email |Print

Singapore may introduce additional measures to cool the housing market after private home sales reached a record in the first quarter as more “shoebox” apartments were sold, property services company Jones Lang LaSalle and brokerages including Nomura Holdings said.

Home sales climbed to 6,682 units in the three months ended March 31, the highest quarterly figure since 1996 when the Urban Redevelopment Authority began reporting the data. Prices rose 1.2 percent for the mass market in the same period, preliminary estimates from the authority showed earlier this month………………………………………..Full Article: Source

The US housing market doldrums

Posted on 24 April 2012 by Laxman  |  Email |Print

The housing market is in terrible shape. Prices have dropped 35 percent from their peak, 1 in 5 mortgage holders is underwater, and another 2 million people will face foreclosure this year. And, as bad as things are now, they’re going to get a whole lot worse if the banks suddenly dump their inventory of distressed properties onto the market in 2012.
If that happens, prices will plunge another 15 percent or so, millions of people will see their hard-earned home equity vanish overnight, and the economy will slide back into recession. Even so, there are experts who think “The Big Dump” is coming, and soon, too………………………………………..Full Article: Source

House prices and interest rates: More on house price fundamentals

Posted on 24 April 2012 by Laxman  |  Email |Print

Like everything else, house prices are set by supply and demand; but clearly, the supply situation in Ireland and Spain looks completely different from that of Britain. But demand is surely not an exogenous factor.
I would suggest there is a three-stage process; more people will want to own their home if prices are rising and that will reinforce the boom; at some point, however, unless lending standards are not completely relaxed, people will be priced out of the market and will have to flat share/live with their parents, and the bubble will pop; at that stage, as prices fall, defaulting borrowers will send more supply into the market until eventually prices are affordable again………………………………………..Full Article: Source

Short sales higher, prices lower

Posted on 24 April 2012 by Laxman  |  Email |Print

Buyer traffic is strong, supply of homes for sale is low, and yet home prices continue to defy the usual formula, falling again in March. Prices usually rise as supply shrinks, but demand is still too low to make those historical “norms” compute, not to mention that the type of supply available is largely distressed.
Foreclosures and short sales (when the home is sold for less than the value of the mortgage) accounted for 47.7 percent of sales, in a three month running average measured by Campbell/Inside Mortgage Finance. That’s the 25th month in a row that distressed sales have topped 40 percent of the market………………………………………..Full Article: Source

Home prices on the rise this summer?

Posted on 24 April 2012 by Laxman  |  Email |Print

Radar logic, a composite of home price indices, shows national index increasing 0.71 percent since January but falling 3.76 percent below the level seen in February 2011.
The current Radar Logic 25 MSA Composite data reported on residential real estate transactions (condos, multi and single family homes) that settled as late as February 20 and averaged for the month indicates that with increasing spring transactions has come an increase of prices (the typical trend) with the national index increasing 0.71% since January but falling 3.76% below the level seen in February 2011………………………………………..Full Article: Source

New York city rent limits left intact by Supreme Court

Posted on 24 April 2012 by Laxman  |  Email |Print

The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.
The justices today turned away an appeal by James and Jeanne Harmon, who said the city was violating their constitutional rights by limiting rents on three one-bedroom apartments in their Upper West Side brownstone. The units rent for about $1,000 a month, less than half the price of three similar, unregulated units in the building, the Harmons say………………………………………..Full Article: Source

Government is to blame for Canada’s housing bubble

Posted on 24 April 2012 by Laxman  |  Email |Print

Canada’s housing market has been relatively stable over the past year, with the notable exception of Toronto, which has overtaken Vancouver as the country’s hottest real estate market.
Prices in Canada’s largest city have risen 10.5% over the past year and there are now three times as many cranes dotting Hog Town’s skyline as there are in the Big Apple………………………………………..Full Article: Source

IPD: Returns slow in the UK unlisted sector

Posted on 24 April 2012 by Laxman  |  Email |Print

The unlisted UK property sector delivered a total return of 0.7% for the first quarter of 2012, remaining in positive territory but nevertheless trending down and recording its lowest return since the market entered the recovery phase in Q3 2009, according to the AREF/IPD UK Property Fund Index.
A stable income return of 80 bps more than offset what was a modest, 10 bps, reduction in Net Asset Values over the last quarter. Within this, balanced funds benefited from a 13 bps improvement in NAVs. Specialist funds, some of which are exposed to more challenged parts of the market, saw a -0.5% reduction in capital over the three months………………………………………..Full Article: Source

