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Real Estate Briefing 22.Dec 2010

Posted on 22 December 2010 by Laxman |  Email |Print

From Reuters: A group of investors and prominent academics on Tuesday urged the creation of national standards for U.S. residential mortgages to help borrowers who are having trouble getting home loans.
The group, in a letter to Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner, and a host of other U.S. officials, said the recent foreclosure document processing fiasco, in which banks are accused of using “robo-signers” to sign hundreds of unread documents a day, demonstrate an urgent need for action……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Foxbusiness.com: In fact, year to date 2010, short sales and foreclosures have accounted for about one-third of home sales, with an average price discount of 26%, according to RealtyTrac. Nationwide, there are almost 2.2 million properties in foreclosure. Everyone agrees that more such sales are on the way, but estimates vary widely as to the amount and duration.
Robert Shiller, the Yale economist and co-creator of the S&P/Case-Shiller Home Price Index, which tracks the real estate market, and who correctly called the real estate “bubble” in 2006 just before housing prices fell through the floor……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Businessinsider.com: Indexes designed to gauge commercial real estate values have been around for a few years now. The original intention was that creators of various indexes were competing to create the benchmarks around which commercial real estate derivatives could be created.
Pros had a vision that it would give investors an alternative to buying and selling actual real estate and REIT stocks in playing in the commercial real estate space. The 2008 financial collapse and the subsequent leeriness about derivatives pretty much killed that idea (at least for now), but the desire to design the best commercial real estate index remained……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Seekingalpha: The quick answer to the headline of this article seems to be yes. The volume of housing that is in mortgage trouble is rising as prices drop in vulnerable markets around the country. There isn’t a sufficient floor of buyers in those markets to stop further declines and foreclosure sales that appear to be on the horizon.
It depends on the market. For example, the recent Case-Shiller 20 cities report shows that coastal California has had a positive trend: Los Angeles +4.4%; San Diego +5.0%, and San Francisco +5.5%. Another area of strong growth is Washington DC (+4.5%) which is an island of government transfer payments in a sea of trouble……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Inman.com: Next year, housing prices will likely drop 5 to 10 percent nationally — finally hitting a trough, according to a webcast by real estate data company Altos Research. “Prices are going to go down a little bit more, and if there’s nothing but bad news out there, (which is) what we’re seeing, then that must mean that at some point we are hitting the trough, and we feel that 2011 is finally going to be that point,” said Scott Sambucci, the company’s vice president of data analytics.
“That doesn’t mean that we’re instantly going to bounce out of the trough. Expect local price volatility,” he added……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Lasvegassun.com: Las Vegas’ housing market deteriorated more in November with no signs of improving in the near future, analysts said. San Diego-based MDA DataQuick reported Dec. 21 that November existing- and new-home sales fell 23 percent from November 2009 and dipped more than expected (7 percent) from October’s sales.
November’s sales were the lowest for the month since 2008 and were 15 percent below November’s average for the past 16 years……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Themovechannel.com: There has never been a better time to buy development land in Latin America - it’s a buyer’s market, many landowners are under financial pressure and buyers are thin on the ground, so if you buy land well, you could profit handsomely.
However, retail sales in many markets have slowed as a result of financial and economic problems in the US. This has kept land prices artificially low, and means that many developers need to tap alternative sources of finance. ………………………………………Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From UKPA: House prices look set to end next year 2% lower than they start it, but a shortage of homes on the market should prevent bigger price slides. Property values are likely to continue falling during the coming months but a lack of supply should help to stabilise the market at some point during the first half of next year, the Royal Institution of Chartered Surveyors (Rics) said.
Prices could then begin edging up again during the latter part of the year, to leave property values close to where they started the year by the end of 2011……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Investorschronicle.co.uk: Prospects for the housing market are likely to remain subdued in 2011, influenced by funding constraints, regulatory pressures, economic uncertainty and unemployment, according to Nigel Terrington, chief executive of buy-to-let mortgage specialist Paragon.
The picture in the owner-occupier housing markets is certainly bleak. Mortgage lending fell again in November, and according to the Council of Mortgage Lenders (CML), November was the fifth consecutive month where gross mortgage lending has been at its weakest since the equivalent month in 2000……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: House prices in Ireland are expected to fall for years to come, as it braces for massive tax hikes and sharp spending cuts. The painful measures are conditions for the €85 billion (USD113 billion) bailout from European Union (EU) and the International Monetary Fund (IMF).
Ireland’s house price crash, one of the worst in Europe, has wiped out almost a decade of gains. In Q3 2010, the average price of houses fell 14.8% to €198,689 from a year earlier, 36% down on the peak price of €310,381 reached in Q4 2006, according to Permanent TSB/ ESRI house price index. ………………………………………Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Citywire.co.uk: For the first time in its history, the Norwegian Government Pension fund is going to be invested in the real estate sector by the start of 2011.
The decision by the world’s second largest pension fund to enter the property market can be seen as a clear indication of the benefits this sector can offer to long term investors……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Propertywire.com: The real estate market outlook in Portugal is poor as house prices fall at a faster pace, driven by further weakness in the Lisbon and the Algarve, a new report indicates.
