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Real Estate Briefing 24.Aug 2010

Posted on 24 August 2010 by Laxman |  Email |Print

Simon FairchildFrom Reuters: U.S. commercial real estate prices posted their first quarterly gain in more than two years last quarter, data showed on Monday, although deepening economic gloom may cut post-slump celebrations short.

After shedding about a third of their value between the first quarters of 2008 and 2010, average U.S. commercial property prices rose by 2.2 percent in the three months to end-June, as measured by the Investment Property Databank US Quarterly Property Index…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertyfundsworld.com: The Moody’s/Real All Property Type Aggregate Index measured a 4.0 per cent price decline in June as commercial property markets remain choppy in the face of a sputtering economic recovery.

This is the first monthly decline since March and the third monthly price decline in 2010. The index currently stands at 112.51, which is a slight decrease since the beginning of the year. In the first half of 2010 the CPPI is down 0.9 per cent…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertywire.com: Prices in the US commercial property sector are down to nearly half the levels seen at the height of the real estate boom and delinquency rates have doubled, according to the latest index from Moody’s.
National property prices on commercial real estate dropped 9.1% in June from last year, the Moody’s commercial property price index shows. The rate declined 0.9% over the first half of 2010, and while prices remain 4.2% above the current recession low of October, they are down 41.4% from the peak in October 2007…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertyfundsworld.com: The Moody’s/Real All Property Type Aggregate Index measured a 4.0 per cent price decline in June as commercial property markets remain choppy in the face of a sputtering economic recovery.

This is the first monthly decline since March and the third monthly price decline in 2010. The index currently stands at 112.51, which is a slight decrease since the beginning of the year. In the first half of 2010 the CPPI is down 0.9 per cent…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Forbes: There’s a growing consensus that another economic contraction is likely if home prices in the U.S. dip. The thinking here seems to be that if prices decline, the resulting increase in foreclosures would weaken already shaky banks that would either fall into insolvency, tighten lending standards or both. With bank lending already down, renewed weakness would supposedly strangle a nascent economic recovery.

Scary stuff for sure, but also arguably overdone. Most would agree that heavy investment in the housing sector helped get us into the mess we’re in, so for housing worriers to suggest that an artificially enhanced property market is our cure is to get things backward…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Bloomberg: Housing led the U.S. out of seven of the last eight recessions. This time, it may kill the recovery. Home sales collapsed after a federal tax credit for buyers expired in April.
Since then, the manufacturing-led expansion, which began in the second half of 2009, has been waning, with jobless claims rising and factory orders falling…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Ndtv.com: Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

The wealth generated by housing in those decades, particularly on the coasts, did more than assure the owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping the cruise ships and golf courses full and the restaurants humming…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Realestatechannel.com: There is a far-reaching change occurring now which threatens housing markets around the country. A survey conducted by Harris Interactive for the National Apartment Association in May 2010 found that 76% of those surveyed now believe that renting is a better option than buying in the current real estate market, up from 71% in 2008. Especially sobering was the fact that 78% of those surveyed were homeowners.

David Neithercut, CEO of Equity Residential, the nation’s largest multi-family landlord, believes that there is a “psychology change” in the mind of consumers…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Dow Jones: The troubled U.S. housing market is not a place where Americans should speculate or look to invest, the chief of the Kansas City Federal Reserve said Monday.

“If the American people are looking at the housing market to be their investment opportunity, I think they are making a mistake,” said Thomas Hoenig, president of Federal Reserve Bank of Kansas City…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Marketoracle.co.uk: Recently there have been some encouraging signs that Congress is finally willing to admit what should have been evident two years ago. Even after a $150 billion bailout, Fannie Mae and Freddie Mac are still bankrupt and should be abolished. Indeed Rep.
Barney Frank, a longtime champion of Fannie and Freddie has made a few statements alluding to this and I have signed on to a letter asking him to clarify his remarks and hold hearings on this topic. There seems to be a growing consensus in favor of abolishing Fannie and Freddie. This is the good news…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The latest European rents and yields survey from King Sturge confirms that rents are stabilising as occupier markets show signs of recovery. However, the improvement in investment markets witnessed in the second half of last year has moderated recently, as Europe rides out tough economic conditions.
While occupier markets are showing signs of strengthening, investor sentiment has now weakened……………………………………Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Bloomberg: Defaults on European commercial mortgages packaged into bonds increased “steadily” in the second quarter, Fitch Ratings said.

A total 22 loans were in default at the end of June, compared with 12 in the previous three months, Fitch said in a report today…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The Association of Real Estate Funds (AREF)’s Investment Quarterly (IQ) for Q2 2010 reveals a net asset value of £30.5 bn (EUR 37 bn) for UK unlisted pooled property funds (PPFs), up £9.5 bn on this time last year.

