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Real Estate Briefing - Archive | June, 2012

US housing market sending signals it is recovering

Posted on 29 June 2012 by Laxman  |  Email |Print

Announcements of a housing recovery have become a wrongheaded rite of summer, but after several years of false hopes, evidence is accumulating that the optimists may finally be right.
The housing market is starting to recover. Prices are rising. Sales are increasing. Home builders are clearing lots and raising frames. Joe Niece, a real estate agent in the Minneapolis suburb of Eden Prairie, said he recently concluded a streak of 13 consecutive bidding wars over homes that his clients wanted to buy. Each sold above the asking price………………………………………..Full Article: Source

US: Housing market shows signs of life

Posted on 29 June 2012 by Laxman  |  Email |Print

The single-family home market is beginning to show signs of improvement as inventory continues to drop, mortgage rates remain low and affordability stay at an all-time high.
The latest S&P/Case-Shiller indices for the month of April show that average home prices increased 1.3% for both the 10- and 20- composite – and while one month does not make a trend, the combination of rising positive monthly index levels and improving annual returns is a sign that the residential market is stabilizing………………………………………..Full Article: Source

A look at the US housing market, at a glance

Posted on 29 June 2012 by Laxman  |  Email |Print

Americans are finally gaining confidence in the housing market five years after it collapsed. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects.
The market still has a long way to regain full health. But the data suggest the worst is over and a modest recovery is under way. Here’s a look at recent housing indicators:……………………………………….Full Article: Source

REITs may be a good way to profit from a housing recovery

Posted on 29 June 2012 by Laxman  |  Email |Print

Buying a house is the most familiar way that most investors or consumers have of buying real estate. But it’s far from the only way, and in many ways, can be more of a hassle than it’s worth. There are alternatives for investors who want a piece of real estate, without getting late-night calls to fix tenants’ clogged sinks.
Whether the real estate market is actually mending is a matter of debate. Some investors were enthused by data this week from the S&P/Case-Shiller Home Price index and see signs of bottoming………………………………………..Full Article: Source

The housing market’s latest problem: Lack of inventory

Posted on 29 June 2012 by Laxman  |  Email |Print

While it’s still unusual for non-distressed homes to fetch more than their asking prices, the transaction sheds light on the buying frenzy (at least compared to the past four years) taking hold in many of America’s most sought after neighborhoods.
Realtors in various markets across the country report robust increases in the number of transactions transpiring. In some areas, prices are beginning to tick up in response………………………………………..Full Article: Source

Canada’s housing market: Time for a bigger needle

Posted on 29 June 2012 by Laxman  |  Email |Print

Canada’s reputation for financial regulation is starry. Its banks got through the crisis unscathed. According to Moody’s, a ratings agency, Royal Bank of Canada sits alongside HSBC and JPMorgan Chase in the top tier of global banks. And Canadian policymakers are old hands at pulling “macroprudential” levers of the sort now in vogue among rich-world central banks.
But questions still nag. Some say that Canada’s banks are flattered by a huge indemnity offered by Canada Mortgage and Housing Corp (CMHC), a public institution that insures mortgages with a loan-to-value ratio of more than 80%………………………………………..Full Article: Source

Canadian property values ‘running steady’

Posted on 29 June 2012 by Laxman  |  Email |Print

Property values in Canada increased by more than five per cent last month, according to new data. The MLS Home Price Index, published by the Canadian Real Estate Association (CREA), rose by 5.2 per cent year on year in May 2012.
Toronto set the pace for the rest of the country, with prices rising by 7.9 per cent in Canada’s largest city. Meanwhile, property values in Calgary posted an increase of 4.8 per cent and prices were up by 3.3 per cent in Greater Vancouver………………………………………..Full Article: Source

Europe on edge of property financing evolution: Henderson

Posted on 29 June 2012 by Laxman  |  Email |Print

Europe’s real estate financing system has begun the slow evolution towards a more diverse model now that the Continent’s banks are no longer in a position to lend at traditional levels, according to John Feeney, head of commercial real estate debt at Henderson Global Investors.
Real estate loan pricing is highly unpredictable in the ongoing financial crisis and lenders are coming in and out of market from month to month, leaving the EUR 2.5 tln European property lending market in a very poor place, Feeney told a Henderson event in Amsterdam recently………………………………………..Full Article: Source

