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Real Estate Briefing 27.Aug 2010

Posted on 27 August 2010 by Laxman |  Email |Print

From Economist.com: There was always some concern that the Obama administration’s attempts to prop up the housing market with a generous housing-tax credit could end badly.
Opponents of the policy—worth up to $8,000 for first-time buyers—argued that it would merely move sales around, from after the deadline to before, and could produce a slump when the deadline passed. Such fears helped clear the way for an extension of the programme from its first 2009 deadline to April of this year……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Dow Jones: The commercial real estate sector continues to struggle even though landlords across the country are offering concessions and rent discounts, the National Association of Realtors said Thursday.
A gauge of the commercial real estate sector released by the group stood at 41 in the second quarter, up 2.8% in the quarter but still far below the 100 the NAR said represents a balanced market……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Bloomberg: U.S. mortgage rates fell to a record, extending a two-month tumble in borrowing costs for homebuyers as property demand slumps.
The average rate for a 30-year fixed mortgage dropped to 4.36 percent in the week ended today from 4.42 percent, Freddie Mac said in a statement……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From IPE: Capital value movements have returned to positive territory in the US after two and a half years of write-downs, but economic doubts are preventing a rush of capital from investors, according to Investment Property Databank (IPD).
The latest IPD US Quarterly Property Index showed a positive capital return of 2.2% for the second quarter, contributing to a 4% total return……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Csmonitor.com: With sales collapsing for several consecutive months for both new and existing homes, it’s clear that the underlying “organic” trend for home purchases is weak which combined with rising inventory, a recently estimated 7.3 million “shadow” units (far more than a whole years supply at the current sales pace) and rising foreclosure activity, will likely led to another bout of falling prices forcing more “homeowners” under water and further impacting overall consumption.
The ruse of government sponsorship of the nation’s housing markets and its “stabilizing” effects is quickly showing itself to be simply failed policy and with this realization we will have to accept the truly debilitated state of our housing markets however severe……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Journalofcommerce.com: Housing starts in the second half of this year will weaken versus the first half, according to CanaData’s latest forecast. There are five obvious reasons.
Several others are subtle and raise the spectre of the Canadian housing market being infected with the deadly U.S. housing-fiasco virus. More on that in a moment, but let’s begin with factors working against Canadian housing starts……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Guardian: In the US, Ireland and Spain, the housing market is in freefall. Here, it isn’t, and that’s why Britons are still shopping - for the moment. How are the doomsayers going to explain this one? High street spending grew last month at the fastest pace in three years.
Summer sales, warm weather and the school holidays were cited as strong reasons for shoppers to set aside their worries and join the throng at Meadowhall, Bluewater and the Metro Centre……………………………………….Full Article: Source

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From Financialadvice.co.uk: At the height of the boom time for the UK property market it seemed that nobody could lose money and conversely at the bottom of the UK property market it seems that nobody can make money.
Investor sentiment is very often based upon short-term trends and many investors can become blinkered with regards to the potential long-term prospects for the UK property market. So will UK property ever be back in vogue?………………………………………Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Cityam.com: London’s lettings market remains buoyant with a surge in tenant demand pushing rents in the capital higher. Forty three per cent more chartered surveyors in London reported a rise in demand for property rather than a fall, up from 37 per cent in the first quarter, according to the latest RICS residential lettings survey for May to July.
The difficulty of securing mortgage financing is continuing to persuade higher numbers of people to rent, rather than buy, found the survey, which says 76 per cent more surveyors reported a rise in rents than a fall……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Reuters: The French government’s drive to raise badly needed funds by selling a chateau, sumptuous villas and a host of other state-owned properties may not be going as well as expected.
The big property selloff was announced in June at the height of a debt market crisis that prompted many governments to redouble efforts to improve public finances damaged by the worst recession since World War Two……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Realdeal.hu: The Budapest Property Market Index, a measure of supply and demand on the market as well as market players’ plans and expectations compiled by economic think tank GKI and professional journal Ingatlan es Befektetes, fell to -31.8 points in July from -32.2 points in April, GKI Vice President Laszlo Akar said on Wednesday.
The index was up from a historical low of -33.4 points in July 2009. The index peaked at -10 points in July 2008……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Reuters: Much of the housing problem is rooted in the country’s fast-changing demography. Fuelled by a big rise in the number of foreign workers, the country’s population grew almost 20 percent to 27.14 million between 2004 and 2010, according to a recent census.
The number of houses simply can’t keep up. In total, the country has a deficit of two million housing units, a figure that’s rising by some 150,000 a year, according to independent economist Saud Jleadan……………………………………….Full Article: Source

