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Real Estate Briefing - Archive | January, 2013

When good news for real estate is bad

Posted on 31 January 2013 by Laxman  |  Email |Print

A new worry is threatening the rally in the rebounding market for commercial mortgage-backed securities: Property owners have started to pick up the pace of resolving problems with distressed loans. That is bad news for bondholders who paid up to buy such securities on the assumption they would keep paying a high interest rate for a longer period.
This month, some investors have been hit with losses as their commercial-mortgage securities, or CMBS, that had been steadily rising in value for months went into reverse. For example, early this month investors were willing to pay as much as $116.13 for securities with a face value of $100, up from $100.81 in August 2011. Last week they were trading at $114.81………………………………………..Full Article: Source

Million-dollar California home sales reach five-year high

Posted on 31 January 2013 by Laxman  |  Email |Print

The number of California homes that sold for at least $1 million reached a five-year high in 2012, fueled by a recovering economy and a record number of cash purchases, DataQuick said.
A total of 26,993 homes sold for at least $1 million last year, up 27 percent from 21,267 in 2011, the San Diego-based data provider said in a statement. It was the most since 2007, when 42,502 homes crossed the threshold, DataQuick said………………………………………..Full Article: Source

U.S. housing recovery brings private builders to IPO market

Posted on 31 January 2013 by Laxman  |  Email |Print

Privately owned U.S. homebuilders are seizing on a housing supply crunch to tap the stock market as more Americans, buoyed by an improving economy, seek to buy their first home or move into bigger premises.
Tri Pointe Homes LLC and Taylor Morrison Home Corp, based in regions among those worst hit by a housing market slump, will soon become the first U.S. homebuilders in about 10 years to go public………………………………………..Full Article: Source

Real estate affordability in the United States 2013 version

Posted on 31 January 2013 by Laxman  |  Email |Print

nce again, Demographia has released its annual International Housing Affordability Survey, its ninth annual look at the housing markets in Australia, Canada, Hong Kong, Ireland, New Zealand, the United Kingdom and the United States. In this posting, I’ll provide you with a brief comparison of the affordability of the real estate markets in each of the countries and then take a more detailed look at the most and least affordable real estate markets in the United States.
As I’ve told my regular readers on previous occasions, Demographia uses a unique approach to calculating real estate affordability………………………………………..Full Article: Source

Canada: B.C.’s stagnant real estate market to see bost in 2013

Posted on 31 January 2013 by Laxman  |  Email |Print

Modest price drops and tempered buyer expectations are expected to stir up some movement in B.C.’s stagnating real estate market this year, according to an industry forecast released Wednesday.
In its first quarter housing market forecast released Wednesday, the B.C. Real Estate Association (BCREA) says housing sales in B.C. on the Multiple Listing Service (MLS) are expected to pick up by 5.6 per cent in 2013. It wouldn’t be enough to make up for the 12 per cent sales drop seen across B.C. in 2012 but would at least mean buyers will be getting off the sidelines and jumping into the market again………………………………………..Full Article: Source

Europe commercial real estate rebounds

Posted on 31 January 2013 by Laxman  |  Email |Print

Investment volumes in European commercial real estate hit nearly 44 billion euros ($ 59 billion) in the fourth quarter of 2012, the highest quarterly level of since 2007, according to data from property consultants, Cushman and Wakefield.
Cross-border investment rose by 19 percent last year and the property consultancy forecast that volumes could rise by 5 to 6 percent to 141 billion euros ($ 190 billion) in 2013, despite the risks presented by a still-fragile economic recovery in Europe………………………………………..Full Article: Source

European property investors gain confidence – Union

Posted on 31 January 2013 by Laxman  |  Email |Print

Investors have regained confidence in the European property markets and are planning to increase investments this year, with especially good outlooks for Germany, France and UK, with Ireland also back in focus, says German cooperative bank fund manager Union Investment.
The increasing desire for healthy returns will however be limited by the shrinking credit markets, Union found in its annual Investment Climate Index survey of 165 German, French and UK investors. Capital requirements are seen to tighten further for investment projects as a result of the euro crisis………………………………………..Full Article: Source

2014 will see improvements in European property market

Posted on 31 January 2013 by Laxman  |  Email |Print

There will be signs of recovery in the property market in Europe next year, according to CBRE. This will follow a steady recovery in the continent’s economic performance in 2013, which is good news after last year saw it experience a difficult financial period.
Neil Blake, Head of UK and Europe, the Middle East and Africa of CBRE, said: “If the trend of positive indicators persists, we expect to see improved economic growth and property market conditions, but we may have to wait until 2014 for signs of significant progress.”……………………………………….Full Article: Source

U.K: House price affordability slumps to three-year low; or does it?