UK: House prices record biggest fall in three years

Posted on 29 June 2012 by Laxman  |  Email |Print

House prices have fallen 1.5pc in the year to June – the worst annual fall in nearly three years, according to Nationwide, with experts warning the housing market recovery is “weak” and prices are not expected to increase in the next 12 months.
The worse-than-expected figures were blamed on the poor economic backdrop and the end of the stamp duty holiday for first-time buyers………………………………………..Full Article: Source

UK: Outlook for house prices remains ‘highly uncertain’

Posted on 29 June 2012 by Laxman  |  Email |Print

House prices fell 0.6% in June, and the gap between prices in the North and South continued to widen, according to new figures.UK house prices fell 0.6% in June, according to Nationwide.
This means prices are down 1.5% on an annual basis – the lowest reading since August 2009………………………………………..Full Article: Source

Goodhart says a U.K. home is a good buy if you can afford it

Posted on 29 June 2012 by Laxman  |  Email |Print

Former Bank of England policy maker Charles Goodhart said now is an “excellent time” to buy a home in Britain if you can afford it because the nation’s housing shortage will keep pushing up prices.
“If you can get hold of the money, I think it’s already a very good buy,” Goodhart said in an interview yesterday in London. “If you can get the down payment together,” then the “affordability of housing and its likely future price increase is such that now would be an excellent time to buy.”……………………………………….Full Article: Source

UK: Why you should still invest in commercial property

Posted on 29 June 2012 by Laxman  |  Email |Print

Commercial property consists of buildings such as factories, offices, shops and warehouses, as well as land in general, which are rented out to tenants, and it is a distinct class of asset that possesses very different characteristics from shares and bonds.
If you want to buy an individual building, you’ll need to put up a large minimum investment; running it will involve some administrative and legal work and it can be fairly expensive and time-consuming to find replacement tenants………………………………………..Full Article: Source

IVG: Germany remains a safe haven for investors

Posted on 29 June 2012 by Laxman  |  Email |Print

Preservation of assets and the promise of saleability in times of crisis are currently the chief prerequisites for investments in European office real estate, according to the latest research from IVG.
It is an investment profile that almost unanimously reflects the rather pessimistic outlook of most investors in regard to future economic growth in Europe, and that divides the European investment map into two distinct camps……………………………………….Full Article: Source

Sweden’s wealthy buyers flock to Spain’s property market bargains

Posted on 29 June 2012 by Laxman  |  Email |Print

It seems that it’s not all doom and gloom for real estate agencies operating in Spain as the Real Estate Agency, the Spanish division of Fastighetsbyrån, Sweden’s leading real estate firm experienced a 58% increase in requests in Q1 2012 compared to Q4 2011 with June looking set to be the second best month for 2012 so far.
“We at The Real Estate Agency have experienced excellent success of late after a huge increase in requests back in Q4 2010 converted into sales helping increase our transactions by 34% and our revenues by 42% YTD compared to 2011………………………………………..Full Article: Source

Norway house prices grow, fears of slump

Posted on 29 June 2012 by Laxman  |  Email |Print

Norwegian house prices will show regional differences and rise, researchers at Pöyry have predicted. Other experts remain cautious, however.
The Pöyry researchers say Stavanger will see the highest growth, an estimated 36 percent between 2012 and 2015, whilst Oslo property prices will increase by 33 percent. The rise in Kristiansand house prices will be 10 percent lower over the same period………………………………………..Full Article: Source

Nordic property funds resilient, says IPD

Posted on 29 June 2012 by Laxman  |  Email |Print

Unlisted property funds in the Nordic region collectively stood out in the first quarter of 2012 as the top ranking market among the regional fund groupings tracked by property index maker IPD.
Quarterly total return of 3% beat the IPD Australian, German, UK and Pan-European fund indices. Income distribution yield stood at 4.3% on an annualised basis………………………………………..Full Article: Source

JLL: Prague hotel market shows positive signs of recovery in 2012

Posted on 29 June 2012 by Laxman  |  Email |Print

The Prague hotel market has seen strong performance growth in 2010 and 2011 and results for the first four months of 2012 are promising with hotels posting an impressive 17.8% growth in Revenue-Per-Available Room (RevPAR) compared to the same period in 2011 according to STR Global.
Growth in performance, however, is primarily driven by a strong rise in occupancy rather than an increase in Average Daily Rates (ADR). Prague´s occupancy was 62% in 2010, climbed to 67% in 2011 and in 2012 is anticipated to reach approximately 70%………………………………………..Full Article: Source