UK: Are property prices rising or not? A guide to the major house price indices

Posted on 24 April 2012 by Laxman  |  Email |Print

Property firm Rightmove reckons that the average price for a British house hit £243,737 in April, eclipsing the previous peak of £242,410 in May 2008 by 0.5%. Meanwhile, the Nationwide’s last survey said prices fell 1%, while the Land Registry reported a rise of 0.1%. It’s all rather confusing. So here’s our quick guide to the key house price surveys.
First in line is the Rightmove survey. This is based on asking prices – the price that sellers hope to achieve. However, until a sale is agreed and contracts have been exchanged, an asking price is just that. Furthermore, as with all these surveys, an average can be misleading………………………………………..Full Article: Source

German real estate rises on high demand, low loan rate

Posted on 24 April 2012 by Laxman  |  Email |Print

The current rise in German residential real estate prices after two decades in the doldrums could potentially continue for the next two to three years, says Standard & Poor’s today in the report: “Why Germany’s Rising House Prices Are Bucking The European Trend.”
“This is likely to be fueled above all by an excess of demand over supply especially in the Western part of the country, low interest rates, rising employment, and lower household debt than in most other European countries,” said Jean-Michel Six, Standard & Poor’s chief economist for Europe………………………………………..Full Article: Source

Israel world’s third hottest real estate market

Posted on 24 April 2012 by Laxman  |  Email |Print

CNBC places Israel third behind China and Hong Kong on five year home price rises despite a reported 1.2% fall in 2011. Despite the affordable housing protests, Israel is holding on to its spot as the third-hottest housing market in the world according to a survey by CNBC, based on data from real estate agents Knight Frank.
The survey found that house prices in Israel jumped more than 21% in 2009 and16% in 2010………………………………………..Full Article: Source

Dubai realty deals worth Dh12bln

Posted on 24 April 2012 by Laxman  |  Email |Print

Nearly 974 property transactions close to Dh2 billion were registered in Dubai Marina during the first quarter 2012, Dubai Land Department (DLD) data reveals.
Burj Khalifa area (Sheikh Zayed Road, Downtown Dubai and Business Bay) saw a total of 854 transactions worth Dh1.76 billion, while 330 transactions of Dh1.61 billion were registered in Palm Jumeirah………………………………………..Full Article: Source

Abu Dhabi rents slide 10pct, prices drop 47pct from 2008 peak

Posted on 24 April 2012 by Laxman  |  Email |Print

Residential rents in Abu Dhabi have fallen by 10 per cent year-on-year, but average asking prices in the first quarter 2012 have dropped by 47 per cent from the peak in fourth quarter 2008, according to Jones Lang LaSalle (JLL).

In the first quarter 2012, rentals declined by seven per cent but the global real estate consultancy predicts lease rates will remain under pressure as more stock is released and tenants get the opportunity to upgrade their housing………………………………………..Full Article: Source

Can China reflate the housing market?

Posted on 24 April 2012 by Laxman  |  Email |Print

China’s extraordinary real estate boom may finally be over. Multiple indicators suggest that China is on the precipice of a significant market correction. Prices are down in more than half of the 70 cities surveyed by National Bureau of Statistics.
Beyond price data (which is subject to some skepticism), residential floor space under construction, residential real estate investment, total floor space starts, and residential floor space sales all show declines………………………………………..Full Article: Source

China real estate ETFs are jumping

Posted on 24 April 2012 by Laxman  |  Email |Print

Why are so many ill-informed analysts determined to “reveal” an ugly property bubble in China?For starters, most of those who write about China have never lived in the region; they understand precious little about Chinese culture or the mainland’s government.

Equally important, empty buildings or high price-to-income ratios may be indicative of future price declines, but they alone do not cause bursting balloons; that requires extraordinary participation in leveraged speculation………………………………………..Full Article: Source

Singapore: Increase of land supply may no longer control property prices

Posted on 24 April 2012 by Laxman  |  Email |Print

Trying to control Singapore’s property prices by increasing the supply of land as part of the government land sales program me may no longer be effective.

According to Channel News Asia, this means that property prices may continue to remain high due to strong demand for such projects. The government’s latest release of six sites for residential development are expected to generate strong interest from developers………………………………………..Full Article: Source

Malaysia: Tough year for property market, says DTZ Research

Posted on 24 April 2012 by Laxman  |  Email |Print

Cautious sentiments arising from an anticipated economic slowdown have led to a generally subdued property market which is likely to face a tough year ahead, DTZ Research said.

