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Real Estate Briefing 14.Dec 2010

Posted on 14 December 2010 by Laxman |  Email |Print

From Agrimoney.com: Weyerhaeuser forecast further tough times for the US housing market as the homebuilder, and second-ranked owner of US timberland, unveiled a tripling in its quarterly dividend.
The forestry group’s chief executive, Dan Fulton, said it did “not anticipate significant improvement” in America’s housing market next year……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Bloomberg: The number of U.S. homes worth less than the debt owed on them dropped in the third quarter, largely because of mounting foreclosures rather than a rise in property values, according to CoreLogic Inc.
About 10.8 million homes, or 22.5 percent of those with mortgages, were “underwater” as of Sept. 30, the Santa Ana, California-based real estate information company said in a report today. That was down from 11 million, or 23 percent, at the end of June, the third straight quarterly decline………………………………………Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Realestatechannel.com: According to Clear Capital’s monthly Home Data Index (HDI) Market Report, the Midwest region experienced the biggest quarterly price changes (-9.9%), and increasing number of local markets dropped into double dip territory.
The quarter-over-quarter price change at the national level (-5.8%) provides an alert of downward momentum. Understanding local market dynamics, however, is critical for managing home price risk……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Bloomberg: Vincent Selleck, whose Sydney-based 888 U.S. Real Estate started finding foreclosed U.S. homes a year ago for Australian investors, received almost half of all inquiries in the last two months.
“We’ve been swamped since the Australian dollar reached parity with the U.S. dollar,” said Selleck, 52, who handled 1,300 queries in the last 12 months, more than 530 of them in the past two. “At the beginning, people were quite skeptical. In the past two months, the spike we’ve seen is incredible.”………………………………………Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Money Magazine: Is now the right time to invest in a house? Trick question. Actually, it’s two questions. Question No. 1: Is now the time to buy? Question No. 2: Is buying a house a good investment?
The first answer is easy: With a few exceptions, if you have 20% to put down and good credit, now is a great time to buy. That’s been the case all year, and I’d argue that we’re probably closer to the end than to the beginning of the really great time. Let me explain……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Time.com: Some are worried that the tax deal and other recent efforts to boost the economy will have an unintended and potentially troublesome casualty: The Housing Market. Rates on the 10-year Treasury bond have spiked in the past week since news that a tax deal, which would keep the US income tax rate at Bush-era levels and temporarily lower others, between the White House and Republicans was in the works.
Some Democrats are wary about giving into the extension of lower rates for the rich, but Time’s Alex Altman reports today that the deal is likely to pass. That should be good news……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Pionline.com: Real estate is starting to yield solid investment opportunities that are expected to grow considerably over the next two years, industry insiders say. So far, the land rush that industry professionals had expected at the beginning of the global economic meltdown has not materialized.
“The debt crisis of 2008, 2009 and 2010 is the best opportunity that never happened,” quipped Mike Straneva, Americas and global director of transaction real estate in the Phoenix office of Ernst & Young LLC……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Chicagonow.com: In about a week and a half the Illinois Association of Realtors will be releasing the home sale statistics for Chicago, the region, and the state. Once again the actual closings will be abysmal relative to last November. I estimate that they will report sales down about 40% from last year - with their usual extremely creative positive spin.
But in all fairness last year’s home sales were goosed by that tax credit fiasco and this year is suffering from the vacuum left behind by that same tax credit……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Europe-re.com: Direct investment into commercial real estate in EMEA is likely to reach €100 billion in 2010, according to new research from Jones Lang LaSalle. This figure represents an increase of over 40% on volumes recorded for the full year 2009.
Investment activity in the first three quarters of 2010 was already substantially ahead of last year’s levels and a strong fourth quarter is expected. The fourth quarter is traditionally the strongest of the year, and Jones Lang LaSalle estimates that direct real estate transactions will reach €31 billion Europe, which would be 35% higher than quarter three volumes……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Bloomberg: Commercial-property investments in Europe will rise as much as 35 percent next year to about 130 billion euros ($174 billion) as banks sell more real estate and provide additional loans, Jones Lang LaSalle Inc. said.
Spending this year has risen about 40 percent from 2009 to 100 billion euros, with shopping malls accounting for the biggest share in more than a decade, Jones Lang, the world’s second-largest commercial real-estate broker, said in a statement today……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Sky News: House sellers have slashed asking prices by 3% during the past month - making it the worst December performance for three years. Average asking prices fell by nearly £7,000 pounds to £222,410 pounds in the four weeks to December 4, according to new research by property website Rightmove.