Property prices in Austria continue to rise

Posted on 29 June 2012 by Laxman  |  Email |Print

Property prices throughout Austria are increasing quite rapidly, and excluding Vienna, rose by 11% to the year ending first quarter of 2012. Property prices rose by 9.6% in the nation’s capital of Vienna during the same period, and during the first quarter of 2012 increased by 4.3%.
Property prices in Austria has risen somewhat erratically since 2000, but prices rises in Vienna have been more consistent, increasing steadily since the third quarter of 2004. In the heart of Vienna prices have more than doubled within the last 10 years, and from the first quarter of 2005 to the first quarter of 2012, property prices rose by 67% in the city, compared to a 33% increase for the rest of the country………………………………………..Full Article: Source

Lebanon: Residential real estate bubble set for stagnation as demand slows

Posted on 29 June 2012 by Laxman  |  Email |Print

At one point several years ago, it seemed as if the whole Levant was in love with real estate. Everyone from taxi drivers, delivery boys, gas station attendants and newly married couples, as well as the developers and brokers who were already players in the sector, were looking to make an extra buck.
That picture, however, has changed to some extent. “Expectations were that prices would only go up,” says Nassib Ghobril, chief economist for Byblos Bank, about the pie-in-the-sky hopes of average investors in buying flats or becoming part-time brokers………………………………………..Full Article: Source

Lavish and sleek: Kenya’s prime property market boom

Posted on 29 June 2012 by Laxman  |  Email |Print

Inside a gated community in a tranquil Kenyan suburb, a group of builders are putting the final touches to the exterior of a lavish, red-tiled villa nestled in the middle of a landscape garden.
Within the spacious property, no luxury is spared: Hardwood floors, Venetian finishes, designer furniture and five en-suite bathrooms ensure that all the modern conveniences are in place for the future tenants………………………………………..Full Article: Source

Dubai’s real estate market shows fresh signs of recovery

Posted on 29 June 2012 by Laxman  |  Email |Print

Just days after Dubai increased the land that is available for foreign investors, al-Futtaim Group Real Estate’s Festival City started offering the first Freehold property on the Dubai Creek side, a UAE daily reported on Thursday.
The four and five-bedroom villas are priced at 4.8 million UAE dirhams ($1.3 million) and above. With 24 units are currently on sale, more houses and apartments will be on offer over the next 18 months, Dubai Festival City General Manager of Property Sales Ian Plumley told The National………………………………………..Full Article: Source

India’s decade: The highest housing price rise in the world

Posted on 29 June 2012 by Laxman  |  Email |Print

Rats. Raw sewage in the streets. Garbage to go. These are but of a few of the quality-of-life issues that continue to afflict many parts of major Indian cities like Mumbai.
And yet, few Mumbaikars – or Delhi-ites – would be surprised to learn that India has seen the biggest rise in housing prices of any country in the world in the ten years from 2001 to 2011, according to a study released by Llodys TSB International this week. They need only look at their rent check, or downpayment………………………………………..Full Article: Source

India: Realty sector sees $3.2-bln PE exits in 4 years

Posted on 29 June 2012 by Laxman  |  Email |Print

The real estate sector in India has seen $3.2 billion of private equity (PE) investor exits in the last four years, according to a white paper issued by Jones Lang LaSalle India. In rupee terms, this amounts to about Rs 14,720 crore, considering the rate of Rs 46/dollar suggested in the study.
Shobhit Agarwal, joint managing director (capital markets), Jones Lang LaSalle India, said, “The total PE exits from the real estate sector in the 24 months that started January 2012, would be of $3 billion. We expect PE exits of about $1 billion in 2012.” He, however, added the total number of exits during the period would not be known………………………………………..Full Article: Source

China: Easing moves start to thaw housing market

Posted on 29 June 2012 by Laxman  |  Email |Print

Property markets across China are showing signs of a definite thaw, as pent-up demand is fanned by widespread speculation about further easing in the government’s monetary policy aimed at fuelling the economy, according to an influential snapshot of the sector.
In its latest report, China Index Academy, or CIA, said that 35 major cities reported year-on-year sales increases, with Lanzhou, capital of Gansu province, hitting a massive 560.25 percent year-on-year increase between June 17 and 24………………………………………..Full Article: Source

China: Prices hint at faith in real estate market

Posted on 29 June 2012 by Laxman  |  Email |Print

A number of recent commercial real estate deals with astounding bid prices suggest that developers are gaining confidence but are also giving rise to concerns that the money pouring into commercial property in search of a quick return will burst a bubble.
On June 18, the Chinese property developer Evergrande Real Estate Group Ltd set a record for land prices in Guangzhou when it bought a plot for the equivalent of 32,9687 yuan ($5,184) per square meter………………………………………..Full Article: Source

