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Real Estate Briefing 10.Aug 2010

Posted on 10 August 2010 by Laxman |  Email |Print

From Thestreet.com: Real estate mutual funds have been soaring. During the past year, the funds returned 39%, outpacing the S&P 500 by 25 percentage points, according to Morningstar.
The rally has been driven by an improving outlook for commercial real estate, which includes offices, apartments and warehouses. “Many markets are strengthening, and we should have good demand for real estate for at least the next three or four years,” says Marc Halle, manager of Prudential Global Real Estate……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Reuters: The percentage of U.S. home sellers who cut their asking price fell in July, and price reductions were smaller than in June, real estate website Zillow.com said in a report.
The prices of 29.1 percent of homes listed for sale on the Zillow website had been cut at least once as of the end of July, down from 30.0 percent in June, Zillow said in the report, which was obtained by Reuters on Monday……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Crainsnewyork.com: Average home in the area now selling for 21% less than it did at the peak of the market in June 2006; report says that at this point prices have nearly bottomed out.
As of the second quarter, home values in the New York area have fallen back to 2004 levels and were down 21% from their peak in June 2006, according to Zillow’s Real Estate Market Report released Monday……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Canada.com: People have been competing wildly for homes and double-digit annual price increases have been the norm. The market corrected slightly in 2008, but the correction was short-lived. Average prices in Canada dropped 10.2 per cent in the first quarter of 2009 from the previous year, but rebounded dramatically.
By the fourth quarter of last year, prices had jumped 19.1 per cent from a year earlier……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Bloomberg: A U.K. housing-market gauge showed the first decline in prices for a year in July as demand for homes fell and more people put their properties on the market, the Royal Institution of Chartered Surveyors said.
The number of real-estate agents and surveyors saying prices fell exceeded those reporting gains by 8 percentage points, compared with a positive reading of 8 in June, the London-based group said………………………………………Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Independent: A fall in house prices later this year and in 2011 is becoming increasingly likely, according to the latest survey of the property market from the Royal Institution of Chartered Surveyors.
The RICS’s July poll of estate agents found more members saying that prices were falling than rising – the first time the index has turned negative since June last year. In contrast, last month saw 8 per cent more surveyors reporting improvements……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Reuters: Independent shareholders have voted down a controversial merger of two of Britain’s largest property trusts by a whisker, blocking the creation of the sixth-largest property company with assets of about 1.6 billion pounds.
The proposed takeover of F&C’s Commercial Property Trust by Ignis Asset Management’s UK Commercial Property Trust failed to win support from a majority of independent investors, ending a three-month struggle for power from the deal being first outlined in April……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Cityam.com: London’s house prices continue to surge ahead for the moment, riding roughshod over the decline that holds the rest of the country in its grip, though the capital is expected to succumb to falling prices in the coming months.
London was one of only two regions which reported material price hikes in July, according to the latest Royal Institution of Chartered Surveyors (RICS) housing market survey……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Belfasttelegraph.co.uk: House prices in parts of Northern Ireland have fallen 60% from their peak, according to a market survey.
However, the number of sales this year has increased, with first-time buyers and investors attracted by the dramatic reductions, the Royal Institution of Chartered Surveyors (RICS) added……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Propertycommunity.com: Falling property prices in Spain are stabilising but a small recovery in coastal areas has been reversed, according to the latest real estate prices to be published.
The Spanish Property Market General Index reached 1908 points in June, just 0.4% down on the May figures. It means the average year on year price fall is 4%……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Realdeal.hu: While property prices in Budapest are slumping, in some cases to the extent that some properties in downtown are now going for only half of what they used to, this has led to a boom in room rentals or “alternative hostels”, index.hu reports by way of napi.hu.
According to Balázs Nagy, the advisor-owner of Palace real estate, long gone are the days of buying run-down property that is then renovated and sold for a profit……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Propertywire.com: The oversupply of residential property in Dubai is predicted to peak in 2012 with vacancies of between 25 and 28%, according to the latest real estate report by Landmark Advisory.
