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Real Estate Briefing 04.Nov 2010

Posted on 04 November 2010 by Laxman |  Email |Print

From WSJ: New data points are painting a picture of slowly moderating pain in commercial real estate. The delinquency rate for securitized commercial real-estate loans fell in October for the first time in more than a year, data firm Trepp LLC reported.
The drop came as distressed loans were being liquidated at a more rapid pace, Trepp said. The biggest reason for the decline: the exit from bankruptcy in October of hotel chain Extended Stay America Inc……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

Investment grade real estate continued its positive pricing trend from August with a strong 5.48% increase in September based on the just-released CoStar Commercial Repeat-Sale Indices (CCRSI).For the first time since the second quarter of 2007, all four primary property types within the commercial real estate repeat sales index showed an increase in pricing in the third quarter.
The CoStar investment grade real estate index remains down 4.89% from the same period last year, and down 29.08% from two years ago. However, for the third quarter, the investment grade real estate index increased 5.46%. This is a significant reversal from the previous quarter, as the investment grade real estate index was down 3.24%……………………………………….Full Press Release: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Xinhua: Leading U.S. mortgage company Freddie Mac on Wednesday posted a net loss of 4.1 billion dollars after a dividend payment of 1.6 billion dollars to the U.S. government for the quarter ended Sept. 30.
The government-supported enterprise said the third-quarter loss attributable to common stockholders worked out to 1.25 dollars a share. It compared with a loss of 6 billion dollars, or 1.85 dollars per diluted common share, for the second quarter of 2010……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Bloomberg: Lennar Corp., the third-largest U.S. homebuilder by revenue, is seeking to raise about $800 million from private investors to add funds to its distressed real estate unit, according to three people briefed on the matter.
A first tranche of the offering is being marketed to U.S. and Canadian investors and is expected to close by the end of November, said two of the people, who asked not to be named because the discussions are private……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

Housing Predictor, the online source for real estate forecasts has released its national forecast for 2011 on the U.S. housing market. Many areas are forecast to experience slow home sales during part of the year, but better home values are projected to develop in some regions of the U.S., according to the new Housing Predictor national forecast for the year.
Some areas of the nation will show improvements with the lowest average housing deflation forecast in five years. Visit Housing Predictor dot come to get the details. Markets in the mid-west and north-east should even experience home price appreciation……………………………………….Full Press Release: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Nj.com: New Jersey’s real estate market has hit bottom, but it still has a long road to recovery, according to a report in NJBIZ. The New York real estate market will play a key role in driving the Garden State’s recovery — however the foreclosure moratorium could stall progress, according to experts quoted in the report.
“Housing improved a bit in 2010, but remains lackluster — and as the economy expands, it will remain lackluster, because of the legacy of bubble and meltdown that we have been through,” said Patrick O’Keefe, director of research at Roseland-based accounting firm J.H. Cohn……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Citytv.com: October was a tough month in the housing market, as existing home sales in the Toronto area fell by 21 per cent as compared to 2009, according to the Toronto Real Estate Board.
The board says 6, 681 existing homes were sold last month, as opposed to 8, 476 last year……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Propertyeu.info: The decline in prime yields seen in major European commercial real estate markets this year, in anticipation of a recovery in occupier markets, could be justified by a genuine turnaround in 2011, but significant economic threats remain, ING Real Estate Investment Management has said in its latest European View research report.
Eugene Philips, managing director Research & Investment Strategies at ING REIM Europe said: ‘Prime rents have stabilized or have begun to recover for the best buildings in select markets and a more widespread recovery is expected in the coming year………………………………………Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Thisismoney.co.uk: Commercial property had a positive start to the year, but demand has been on the wane in recent months. Figures from the Rics Commercial Market Survey suggest that the office sector is seeing the largest falls, as occupier demand fell for the second consecutive three month period.
A year ago, HSBC Global Asset Management warned that the recovery in the UK commercial property market was happening too fast and too quickly……………………………………….Full Article: Source