In a statement yesterday, the property services company said investment activities in the country experienced a slow start to the year, with volume in the first quarter of 2012 (Q1) dropping to RM427.5 million, lower than the quarterly volumes registered in 2011………………………………………..Full Article: Source

World’s hottest real estate markets

Posted on 23 April 2012 by Laxman  |  Email |Print

ApartmentsGlobal real estate markets had a forgettable last year, with prices rising a paltry 0.5 percent, leading to gloomy forecasts for 2012. But over the past five years, prices have registered huge gains, sparking fears of an asset bubble and concerns over the impact of high household debt.
We’ve put together a list of the world’s 10 hottest property markets based on research by global real estate consultancy Knight Frank, which ranks countries according to highest average growth in housing prices from the fourth quarter of 2006 to the same period in 2011………………………………………..Full Article: Source

Canada: Why our young may save the housing market from tumbling

Posted on 23 April 2012 by Laxman  |  Email |Print

Stefane MarionHere’s one more factor buoying average home prices: young and middle-aged adults. Canada stands out among the 34 countries in the Organization for Economic Co-operation and Development with one of the fastest growth rates in housing prices since 2007, note Stéfane Marion and Matthieu Arseneau, economists at National Bank Financial Inc.
Low interest rates and decent job creation have helped boost prices, the economists said in a report………………………………………..Full Article: Source

Bank of Canada chief urges caution in housing market

Posted on 23 April 2012 by Laxman  |  Email |Print

Parts of the Canadian housing market, especially condominiums in some major cities, have seen prices jump to levels that warrant caution, the head of the country’s central bank said in an interview broadcast on Saturday.
“There are issues, particularly in some parts of the country in the condo market, without question, where activity has been particularly strong, has reached back to levels of the late 1980s,” Bank of Canada Governor Mark Carney told CBC Radio when asked if Canada was experiencing a housing bubble………………………………………..Full Article: Source

U.S. housing market sector – Why the Fed depicts it as “depressed”

Posted on 23 April 2012 by Laxman  |  Email |Print

The National Association of Realtors published existing home sales data for March; it was down. But, the strength of January home sales gave a lift to the quarterly read. Housing starts data for March show a drop in new homebuilding activity but the first quarter average shows a gain of 10.5%.
New home sales numbers will be published on April 24. Sales of new homes fell in January and February, a sharp increase in March sales will be necessary to give a boost to the quarterly average. These numbers need to be viewed in a historical context to evaluate the current status of the housing sector………………………………………..Full Article: Source

Public property assets sales in Europe more than double in 2011: CBRE

Posted on 23 April 2012 by Laxman  |  Email |Print

Sales of public sector assets across Europe rose sharply in 2011, more than doubling to EUR 2.3 bn, according to research from CBRE. With government debt close to or exceeding 100% of GDP in several European economies, there is a well-established appetite to raise capital from the sale or development of public property assets.
Analysis of the 2011 figures reveals that sales of public sector property assets in 2011 were largely concentrated in four markets; Germany, Sweden, Russia and the UK. These markets accounted for 75% of public sector property sales across Europe………………………………………..Full Article: Source

Property: Central London is losing its lustre

Posted on 23 April 2012 by Laxman  |  Email |Print

In the wake of the financial crisis, London office properties proved a popular play among real estate investors. Three years on, though, the appeal of property in the UK’s capital is beginning to wane, with some of the largest investors in the market choosing to hunt for gems elsewhere.
Standard Life Investments (SLI) fund manager Jason Baggaley believes that, after a strong run, too much capital growth has been priced into prime central London sites………………………………………..Full Article: Source

France and Spain head property list

Posted on 23 April 2012 by Laxman  |  Email |Print

Despite the euro crisis, France and Spain are still the most popular countries for Britons looking to buy property abroad, according to a survey. As many as 35% of those interested in foreign property are opting for France and 16% for Spain, the poll from currency company HiFX showed.
The next most sought-after countries were the USA, Australia, New Zealand, Germany and Italy. The survey showed that 25% of Britons believed it was cheaper to own or run a property abroad than in the UK………………………………………..Full Article: Source

Spain won’t create ‘bad bank’ for real estate: De Guindos

Posted on 23 April 2012 by Laxman  |  Email |Print

Spanish Economy Minister Luis de Guindos rejected the creation of a state-sponsored “bad bank” to unload real-estate assets from the nation’s cash-strapped lenders.
Instead, de Guindos said lenders should move real estate assets into separate “entities” or create “securitized assets” for which they have already set aside provisions so that distressed properties can be more easily valued and sold………………………………………..Full Article: Source

Nordic investment bucks slowdown trend in Q1

Posted on 23 April 2012 by Laxman  |  Email |Print

Real estate investment volumes rose strongly in the Nordic region in the first three months of the year while the rest of Europe saw a slowdown, CBRE has reported.
The property adviser said the decrease across Europe largely reflected a seasonal slowdown in activity. The commercial property investment market totalled just under EUR 24 bn in the first quarter of 2012 (Q1 2012)………………………………………..Full Article: Source

