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Real Estate Briefing 01.Jun 2011

Posted on 01 June 2011 by Laxman |  Email |Print

Daniel MartinAfter rebounding in 2009 and 2010, national home prices have sagged to another low in what housing experts are calling a “double dip.”
Falling for the eight consecutive month, the S&P/Case-Shiller Home Price Index reveals that home prices in major metro areas are back to mid-2002 levels, with no end to the declines in sight. The 20-city National Index dropped 4.2 percent in the first quarter after having fallen 3.6 percent in the final quarter of 2010. In Atlanta, Cleveland, Detroit and Las Vegas average home prices tumbled below January 2000 levels……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Robert ShillerRobert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller home-price index, talks about the outlook for home prices. The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 138.16, the gauge was the weakest since March 2003.
Shiller speaks with Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart.”………………………………………Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

The United States housing market has had a bad year. Between March 2010 and March 2011, the market suffered its biggest year-over-year decline in 16 months.
The drop is the eighth straight decline on a non-seasonally adjusted basis. With a backlog of foreclosures, there is an excess of distressed properties, which could help keep the market depressed and make people less likely to build new homes. Of the 20 cities looked at, only Washington, D.C. showed growth……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

House prices plummet while mortgage rates hit rock bottom lows. Yet buyers still sit on the sidelines, as recent pending home sales data show. We could be witnessing a historic shift in how Americans view homeownership.
The numbers from the S&P/Case-Shiller Home Price Indices show that home prices have entered a downward spiral whose end appears nowhere in sight. This seemingly endless slide has begun to affect the thinking of Americans who might otherwise be bargain-hunting for homes……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Owning a home has long been a goal for many Americans, but now more people consider U.S. homeownership a poor investment choice and are kissing that plan goodbye.
Since the housing market collapsed in 2008, forcing millions of underwater homeowners out of their houses, real estate has become a scary and unreliable investment option……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Student housing, long associated with beer pong, communal bathrooms and wild parties, has traditionally been a laggard in the apartment-building business.
But lately, the student-housing sector has been gaining respect. With enrollment in colleges rising and landlords boosting rents, returns of real-estate investment trusts that own student housing are beginning to approach those that focus on more conventional rental apartments. New development and sales of the properties are increasing……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

A fresh wave of Chinese buyers, coupled with Canada’s already frothy home prices, has vaulted Vancouver into the ranks of the world’s most unaffordable real-estate markets.
Bungalows—small, detached, single-story homes, some in need of significant repair—can command prices well above a million Canadian dollars (US$1.02 million.) One local website, crackhouseormansion.com, invites visitors to guess whether homes pictured on the site are property sold for more than C$1 million or are alleged crack houses……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

House prices in England and Wales have drifted slightly lower in the past few months, according to the Land Registry. Its latest survey of all completed sales shows the average price rose by 0.8% in April to £163,083.
However, the average sale price in the February to April period was 1% lower than in the previous three months - the best indicator of short-term trends. Prices in April were 1.3% lower than a year ago, and monthly sales have also fallen, by 14% in the past year……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

The high proportion of would-be first-time buyers who are unable to get onto the property owning ladder is pushing up demand for rental properties and could see a whole generation of young people excluded from homeownership.
Strong demand is allowing landlords to increase rents and the latest rental market report from property website, Rightmove, says, ‘pricing power remains with landlords and tenants predict further rises.’………………………………………Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

U.K. lenders should cap mortgages at 90 percent of the property’s value and no more than three-and-a- half times a household’s annual income to prevent another housing bubble, the Institute for Public Policy Research said.
The U.K.’s “addiction to house-price inflation” is damaging the economy and the Conservative-led coalition government should make price stability a priority, the London- based advisory group said in a report today……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Home builders and lenders are in talks to get the U.K.’s sluggish housing market moving again by helping provide mortgages worth 95% of a property’s value, which largely disappeared in the wake of the financial crisis.
Leading FTSE-listed home builders met the Council of Mortgage Lenders last week to discuss ways of remedying problems accessing mortgage finance and the poor consumer sentiment this has caused, a person familiar with the matter said……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

They say an Englishman’s home is his castle but the UK has a particular problem with our addiction to house price inflation. Before the crash, house prices trebled in the space of a decade. Great for those that bought at the right time but not for others.
As a nation, we are used to borrowing beyond our means. The UK mortgage market had the second highest loan-to-value ratio of any OECD country before the financial crisis. At a household level, first-time buyers who were offered 125 per cent mortgages and found themselves in negative equity following the crash……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Aviva Investors has launched a global real estate fund of funds to help UK local authority pension schemes access unlisted property and still comply with LGPS regulations.
Aviva Investor’s Global Real Estate Fund of Funds will invest in principal and mature markets in mainland Europe, North America and Asia Pacific and has been structured to give LGPS funds exposure to unlisted property which complies with regulations limiting LGPS investments………………………………………Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