It is the biggest December fall since the 3.2% drop in 2007 after the collapse of Lehman Brothers……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Investorschronicle.co.uk: The Royal Bank of Scotland is preparing to launch residential derivatives products aimed at retail investors prepared to bet against the odds that house prices will rise.
Barely two years after the bank was rescued by the UK tax payer after exposure to sub-prime residential mortgage products caused its near destruction, offering a property derivative product seems to fly in the face of the current regulatory climate……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Guardian: UK residential property sales and prices continue to slide for sixth consecutive month, but some estate agents are optimistic. A dearth of first-time buyers and anxiety about the impact of the government’s spending cuts were cited by estate agents today as the key factors behind a slowdown in Britain’s property market last month.
The monthly health check on the state of residential housing from the Royal Institution of Chartered Surveyors (Rics) showed that activity and prices both weakened in November, continuing the trend started in the spring……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Moneyweek.com: “Buy like hell”. That was the advice from one investment veteran last week. He wasn’t talking about shares, bonds or commodities. He wasn’t even talking about some wacky new product thought up by the City’s black box brigade.
No, he was telling punters to pile into good old boring British commercial property. And you can see why he might be tempted. Despite a rally in commercial property prices over recent months, values are still a long way below the peaks of three years ago……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Independent.ie: Commercial property deals will surge next year as NAMA begins to sell land, receiverships increase and new tax measures encourage the sale of hotels, according to Guy Hollis, the managing director of CB Richard Ellis Ireland.
“We expect to see a notable increase in the volume of investment properties being offered for sale in 2011 as banks and borrowers start to unwind their positions and NAMA begin to work through business plans with borrowers,” he said……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Themoscowtimes.com: Despite the economic downturn and project delays, Muscovites continue to buy apartments — as long as they’re inexpensive and can be purchased on installment or credit.
But developers are not meeting the demand on a large scale within the city limits, so new construction is shifting beyond the MKAD……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From News.az: 2010 marked the start of stabilization on the real estate market of Azerbaijan, general director of MBA LTD consulting company, Nusret Ibrahimov said.
He said the decrease in the real estate market has started since mid 2007 on such parameters as activeness and prices, these tendencies deepened in 2009 and the gradual stabilization of the market started only in September 2010……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Khaleejtimes.com: The light industrial and logistics market in the Middle East offers more opportunities for investors looking for secure and long-term income producing assets than other sectors of the real estate market, according to report by Jones Lang LaSalle, or JLL.
The report said real estate markets across Middle East and North Africa, or Mena, would see a significant shift in emphasis over the next few years, with far greater attention being focussed on the light industrial and logistics market……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Bloomberg: A low interest-rate environment and “ample liquidity” will drive most residential property markets in Asia Pacific higher, except China, where the government is determined to control property prices and capital flow is restricted, Credit Suisse Group AG said.
The brokerage is “positive” on Hong Kong, Singapore and Japan real estate, according to the report by analysts Jinsong Du and Masahiro Mochizuki……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Private residential property prices are expected to rise between five and 12 per cent next year. Analysts expect high-end properties to lead the price increase. They say prices in that segment still have room to grow because of the positive economic outlook for 2011.
Robust economic growth forecast of between four and six per cent next year and abundant liquidity are making analysts upbeat……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Property-report.com: Vietnam’s middle-class continues to fuel the country’s demand for property, says asset manager and real estate group VinaCapital.
During the last six months a total of 481 sales contracts and reservations were recorded at projects in Danang, Nha Trang and Ho Chi Minh City, representing total contracts and reservations worth over $58 million, according to a recently released report……………………………………….Full Article: Source

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Posted on 14 December 2010 by Laxman |  Email |Print

From Tvnz.co.nz: Residential house sales bounced back last month from October’s trough, though they are still subdued as people continue to repay debt rather than ramp up their spending.
Sales rose to 5,138 in November from just 3,903 a month earlier, but are still 15% down on the same month a year ago, according to Real Estate Institute data……………………………………….Full Article: Source

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