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Real Estate Briefing 01.Nov 2010

Posted on 01 November 2010 by Laxman |  Email |Print

From Washingtonpost.com: Seven House Republicans have coined a phrase to describe how they think the federal government is managing its property, including its local real estate portfolio: “Sitting on Our Assets.”

Led by ranking member John L. Mica (Fla.), Republicans on the House Transportation and Infrastructure Committee recently issued a report by that name, criticizing the management of real estate and other assets by agencies including the General Services Administration, Coast Guard, Army Corps of Engineers and Federal Emergency Management Agency……………………………………Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Moneyweek.com: Three years after US banks first rattled global markets, they look set to deliver further nasty surprises. One worry is the impact of the foreclosure scandal. Lenders stand accused of using incomplete or falsified paperwork to repossess homes. Some have reportedly been unable to produce the original documents proving they own mortgages.

This will hit banks’ bottom lines, although given the uncertainty surrounding the issue the ultimate toll isn’t clear yet, says IMF chief economist Simon Johnson on Baselinescenario.com…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Dailyfinance.com: The residential real-estate market is drowning in foreclosures as the crisis there continues to broaden and worsen. RealtyTrac this week announced that foreclosures were up in 65% of U.S. metro areas, although some of the hardest-hit areas are recovering.

Why isn’t there a comparable flood of commercial foreclosures?……………………………………Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From WSJ: If you’re in the market for a newly built home, be on the lookout for a controversial cost called a private transfer fee. It has gotten the attention of Congress and could change how homeowners value their homes.

A private transfer fee, which is also known as a home-resale, capital-recovery or flip fee, is typically 1% of the sales price that a developer or a homeowners association collects at the time of a sale. It generally is directed toward capital improvements in a subdivision or condominium complex and is paid to a homeowners association…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Bloomberg: U.S. home foreclosure sales are slowing in the states hardest-hit by the real estate crash as banks review their practices and delay seizures.

In Arizona, California and Nevada, foreclosure auctions on courthouse steps, known as trustee sales, are down 42 percent since Sept. 20, according to ForeclosureRadar, a real estate tracking service in Discovery Bay, California…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Guardian: Houses prices recorded their largest fall since January 2009 last month, a survey shows today, bolstering evidence that the property market is cooling fast. The figures come after the latest Bank of England statistics showed mortgage approvals stalled in September while net lending plummeted, exacerbating fears of a double dip in the housing market.
Despite surprisingly strong economic growth between July and September, there are concerns that the recovery could fizzle out, and last month’s deep cuts in government spending may hit consumer confidence further…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Occupied space in the UK office market is set to grow, despite the cuts to public administration jobs announced in the Comprehensive Spending Review, according to new research by DTZ.

The global real estate services firm forecasts that total UK occupied office space in the major markets will increase by 2 million m2 by 2014. Strengthening demand from the recovering private sector will more than outweigh the effects of public administration job cuts on regional office markets…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Swissinfo.ch: The dramatic rise in the price of residential housing in some areas of Switzerland continues to fuel fears of potential problems in the future. While there is no talk of a complete housing market collapse, some observers fear a rise in rents and mortgage payment defaults when interest rates eventually climb upwards. Some banks have been warned to improve lending standards.
The solid state of the property market compared to other countries has been a source of pride for Switzerland. Lending standards were tightened after the 1990s crash and a recent influx of foreign workers has sustained demand……………………………………Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Thediplomat.ro: Land prices have dropped to pre-boom levels, but buyers are still scarce on the market. Is this the last chance to pick up a slice of Romania for a bargain? In five years, Romania has moved from a cheap place to buy land to a magnet for speculation and then back to a location where land prices are again at a cut-price level.
Prices of land in prime areas are falling by 30 per cent or more, in cities outside of Bucharest by half, while in remote areas by 80 per cent. Overall, the country is witnessing the same prices as in 2005…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Sme.sk: The current interest in making real estate investments in Slovakia is better now than over the last few years even though the country is not the first choice among the Visegrad Group (V4) in attracting investors from other parts of Europe.
Nevertheless, Slovakia has good investment opportunities in several real estate sectors and Slovakia’s geographical position as well as its adoption of the euro gives it a competitive advantage in certain kinds of deals…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Cyprus-property-buyers.com: Buyers can challenge purchases affected by developers’ mortgages. Once a complaint has been lodged, the Competition & Consumer Protection Service of the Cyprus Commerce Ministry is obliged to investigate.
Thousands of buyers of property in Cyprus facing the threat of a bank chasing them for someone else’s spiralling debt, or for repossessing property for which they had paid in full, can fight back using a little-known consumer protection law, and, in the process, radically transform the whole property market…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Latimes.com: The global financial crisis has left Israel’s real estate market with a problem most U.S. homeowners only dream about: Property values are rising too fast. Fueled by record-low interest rates and a shortage of new construction, average real estate prices in Israel are up nearly 30% since the start of 2009, according to government and industry statistics.
Global Property Guide, an international housing trade magazine, recently ranked Israel as the world’s hottest market during the two years ending June…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Globalarabnetwork.com: Kuwait’s real estate market is likely to recover partially in the coming period as the country started enforcing the ambitious five-year development plan, reports Global Arab Network according to KUNA.

