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Real Estate Briefing 02.Dec 2010

Posted on 02 December 2010 by Laxman |  Email |Print

From Economist.com: There was further gloomy news for America’s homeowners as national house prices dipped in the three months to September. The S&P/Case-Shiller index, released on November 30th, fell by 1.5% from the same period in 2009 and by 2% from the previous quarter. The end of the government’s tax incentives and ongoing foreclosures are contributing factors.
The index is now back at 2003 levels. Prices in the ten big cities are 2.6% higher on a quarterly basis than a year ago, but the same downwards trend is evident there too. Indeed the broader 20-city gauge, which began in 2000 and is not shown here, rose by only 1.8% on a year earlier……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Theadvertiser.com: Millions of foreclosures and weak demand from buyers are forcing home prices down in most major U.S. cities. Prices are falling even in places like San Francisco and San Diego, which had posted strong increases just a few months ago. Analysts say many markets won’t improve until they see fewer foreclosures and more job gains.
“Unemployment is still high, people are afraid of losing their homes and credit is hard to get,” said Maureen Maitland, vice president of Standard & Poor’s indices……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From CNBC: Just when you thought the commercial real estate market was finally on the upswing, new roadblocks to recovery may be lurking right around the corner. President Obama’s deficit commission recommended some steep cuts in Federal spending that could cut right through to real estate.
“The commission’s recommendations, if implemented, would be a sizable drag on commercial real estate in the short term as increased taxes and reduced government spending will have a cooling effect on the economy,” says Christopher Macke of CoStar Group, a commercial real estate analytics and data service provider……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Bloomberg: The number of mortgage applications in the U.S. fell last week by the most this year as higher lending rates led to a slump in refinancing.
The Mortgage Bankers Association’s index declined 16.5 percent in the week ended Nov. 26, figures from the Washington- based group showed today. The gauge of refinancing fell 21.6 percent, the biggest drop of the year. The measure of purchases climbed 1.1 percent……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Theedgeproperty.com: The commercial property market is beginning to even out and is expected to modestly improve next year on a recovery in fundamentals, said the National Association of Realtors (NAR). “The basic fundamental of rising commercial leasing demand, resulting from a steadily improving economy, means overall vacancy rates have already peaked or will soon top out,” said NAR chief economist Lawrence Yun.
“The outlook for the office and industrial markets has moderated with modestly declining vacancy rates expected as 2011 progresses, while the retail sector should hold fairly steady. Still, high vacancy rates imply falling rents,” he added……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Reuters: When you’re looking to buy or sell a home, naturally you want to find a real estate agent with integrity and your best interests in mind. You don’t need a new best friend, but you do need someone you genuinely like because you are about to spend a lot of time in their presence.
You can start by asking friends, family or neighbors - especially ones that have bought or sold a home in the past year - for recommendations……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Usnews.com: In today’s real estate market, more and more homeowners are becoming landlords. After all, home prices are down as much as 50 percent or more in some parts of the country. The thought of trying to sell in such a market can make even the most weathered homeowner’s stomach clench.
If you’re thinking about turning your home into a rental property and becoming a landlord to ride things out, what do you need to do to make it happen? Here are five steps you need to take to get started……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Sfgate.com: Happy days aren’t exactly here again, but for commercial real estate in the Bay Area, things are looking brighter. Especially for San Francisco. That’s the message a conference on “emerging trends in real estate” will be hearing Thursday from the global consultancy and accounting firm PricewaterhouseCoopers.
“We’re comfortable saying 2011 will see marginal improvements in metro areas like San Francisco, and the beginning of a new business real estate cycle,” said Charles DiRocco, the company’s head of real estate research………………………………………Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Pionline.com: CalPERS shifted its $1.9 billion CalEast North America Global Logistics industrial real estate portfolio to GI Partners after terminating previous manager LaSalle Investment Management, according to a news release.