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From Europe-re.com: According to Jones Lang LaSalle, the latest Bank of England lending figures show that bank lending (in Sterling) to real estate in Q3 2010 continued to fall from its recent peak in Q1 2010, decreasing by £4.5 billion (approx. €5.1 billion) between July and September. This represents the biggest drop in a single quarter since the series began in 1987.
Total lending outstanding reached £240 bln. (including lending by building societies) at the end of September 2010. UK bank exposure to real estate (i.e. the proportion of lending to real estate as % of total lending) remained stable at 11.2% for the third consecutive quarter from a high of 11.8% in September 2009……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Europe-re.com: Success stories are currently hogging the headlines in Germany. The economic growth forecasts are being revised upward while the jobless figures are tumbling. And even the sentiment in the German real estate industry is buoyed by great optimism.
Accordingly, the survey-based Real Estate Climate of the monthly King Sturge Real Estate Economy Index climbed to a new all-time high of 137.0 index points (up from 126.3 last month)……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Propertyeu.info: German shopping centre developer Management fur Immobilien (MFI) is looking for its first investment opportunity in Turkey after several years of activity in the country as a leasing service provider.
CEO Matthias Böning said that the Turkish retail real estate market offers value due to the growing demographics and increasing consumer spending……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Themovechannel.com: Cheap mortgages are driving up residential property prices in Switzerland to levels that are worrying many analysts. Average house prices in Switzerland have risen as much as 7% in the past year and by almost 11% around Lake Geneva, one of the country’s hottest property markets where modest two bedroom apartments are selling at an average of a million francs, unaffordable for the majority of residents.
Even unexceptional villas in the region are selling for more than two million francs and a similar situation has emerged in the Zurich area, analysts point out……………………………………….Full Article: Source

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From Nrcu.gov.ua: Office rentals and sales are gradually reviving on the commercial property market of Ukraine, attendance of shopping centers continues to grow, while rental rates have risen in all segments, according to realt.ua.
In October the average selling price of office property in the secondary market rose by 5.71% to USD 2,459 per square meter. According to Ukrainian Trade Guild, the average cost of rent at Kyiv shopping centers increased by 0.5%……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Property-abroad.com: You would need to be living in a cave not to notice the groundswell of positive data coming out of Turkey, its economy and its property market. So of course, investors are definitely not missing it, and Turkey is becoming a very popular investment choice.
The Turkish economy is not only outgrowing the EU or growing twice as fast as its fastest growing economy (Slovakia), but it is one of the fastest growing economies in the world……………………………………….Full Article: Source

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From Themovechannel.com: The real estate industry in Tunisia which slowed down during the global economic downturn has received a boost with the unveiling of plans for a luxury desert property project.
Middle East Qatari Diar Real Estate Investment Company has announced an agreement of co operation with the Tunisian government to develop a five star desert resort in the Tozeur governorate……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Indiatimes.com: India’s second largest realty firm Unitech said RBI’s monetary measures related to housing sector will check speculation and price rise in the high-end properties, but will have less impact in mid-income segment.
RBI had yesterday directed banks to keep more funds aside as a cushion for advances of Rs 75 lakh and above. It capped housing loans to 80 per cent of the value of the property……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Npr.org: There are more young men than young women in China. That’s the result of China’s one-child policy, combined with gender-selective abortion driven by a traditional cultural preference for boys over girls. But that imbalance may be changing.
Part of the reason, according to the FT: Parents typically have to buy an apartment or a house for a son before he can be married off. And China’s real estate boom (bubble?) is making that much harder for many families……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Property-report.com: Home prices in Hong Kong have surpassed their 1997 peak according to data released by the Hong Kong Monetary Authority (HKMA), causing further fears of a housing bubble.
The average price for a home of about 100 sq m is 13.8 per cent more than in the third quarter of 1997, before the massive Asian economic crisis……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Channelnewsasia.com: There are signs of growing caution among Hong Kong developers, after recent government measures to cool the property sector.
With residential property prices soaring by more than 40 per cent since last year, the government has imposed a series of measures to cool the market……………………………………….Full Article: Source

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From AFP: Hong Kong’s latest land sale fell below analysts’ forecasts on Wednesday as the government ramps up measures to rein in soaring property prices in the densely populated metropolis.
Chinachem Group, one of the city’s biggest developers, snapped up the residential site in the Kowloon district for 2.17 billion Hong Kong dollars (280 million US dollars). That was below a prediction of 2.69 billion Hong Kong dollars made by six analysts and surveyors polled by Dow Jones Newswires……………………………………….Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From WSJ: Malaysia’s central bank Wednesday said third-home buyers are now restricted to a maximum loan of 70% of the property’s value. The new rule, which takes effect immediately, aims to curb speculative investments in the country’s residential property market, which has seen higher-than-average price increases in some areas.
Financing for purchases of first and second homes will not be affected, Bank Negara said in a statement. First- and second-home buyers can borrow as much as 90% of the property’s value………………………………………Full Article: Source

Posted on 04 November 2010 by Laxman |  Email |Print

From Theaustralian.com.au: While the US housing market languishes, Australia continues to defy critics who say its property sector is overdue for a correction.
Another test will come at the landmark Sydney Opera House on Monday, when real-estate agency Ray White holds an auction of 11 luxury dwellings, 10 in NSW, one in Queensland. The firm hopes the iconic venue will help persuade the invited bidders, mainly Asian, to snap up the properties, some for as much as $10 million……………………………………….Full Article: Source

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