In its weekly report, Coldwell Banker Corporation - Kuwait branch said the value of the local real property deals tops KD two billion a year, thus accounting for a good percentage of the country’s GDP…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Cityscapeintelligence.com: DTZ’s latest Property Times report on the Qatar real estate market, released today, gives detailed insight into the country’s real estate sector across the asset classes. It also identifies some of the main trends that are emerging as the market continues to adjust.
Despite a general threat of oversupply, Qatar’s real estate market is experiencing an increase in demand for all types of real estate which can be attributed to the strong economic environment. Qatar is forecast to achieve real GDP growth of 18%-23% over the course of 2010 and currently has one of the world’s highest per capita GDP’s and best performing economies in the GCC…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Mad-mongolia.com: Winter is usually a time when Ulaanbaatar’s real estate agents go on holiday to South East Asia, a time when construction companies reflect on what they have done in the past summer and prepare for the work to be done next summer, essentially a time when the Mongolian Real Estate market all but dies. This until it is revived again the following spring.

Expats rarely relocate to Mongolia after the mid-October period as it is considered too cold to do so and their employers fear that they will run away if they are too soon confronted to the harsh Mongolian winters. City inhabitants very rarely agree to leave their homes during the winter months as it is too cold to move out. The Immovable property office is deserted and the newspapers carry a slimmed down real estate classifieds section…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Indiatimes.com: Godrej Properties said that the realty prices are likely to go up further in cities other than Mumbai and Delhi in the next two months on the back of a stupendous demand across the country.

“Depending upon location and other amenities, real estate prices are set to go up across the country in the next two months. The reason being increased demand,” Godrej Properties Managing Director Milind Korde told PTI…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Taipeitimes.com: Taiwan’s housing prices are likely to hit a new high in the current quarter, the traditional high season, because the central bank’s selective credit control measures failed to cool the property market last quarter, real estate experts said last week.

Meanwhile, real estate brokers expect the launch of direct flights between Taipei International Airport (Songshan) and Tokyo International Airport yesterday to further boost property prices in the Songshan and Neihu districts near Songshan…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Smh.com.au: A stagnant climate in New Zealand’s property market could last for months, after the usual spring lift in the market failed to show up in October, real estate industry website realestate.co.nz says. Spring is a pivotal time in the property market, as better weather returns and more houses are usually listed.

In October, 11,911 properties came onto the market, a 12.1 per cent drop from the same month last year…………………………………….Full Article: Source

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Posted on 01 November 2010 by Laxman |  Email |Print

From Hattiesburgamerican.com: In today’s competitive real estate market it is more important than ever to utilize technology and the internet when trying to sell your home. An Internet-savvy Realtor is essential in our modern technology driven world.

In June 2010 the National Association of Realtors reported these statistics: 90 percent of homebuyers used the Internet as an information source…………………………………….Full Article: Source

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