In a separate action, CalPERS reassigned CalEast’s $60 million in European assets to RREEF, the real estate investment management business of Deutsche Bank’s asset management division……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Europe-re.com: Jones Lang LaSalle’s Q3 European Office Clock highlights that prime office rents continued to grow during the quarter, albeit at a slower pace. The Jones Lang LaSalle Office Rental Index rose by a modest 0.7% over the quarter, driven by London, Moscow and Stockholm.
Patricia Lannoije, Head of Research BELUX at Jones Lang LaSalle, said: “The research also shows that demand for office space decreased slightly over the quarter, but stands 36% higher than a year ago with net absorption remaining positive. Further yield compression pushed capital values higher; the capital value index increased 4.7% over the quarter. Yield compression was witnessed in 13 out of 24 markets with Paris and Moscow both experiencing compression of 50 basis points.”………………………………………Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From WSJ: It isn’t often that you see an upgrade of the European commercial property sector, so I think its worth flagging up some of the thinking behind a report from Morgan Stanley. In short, if you have a strong view that inflation is coming in, it’s time to use M&A to load up on property.
While the report is a sector upgrade, it should be noted that it’s more of a tactical move than a long-term sector call……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Independent: House prices could fall by 10 per cent over the next year, City experts forecast yesterday, as the latest data from Nationwide Building Society showed that property values slipped a further 0.3 per cent in November. Since the summer, the average British house has lost about £7,000 of its value.
The Nationwide’s house price index has now seen a fall or stagnation in every month since June. Assuming no violent movements in December, prices will end 2010 flat……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Telegraph: Home buyers could face a double squeeze of lessening supply and being unable to get a mortgage in coming months, as Nationwide said house prices fell for a fourth month out of five.
Mortgage lender Nationwide’s November house price survey said the average price of a property fell 0.3pc during the month to £163,398, a slightly bigger drop than the 0.2pc fall forecast by analysts. The annual rate of growth fell to 0.4pc, its weakest since September 2009……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Moneyavenue.co.uk: A recent report by Knight Frank suggests that British investors will soon pay more attention to sustainability of commercial property rather than to quick ROI (return on investment).
Etienne Cadestin, sustainability consultant at Knight Frank, pointed out that “most of the time, people want a very quick return on investment … sustainability doesn’t constitute a very fast return on investment.” This means that those who are looking for immediate profits, will not benefit from such properties……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Europe-re.com: Falling supply of new property to the rental market coupled with increased demand led to a rise in rents in the three months to the end of October, says the latest RICS Residential Lettings Survey published today (December 1, 2010).
39% more surveyors reported seeing an increase in rents over the three-month period, than a fall (up from 27%). The net balance reading is now at its highest level since Q2 2007 as increasing numbers turn to the rented sector. Many are seeking to rent rather than buy due to difficulty in securing mortgage finance and the high deposits required by lenders……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Propertyeu.info: Some EUR 6.9 bn was transacted in the French commercial real-estate investment market in the first nine months of the year, marking a 41% increase compared to the same time last year.
Cushman & Wakefield said the French market has gained momentum since its low point in 2009 when total annual investment volume did not exceed EUR 7.8 bn……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Propertyeu.info: Investment in Italian retail property assets fell to a historic low in the course of 2010 but recovery is on track for next year, according to Davide Dalmiglio, head of retail investment at Jones Lang LaSalle.
‘Despite returning market confidence and encouraging retail sales figures, as little as EUR 250 mln of retail product was transacted in the market so far this year, if we do not take into account the Porta di Roma transaction, which was an extraordinary event,’ Dalmiglio said. ‘However, we expect that the higher level of investor interest will translate into a more active market in 2011.’………………………………………Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Property-abroad.com: It’s no secret that Turkey’s stable and growing economy has investors taking notice. According to Turkish property expert Steven Worboys, overseas property investors are attracted to this country and will make a rising number of investments in 2011.
Worboys adds that, while some foreign investors have been disappointed in the past with their yields on investments, international real estate continue to be popular; investors have simply learned to be more cautious and do their research on the economy and the anticipated property market growth predictions……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Jpost.com: There is increasing evidence supporting the feeling that the housing market is threatening economic stability, with the government and the Bank of Israel taking steps aimed at cooling the overheated property market.