AREF attributed the increase to ‘excellent performance and significant net inflows’. The Investment Quarterly examines trends in the UK unlisted pooled property funds (PPFs) industry through data provided by 66 member funds…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The average availability of retail units across Great Britain’s top streets was 9.8% at 1 August 2010, down from 11.1% in May, according to research by Cushman & Wakefield.

This is the lowest level of retail availability recorded in the last 18 months. The figure includes the stores of a number of retailers that are in administration, some 1.4% of the total number of shops surveyed. The analysis covers the main retail thoroughfares of the top town and city centres (excluding out-of-town regional shopping centres, factory outlet centres or retail parks)…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Reuters: Britain’s largest quoted housing landlord Grainger is eying expansion of its home equity release business after striking a 50:50 joint venture with real estate fund manager Moorfield.

After buying Sovereign Reversions plc in June, Grainger has sold a 50 percent interest to a wholly owned subsidiary of Moorfield Real Estate Fund II for 17.5 million pounds cash plus an additional sum to cover its share of integration costs…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Mn.ru: A lack of residential construction is pushing up prices and threatening a new real estate bubble as demand for housing outstrips supply. That’s the message from Prime Minister Vladimir Putin, who last week warned that Russia faced a housing bubble similar to the one that hit many countries before the crisis that struck in 2008.

“A possible repetition of the pre-crisis conditions, when we were faced with rapid growth in apartment prices – this is what we must not allow,” Putin said at a meeting on housing construction in the Moscow region…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Europe-re.com: Colliers International sees signs of recovery in the office market as we move into the second half of 2010. Due to the nature of Turkey’s business environment, the A class office market is concentrated in Istanbul.
On the back of the recovery from the economic crisis, we are observing an increase in tenant demand…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Thehindubusinessline.com: Globally, a significant component of the process of financial expansion and an important site for financial innovation has been the housing finance or mortgage market. The reasons for this are obvious. Every individual or family would like to own a house of their own if it can be afforded. Given the relative costs of housing within the desired asset basket of a household, it constitutes one among the larger investments or the single largest investment that many households can make.
Given the life-span or durability of that investment and its liquidity characteristics, this is an asset which is most eligible for debt financing, since foreclosure due to default can in most circumstances be followed by easy liquidation to compensate the lender…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Glgroup.com: Multiple attractive opportunities in Indian real estate are available today at attractive prices and real estate investors with 5-10 year time frame can derive significant profits. And if one has a 10-20 year horizon, then Indian real estate offers one of the best investment opportunities in the world if one buys at the right places.
As a real estate investor in cities across India, I wanted to share my view on Real Estate Investment Opportunities in India. The opportunities exit both in direct purchase of real estate and buying equity in selective real estate companies…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Bloomberg: Property bubbles exist in some of China’s large cities, the People’s Daily reported today, citing Ba Shusong, deputy head of the financial institue of the State Council’s Development Research Center.

Ba said there is no evidence of a nationwide property bubble in China, the newspaper reported. In a separate article in today’s People’s Daily, Ba was cited as saying the possibility of China’s property control measures causing a double dip in the economy are very small…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Reuters: China’s efforts to build more affordable housing will help compensate for a slowdown in market-driven real estate investment this year. Here are some facts about the affordable housing plans.
China is rolling out an affordable housing scheme to provide homes to its poor who are unable to buy units at market prices. Affordable housing is divided into different categories…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Reuters: With one arm, China is pouring cold water on property speculators. With the other, it is tossing a life buoy to the real estate sector via increased spending on affordable housing.

It is a tricky balancing act, and the stakes are high. The government must rein in housing prices before a bubble forms, while ensuring that investment in property, a cornerstone of the economy, remains robust…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Dow Jones: The National Bureau of Statistics said Monday an ad-hoc investigation showed data collected from government surveys of property companies in Shanghai were inaccurate, because some companies failed to properly compile property price data.

The statistics bureau said in a statement on its website its investigation team conducted spot checks on property companies in Shanghai and discovered various problems, including failure to provide accurate information…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Property-report.com: Buying sentiment in the Singapore residential market cooled during the second quarter of the year, according to a report by DTZ Research.

The research report, published today, noted that market activity in the private residential market picked up early in the quarter but slowed in mid-quarter as buyers remained on the sidelines due to the uncertainty regarding European sovereign debts, local stock market jitters and increased land supply from the Government Land Sales (GLS) programme…………………………………….Full Article: Source

Posted on 24 August 2010 by Laxman |  Email |Print

From Theaustralian.com.au: An Australian Housing and Urban Research Institute report this month said 80 per cent of investors buy for long-term gain, but at least half sell within five years because of cashflow problems or disappointing capital growth. One in four investors sells within 12 months.

Developers in Sydney are reporting strong demand for new residential projects following stamp duty concession by the NSW government this year…………………………………….Full Article: Source

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