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Real Estate Briefing 13.Aug 2010

Posted on 13 August 2010 by Laxman |  Email |Print

From Telegraph: Major US banks wrote off approximately $8bn (£5.1bn) on mortgages in the first three months of this year, on track to repeat – or even surpass - last year’s full-year total of $31bn.
The news could have severe implications for the wider financial market, given it was problems in the US housing market which triggered the credit crisis back in 2007……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Smh.com.au: Having endured the worst of the housing downturn in the US, building materials supplier James Hardie fears this year could be worse as building starts stall at near 50-year lows.
In its first quarterly profit result since moving headquarters to Dublin, chief executive Louis Gries said sales volumes - and profit - were almost certainly going to be lower than last financial year because the recovery in the US housing market remained ”disappointing and fragile” after the expiry of tax incentives in April……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Reuters: The regulator for mortgage finance giants Fannie Mae and Freddie Mac on Thursday proposed the two firms be banned from investing in mortgages that allow developers to collect fees years after the homes are built.
The Federal Housing Finance Agency, which regulates the two government-controlled agencies, said it plans to restrict Fannie Mae and Freddie Mac and the Federal Home Loan Banks from investing in mortgages with “private transfer fee covenants.”………………………………………Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Ibtimes.com: With over one-fifth of American home mortgages underwater and unemployment hovering near 10 percent, the Obama administration is making another $3 billion available to strapped homeowners.
Through the Housing Finance Agency’s existing Hardest Hit Fund, the Treasury Department is making $2 billion of additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Xinhua: Real estate brokers elsewhere in the United States may have all the reasons to feel discouraged: The pick-up in housing market soon faded after the expiration of tax rebates. Housing start fell to the lowest point since October. So was developers’ confidence, freezing at a 15-month low.
However, in New York City, where the financial crisis originated, the sentiment is boiling. No matter residential or commercial, the housing market has been on a fast track to a steady and strong growth. Some even claim that the market has already bidden farewell to the bottom……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From IPE: The Teachers’ Retirement System of the State of Illinois has awarded new allocations totaling $322.6m ($243.5m euros) to its four existing fund managers.
The new allocations were $100m each to INVESCO Real Estate and Cornerstone Real Estate Advisers, $76.2m to KBS Realty Advisors and $50m to Lincoln Property Company……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Reuters: Mexican private pension funds are on track to more than double their investment in private equity this year after placing roughly $460 million with real estate and debt funds this month.
The 14 pension funds, known as Afores, may allocate 8 percent of their roughly $100 billion in assets to “capital development certificates,” or CKDs, which regulators conceived last year as a way for the Afores to make private equity bets……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Reuters: Recovery in Europe’s sluggish market for commercial property bonds is lagging up to five years behind the United States, delaying a return to cheaper borrowing and putting the brakes on real estate prices. Skip related content
Without radical reform, Europe’s commercial mortgage-backed securities (CMBS) sector may never serve as a fruitful source of debt again, experts said, while in the U.S., demand for real estate bonds and the allure of distressed assets is sparking more lending from banks, private equity and hedge funds……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Assetz.co.uk: Property investors are turning away from the United Arab Emirates as the economic downturn continues. Foreign exchange company Moneycorp.com found that searches for houses in the area had declined by 80% during the past two years.
Eastern European nations like Montenegro and Romania also suffered, sliding by more than 75%……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Economist.com: Housing in Britain is a hot issue. For all the economic gloom, prices are still so high that ever fewer young people can afford to buy a first home. As the chart shows, those who do are taking out mortgages that represent an increasing multiple of their income—and that is after coming up with a bigger down payment.
Paradoxically, many parents of would-be buyers are vehemently opposed to new housing developments in their own backyard, “without seeing the disconnect”, notes a planning expert. But Mr Oxley thinks the volume of new housing is only one factor affecting the real issue, which is affordability, or rather the lack of it……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Financialadvice.co.uk: Despite the fact that recent information released regarding the UK property sector would seem to indicate a downturn in business and property prices, the Council of Mortgage Lenders in the UK has confirmed a reduction in repossessions in the second quarter of 2010.
A total of 9400 properties were repossessed in the three months to June 2010 which is down 400 from the previous quarter and down 2400 compared to same period last year……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Themovechannel.com: The value of property in the UK has soared by over £2,000 billion in ten years and the traditional north-south divide is narrowing, new research shows. The total value of privately owned housing stock in the UK more than doubled over the past decade, a report from the Halifax shows.
There was an 118% increase from £1,719 billion in 1999 to an estimated £3,755 billion in 2009. During the same period, the retail price index rose by 29%……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Telegraph: The hearts of Britain’s home owners skipped a beat when another housing market survey showed that prices were on a downward spiral. But the headline figures rarely tell the whole story and it’s the same with the property market. Britain is a divided country when it comes to house prices.
Pessimism may be the order of the day in many areas, with the previous mini-boom giving way to a buyers’ market. But in some regions of Britain the property market is still booming……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Rics.org: Scottish surveyors reported the lowest net balance of house prices (+1) since June 2009. This comes as demand from purchasers slipped into the negative (-7 from +3 in June) and the number of properties coming to the market also remained negative (-15), says the latest RICS UK Housing Market survey.
