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Real Estate Briefing 31.Aug 2010

Posted on 31 August 2010 by Laxman |  Email |Print

From Bsinessweek.com: The U.S. commercial real estate market has so far averted the catastrophe that many strategists were predicting last year. Even after sales of existing homes plummeted 27 percent to record lows in July, threatening further home-price declines, analysts see commercial real estate values stabilizing.
Vacancies for apartment buildings, office complexes, retail mall, and self-storage facilities are no longer rising meaningfully, rents are no longer falling, and many Real Estate Investment Trusts, the main vehicle for individual investors to participate in the sector, continue to reduce their debt loads……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Bizjournals.com: Freddie Mac’s quarterly housing price report shows healthy gains across the country. Its Conventional Mortgage Home Price Index in the second quarter was up 3.1 percent from the first quarter.
Price gains were registered in all nine regions its report covers, the first time that has happened since the second quarter of 2009……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Thestreet.com: Though Freddie Mac’s report on Monday showing the largest quarterly home-price increase since 2005 seemed like good news prima facie, the headline number hid a troubling sign for the U.S. housing market.
Home prices have only risen twice in the past three years: When the Obama administration unveiled a $275 billion homeowner-bailout program, and when its popular set of tax credits expired……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Time.com: Are housing prices near a bottom? It’s not just policymakers, realtors and bankers who yearn for the turn. Anyone who owns a house, a condo or coop is surely wishing for some modest improvement.
Not the least of these hopefuls is homeowner-in-chief Ben Bernanke, chairman of the Federal Reserve Board, who just this past Friday lamented the heavy toll that tumbling housing prices are having on residential investment……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From CNNMoney.com: Remember how everyone complained that banks weren’t doing enough to help troubled borrowers? Well … Banks have realized that foreclosing on home after home after home may not be in anyone’s best interest — least of all their own.
So they’ve ramped up the number of loan modifications they’re handing out to their delinquent clients. Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration’s signature Home Affordable Modification Program, known as HAMP……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From WSJ: The housing market in most of New York City is outperforming markets in the rest of the country this summer, with prices rising modestly as employment grows in the city. In Brooklyn, median prices for apartments and houses rose 3.9% so far in the third quarter to $467,600, up from $450,000 in the second quarter, according to figures provided by Streeteasy.com
In Queens and Staten Island, median prices were up 6.5% and 1.7% to $350,000 and $376,0000, respectively……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Sdbj.com: While its once-high-flying residential condo market is being pronounced dead, Mexican real estate still has pockets of activity — in selected industries in certain geographic areas — that continue to draw investors on the commercial side.
At a real estate forum Aug. 24 in San Diego, presented by the Urban Land Institute’s San Diego/Tijuana chapter, experts noted that steady cross-border trade continues to keep Mexico industrial properties, including manufacturing and warehouse buildings, as well as leased spaces, in relatively high demand……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Express.co.uk: House prices will rocket by more than 20 per cent in the next five years, a report out yesterday forecast. The news will be welcomed by hundreds of thousands of families who will hope the expected surge will lift them out of negative equity
.The National Housing Federation’s (NHF) Home Truths 2010 report comes after the respected business think-tank Centre for Economics and Business Research predicted similar rises would add an extra £30,000 to the price of an average home……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Bloomberg: U.K. home values dropped in August by the most in 16 months as the housing market endured a “modest re-pricing” that is likely to last as long as a year, Hometrack Ltd. said.
The average cost of a home fell 0.3 percent from the previous month to 158,200 pounds ($246,000), the London-based property researcher said in an e-mailed statement today. That was the biggest drop since April 2009……………………………………….Full Article: Source

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From Telegraph: The housing market is under threat from a shortage of first-time buyers as they are priced off the property ladder by the large deposits needed, new research shows. Just one in five prospective buyers is making a first purchase, the lowest on record and half the level needed for a stable housing market, according to property website Rightmove.
Without a ready supply of new buyers underpinning transactions, property chains may collapse, pulling down prices all the way to the top……………………………………….Full Article: Source

