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Real Estate Briefing 02.Jul 2009

Posted on 02 July 2009 by Laxman |  Email |Print

From Marketoracle.co.uk: Delinquency rates on the least-risky mortgages more than doubled in the first quarter from a year earlier as U.S. efforts to help homeowners failed to keep pace with job losses that pushed more borrowers toward foreclosure.
Prime mortgages 60 days or more past due climbed to 2.9 percent of such loans through March 31 from 1.1 percent at the same point in 2008, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said today in a report……….Full Article: Source

Posted on 02 July 2009 by Laxman |  Email |Print

From Indiadaily.com: Mortgage applications in the U.S. is falling very fast signaling deep trouble in US real estate markets.
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped close to 20 percent to 445 in the last week of june from 548 the prior week. The group’s refinancing gauge declined 30 percent, while the index of purchases fell 4.5 percent……….Full Article: Source

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From WSJ: U.S. home prices eased their slide in April, but rising unemployment and shaky consumer confidence are weighing on prospects for a recovery in the housing market and broader economy.
Home prices in 20 major cities fell an average 0.6% in April, an improvement from the 2.2% decline the prior month, according to the Standard & Poor’s/Case-Shiller index released Tuesday. Thirteen metropolitan areas had price gains in April, led by Dallas, Denver and Cleveland, where prices rose 1% or more from the previous month……….Full Article (Subscription Required) : Source

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From Reuters: Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in May, was up 0.1 percent to 90.7 from a upwardly revised index of 90.6 in April. The index for April had previously been reported as 90.3……….Full Article: Source

Posted on 02 July 2009 by Laxman |  Email |Print

From Forbes: The worst of Canada’s housing market woes appear to be past but the sector’s rebound will be tenuous as a rise in mortgage rates and high unemployment limit the recovery in prices and sales.
Property experts say first-time buyers and Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year, when the worst leg of the global financial crisis battered consumer confidence……….Full Article: Source

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From Dow Jones: Industry experts say that the commercial property market in the United Kingdom, which is key to its economic growth, is starting to recover.

But that recovery is nuanced: while prime U.K. real estate values are stabilizing, property companies are facing declining rents, difficulties obtaining financing and the prospect of growing unemployment, which means most companies will keep struggling next year……….Full Article (Subscription Required) : Source

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From Propertyfundsworld.com: UK property funds have seen their first net investment inflows into the sector since April last year, according to figures from the Investment Management Association.

The figures show GBP2mln of inflows during May compared with outflows of GBP12m in April……….Full Article: Source

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From Propertyeu.info: Investment in London commercial property has risen for the first time since the second quarter of 2007, according to new figures from Cushman & Wakefield.

Statistics for the second quarter show that £1.4 bn was invested in central London’s main West End and City & Docklands markets, an increase of over 110% on the first-quarter figure of £679 mln……….Full Article: Source

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From Forextv.com: While the investment sector of the Irish property market is clearly showing signs of improvement, the occupier and development land sectors of the market continue to find conditions very challenging, property consultants CB Richard Ellis said Wednesday in its mid-year property market update for 2009.

The property consultants said approximately EUR 41 million was invested in the Irish investment market in the last three months, bringing total investment for the first half of 2009 to EUR 41.6 million……….Full Article: Source

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From Questbg.com: Distressed sales. Whilst nobody wishes others bad fortune, this is the time to make the most of distressed property sales and foreclosures (repossessions) to bag a Bulgarian bargain.
There is no doubt that the overseas property market, including Bulgaria, has taken a real hammering in the current crisis……….Full Article: Source

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From Forbes: Norwegian house prices rose for the third consecutive month in June, with seasonally-adjusted prices up 1.1 percent from May, real estate industry associations reported on Wednesday.
On a year-on-year basis, prices rose 0.8 percent in June, the Association of real estate agents (NEF) and the Association of real estate agency firms (NFF) said……….Full Article: Source

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From Homesoverseas.co.uk: The volume of new mortgages approved in Spain in April dropped by 42% to 50,288, compared to the corresponding month in 2008, illustrating the extraordinary fall in demand for property in Spain, according to data compiled by the country’s National Institute of Statistics (INE).