China’s housing curbs will remain ‘tight,’ Shui On’s Lee says

Posted on 29 June 2012 by Laxman  |  Email |Print

The Chinese government’s curbs on the housing market will remain “tight” this year, preventing transactions and prices from rebounding significantly, according to Shui On Land Ltd., the developer controlled by Hong Kong billionaire Vincent Lo.
“The volume of transactions has increased and sentiment is improving, but any substantial turnaround is unlikely,” said Freddy Lee, chief executive officer of Shanghai-based Shui On, in an interview in Singapore yesterday. “I feel that prices will maintain where they are for a while.”……………………………………….Full Article: Source

Singapore: Past underbuilding explains today’s housing resilience

Posted on 29 June 2012 by Laxman  |  Email |Print

Singapore’s residential property market has continued to confound sceptics, myself included, with its strong monthly new home sales of more than 2,000 units - including executive condominiums - over the last five months.
While recent project launches have set new prices benchmarks, demand has remained unquestionably healthy. This is especially surprising given the cooling measures already introduced and the expected ramp-up in supply over the next few years as both the Government and private sector analysts have signalled………………………………………..Full Article: Source

Thailand sees property boom despite hardships in Europe

Posted on 29 June 2012 by Laxman  |  Email |Print

A property bubble is forming in Bangkok and other Thai cities, as well as in Vietnam and Myanmar, partly because of euphoria over the forthcoming Asean Economic Community, an economist has warned, while a senior banking executive played down such fears, saying no bubble had been detected.
Given the debt crisis in Europe and the collapse of the property sector in Spain, there are signs of a property bubble in Bangkok, especially in the market for high-rise condominiums along Sukhumvit Road, Sompop Manarungsan, president of the Panyapiwat Institute of Technology, said………………………………………..Full Article: Source

Transparency in global real estate markets increases

Posted on 28 June 2012 by Laxman  |  Email |Print

Increased transparency in global real estates markets aids investors and occupiers, according to a report by Jones Lang LaSalle. A biennial index released today by Jones Lang LaSalle and LaSalle Investment Management reveals that recovering real estate markets have prompted renewed impetus to transparency improvements following a slowdown in progress during the financial crisis in 2008 and 2009.
Nearly 90% of markets have registered advances in real estate transparency during the past two years, driven by improving market fundamentals data and performance measurement, combined with better governance of listed vehicles………………………………………..Full Article: Source

United States ranked world’s most transparent real estate market

Posted on 28 June 2012 by Laxman  |  Email |Print

According to Jones Lang LaSalle’s 2012 Global Real Estate Transparency Index report released this week; recovering real estate markets globally have prompted renewed impetus to transparency improvements following a slowdown in progress during the financial crisis in 2008 and 2009.
Nearly 90 percent of markets have registered advances in real estate transparency during the past two years, driven by improving market fundamentals data and performance measurement, combined with better governance of listed vehicles………………………………………..Full Article: Source

U.S. housing market poised for new boom: economist

Posted on 28 June 2012 by Laxman  |  Email |Print

Amid waves of troubling global economic news, there’s a sleeper story that’s gone largely overlooked, particularly in financial markets. The U.S. housing market is doing much better. And it’s now on the cusp of what could be a dramatic turnaround.
That’s the conclusion of a new report by Vancouver-based independent housing economist Doug Smyth, who argues, among other good things, that millions of newly created jobs will eventually power another boom in demand for softwood lumber………………………………………..Full Article: Source

A look at the US housing market, at a glance

Posted on 28 June 2012 by Laxman  |  Email |Print

Americans are finally gaining confidence in the housing market five years after it collapsed. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects.
The market still has a long way to regain full health. But the data suggest the worst is over and a modest recovery is under way. Here’s a look at recent housing indicators:……………………………………….Full Article: Source

Is it finally a seller’s market?