Posted on 31 January 2013 by Laxman  |  Email |Print

House prices are rising faster than wages – or homebuyers’ ability to scrape together deposits – making property more expensive than it has been since the start of the credit crisis, according to the Mortgage Advice Bureau (MAB).
However, the independent mortgage broker’s gloomy conclusion about house price affordability is at odds with more upbeat views from most property market participants………………………………………..Full Article: Source

Confidence in Dublin’s property is back on high

Posted on 31 January 2013 by Laxman  |  Email |Print

Dublin is climbing up the European property ladder and confidence within the real-estate industry is at its highest since 2008. A NEW report by PwC and Urban Land Institute, ‘Emerging Trends in Real Estate Europe’, notes that there are “sentiments of improvement” in Dublin for both investment and development.
A survey of sentiment among more than 500 European investors, fund managers and property experts said that investors are warming to the city’s property market. Dublin has moved up in the rankings to 20th place in 2013 from 26th place out of the 27 cities in last year’s survey………………………………………..Full Article: Source

French property: Paris ‘to lead upturn in prices’

Posted on 31 January 2013 by Laxman  |  Email |Print

Despite threatened tax hikes, realistic property prices and a halcyon lifestyle are keeping France firmly in the investor spotlight. Just a few weeks into a new year and French PM Francois Hollande’s approval rating has taken a further drubbing with the latest round of tax increases and budget cuts provoking a backlash from chef-class entrepreneurs, wealth creators and patriotic artistes: among them symbol-of-a-nation film actor Gerard Depardieu.
Yet France remains one of the brighter economic stars of Europe (the third largest recipient of foreign direct investment in the eurozone in 2012), with the residential real estate sector proving a beacon of hope in a recuperating economy………………………………………..Full Article: Source

Housing prices in Bulgaria dropped one to 3 pct in 2012

Posted on 31 January 2013 by Laxman  |  Email |Print

Prices of residential property decreased by one to three per cent in 2012, public broadcaster Bulgarian National Television said on January 30 2013, quoting what it described as a major player in the Bulgarian property market. According to the company, housing transactions in the past 12 months grew by about 10 per cent. The annual turnover of the housing market in the country is 3.5 billion leva.
In 2014, prices of housing will not fall further, but could even slightly increase, analysts said, according to the report. Buyers increasingly were interested in factors such as electricity costs, heating and energy efficiency, the report said………………………………………..Full Article: Source

Qatar housing market set for strong growth: Report

Posted on 31 January 2013 by Laxman  |  Email |Print

The market for leasing homes in Qatar is likely to show strong signs of growth in 2013 and 2014 as major infrastructure projects get under way, according to EC Harris’ latest Property Market Outlook. The report states that Qatar is also set for a hotel building boom, with 5,000 new hotel rooms planned each year in the run-up to the 2022 FIFA World Cup.
Terry Tommason, head of Property and Social Infrastructure Middle East at EC Harris said: “The market for residential property sales in the emirate is likely to remain flat, though, and no major new office development is planned due to the continuing overhang of space from the last commercial boom.”……………………………………….Full Article: Source

Property prices in Dubai record 30pct growth in 2012

Posted on 31 January 2013 by Laxman  |  Email |Print

The Dubai real estate sector has recorded a price increase of up to 30% in the premier locations during 2012, according to Hamptons MENA, the premier property services company. The Hamptons MENA 2012 property report records that on average property prices increased by 20 to 30% across the market, while well-established neighbourhoods such as Downtown Dubai and The Palm Jumeirah witnessed an upward trend in price to the range of 30%.
The most significant price increase was noted for villas, such as in Arabian Ranches, the masterplanned community by Emaar Properties, which led the growth in values during the year. High-end apartments in Downtown Dubai and Emirates Living also reported price appreciation, highlighting the growing investor confidence led by a buoyant market. (Press Release)