Israeli housing prices have surged by some 51 percent since 2007 and by 20% in the past year. The latest evidence of concern regarding the possible impact of the real estate market on the economy came with the announcement of measures by Prime Minister Binyamin Netanyahu earlier this week aimed at lowering property prices……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Timeslive.co.za: Average house price growth has continued to slow, according to the November FNB House Price Index released on Wednesday. “The average house price growth slowdown continues, with the November FNB House Price Index recording a year-on-year rate of increase of 3.8 percent,” said John Loos, FNB Home Loans strategist, in a statement.
“This is only slightly lower than the previous month’s revised rate of 3.9 percent, reflecting a recent slowdown in the pace of decline in price growth in recent months.”………………………………………Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Thepeninsulaqatar.com: Real estate transactions in the country peaked to QR535m last week, with a top real estate expert attributing it to what he described as “distress sale” by property owners as they have to begin repaying their bank loans.
The banks have been chasing those who took real estate loans at the height of the housing shortage in the country during 2007-08, so they can start servicing these debts, says Nasser Al Khaledi……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Centralchronicle.com: In India, buyers are investing even borrowed funds in real estate, expecting good demand in the near future this has pushed the prices towards northwards. Banks are also providing loans to the intending purchasers by relaxing the prudential investment norms; Buildings constructed at far off places are also attracting purchasers, as cities are expanding both vertically and horizontally.
The purchasers are investing money and purchasing flats/houses only to make money, as more and more people are thinking housing as a source investment and not as shelter to protect them from the vagaries of monsoon……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Peopledaily.com.cn: The world’s leading rating agency Moody’s said that China’s property market has experienced asset bubbles during the past 18 months, but government intervention to cool down the market will help stave off a big downturn in the housing prices.
In a report released yesterday, the agency said it expected a “moderate correction” in China’s housing prices in 2011, but added that it would be offset by prudent government regulation and higher liquidity levels among the developers……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Miscellanynews.com: The emergence of this real estate bubble can be attributed to the different market structures in those countries compared to those of Western nations. China is the prime example of this. Different from Western countries, the Chinese government generally had more influence over the economy through strong economic policies and regulations.
Despite the influx of hot money—funds that are used in a particular country to take advantage of a high short-term interest rate, which has high profit potential—and increasing money supply in China, the inflation was offset by the deflation caused by unemployment……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Property-report.com: Oversupply fears will slow the Thai property market for a couple of months before positive sentiment will resume next year, according to local developers.
Mayta Chanchamcharat, director and chief business officer of Pruksa Real Estate said concerns about a possible property bubble in Bangkok and the Bank of Thailand’s announcement capping condominium mortgages at 90 per cent of value from January 1 have quietened the market due to a retreat of speculators and investors……………………………………….Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Sharechat.co.nz: Confidence in the housing market continued to fall over the three months to October, with tax changes regarding investment property adding to the cautiousness towards housing as an investment option, according to the latest ASB Housing Confidence Survey.
The survey also found there had been little sign of a rush of listings in the wake of Budget changes in regard to property investment, despite the fact the changes make “investment property a less attractive option.”………………………………………Full Article: Source

Posted on 02 December 2010 by Laxman |  Email |Print

From Malaya.com.ph: The latest survey of the Global Property Guide showed that 17 out of 35 countries recorded increases in house prices over the year to end Q3 2010 (based on inflation-adjusted house price changes). Of the 18 countries that experienced house price falls, 11 recorded slower rates of decline.
The Global Property Guide’s statistical presentation uses price changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents……………………………………….Full Article: Source

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