Buyer interest continues to fall, while new instructions to sell property increases to such an extend that confidence in the short term sales and price outlook remains weak across all regions, according to the November Portuguese Housing Market Survey from the Royal Institution of Chartered Surveyors and Confidencial Imobiliario……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Ameinfo.com: Global commercial real estate services firm, Colliers International has said that nearly 28% of the homes supplied in the Saudi capital Riyadh over the past 18 months are vacant as homebuyers find them unaffordable, Reuters has reported.
“Developers continue to show bias towards developing mid to high-income housing units. This has created a large pool of untapped demand for low-cost housing,” Colliers said……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Khaleejtimes.com: New shopping centers and expansions of existing facilities will soon make Abu Dhabi one of the most retail-concentrated cities in the world, according to London-based global property broker Cushman & Wakefield,
Abu Dhabi is set to surpass Dubai’s per capita retail concentration by the year 2015 when its retail space doubles to nearly 1.8 million square metres, Cushman & Wakefield said in its report……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Thenational.ae: Chinese investors have dramatically increased their purchases of residential property in Dubai since the collapse of prices in the emirate two years ago, an analysis of sales data shows.
In the first eight months of this year, Chinese buyers purchased Dh578 million (US$157.3m) worth of homes, a 700 per cent increase on the Dh82m figure for the same period in 2008, according to data compiled by REIDIN.com……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Dailyfinance.com: Asian markets rose Tuesday. In China the Shanghai Composite Index racked up a 1.8% gain to end the day at 2,904 and in Hong Kong the Hang Seng Index rose 1.6% to 22,994. Japan’s Nikkei 225 Index gained 1.5%, finishing the session at 10,371.
According to a new survey by the People’s Bank of China, property remains the most popular investment among the Chinese, with 26.1% of those surveyed saying they planned to invest in property despite recognizing that prices are sky high……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Property-report.com: Analysts say that China’s property cooling measures may actually be making things easier for foreign developers to enter the country’s market, according to an article from Channel News Asia.
The measures may be deterring some Chinese developers from starting projects which is good news for foreign developers, including those from Singapore, that want a piece of the action in China……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Business-standard.com: The city’s office stock has grown over five-and-a-half times in the past four years. Bangalore is closing in on Shanghai, China’s booming commercial and industrial metropolis, in terms of Grade-A office space.
The surprise doesn’t end here. India’s Silicon Valley has already overtaken Singapore in this regard, says global property consultant C B Richard Ellis (CBRE). Grade-A offices mean centrally air-conditioned, well maintained, efficient buildings……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Capitalvue.com: The average transaction price of commercial residential properties in Shanghai rose 10.8 percent week-on-week to 23,421 yuan per square meter for the week ended December 19, reports China Business News, citing Uwin and 1lszp.com, two real estate information providers.
The transaction area of commercial residential properties in Shanghai during the same period reached 273,000 square meters, up 19.2 percent week-on-week……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Economists said Hong Kong’s residential property prices will continue to climb in 2011. This comes after property prices continued to hit record highs in 2010. But they do expect things to take a bit of a breather in the first quarter because of recent government tightening measures.
Hong Kong’s property market showed no signs of slowing down in 2010. During a government land auction, a plot on Ede Road in Kowloon Tong sold for over US$200 million to developer Chinachem……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Seekingalpha: In the past couple of years, Hong Kong has witnessed a sharp increase in property prices. This has led some to claim that the time has come to change Hong Kong’s “Linked Exchange Rate System.” This represents a misdiagnosis of the current situation and the wrong prescription for Hong Kong.
It is true that the average cost of an apartment in Hong Kong has risen by almost 20% in the past year alone. This stands in stark contrast to what our latest World Economic Outlook described as the dismal outlook for real estate markets in the industrial countries. ………………………………………Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Propertycommunity.com: A positive economic outlook and supply shortages are set to increase private residential property prices in Singapore by five to 12% in 2011, according to analysts.
Higher priced properties are expected to rise the most and attempts to cool the real estate market are likely to be slowed down by robust economic growth of 4 to 6%……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Bernama: The property market will continue to hot up next year as no bubble is expected to emerge, said property consultants. They said strong buying interests were expected to come from foreigners and there would be more residential transactions in urban areas.
The positive economic growth on the local front amid the grim economic outlook in Europe and US would also boost the market, they said……………………………………….Full Article: Source

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Posted on 22 December 2010 by Laxman |  Email |Print

From Bloomberg: The number of Australian homes worth A$1 million ($1 million) or more listed for sale is about 40 percent higher than average for this time of year, Real Estate Institute of Australia estimates, suggesting price cuts in 2011.
“There’s about a 5 percent gap in what sellers expect and what buyers are willing to pay,” said Perth-based David Airey, president of the institute. “In the first and second quarters of 2011, there will be a rise in activity as sellers adjust prices down.”………………………………………Full Article: Source

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