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Real Estate Briefing 22.Oct 2008

Posted on 22 October 2008 by Laxman |  Email |Print

From Dailymail.co.uk: House prices will fall a record-breaking 35 per cent by next autumn, a leading firm of economists warned yesterday. The collapse will be the biggest fall ever seen in this country.

The claim, from the consultancy Capital Economics, will horrify homeowners who face being plunged into negative equity. According to the forecast, around £65,000 will be wiped off the value of the average home….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Reuters: Long before she filed for bankruptcy, Ann Neukomm was “under water” — she owed more on her mortgage than her house was worth — a situation more and more Americans are finding themselves in.

As the financial crisis hits Main Street America, nearly one in six U.S. homeowners are finding themselves in the same position, threatening the U.S. economy with a new wave of foreclosures and bankruptcies….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Financialweek.com: Commercial real estate will bottom out in 2009, flounder in 2010 and begin a slow recovery in 2011, according to a report on emerging real estate trends.

“Commercial real estate has only just begun to correct, it’s way behind everything else,” Jonathan Miller, a partner at real estate consultancy Miller Ryan, said during a conference call regarding the report, which was put out by the Urban Land Institute and PricewaterhouseCoopers….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From French-property-news.com: In recent years, Limousin has become a firm favourite with many UK househunters seeking a quieter way of life in a beautiful setting. Located at the heart of France, to the west of the Massif Central, Limousin is bordered by the regions of Auvergne, Poitou-Charentes, Aquitaine and Midi-Pyrénées – all popular househunting areas.

Limousin is the least populated region in mainland France, with fewer inhabitants than Marseille!…. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Building.co.uk: Decline in foreign investment has resulted in construciton projects being shelved. The construction market in Poland is being hit by a drop in foreign investment as projects are shelved due to fears of a global recession.

A report by the National Bank of Poland said that foreign investment in the country fell to €8.4bn (£6.2bn) between January and August, compared with €10.7bn (£8.3bn) in the same period in 2007.Economists predict that the construction and automotive sectors are most likely to feel the effects of the drop, which is expected to worsen next year….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Propertywire.com: Property prices in Spain could fall as much as 50% over the next three years it is claimed as more developers suffer severe financial problems.

Like many economies, property sales and lending have collapsed in Spain but the situation is compounded by chronic overbuilding and opinion is divided over whether the country will slip into recession….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Kiplinger.com: The commercial property market is icing up, and the outlook is worsening. Deals are way down. Over the past year, total dollar volume of transactions in offices and hotels has dropped about 75%; retail, about 70%; and industrial, about 60%.

Doubts about the value of property have shut down deals financed through mortgage-backed securities. Investors, including pension funds and insurance companies, are extremely wary….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Thelocal.se: Shockwaves from the financial crisis are rippling through Sweden’s housing market, resulting in falling prices and accelerating the already slowing pace of new construction.

The slump in housing prices between July and September has been felt primarily by owners of apartments rather than houses, and for people living in the Stockholm area. According to a survey by state-owned mortgage company SBAB, estate agents project that prices will continue to fall in Sweden’s larger cities….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From FT: More money is set to be taken out of the housing market than is being put back in for the first time in more than 20 years, economists warned.

Net mortgage lending – the value of new loans extended minus repayments of principal – could turn negative by the end of the year, economists said following data on mortgage outlays from the Council of Mortgage Lenders. That has not happened since the CML began collecting data in 1987….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Housefund.co.uk: The downward trend in asking prices continues, with new sellers now marketing at 4.9% less than 12 months ago, the largest year-on-year fall ever recorded by Rightmove. At the same time, “property vultures” are circling, looking harder and longer for a good deal.

Rightmove said new sellers increased their asking prices by 1% compared to last month, though the price rise was far less pronounced than the October norm of circa 2% seen in more buoyant years….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Telegraph: With house prices predicted to make their biggest fall in British history by dropping 35 per cent by autumn next year, the associated consumer spending is expected to plunge, they said.

It comes as the Government’s own data revealed that the number of completed housing transactions dropped to a record low in September of just 59,000, compared to 154,000 at its height in December 2006….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Propertywire.com: Real estate projects in the Middle East are facing a finance crisis according to a leading bank and developers are admitting they are re-examining business plans for 2009.

‘The days of cheap money are gone. Be prepared to pay more. Real estate will suffer and big projects will be re-visited,’ said Dubai Islamic Bank group head Khaled Al Kamda….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From WSJ: Singapore’s real-estate market could find itself haunted by a plan that once served it well. Known as the deferred payment scheme, the plan was implemented by Singapore’s government in response to slumping property prices a decade ago. It was suspended last October.

The scheme allowed buyers of new properties to make a downpayment of 10% or 20%, with the rest due only when the project was completed — typically about three…. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Reuters: Shellshocked equity investors are turning to tax-efficient real estate investment trusts (REITs) to bolster income returns generated by their bruised stocks portfolios, a report showed on Tuesday.

In its latest Global Property & REIT report, Standard&Poor’s said its Global REIT index outperformed broader equity stocks significantly in the third quarter, falling by 4.4 percent compared with a 16.6 percent slump in its Global Broad Market Index….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

The Dubai property market looks set to remain strong in spite of the wider economic downturn and the credit crunch contributing to declining property markets in other regions, according to online Dubai real estate hub Estates Dubai.

While the credit crunch and the impending global recession have resulted in falling property prices, sluggish demand and financing difficulties in most parts of the world, the Dubai region has remained strong, and development in both residential and commercial properties has continued at a strong pace….. Full Press Release: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Indexuniverse.com: The third Japanese exchange-traded fund to launch this year focusing on real estate, and second to trade on the Tokyo Stock Exchange (TSE), opened on Tuesday. It follows the introduction by Northern Trust’s NETS ETF family of its Tokyo Stock Exchange REIT Index Fund for the U.S. market. Japanese REITs represent 10% of the global REIT marketplace.

