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Real Estate Briefing 18.May 2011

Posted on 18 May 2011 by Laxman |  Email |Print

David ReslerHome construction in the United States plunged in April, official data showed Tuesday, underscoring the depth of the years-old housing crisis. Housing starts tumbled 10.6 percent from March to a seasonally adjusted annual rate of 523,000, the Commerce Department reported.
The number widely missed the average analyst estimate of 563,000……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Steve BlitzCommerce Department numbers out today show that home construction fell again in April, yet another disappointing indication that the home-building sector remains in the doldrums, and that housing may continue to drag on the economy for some time.
Housing starts, which gauge new home construction, fell 23.9% in April, compared with a year earlier, and suggest that only 523,000 new homes will be built this year. At the height of the housing boom, nearly 1.5 million new homes were being built each year………………………………………Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Housing starts fell more than expected in April as work began on fewer houses than the month before, showing that the real estate market continues to experience an anemic recovery.
The Commerce Department said Tuesday that work began on 523,000 in April, down 11% from March at an annually adjusted pace. Analysts were expecting a much higher reading around 570,000……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Everyone is curious about the state of housing in the US. My friend Gary Shilling recently did a lengthy issue on housing as it is today. I asked him to give us a shorter version for Outside the Box, and he graciously did.
And you want to know what Gary thinks, because he is one of the guys who really got it right early, from subprime to the bubble and the price collapse, and has been right all along. No one is better. This very readable edition is full of charts and fast reasoning……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

The American housing market is in trouble. Prices continue to fall, many would-be buyers can’t qualify for mortgages, sales remain sluggish, and the backlog of potential foreclosures continues to grow.
The benefits of the temporary tax credits offered in 2009 and 2010 have long since worn off. Meanwhile Congress is working to revamp Fannie Mae and Freddie Mac while the FHA gets tougher and tougher on new borrowers. Housing clearly needs another boost and I have just the ticket……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

House prices globally tend to follow cycles lasting around 16 years: patterns of 12 years of rises followed by 4 years of declines (at a steeper rate than the rises). With US house prices having peaked in 2006 and UK house prices 2007, cycles suggest a new bull market should now emerge. So do historical measures support this?
Looking at other indicators such as median income to median home price, cost of renting versus cost of ownership, and housing value as a percentage of GDP, we see a similar picture of getting back towards reasonable value……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Real estate investment trusts continue to outperform other stocks in the US. The FTSE NAREIT All Equity REITs index was up 7.5% over the first quarter of 2011, and the FTSE NAREIT All REITs Index was up 6.8%. This is compared to a 5.92% growth in the S and P 500 Index.
The positive 1st quarter growth enjoyed by REITs was surprising to many, given the slightly negative returns in March. The FTSE NAREIT All Equity Index fell 1.28% on the month, and the All REITs Index fell 1.38%. This was against a 0.04% increase in the S and P 500……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Canadian real estate investors were among the most active in the world in the first quarter, according to a study into capital flows from international brokerage Jones Lang LaSalle.
The brokerage said cross-border, direct real estate investments increased by 25 per cent from a year ago, with $37-billion of deals. The most active buyers were global funds, followed by investors in Canada and Singapore……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Like China, Brazil continues to pump millions of dollars into affordable housing with another R$76.7 billion ($47.3 billion) packaged announced on Monday. The loan budget is good until 2014, the government’s official press office said.
The program getting the funding, called My House, My Life, began in 2009 under the administration of president Luiz Inacio Lula da Silva, but yesterday’s announcement of billions available in low-income housing development and mortgage loans continues that commitment under new president Dilma Rousseff……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Residential property prices have fallen in Panama, and are still expected to adjust downwards, as demand shifts from upscale and luxury apartments to middle- and low-income smaller apartments. Residential property prices now reach as low as US$1,050 to US$1,200 per square metre, down from US$1,350 to US$1,500 square metre before the downturnn.
Commercial property prices, on the other hand, are steadily rising as more foreign investments pour in……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

The European commercial real estate investment market continues to recover, driven by an increase in demand for prime retail property assets, according to the latest CB Richard Ellis (CBRE) European Capital Markets report.
Direct European commercial real estate investment reached EUR 28 bn in the first quarter of 2011 - a 32% increase on the same period last year………………………………………Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

UK commercial property has bounced back by nearly 20% since its low in June 2009 and could have much further to run.
In particular, there is a growing gap between prime property in central London, where capital values have recovered by 38% since the low spot, according to real estate adviser CB Richard Ellis, and secondary properties in regional towns where prices remain flat on uncertainty about rental levels and tenant demand……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Residential property prices in Ireland have fallen by 11.9% in the year to the end of March, according to the new national real estate index from the Central Statists Office.
This compares with an annual rate of decline of 10.8% in February and a decline of 15.1% recorded in the twelve months to March 2010……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

With the world emerging economies such as China, Brazil and India taking their global share of the cake in terms of property development, many countries especially in the west and North America are slowing their ride. The economic boom in china fueled by rampant export manufacturing has by many accounts raised the living standards considerably.
This has further sparked the need for houses of the billions of people in the country which has consequently boomed and revolutionized the property development industry in the country. The same has been repeated in china’s main competitors; Brazil and India. (Press Release)

Posted on 18 May 2011 by Laxman |  Email |Print

Over the last 6-7 years, the number of investors who enter the residential real estate sector for the purpose of capital appreciation has been increasing. At the height of the investment frenzy in 2007-08, up to 70% of the buyers were investors rather than end users in key cities.
Many of these investors are wondering today whether to sell or hold these properties. Some of them are cash-strapped, and the ‘million dollar’ question is – sell and cut losses or wait for a while longer hoping for some appreciation? If they choose to wait, how can they make any more investments? Would another asset class give a higher rate of return?………………………………………Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

Evergrande Real Estate Group, one of China’s biggest property developers, has announced the sale of a 49 percent stake in its subsidiary, Grandday Group Ltd, whose principal asset is a large area of land in Jiangsu Province. Analysts described it as a necessary step for the developer to ease its shortage of capital, amid a general tightening of credit loans.
The Hong Kong listed developer said in a statement late Monday that the stake in Grandday Group was sold to Chinese Estates Holdings Ltd for $500 million, and that the sale would enable the two companies to form a strategic alliance in property development……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

The real estate sector is regulated by many laws including the Civil Code, laws on Land, Construction, Investment, Bidding, Housing, the Environment plus regulations relating to taxes and finance. The laws have created a relatively systematic framework on managing real estate trade and investment.
However, the management of real estate trading services is still limited as, so far, it is solely regulated by the law on real estate business. Real estate trading floors operate inconsistently, leading to a lack of transparency and difficulties for customers to access market information……………………………………….Full Article: Source

Posted on 18 May 2011 by Laxman |  Email |Print

A monthly analysis of the New Zealand housing market in April reveals the continuation of a recent trend towards the market becoming less negative.
The Mike Pero Mortgages-Infometrics Property Cycle Indicator (PCI) is released monthly, prepared from an analysis of changes in house sales, price movements and the time taken for properties to sell……………………………………….Full Article: Source

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