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From KUNA: The Kuwaiti real estate market saw sharp decline last July with the sales nose-diving by 42 percent compared with the previous month, the largest decline in five months, according to an economic report issued here on Wednesday.
In its economic brief, entitled “Real Estate Activity,” the National Bank of Kuwait (NBK) said there were only 415 real property transactions (residential, commercial and investment) registered at the Ministry of Justice……………………………………….Full Article: Source

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From Dow Jones: Residential property prices in some Chinese cities are still “too high,” National Development and Reform Commission Chairman Zhang Ping was quoted as saying Thursday by the China News Service.
In the second half of the year, China will continue with policies to restrain overly fast price rises and “resolutely control” speculative property prices, and step up the construction of public housing, Zhang said in an address to the standing committee of the National People’s Congress, according to the report……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Voanews.com: China’s growing economy attracts millions to the cities, fueling a housing boom and encouraging property speculation.
China’s biggest cities are littered with construction sites and housing prices have skyrocketed: in some areas they have doubled in the past year, raising concerns the bubble could burst, damaging the whole economy……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Xinhua: China’s top economic planner said Thursday the regulation of the property market was still a daunting task in spite of “initial progress” the country has made in cooling excessive prices.
In the second half, the government would “stabilize property market regulating policies, further implement the measures meant to curb excessive gains in housing prices, and resolutely restrain speculative property investment,” said Zhang Ping, director of the National Development and Reform Commission……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Forbes: The latest news out of China is bearish. However, you have to be very careful of how you interpret the numbers. Those who want to present the bullish view will give you sales or price numbers for real estate for the first half or the last year. That disguises the plunge in sales since April.
For example, the year-over-years sales increase in China property prices is 11.4%. However, sales since April have plunged……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Reuters: South Korea plans on Sunday to announce measures to boost the housing market, and sources suggested the government will probably ease mortgage lending regulations slightly.
A spokesman at the Ministry of Land, Transport and Maritime Affairs said on Thursday that the government would announce the measures on Sunday……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Financialpost.com: Private real estate funds are not popular among institutional investors. According to a new report by U.K.-based Prequin, only 24% of the 166 institutional investors surveyed committed to a private real estate fund in the first half of 2010, and only 42% are considering making a commitment over the next year despite the fact that 73% of investors are below their target allocation for the asset class.
That makes Canada Pension Plan Investment Board one of the few that still have faith in the asset class. Fundraising has been “particularly poor,” according to the report……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Thehindubusinessline.com: Reflecting improved investor confidence, investment in commercial real estate globally is expected to witness a “healthy” growth of 40-50 per cent to $300 billion in the current year, says a report.
According to the report by global real estate services firm Jones Lang LaSalle, the first half of 2010 saw investment worth $130 billion in the commercial real estate globally and is likely to touch $300 billion in the full year, representing an increase of 40-50 per cent from 2009……………………………………….Full Article: Source

Posted on 27 August 2010 by Laxman |  Email |Print

From Investmentweek.co.uk: Global property securities have performed well in 2010. The UBS Global Property Investors Index rose by 11.2% in sterling terms, compared to 0.5% of the MSCI World Index.
Global listed property outperformed as investors remained positive about the long-term prospects of the asset class, which should benefit from economic recovery, low interest rates and urbanisation trends in emerging markets……………………………………….Full Article: Source

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