At the same time distressed sales are leading to accelerates price declines, according to the Dubai and Abu Dhabi Real Estate Report for the third quarter of 2010 from the consultancy……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Zawya.com: A report said Sunday there were several factors contributing to flourishing real estate market during the second quarter this year in Kuwait.
Kuwait Finance House’s (KFH) report about local real estate market said real estate investment has always been a traditional investment method for Kuwaiti investors……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Propertyfundsworld.com: Asian economies continued their upward momentum in the second quarter, but the sovereign debt crisis in the eurozone and questions about the sustainability of growth in China may affect Asia’s performance in the next six months, according to a report from Pramerica Real Estate Investors.
Notwithstanding the slight increase in the region’s credit market risk in the quarter, the region’s IPO market was strong, accounting for 56 per cent of global activity……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Indiatimes.com: Capital market regulator the Securities and Exchange Board of India (SEBI) may drop its plan to introduce real estate investment trusts (REITs) in India. The regulator had issued draft guidelines for REITs a couple of years ago, but never finalised them.
According to a person familiar with the development, the regulator feels having both real estate mutual funds and real estate investment trusts could confuse investors……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Dow Jones: China’s property developers are increasingly tapping trust firms for capital, but the government may shortly clamp down on such funding, Noah Private Wealth Management, a firm that tracks Chinese fund allocation, said in a research note.
Chinese trust firms invested CNY80.2 billion in the property sector in the second quarter, 34.1% more than a year earlier, Noah Private said in the note last week……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Marketoracle.co.uk: In the latest issue of The Casey Report Bud Conrad does a fantastic job analyzing the truth about Asia. Japan is a ticking demographic time bomb. The Chinese government has created the mother of all bubbles and when it pops, it will be felt around the world. The China miracle is not really a miracle. It is a debt financed bubble. Sound familiar?
I picked out 4 charts from Bud’s article that paint the picture as clearly as possible……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Bloomberg: China’s property prices climbed at the slowest pace in six months in July as the government clamped down on speculation to prevent asset bubbles and keep housing affordable.
Prices in 70 major cities climbed 10.3 percent from a year earlier, the statistic bureau’s newspaper, China Information News, reported………………………………………Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Analysts said China’s banks are well positioned to weather a serious downturn in property prices, if that were to occur.
This came as Chinese banking regulators ordered lenders to conduct another stress test on their balance sheets, assuming a 60 per cent fall in property prices……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Thestar.com.my: Property prices in China’s major cities will fall later this year because of the government’s tightening campaign and a coming surge in housing supply, the country’s top listed developer said in comments published yesterday.
The government will not end its clampdown on housing speculation even as the economy slows, and developers who try to resist lowering prices are being unrealistic, Wang Shi, chairman of Vanke, was quoted as saying by the Securities Daily……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Property-report.com: Hong Kong could face a property bubble if home prices continue their stratospheric rise, HSBC’s CEO for the Asia Pacific region Peter Wong told Bloomberg recently.
Home prices have surged 42 per cent since the beginning of 2009 and the Hong Kong government trying to cool things off amidst worries that ordinary residents can no longer afford housing……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From Tvnz.co.nz: House price expectations continued to fall over the last quarter while housing confidence remained steady, according to the latest ASB NZ Housing Confidence Survey.
ASB Chief Economist Nick Tuffley said that housing confidence was unchanged during the three months to July, with a net 29% of respondents still saying that now is a good time to buy a house. However this is tempered by a slide in perceptions around house prices……………………………………….Full Article: Source

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Posted on 10 August 2010 by Laxman |  Email |Print

From ETFguide.com: It’s been three long years since the housing market exhibited any signs of health. And now, after massive government intervention with artificially low interest rates, special tax credits and other stimulus plans the housing market is faced with the same question as before: Can home prices rebound?
The media has spent a lot of energy lately reminding us about how mortgage rates are at 60 year lows……………………………………….Full Article: Source

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