On a monthly basis, new lending fell 4.1% between March and April, while the average value of a new residential mortgage has fallen by 18.4% to €115,442 (£98,324), possibly to reflect the fact that Spanish property prices have fallen, while buying budgets have unquestionably dropped……….Full Article: Source

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From Kyero.com: Spanish house prices drop 7.6% in Q1 vs 5.4% in Q4 - First ever recorded fall in new house prices in Spain - Spanish slowdown behind Ireland, UK, recovery seen 2012 - Analysts see double-digit Spanish price falls this year.
Spanish house prices fell at their fastest pace on record in the first quarter, after new house prices dropped for the first time, and analysts saw double-digit declines ahead as unemployment spirals……….Full Article: Source

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From Propertyeu.info: German residential property company Deutsche Wohnen said it plans to raise EUR 250 mln through a rights issue.
The capital raise has yet to be approved by shareholders at an extraordinary meeting……….Full Article: Source

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From Propertyeu.info: The Czech market witnessed a continued steep fall in transaction volumes in Q2 2009, making it the weakest quarter in six years, DTZ said in its latest Investment Market Update for the country.

At the same time, the property adviser registered a tangible increase in the level of interest from a small number of institutional investors and open-ended funds, which are actively placing bids on properties in good locations……….Full Article: Source

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From Nuwireinvestor.com: The trend of international buyers purchasing second homes on the island has significantly increased since it joined the EU in 2004.
“The desirability of this Island is reflected in the number of conquests that have taken place over the years leaving a mixture of architectural styles, cultures and historic places,” said Harry O’Neill, Sales & Marketing Manager of ERA Cyprus Real Estate……….Full Article: Source

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From Zawya.com: Rents for serviced apartments in Dubai have dropped by 20 to 30 per cent since last August, according to real estate agents.

“The recent rent drops across Dubai have affected the serviced sector as well,” Mohanad Alwadiya, Director of Harbor Real Estate, said……….Full Article: Source

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From WSJ: Property markets have seen a meaningful rebound from the bottom across the Asia ex-Japan (AXJ) region, particularly in the financial centers of Hong Kong, Singapore, Seoul, Shanghai, Bangkok and Mumbai.
From what we can surmise, property prices have risen by 10-40% in various pockets in the region (unfortunately, most up-to-date official national and city level property indices are not available)……….Full Article: Source

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From Ecommerce-journal.com: The Asian Real Estate Association with the European Association for Investors conducted the Investment Intentions Asia Survey 2009 in Non-Listed Real Estate Vehicles and the Pension Real Estate Association.
The survey showed that many investors are regularly getting on a plane to Australia this year……….Full Article: Source

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From People.com.cn: The frequent appearance of “prime land” indicates that funding pressure in the real estate market is gradually relieved.

To cope with the impact of the international financial crisis, the government has implemented a number of policies to increase investment and stimulate the economy……….Full Article: Source

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From Chinastakes.com: Fangxing Property, a subsidiary of Sinochem, has acquired a chunk of land on Beijing’s Guangqu Road for 4.06 billion yuan, the highest land transfer price ever in the city’s public auction.
The name of China’s real estate game has reverted to “time for profit,” which prevailed in the market in the bubbly days before the financial crisis……….Full Article: Source

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From Indianexpress.com: The property prices are expected to remain stable over the next six months even as the real estate market has shown signs of improvement since March in terms of sales, an expert said.

“Since March, we have seen movement in the market. Before that, the confidence and sentiments were very low in the real estate market for almost seven months due to global economic slowdown,” Global property consultant CB Richard Ellis Chairman and Managing Director (South Asia) Anshuman Magazine said on the sidelines of a CII function……….Full Article: Source

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From Thejakartapost.com: Singapore real estate prices fell in the April-June period for a fourth straight quarter amid the city-state’s worst ever recession.

Private residential property prices fell 5.9 percent in the second quarter from the previous quarter after plunging 14 percent in the first quarter, the Urban Redevelopment Authority said Wednesday……….Full Article: Source

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From Theaustralian.news.com.au: Australia’s residential property developers will need to build 155,000 homes annually in the next five years to cater for the additional 1.6 million people expected to live here in that time.

But that is unlikely to happen, with new housing supply built for the 2009 financial year being 16 per cent lower than demand……….Full Article: Source

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From Reuters: Land prices in Japan fell 5.5 percent in 2008, marking the first decline in four years, a government survey showed on Wednesday, as the global financial crisis dealt a blow to the Japanese real estate market.

Japan’s deepest recession since World War Two sapped demand for housing and office buildings, and tighter credit conditions dampened property investment, weighing on land prices which had been stabilising after more than a decade of declines……….Full Article: Source

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From Mortgageintroducer.com: Crown Mortgage Management has been called under standby to service a £1 billion securitized commercial property portfolio of small and medium sized loans.
The appointment is the first time a ‘standby servicer’ has ever been called upon to take over a commercial or residential portfolio in the UK, they say……….Full Article: Source

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From Indexuniverse.com: Just like most other sectors, U.S. real estate investment trusts are taking advantage of a broad rally in stocks.
In the past three months, for example, the broad-based Vanguard REIT ETF has soared more than 28% as investors look for a bottom in the credit meltdown……….Full Article: Source

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