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From Propertyeu.info: Italian real estate fund manager Fondi Immobiliari Italiani (Fimit) has signed a non-binding memorandum of understanding (MoU) about merging with First Atlantic Real Estate, the real estate fund management arm of Milan-listed private equity investment group Dea Capital.
The companies undertook a joint study in April on the feasibility of integrating the two businesses. They have completed the due diligence process and inked a preliminary merger agreement in June……………………………………….Full Article: Source

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From Aarabtimesonline.com: After half a year of recession, the local property market is still in need for measures to overcome financial strains and prod banks to enhance funding for real property projects, a specialized report said Sunday.
The slide of the real property sales in July resulted from the faltering demand and the wavering transactions in anticipation of government measures to amend the legislations and regulate the market, according to the report issued by Emaar Alahlia real estate co……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Reuters: Some governments in Asia have announced a slew of property policies over the past month to address concerns over asset bubbles and housing affordability.
Singapore is the latest to unveil tightening measures on Monday, after similar moves in Hong Kong and China, as economies in the region, including parts of India and Thailand, face overheating threats in their property markets……………………………………….Full Article: Source

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From Realestatechannel.com: Singapore, Hong Kong and Australia were the strongest performing property markets in the world through the first part of 2010, while Europe continued to struggle with the economic tide.
Ireland was the worst performing market, posting a 16 percent drop in prices from a year earlier, compared to a 34 percent jump for Singapore, according to inflation-adjusted data tracked by the Global Property Guide……………………………………….Full Article: Source

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From Channelnewsasia.com: Property consultant CB Richard Ellis (CBRE) said Asian Real Estate Investment Trust (REITs) saw good growth in the first half of this year.
In its “REITs Around Asia” report, CBRE said total market capitalisation of Asian REITs surged by 24.7 per cent on-year to US$69 billion……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Reuters: The Chinese government’s efforts to curb price rises in the property market are beginning to work, and if the market defies cooling efforts officials should impose more measures, the nation’s top official paper said on Tuesday.
A commentary in the People’s Daily, the newspaper of China’s ruling Communist Party, said shrinking transaction volumes suggested that “housing prices will start to show clear drops.”………………………………………Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Forbes.com: Investor worries that the government may further tighten China’s real market have cast a cloud over the country’s property stocks. Media reported this weekend that authorities consider prices to be too high, and are considering imposing new pilot real estate taxes in Shanghai and Chongqing.
What’s ahead for China’s real estate market? Will new taxes be imposed and, if so, what form will they take? Forbes today in Shanghai talked to Steven McCord, associate director of research at Jones Lang LaSalle……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Property-report.com: Residential rents in Hong Kong should rise in coming months due to government property market cooling measures, the South China Morning Post has reported.
Property consultants predict that rents could increase by 10% by the end of the year. They’ve risen 8.6% in 2010 already. Census and Statistics Department figures showed that private residential rents rose 1% to an 11-month high from June to July………………………………………Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Reuters: Singapore announced on Monday restrictions on people buying second homes as part of new measures to cool its red-hot residential market, joining Hong Kong and China in taking steps to keep a lid on housing prices.
Home prices in Asia have soared in recent months, fuelled by the region’s rapid economic recovery and ultra-low interest rates. The gains have been highest in Singapore, where prices rose 34 percent in the 12 months to June, followed by Hong Kong which increased 21 percent, according to Global Property Guide……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Market watchers are not surprised by the government’s move on Monday to cool the housing market, and some even said that it is long overdue.
On average, analysts expect the latest measures to dampen private home sales by about 20 per cent for the rest of the year……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Xinhua: After over a month of delay, the South Korean government announced a package of policy measures to boost the local real estate market recently going through a slump.
As the Seoul government seeks to ease mortgage restrictions and extend tax breaks to aid those who belong to the lower-income bracket, market observers are divided over the effect of the measures in the market……………………………………….Full Article: Source

Posted on 31 August 2010 by Laxman |  Email |Print

From Property-report.com: Currently Phuket has a huge supply of property – both new developments and re-sales – but the demand is no way near close to the supply, thus causing a major issue within the property market.
There are some clients out there still looking for property but as a close friend of mine told me, who also happens to work for CBRE, most potential clients are looking for West Coast property and there just is not that much available and if it is available (many re-sales) the owners are asking far too much. No one is interested in the huge amount of property that lies inland and everything is also overpriced across the whole of Phuket……………………………………….Full Article: Source

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