India: Investors take fresh positions in real estate sector; stocks rally 30-50pct

Posted on 31 January 2013 by Laxman  |  Email |Print

Investors are taking fresh positions in the real estate sector even as a few luxury housing projects were sold off within days of their launch. Stocks of real estate companies have rallied 30% to 50% over the past three months in anticipation that declining interest rates will help revive buying, thereby helping companies ease their inventories.
Market sentiment has turned bullish after the housing loan growth for fiscal 2013 so far showed a 13% growth, which exceeded the overall credit growth of 7% for the first time in six years, according to data available with Reserve Bank of India and Goldman Sachs Research………………………………………..Full Article: Source

Isn’t the Chinese property bubble obvious?

Posted on 31 January 2013 by Laxman  |  Email |Print

Divergent views are emerging over whether there is a bubble building in the Chinese property sector, which has produced a string of aggressive high-yield issues this year, the most recent of which was Greentown’s conveniently successful US$400m bond this week.
The recent hot flow of money into Chinese high-yield property bonds, much of it from private banks unable to earn a decent return elsewhere, had the look and feel of a sector overheating, and many have indeed traded down in secondary………………………………………..Full Article: Source

Singapore office rents to rebound as supply growth abates

Posted on 31 January 2013 by Laxman  |  Email |Print

Singapore’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, according to the biggest office property trust in Asia outside of Japan.
Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), Supply for the next three years will be about 0.8 million square feet a year, down from 1.3 million square feet over the past two decades, she said………………………………………..Full Article: Source

VietNam: Saving real estate market is not “rescuing the rich”

Posted on 31 January 2013 by Laxman  |  Email |Print

The spokesman of the Government, Minister Vu Duc Dam has confirmed that the plan to remove difficulties for the real estate market will benefit the medium and low-income earners more than the rich. The Chairman of the Government Office –Vu Duc Dam – said the resolution to remove difficulties for the real estate market does not aim to save the rich, but for the sake of the economy.
“The Government never focuses on saving the rich. The Government’s management is for economic development. The Government’s consistent priority is for the difficult subjects,” Dam emphasized………………………………………..Full Article: Source

Domestic buyers eye Bali property

Posted on 31 January 2013 by Laxman  |  Email |Print

From an investment standpoint, Asia has domesticated itself in the midst of the global financial crisis. This is especially true for Bali, which has seen an influx of domestic buyers in the property market. This is, among others, one of the key findings of a survey conducted by C9 Hotelworks, a hospitality consulting firm based in Phuket, Thailand, which gathers market data for resort markets throughout Asia.
According to C9 Hotelworks managing director Bill Barnett, a leading specialist on hotel and property development issues with 27 years of experience in Asia Pacific, Bali has traditionally been a foreign investment market for villas, but this shifted three to four years ago with the rise of condo hotels………………………………………..Full Article: Source

Koreans tapping inheritances with reverse loans: Mortgage

Posted on 31 January 2013 by Laxman  |  Email |Print

Applications for reverse mortgages, which are typically taken out by elderly or retired homeowners who borrow money in the form of monthly payments against the equity in their homes, are surging to the highest in six years.
Loans backed by state- run financing firm Korea Housing Finance Corp. jumped 71 percent in 2012 as retirees like Kim sought a steady income in a nation wracked by personal debt, falling home values and a rapidly aging population………………………………………..Full Article: Source

Australian house prices to rise 2.1pct over next two years: NAB industry survey

Posted on 31 January 2013 by Laxman  |  Email |Print

Expectations for house price growth improved marginally in the final quarter of 2012 but remain very modest, with just 2.1% growth tipped for the next two years, according NAB’s December 2012 quarterly residential property index survey. This compares with September quarter expectations of a 1.7% gain in house prices over the next two years.
The expectations are based on the sentiments of around 270 property markets participants, predominantly estate agents (39% of respondents), property owners and investors (20%) and developers (17%)………………………………………..Full Article: Source