While the majority of surveyors (64 per cent) reported a flat market with no change to Scottish house prices, 14 per cent reported a fall, up from five per cent in June……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Europe-re.com: More than a quarter of Irish commercial property income is over-rented, research by IPD shows. Sweeping declines in rental values has led to widespread over-renting across all sectors, reaching 26.3% by Q2 2010, according to the SCS/IPD Irish Quarterly Index.
IPD research analyst James Scott, said: “Significant falls in net income growth have not followed on from the deep rental re-pricing, as would be typical. Instead income streams have remained robust due to the nature of long Irish leases and the still operating upwards-only rent review structure.”………………………………………Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Swiss pension fund association Afiaa has made its second UK investment with the acquisition of Quartermile 2, a brand-new building in Edinburgh. ‘AFIAA is systematically continuing its investment strategy of making anticyclical investments,’ the company said.
The property, part of a multi-award winning development project, was acquired from local developer Gladedale Capital for an undisclosed amount……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From IPE: The polish government needs to “get a grip” on its real estate market by lifting the prohibition on pension funds investment, according to Ben Habib, CEO of First Property, the London-listed Polish property investor.
“The big issue in Poland is the lack of a local market. The problem is that Polish pension funds can’t buy property – they can only buy bonds and equities. So there is no institutional market for property,” he said……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Propertyshowrooms.com: Spain offers ‘lots of opportunity for property investment’. According to Les Calvert, director of Property Abroad, while the market has changed in recent years there are still good investments for anyone searching for Andalucia property or hoping to find a home in Murcia.
“Obviously the property market in Spain has moved tremendously over the last few years. There are an awful lot of repossessed distressed properties on the market, so for a buyer there an awful lot of opportunities out there,” he said……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Vacancy rates in Moscow’s office sector dropped to 15% in the second quarter, according to a report by Jones Lang LaSalle.
Buoyed by demand for quality office space, the decrease marks a significant fall from the 19.6% recorded at end-2009 and suggests a general trend towards lower vacancy and market growth……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Indiatimes.com: Major property markets in Asia are likely to face a slower second half because of policy risks and an expected increase in housing and office supply, after some developers had a positive first six months.
China Overseas & Investment Ltd, the country’s top listed developer by market value, Hong Kong tycoon Li Ka-shing’s Cheung Kong (Holdings) Ltd and Singapore’s CapitaLand Ltd, southeast Asia’s biggest developer, all benefited from strong housing prices in their key markets earlier this year……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Livemint.com: By some recent indications, there could be a real-estate oversupply in parts of India. How is that possible in a nation hungry for property? India can learn much from China, including from its mistakes.
One ready lesson comes courtesy China’s recent experience with real estate. Overcapacity in this sector has left ghost towns in interior China with unoccupied buildings. Galloping prices have left Beijing officials panicking. Indians will be familiar with runaway housing prices, a constant worry for the middle class. By some indications, excess housing capacity should start being a cause for worry too……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Forbes: Why 64.5 million apartments in China use no electricity. Prices for apartments in China are seriously out of whack. They were rising this year at the rate of 20% a month in some regions. Overall, residential real estate prices soared 68% in the first quarter of the year, compared to the corresponding period last year.
In the second quarter, prices were up 12.2% from the first quarter, according to Nasdaq-listed China Housing & Land Development Inc China is the world’s fastest appreciating property market……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Bloomberg: A Chinese property industry group called on the government to refrain from tightening real-estate curbs further after measures including higher mortgage rates and lending restrictions led to a slump in transactions.
“In our reports to related government agencies of the State Council in July, we have, on several occasions, suggested that new tightening measures should be postponed in order to stabilize market expectations,” Zhu Zhongyi, vice chairman of the China Real Estate Association, told a forum today……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Themovechannel.com: Fears of a property bubble in China are receding but now analysts are warning that real estate prices are too high in Hong Kong. A 42% surge in prices since the beginning of 2009 and predictions that they could rise another 10% this year is causing anxiety.
‘Property prices are at a fairly high level right now. If it continues it may form a bubble,’ said Peter Wong, HSBC’s chief executive officer for the Asia Pacific region……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Nznewsuk.co.uk: New Zealand residential property sales plummeted to its lowest level for a July in a decade, as rising interest rates, slower population growth and tax changes took their toll on the market, according to figures released by the Real Estate Institute.
Nationwide sales slipped to 4,411 last month from 4,575 in June and were down 26.7% year-on-year, according to the REINZ. That’s still higher than the record low of 3,666 sales in January……………………………………….Full Article: Source

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Posted on 13 August 2010 by Laxman |  Email |Print

From Propertywire.com: Residential property prices in New Zealand are still rising, but at a slower rate with some experts predicting that they will fall around 4% in the next 12 months.
The latest residential house price index from state owned valuer QV is up 4.1% in the year to July, down from 5.2% in the year to June and a 5.6% rise in May……………………………………….Full Article: Source

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