Posted on 28 June 2012 by Laxman  |  Email |Print

Homebuyers have had the advantage for years, especially in hard-hit real estate markets. But recent numbers indicate sellers might be starting to see a resurgence. Some experts have even dared to say that we may be on the verge of a seller’s market.
Dictionary.com defines a seller’s market as: “a market in which more people want to buy than want to sell.” With active listing inventory (the number of properties on the market) at 12 month lows and absorption rates in some parts of Manhattan falling way below the 10 year average, many sellers are now gaining the upper hand……………………………………….Full Article: Source

Best cities to buy rental properties

Posted on 28 June 2012 by Laxman  |  Email |Print

A combination of beaten down home prices and rising rents make these cities promising places to become a landlord — just as long as you understand the risks involved. Ever thought about becoming a landlord? Now might just be the perfect time, especially if you’re looking at a real estate market like Las Vegas.
Home prices in Sin City are still greatly depressed — down 62% from the 2006 peak, according to the S&P/Case-Shiller home price index — making for some great bargains for investors. Meanwhile, rents continue to climb, according to a recent report from HomeVestors based on analysis by Local Market Monitor………………………………………..Full Article: Source

Canada home resale prices hit record, growth slows

Posted on 28 June 2012 by Laxman  |  Email |Print

Canadian home resale prices rose in May from April, hitting record highs for the second month in a row, but the pace of growth continued to slow on an annual basis, the Teranet-National Bank Composite House Price Index showed on Wednesday.
Ten of the 11 metropolitan markets tracked by the index were higher and one was flat. It was the first time in nearly a year that none of the 11 markets declined………………………………………..Full Article: Source

UK property prices expected to grow in 2013

Posted on 28 June 2012 by Laxman  |  Email |Print

Expectation of an increase in property prices spurs investors to buy now. Property prices in the UK are expected to increase next year with data from BNP Paribas suggesting a growth of around 6.7 percent.
The news has spurred UK property investors to act now before prices rise in the country, particularly as there has been negative growth in 2008 and 2011. This year has seen growth rise by 2.1 percent according to the report and the UK real estate sector is at last about to see the light at the end of the tunnel………………………………………..Full Article: Source

U.K. house prices fail to see Olympic Games boost

Posted on 28 June 2012 by Laxman  |  Email |Print

The multibillion pound regeneration of London’s East End, home to the 2012 Olympic and Paralympic Games, is unlikely to yield a house-price boom analysts say, but landlords stand to make long-term income streams from the area’s new developments.
A key element of London’s successful bid for the 2012 Games was the promise of transformation in east London, formerly an industrial outpost of the capital, now home to the Olympic stadia and other major investments for the Games………………………………………..Full Article: Source

MENA real estate markets least transparent

Posted on 28 June 2012 by Laxman  |  Email |Print

While some improvements have been recorded since 2010, the Middle East and Africa remains the least transparent of the 4 global regions covered in the Index. Areas where the MEA region scores particularly poorly include the lack of investment performances indices and the lack of available data on market fundamentals.
The pace of improvement in the Middle East and North Africa (MENA) has been slower than in other regions since 2010. Dubai remains the region’s most transparent market, but the most significant progress has been in the Lebanon, where the market is gaining transparency and attracting more institutional players………………………………………..Full Article: Source

Iraq agrees on housing project pact with U.A.E.’S IIAJ

Posted on 28 June 2012 by Laxman  |  Email |Print

Iraq agreed on a $245 million contract with the United Arab Emirates’ IIAJ Ltd. to build 1,083 housing units in the southern region of Diwaniya, according to a provincial official.
The project, the al-Zahra residential compound, will be built within two years on the southwestern side of Diwaniya city, Majid al-Mehanna, spokesman for the Diwaniya Investment Commission, said by telephone today. The province needs 100,000 residential units, he said………………………………………..Full Article: Source

Dubai property market region’s most transparent - study

Posted on 28 June 2012 by Laxman  |  Email |Print

Dubai has been ranked the Middle East and North Africa’s most transparent real estate market, but the region continues to lag behind others globally, according to a new report by Jones Lang LaSalle.
Transparency levels have increased in 80 percent of the region over the last two years, with the Lebanese real estate market showing the greatest improvement, the consultant said in its 2012 global real estate transparency index………………………………………..Full Article: Source

Why Mumbai’s real estate market is still red hot

Posted on 28 June 2012 by Laxman  |  Email |Print

Mumbai, India’s financial hub and home to Bollywood — one of the largest movie industries in the world — is the most expensive city in the country and real estate prices in the city compete with other Asian centers such as Singapore and Hong Kong.
Over the past year Asia’s third-largest economy has grappled with corruption scandals, policy flip fops and poor fiscal performance, but property prices in its largest metro have stayed immune, clinging to pre-Lehman highs………………………………………..Full Article: Source

Opportunities still abound in China’s property market

Posted on 28 June 2012 by Laxman  |  Email |Print

Property prices in China may have eased but further tightening of the property market is unlikely, according to industry players. Instead, growth opportunities are present in the commercial and residential sectors.
For Hong Kong developer Hang Lung Properties, which has been branching out into China since the 1990s, the country’s retail property is the way forward………………………………………..Full Article: Source