New home sales up 6.2pct in December, says Housing Industry Association

Posted on 31 January 2013 by Laxman  |  Email |Print

Evidence of recovery in the housing industry emerged today as new home sales jumped in December, a month when property markets are normally subdued. New home sales rose 6.2 per cent in the month, capping off a 3.3 per cent rise in the fourth quarter from the previous three months, data published by the Housing Industry Association showed.
The rise will encourage perceptions that new home building is ready for recovery, the rebound timed well to bolster the economy as mining investment fades in 2013.The Reserve Bank of Australia is betting that as mining investment cools, other areas of the economy such as housing will step up to fill the void in growth………………………………………..Full Article: Source

Residential property market to outperform bonds and cash for first time in five years: Oliver

Posted on 31 January 2013 by Laxman  |  Email |Print

The residential property market appears to have bottomed out and is set for a “mild cyclical recovery” over the next 12 months” says AMP Capital Investors chief economist Shane Oliver. Oliver anticipates only short-term gains in property prices in the range of 5% to 7% over this period as “buyers remain cautious about taking on excessive debt, particularly as job insecurity remains high”.
But he expects the property market to outperform both the bond market and what’s available through cash deposits - a reverse of the performance of these markets over the past five years………………………………………..Full Article: Source

Housing markets will probably never return to pre-crisis levels: Case-Shiller Chair Blitzer

Posted on 30 January 2013 by Laxman  |  Email |Print

Excitement over the emergence of a housing market recovery has led to initial exuberance, at least when it comes to media reports and the rapidly rising stock prices of homebuilders. Market participants should take a more cautious approach and acknowledge that the 2006-2007 state of the housing market was unsustainable, Case-Shiller index chairman David Blitzer says, adding “we aren’t going back there for a long time, maybe never.”
Blitzer noted that a big foreclosure backlog and an elevated number of underwater mortgages still plague the residential real estate market, which will slowly continue to crawl back to normality over the next few years………………………………………..Full Article: Source

U.S: Average home prices rose 5.5pct the past 12 months

Posted on 30 January 2013 by Laxman  |  Email |Print

Home prices rose 5.5% in the 12 months through November, providing more evidence of a recovering housing market, a closely-followed report showed Tuesday. The Standard & Poor’s Case-Shiller index of 20 major cities showed prices rising in 19 of the 20 cities for the 12-month period. Prices fell only in New York — by 1.2%.
Compared with October, the index showed a 0.1% decline. “Housing is clearly recovering,” said David Blitzer, chairman of the home price index committee………………………………………..Full Article: Source

Housing emerges as economic bright spot after years in the dark

Posted on 30 January 2013 by Laxman  |  Email |Print

The nation’s housing market is surging again after years of historic declines, and the unique forces powering its return could last well into 2013. The number of homes for sale is at its lowest level since before the recession, sparking competition among buyers that has led to 10 straight months of price increases. The volume of activity is the highest since 2007.
Builders broke ground in December on the most new housing developments in four years. And interest rates on mortgages are expected to remain near all-time lows through much of the year, galvanizing once-skeptical buyers………………………………………..Full Article: Source

Housing market 2013 for homebuyers: It’s a balancing act

Posted on 30 January 2013 by Laxman  |  Email |Print

Talk to any Realtor these days and you’ll likely get an earful about “limited inventories.” That’s a big departure from the past few years, when home sellers were eager, for a variety of reasons, to pound those “for sale” signs into their front lawns. While existing home sales eased in December, the number is 12.8 percent higher than in December 2011, according to the Washington-based National Association of Realtors.
All together, total U.S. home sales last year rose to 4.65 million, up from 4.26 million in 2011, the NAR says. That’s the highest total since 2007. The story now in the U.S. housing market is all about demand………………………………………..Full Article: Source

Homebuying advice: What to know about today’s sellers

Posted on 30 January 2013 by Laxman  |  Email |Print

When markets move in a positive direction, you’ll hear it from real estate agents first. They see busier open houses, quicker sales or even multiple offers. By the time the news finally hits the mainstream media, buyers start to feel the pull to get back in the market.
That’s what we’re seeing in many parts of the country right now. With all signs tilting toward a sellers’ market for the first time in years, it’s helpful for buyers to understand today’s seller. No two sellers are alike, of course. But there’s a certain mindset that many sellers these days share, and it’s a grateful one for many……………………………………….Full Article: Source