In response to the trend toward smaller shopping centers and hybrid malls, GfK GeoMarketing evaluated 45 small German shopping centers in April 2011 with a sales area of 10,000 to 15,000 m². The results show that more than half of these shopping centers are failing.
To provide further insight, GfK GeoMarketing subsequently released a white paper that details the specific risks and opportunities associated with hybrid malls……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

According to new research by Currencies.co.uk 8 out of 10 Brits currently considering buying a property overseas in the near future, is planning on buying in distressed Europe.
According to the report the countries worst affected by the international financial crisis, the so-called PIIGS, Portugal, Ireland, Italy, Greece and Spain are apparently the most popular, with 82% of potential British buyers looking at those locations……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Interest in Poland’s regional cities is rising, according to Savills, as real estate investment in 2011 is set to exceed €2 billion compared to a total volume of €1.73 billion in 2010. Poland is anticipated to represent one of the highest levels of real estate investment across CEE countries (including Russia) – its 2010 market share was 35%.
The international real estate advisor reports that during the last quarter of 2010 and the first quarter of 2011, transactions outside Warsaw included office buildings in Krakow, Wroclaw and Gdansk as well as a number of retail properties and a portfolio of three shopping centers located in Lodz, Torun and Sosnowiec………………………………………Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Egypt is showing clear signs that it’s at the beginning of a real estate cycle that will see significant price increases according to experts.
Research conducted by Business Monitor International found that property prices and rents are rising at a considerable pace provoked by strong international demand, a rapidly expanding tourism industry and the country’s ‘dynamic conditions’ which have allowed commercial property and businesses to flourish……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Political instability and revolutions in the Middle East have had an impact on financial confidence in certain parts of the Gulf, according to a local real estate expert, who believes that economic and political normalcy in Qatar have led to continued growth in the local market.
The CEO of regional real estate and relocation agency COREO, Khalifa al-Misnad, said that regional instability in the wake of the Arab Spring has had a negative impact on investor and consumer confidence in certain areas……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

The Cabinet approved Monday the addition of a new article to the law governing the ownership of real estate by foreigners which gives the Cabinet final executive decision over the law. The new Article 9 is the result of a Royal Decree issued on July 19, 2000.
In the meeting chaired by King Abdullah, Custodian of the Two Holy Mosques, ministers thanked Almighty Allah for the “remarkable achievements made by the Kingdom in the last six years of King Abdullah’s leadership………………………………………Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Dubai is known as a tenants’ market. Even after the freehold property laws were introduced, there was no significant decrease in the number of people opting to rent homes.
When residential rents went through the roof during the peak period, tenants had no option but to take any unit that they could grab for the cheapest rate, and understandably, there was nothing much they could demand for the money they paid……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

China’s real estate market has a lot of international analysts in disagreement about its future. Bubble or not? American hedge fund Jim Chanos has repeatedly predicted the Chinese market will burst, suggesting that 70 per cent of the mainland’s economy relies on construction and infrastructure.
Swiss analyst Marc Faber is in the same camp, saying the market runs the risk of falling sharply, reported The Standard……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Hong Kong’s residential property market has started to falter despite housing sites fetching record-breaking prices in recent land auctions and individual residential developments registering transactions at an all-time high, says Colliers International Hong Kong (CIH.)
A slowdown in residential sales activity over the past quarter has revealed a growing uncertainty in the market……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Experts have forecast a ten to 15 per cent drop in prices within the Thai property market for 2011. At the recent Property Market Outlook in 2011 seminar, analysts indicated that buyers should be able to take advantage of a fall in values, Property Report states.
According to the experts, high interest rates, rising inflation and increased construction costs are all contributing to the decline. However, it is hoped that new government measures will go some way to improving market conditions……………………………………….Full Article: Source

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Posted on 01 June 2011 by Laxman |  Email |Print

Australia’s housing market is unlikely to suffer a “structural collapse” on the scale of America’s property rout, a new report says. This is despite deep household vulnerability to further rate rises.
But the two-speed economy is a “serious problem” for the market, with confidence sliding as weak demand buffets employers in the retail, manufacturing and tourism sectors. The report, by investment research group Morningstar, comes as Housing Industry Association data reveals that sales of new homes in April were down 10 per cent on the same month a year ago………………………………………Full Article: Source

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