China property developers said looking overseas as rich clients buy abroad

Posted on 28 June 2012 by Laxman  |  Email |Print

Chinese real estate developers have begun investing in projects outside of the country in order to meet growing demand for overseas property among rich customers, Hong Kong’s South China Morning Post reported.
Buyers are looking overseas because of restrictions on real investments in the mainland, or because of a wish to emigrate or own a vacation home, the newspaper said………………………………………..Full Article: Source

Fortress said to target $1 bln for Japan property fund

Posted on 28 June 2012 by Laxman  |  Email |Print

Fortress Investment Group LLC (FIG), the investment company overseeing $46.4 billion, wants to raise $1 billion for a Japanese property fund by the end of the year, two people familiar with the plan said.
The company’s second Japan Opportunity Fund, which invests in assets including real estate debt, is in the process of buying $200 million of debt from Japanese and foreign banks with a total principal balance of $1.3 billion, said the people, who requested anonymity because the information is private………………………………………..Full Article: Source

Australian property ‘could become more popular’

Posted on 28 June 2012 by Laxman  |  Email |Print

The Australian property market could become more popular with British investors in the future, with the country’s government trying to streamline the application process for those planning to move to the antipodes.
Marc Da Silva, freelance property journalist and founder of PropertyJournalist.com, said this could have an impact on the number of Brits making the move down under………………………………………..Full Article: Source

Sydney house prices lift in May but supply issues holding back national recovery: Residex

Posted on 28 June 2012 by Laxman  |  Email |Print

Sydney was the strongest-performing major capital city housing market over the month of May, registering a nearly 2% rise in house prices to a median of $675,500, according to Residex. The Sydney market is in positive territory for the year ending May 2012, with growth of 1.2%.
The Sydney unit market registered a quarter percentage point fall in May, with prices up 1% for the year ending May 2012 to a median of $488,500. Sydney unit prices were up more than 5% for the year to May 2011………………………………………..Full Article: Source

Housing: Even the Eeyore Index shows price gains

Posted on 27 June 2012 by Laxman  |  Email |Print

Freshly released numbers from a housing index shows rising home prices in America’s biggest cities. That’s a good sign for all of America. The National Association of Realtors, for example, is considered an industry cheerleader and too optimistic.
By contrast, the most closely watched data set, the S&P/Case-Shiller Home Price Index, is often considered too lagging. For example, last month there was a ton of positive real estate news, but Case-Shiller still came in fairly bleak. The FHFA house price index, for example, a Federal government-generated number, was up 2.7% last month, year-over-year, while Case-Shiller was down 2.6%………………………………………..Full Article: Source

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Home prices rise across U.S. as housing market makes comeback

Posted on 27 June 2012 by Laxman  |  Email |Print

Home prices rose in nearly all major U.S. cities in April from March, further evidence of a housing market that is slowly improving even while the job market slumps. The Standard & Poor’s/Case-Shiller home price index released Tuesday showed increases in 19 of the 20 cities tracked. That’s the second straight month that prices have risen in a majority of U.S. cities.
And a measure of national prices rose 1.3 percent in April from March, the first increase in seven months………………………………………..Full Article: Source

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Housing exuberance led by Shiller’s U.S. glamorous cities

Posted on 27 June 2012 by Laxman  |  Email |Print

Home prices are beginning to rise after a six-year slump in cities from San Francisco and Seattle to Miami with jobs and lifestyles that appeal to younger and affluent buyers.
“A number of the cities that have done the best have been glamour cities,” Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller property-value indexes, said in an interview on Bloomberg Radio’s “Surveillance” with Tom Keene. “People have this speculative fervor. It comes back.”……………………………………….Full Article: Source

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To fix housing, don’t break it, executive says

Posted on 27 June 2012 by Laxman  |  Email |Print

What’s needed to fix the housing market right now? Maybe nothing, says Re/Max Chief Executive Margaret Kelly. Layering on taxpayer-supported programs could actually do more harm than good, Ms. Kelly said Friday in a wide-ranging speech at a National Association of Real Estate Editors conference in Denver.
“It’s time to stop the artificial stimulators and let the market settle where it needs to settle,” Ms. Kelly said. “I liken it to a doctor, who, if you go in and you’re not feeling well, doesn’t change all five medicines at one time. “……………………………………….Full Article: Source

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