Fix home lending before the next bubble

Posted on 30 January 2013 by Laxman  |  Email |Print

It’s odd that President Barack Obama didn’t mention housing in his second inaugural address. After all, he spent his first term in the shadow of a housing meltdown, and remaking federal housing policy remains a central piece of unfinished business.
Let’s hope that Obama tells us in his State of the Union speech what his plans are for Fannie Mae, the Federal National Mortgage Association (FNMA), and Freddie Mac, the Federal Home Loan Mortgage Corp. (FMCC) The Federal Housing Administration seems headed for a multibillion-dollar bailout………………………………………..Full Article: Source

Why Moody’s, Fitch are worried about Canada’s housing market

Posted on 30 January 2013 by Laxman  |  Email |Print

Moody’s, Fitch warn on debt: Two major rating agencies are sounding alarm bells over the level of consumer debt in Canada, and the outlook for the housing market. As The Globe and Mail’s Grant Robertson reports, Moody’s Investors Service downgraded the ratings of several of Canada’s banks, citing the potential for trouble.
Among those downgraded were Toronto-Dominion Bank, which lost its triple-A ranking, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada and Caisse Centrale Desjardins………………………………………..Full Article: Source

Should investors reconsider commercial property?

Posted on 30 January 2013 by Laxman  |  Email |Print

Giant pension fund piles into property as analysts say now is the time to snap up cheap exposure. Property investors have seen their holdings fall on average 11.4pc over the past five years, with some investors losing a quarter of their cash.
Analysis of returns from 42 funds in the IMA Property Sector by shared equity mortgage provider Castle Trust showed the worst fund lost 26.6pc over the period………………………………………..Full Article: Source

Europe’s toxic property loan clean-up gathers pace

Posted on 30 January 2013 by Laxman  |  Email |Print

Sales of European property loans will rise by about 15 percent to 25 billion euros (21.6 billion pounds) this year as Spain and Ireland speed the sale of unwanted and bad loans, confronting the extent of the real estate crash as they clear their books.
Both countries suffered the worst of Europe’s property collapse, with prices falling more than 50 percent in some areas from the previous peak in 2007. Both have national ‘bad banks’ to purge lenders of their risky loans and after a slow start, during which better-performing assets were offloaded, both countries must now tackle the worst………………………………………..Full Article: Source

CBRE: Improved economic sentiment to set stage for European real estate recovery in 2014

Posted on 30 January 2013 by Laxman  |  Email |Print

A gradual recovery in economic performance and business confidence this year will set the European real estate market up for a stronger recovery in 2014, according to the latest report by CBRE, the world’s leading commercial real estate advisor.
European property markets faced a difficult economic environment in 2012, with heightened fears of a euro break up in the first half and output flat or falling across almost all the continent by the year end. 2013 has started more positively, with the threat of euro disintegration receding, together with encouraging news from China and the US, underpinning some signs of improvement in market sentiment and business confidence………………………………………..Full Article: Source

U.K: House prices see 2012 pick-up, says Land Registry

Posted on 30 January 2013 by Laxman  |  Email |Print

House prices in England and Wales rose by 1.7% in 2012 - the fastest rate for more than two years, the Land Registry has said. The average price of a property rose by 0.8% in December compared with the previous month, bringing the average price to £162,080.
The rise during 2012 was driven by property values in London. The figures suggested prices overall were increasing, unlike data recorded in other recent surveys………………………………………..Full Article: Source

Last year saw strong growth for German commercial real estate markets

Posted on 30 January 2013 by Laxman  |  Email |Print

The German commercial real estate market recorded the highest volume of investment transactions for the past five years at €25.31 billion in 2012, according to international real estate advisor Savills. This marks an 8.5% increase compared to an already strong 2011 and the firm attributes this largely to rising levels of foreign investment.
International buyers accounted for 46% of the total investment volume in Germany in 2012, up from 31% in 2011, while investors from continental Europe were by far the most active, investing approximately €5.7 billion………………………………………..Full Article: Source