While JRE is the only Japanese REIT ETF available on a U.S. exchange, the new TSE-listed REIT is the second for Japanese investors to be listed locally in Tokyo….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Bloomberg: South Korea will spend as much as 8 trillion won ($6 billion) to buy land and unsold homes, aiming to shield the property industry from a collapse that may worsen an economic slowdown.

State-owned Korea Housing Guarantee Co. will buy 2 trillion of houses, the Ministry of Strategy and Finance and Ministry of Land, Transport and Maritime Affairs said today in a statement. Korea Land Corp. will sell up to 3 trillion won of bonds to buy land from private companies. The rest of the funds will be used to provide debt guarantees and help low-income earners buy homes….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Nationalpost.com: The credit crisis is affecting the value of commercial real estate, according to Desjardins Securities analyst Jeff Roberts. The cap rate is the implied rate of return on a property. The higher the cap rate, the less a property is actually worth.

Mr. Robert has raised the capitalization rates he uses to value real estate investment trusts and real estate operating companies….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Eprop.co.za: Shellshocked investors who are seeking refuge from plummeting stock prices might consider certain real estate investment trusts that offer dividend yields in excess of 10% on common stock — and even more on preferred shares

However, fund managers and analysts cautioned, it is crucial for investors to look at the individual REITs’ cash flow, debt load, lease expirations and credit rating to ensure that the dividend isn’t at risk of being cut. “There are a lot of good opportunities,” said Larry Antonatos, portfolio manager at Chicago-based Heitman LLC….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Time.com: The new moon of the lunar month of Kartika marks Diwali, the Indian festival of lights, when Hindus across the country worship the goddess of wealth, Lakshmi. But divinities know full well the laws that govern finance, and Lakshmi may now be a little tight-fisted about circulating her riches amid the ongoing global credit crunch.

Indian tradition decrees that it is auspicious to make purchases in the days leading up to Diwali, which falls in October or November. With faith meshing so effortlessly with commerce, the season sees sellers, advertisers and marketers urging the devout to spend money with a religious fervor, as they hawk everything from chocolates and consumer durables to gold and houses….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Time.com: “It’s the housing market, stupid.” That’s what an increasing number of policymakers and economists are saying as they push for widespread mortgage modifications as a way to address a root cause of the financial crisis.

With more than 1.5 million houses in foreclosure (three times the normal rate) and about 3.5 million other homeowners behind on mortgage payments, the idea of rewriting loan terms has broad appeal. As advocates contend, homeowners will keep their houses, and lenders as well as investors in mortgage-related securities will recoup more money than is typically netted in a foreclosure….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Nubricks.com: Year round golf, boutique hotels, 1,100 kilometres of Mediterranean coastline with pristine beaches are just some of the factors behind Tunisia’s increase in tourism revenue of 11% so far this year.

Millions of holiday makers holidayed there, mainly from the euro zone seeking a bargain getaway this summer. However, the Tunisian government has set their sights on attracting the wealthy Gulf and Chinese travel markets encouraging inward investment for master planned leisure resort developments….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Financialpost.com: As angry protesters shouted outside the doors of the U. S. Mortgage Bankers Association’s annual conference in San Francisco, inside the new chief executives of Fannie Mae and Freddie Macsat alongside their conservator and urged the public and the markets to wait patiently for the federal government’s bailout package to work.

“I think it’s uncertain how long it’s going to take. I have no doubt it will [work], but I think it’s going to take some time,” said James Lockhart, the director of the newly created U. S. Federal Housing Finance Agency, which almost seven weeks ago seized control of mortgage insurers Fannie Mae and Freddie Macto prevent the country’s mortgage sector from collapsing….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From INO: Tuesday, the National Bureau of Statistics revealed in a report that the Chinese national real estate climate index dropped 0.63 points from the prior month to 101.15 in September.

The sub-indicator measuring the investment in real estate development slid 1.18 points month-on-month to reach 103.22 for September. On an annual basis, the index was down 0.85 points….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Reuters: Australia’s A$63.4 billion ($44 billion) sovereign wealth fund will increasingly look for bargains in property and infrastructure to help cover future pension payouts, the fund’s manager said on Tuesday.

The government-run fund, called the Future Fund, is Australia’s largest single investment fund and was set up in 2006 to cover future public service pension liabilities. It still has about A$34.5 billion in cash assets….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Globeinvestor.com: The Canadian commercial real estate market will be hit by shockwaves emanating from the economic crisis in the United States next year, according to a report by the Urban Land Institute and PricewaterhouseCoopers LLP.

However in 2009 the Canadian market is more likely to be in for a tough slog rather than the full-blown disaster unfolding in the U.S., according to the report, which included feedback from more than 700 industry members…. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From Philstar.com: Vice President Noli de Castro assured the public yesterday that the local housing sector is in good shape despite the global financial crisis that was triggered by the foreclosure of mortgaged houses in the United States.

De Castro, chairman of the Housing and Urban Development Coordinating Council (HUDCC), said the growth of the real property sector in the Philippines is fueled by the favorable policy in the housing sector and the desire of Filipinos to own a house….. Full Article: Source

Posted on 22 October 2008 by Laxman |  Email |Print

From KBS: Foreign investors are continuing to put their Korean real estate assets up for sale amid global financial turmoil. Since the 1997 Asian Financial Crisis, foreigners have dominated the domestic market for commercial buildings.

GE Capital’s GE Real Estate put its three buildings in the affluent neighborhoods of Gangnam and Bundang on the market….. Full Article: Source

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