Israeli housing: The year that was and the year to come

Posted on 23 April 2012 by Laxman  |  Email |Print

Israeli housing prices have fallen during the past year, though not by much. The slight dip is the result of pressure from the top and the bottom - brought down by last summer’s cost-of-living protests, on one hand, and government policy aiming to increase the supply of “affordable housing” on the other hand.
But only buyers in some cities reaped the benefits of the decline. And while the government strived to alleviate the supply constraint, by freeing up land for housing development, for example, potential buyers climbed onto the fence in the hope that prices would go down. So many sellers held onto their property rather than sell at a discount; and the deal flow slowed………………………………………..Full Article: Source

Abu Dhabi property market hit by dearth of shopping facilities

Posted on 23 April 2012 by Laxman  |  Email |Print

A lack of retail facilities at several of the new residential developments in Abu Dhabi has to be addressed as it is dragging down prices of property in the capital, a property consultancy warns.
This year is likely to prove challenging for the Abu Dhabi residential market as more supply comes in, with further declines in values and rents expected in most locations, Cluttons said in its latest report on the capital………………………………………..Full Article: Source

Dubai: Developers allowed to sell only after 20pct of project is completed

Posted on 23 April 2012 by Laxman  |  Email |Print

Dubai Government, represented by the Dubai Land Department , will issue a new law to organise the relationship between real estate investors and developer during the construction of projects, in June reported Al Bayan newspaper.
According to Sultan Bin Mejren Director General of Dubai Land Department , the new law will be the first of its kind devoted to the protection of a specific segment of investors and ensuring their rights………………………………………..Full Article: Source

NBAD launches UAE real estate fund

Posted on 23 April 2012 by Laxman  |  Email |Print

National Bank of Abu Dhabi has launched a real estate fund in partnership with a Kuwaiti firm to seek investment opportunities in the UAE’s property sector, the lender said on Sunday.
NBAD, the UAE’s top bank by market capitalisation, has teamed up with Kuwaiti firm Gulf Investment Corp for the venture, which it plans to convert to a real estate investment trust (REIT) in the future………………………………………..Full Article: Source

India: Private equities slow down realty exposure

Posted on 23 April 2012 by Laxman  |  Email |Print

There is bad news for real estate players who are looking for funds from private equity players. PE players in real estate say that funds are drying up due to lack of investment expertise and developers should brace for other sources of funding.
Domestic funds, however, continue to be somewhat bullish on mid-segment residential and redevelopment projects. According to private equity and venture capital database Venture Intelligence, the sector has witnessed 12 investments (amounting to $477 million across 10 deals) during the quarter ended March 2012………………………………………..Full Article: Source

Unlimited property for overseas Vietnamese

Posted on 23 April 2012 by Laxman  |  Email |Print

The Land Registration and Statistics Department under the Ministry of Natural Resources and Environment has reported that 299 foreign expatriates and non-resident Vietnamese have bought houses in Vietnam.
According to the Siagon GP Daily, 252 chose to buy houses in Ho Chi Minh City, while four preferred to buy in Hanoi………………………………………..Full Article: Source

Hanoi realty market not ripe for investors

Posted on 23 April 2012 by Laxman  |  Email |Print

Since realty fever in 2007, the condo segment for the first time has experienced a free-fall in price in the primary market, said an executive of CB Richard Ellis Vietnam (CBRE) at a recent press briefing relating to real estate in the capital city.
Around 53% of newly-launched apartments in the first quarter were priced at below VND21 million per square meter at favorable locations like My Dinh, Dinh Cong and Cau Giay urban area………………………………………..Full Article: Source

Melbourne housing market on the “wrong side of the ledger”

Posted on 23 April 2012 by Laxman  |  Email |Print

Residex boss John Edwards has given a relatively upbeat assessment of the national property market – with the notable exception of Melbourne. The major worry is in Melbourne, where Edwards says there is an overhang of stock.
“I’m worried about Victoria,” he says. “When I look at the Victorian economy, I can’t see anything that’s actually going to do it any good.” He says: “It’s on the wrong side of the ledger,” noting what he called a 70% overhang of stock in Melbourne, the largest stock overhang of any capital in Australia………………………………………..Full Article: Source

U.S. previously owned home sales unexpectedly fell in March

Posted on 20 April 2012 by Laxman  |  Email |Print

Steven WoodSales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market. Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported today in Washington.
The median forecast of economists in a Bloomberg News survey called for an increase to 4.61 million. In January, sales at a 4.63 million rate were the strongest since May 2010………………………………………..Full Article: Source

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