Poland’s industrial real estate seen growing strongly

Posted on 30 January 2013 by Laxman  |  Email |Print

The Polish industrial-logistics real estate market should grow strongly in the coming years as the amount of available land increases and large international groups develop more and more warehouses, according to a new report. Total stock currently stands at 7m sq.m.
The strength and stability of Poland’s economy during recession elsewhere is making the country a magnet for foreign logistics investment, says the report by realtor Jones Lang LaSalle, the Polish Information and Foreign Investment Agency and financial advisor Ernst & Young, plus Hays Poland………………………………………..Full Article: Source

South African housing market in the doldrums

Posted on 30 January 2013 by Laxman  |  Email |Print

If we look at the boom years it was slightly higher, at 26% — and 28% at one stage — but those were exceptional years. I’d suggest that 23% is probably a good number — it has to settle somewhere and it’s certainly significantly up from 15% back in 2008, when the economy hit rock bottom.
Typically first-time buyers are more cyclical than the overall market — they’re young and flexible and can rent for longer or live in their parents’ homes for longer. When times are better they come out the woodwork in greater numbers so that’s what’s happened in recent years. My guess is it’s probably settled and will fluctuate from quarter to quarter but I wouldn’t be surprised if this year’s numbers come out with similar percentages to the 23% of the last two years………………………………………..Full Article: Source

Uganda: Are we in a property market burst?

Posted on 30 January 2013 by Laxman  |  Email |Print

After four years of a mind-numbing experience paying rent, Alfred Kakuru, an employee of one of the corporate companies in town thought it was high time he owned a house. He sought a mortgage loan from one of the local banks. “I really hoped I had survived the hassle of rent with landlords,” he says.
By the time he acquired the loan, it was valued at the interest rate of 15 per cent. Kakuru thought his salary of Shs 750,000 a month would help him finance the mortgage and realise his dream for a home. However, this was not to be. The demands become too much and the interest rate was revised upwards at the peak of inflation in 2011, when the number touched 30%………………………………………..Full Article: Source

Qatar housing market set for strong growth

Posted on 30 January 2013 by Laxman  |  Email |Print

The market for leasing homes in Qatar is likely to show strong signs of growth in 2013 and 2014 as major infrastructure projects get under way, according to EC Harris’ latest Property Market Outlook. The report states that Qatar is also set for a hotel building boom, with 5,000 new hotel rooms planned each year in the run-up to the 2022 FIFA World Cup.
Terry Tommason, head of Property and Social Infrastructure Middle East at EC Harris said: “The market for residential property sales in the emirate is likely to remain flat, though, and no major new office development is planned due to the continuing overhang of space from the last commercial boom.”……………………………………….Full Article: Source

India: Real estate industry says RBI rate cut to boost housing demand by buyers

Posted on 30 January 2013 by Laxman  |  Email |Print

Real estate industry and property consultants today hailed the RBI’s decision to cut key policy rates, saying that it is a positive step that would boost housing demand and encourage foreign investment in the sector.
The RBI cut short-term lending rate, called repo, by 0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by a similar margin to 4 per cent, releasing Rs 18,000 crore primary liquidity into the system. Developers and consultants expect the move would lead to reduction in interest rates for buyers as well as builders………………………………………..Full Article: Source

China’s home prices may rise further in 2013

Posted on 30 January 2013 by Laxman  |  Email |Print

China’s property prices will continue to rise in 2013, driven by less supply, faster urbanization and the improved economy, analysts said. Housing inventories this year will be lower than in 2012, due to a slide in new construction area since the third quarter of 2011, data from a report by Reico showed on Tuesday.
Reico is a research institution affiliated with the China Real Estate Chamber of Commerce. “The country’s property prices will pick up steadily this year, but a strong rebound across the country is not likely given the continuing rigorous measures,” said the report………………………………………..Full Article: Source

Rich Chinese buying property overseas draw resentment from locals

Posted on 30 January 2013 by Laxman  |  Email |Print

Property investments in Britain, the US, Canada, Australia and Singapore pay off for Chinese buyers, but locals are apparently growing increasingly impatient and unhappy. The number of wealthy Chinese investing in overseas property markets rose sharply after 2008, a time when many countries were hit with a housing market crisis, according to the report.
Seeking a high return for their cash, those investors favour countries including Britian, Canada, the United States, Australia and Singapore. The investment has been more than satisfactory for them:……………………………………….Full Article: Source

Singapore’s slowing office growth to boost rents: Southeast Asia

Posted on 30 January 2013 by Laxman  |  Email |Print

Singapore’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, according to the biggest office property trust in Asia outside of Japan.
Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), Supply for the next three years will be about 0.8 million square feet a year, down from 1.3 million square feet over the past two decades, she said………………………………………..Full Article: Source

Melbourne property market very resilient and may return to heady heights of 2009 in some sectors

Posted on 30 January 2013 by Laxman  |  Email |Print

The Melbourne property market had everything thrown at it at 2012 with low clearance rates, international reports that stated it is overvalued and a barrage of negative reports in the media suggesting the market was going to experience a US-style crash.
But the latest figures from the REIV show not only did the property market hold its ground, but it actually began to pick itself up from the canvas and showed significant growth in the last quarter of the year………………………………………..Full Article: Source

Housing markets: The return of the bubble?

Posted on 29 January 2013 by Laxman  |  Email |Print

American housing markets are at long last recovering from the epic bust that began in 2006. Sales, prices, and construction all seem to have reached a cyclical bottom. Some analysts reckon that a new boom and, possibly, bubble could be inflating, born of tight supply and low interest rates.
Robert Shiller is sceptical, noting that while indicators are strengthening, there is little reason to think that short-run momentum must lead to a more sustained price boom. Karl Smith disagrees: Shiller and I agree that nothing drastically different occurred in the the economy from March to September………………………………………..Full Article: Source

Pending sales of existing homes in U.S. decreased 4.3pct

Posted on 29 January 2013 by Laxman  |  Email |Print

Pending U.S. home sales declined in December for the first time since August, showing uneven progress in the housing market. The index of contracts for the purchase of previously owned homes fell 4.3 percent to 101.7 after a revised 1.6 percent increase, the National Association of Realtors reported today in Washington.
The median forecast in a Bloomberg survey projected no change in the gauge. Compared with a year earlier, pending sales before seasonal adjustment climbed 4.9 percent………………………………………..Full Article: Source

How the crash battered America’s housing stock

Posted on 29 January 2013 by Laxman  |  Email |Print

Spending on home improvements and repairs totaled $275 billion in 2011, down 4 percent from 2009 levels and some 16 percent below the market peak in 2007. Loss of home equity with the onset of the housing crash contributed to the decline in home repairs, according to a new study by the Harvard Joint Center for Housing Studies.
With the decline in spending on discretionary projects, home improvement expenditures per owner in 2011 stood well below levels averaged over the previous decade. In fact, per-owner spending fell from about 25 percent above the decade average in 2007 to about 10 percent below that level in 2011………………………………………..Full Article: Source

Housing market poised to push recovery

Posted on 29 January 2013 by Laxman  |  Email |Print

More than 50 percent of economists in a recent poll indicated the U.S. housing market is poised to push an economic recovery in 2013. In more or less a tie for second place, economists also cited increased energy production, help from the Federal Reserve and consumer spending as drivers of a recovery this year, CNNMoney reported Monday.
In the survey sponsored by CNNMoney, economists pronounced housing as ready for a comeback. ……………………………………….Full Article: Source

10 worst cities for potential mortgage fraud

Posted on 29 January 2013 by Laxman  |  Email |Print

The housing market has been improving significantly for nearly a year at this point, but with those upticks in activity across the board in the last several months, it seems that instances of potential fraud also increased.
The total amount of possible mortgage fraud nationwide rose 1.1 percent from July to September 2012 from the previous quarter, according to new statistics from Kroll Factual Data. And while there were increases in every region across the country, these were caused not by low-level jumps in most places, but rather massive leaps in specific metropolitan areas………………………………………..Full Article: Source

At business schools, renewed interest in real estate

Posted on 29 January 2013 by Laxman  |  Email |Print

The real estate recovery has been shaky but strengthening, and few know it better than the people whose future fortunes are going to depend up on it. According to several top business schools, student interest in studying real estate has been growing in recent years, providing yet another promising indicator of a strengthening recovery.
Real estate is by no means the top field of study for business school students, but it is starting to regain its former popularity. At Dartmouth College’s Tuck School of Business, around 5 percent of the student body is specializing in real estate, says Jonathan Masland, director of counseling and recruiting in the school’s career development office………………………………………..Full Article: Source

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