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Real Estate Briefing 03.Jun 2011

Posted on 03 June 2011 by Laxman |  Email |Print

Five years after US house prices first started to fall in mid-2006, the American housing market remains moribund. The latest data from the S&P/Case-Shiller House Price Index show that despite the end of the recession, house prices continue to fall, seemingly unable to generate any sustained upward momentum.
As chart 1 shows, US house prices hit a peak in mid-2006, and then began to plunge, falling steadily until early 2009. They showed some signs of recovery between mid-2009 and early 2010, but since the second quarter of 2010 they have been sliding ever-downwards, prompting economists to warn of a “double-dip” fall in the market……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

David BlitzerUnpleasant news keeps hitting the airwaves relentlessly, with the latest news announcing that the U.S. housing recession has not bottomed out yet. Home values are still going down, having decreased another percent between February and March of this year.
“Home values fell three percent in the first quarter of this year, marking a pace of decline not seen since 2008 when the housing recession was at its worst. … There was little escaping the housing downturn in Q1 2011,” according to Zillow Real Estate Research, a real estate analysis firm……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Housing prices were down 4.2% in the first quarter of 2011 and have recently fallen back to levels that have not been seen since 2002. The most drastic falls have taken place in the 20 largest United States metropolitan areas.
This drop has a number of market experts concerned about the overall economy. Why? Because housing prices are a strong barometer for the health of the economy……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Home prices won’t rebound until jobs come back. But jobs won’t come back until the housing mess gets fixed. That’s a problem because both the housing market and the broader economy are having trouble getting back in gear. Hiring is losing steam, and after home values hit a post-boom low, many are projecting further price declines.
“The economy can move forward without housing,” said Mark Zandi, chief economist with Moody’s Analytics. “But I don’t think it can flourish and create enough jobs to bring down unemployment in a significant way without a revival of the housing market.”………………………………………Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Minorities and the working class may find it harder to buy homes under a U.S. plan that would require larger down payments to qualify for lower-cost mortgages, according to lenders, consumer groups and lawmakers.
Bankers and consumer advocates, often at odds on policy issues, united today to make the case for revising the government proposal and released data that they said shows the rule would deny loans to millions of borrowers while doing little to reduce defaults……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Although mortgage rates have recently risen slightly from their all-time lows, the recovery of the housing market is not a reality in many areas of the United States. This means that houses in several different states cost less than they have in years and rates are still low enough to make investing in real estate a popular consideration for many investors.
But is this really a good time to be investing in property that you won’t be living in? After all, there are many things to consider beyond the opportunistic aspects of the decision……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

The same factors that allowed me to be a successful stock-picker have played true in making me a prescient economic forecaster on occasion. However, at the time of my selections and forecasts, I always face turbulent waters driven by the tide of embedded norms.
Just as I led in the forecasting of the housing and financial sector downturns, I am once again diving into the tide with my forecasts for housing growth and homebuilder share appreciation. The tide, though (to mix metaphors), is from the herd, not professional economists, who are mostly on board for real estate growth this year……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

The American real estate market is not out of the woods yet. In fact, it has taken a wrong turn slumping back to levels not seen since 2002, according to home prices track in the Standard & Poor’s/Case Shiller Index. The resurgent real estate recession gives pause to banking investors and should also worry investors in real estate.
The exchange-traded funds focused on a rise in the value of real estate have been shown to be average to poor performers on a risk-adjusted return basis in our latest ratings……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

In real estate markets across the country, dormant construction sites and barren cul-de-sacs testify to the severity of the 2008 crash. But the evidence in New York City is slim. Amid strong international demand and constricted local supply, the recession is becoming an evanescent memory in Manhattan and its neighboring boroughs.
“Right now,” said Chris Okada, founder of Okada & Company, a Midtown-based commercial real estate brokering firm, “New York has almost fully recovered.”………………………………………Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Netherlands registered highest average engagement at 31.3 hours per person. The number of unique visitors who went online in Europe reached 365.3 million in April 2011 with an average of 24.2 hours per person online, according to a study by comScore.
The study was conducted in 18 markets of European region. It revealed that among the markets, Netherlands registered the highest average engagement at 31.3 hours per person, 30% higher than the collective Europe average……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

The U.K.’s housing bubble put the U.S.’s in the shade. At their peak, U.K. house prices were at around 5.8 times average earnings, against a normal ratio outside of bubbles of around 3.4 times. They’re currently around 4.4 times.
By contrast, the U.S.’s ratio of house prices to median income peaked at around 4.8 times, against a trend rate, like the U.K.’s, of around 3.4 times. Indeed, the U.K. property bubble was more akin to that seen in Japan in the late 1980s……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

At first glance, Britain’s house price picture is as confused as ever. On most measures, prices seem to be lower than they were last year. But the most recent stats from Rightmove (which looks at asking prices) and the government show prices rising on an annualised basis.
That, though, is all history. What’ll happen now? Yesterday the latest figures on mortgage approvals - a handy pointer to the future - were published. They weren’t good, which suggests the next move in prices will be down……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Before the recession was fully realised, there were plenty of economists and property experts taking nervous backward steps from investments of any kind, because as far as they were concerned the writing was on the wall.
Fast forward two years, the writing is on the wall again but this time it is a very different message becuase property experts are seeing real value in certain countries and cities. And, where Turkey property is concerned, the statistics are currently speaking for themselves……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

After the real estate and mortgage bust in the Middle East in 2009 investors are slowly beginning to return to the market. However, the sector is fragile and development is slow to pick up.
In the boom years preceding the global financial crisis, real estate was the goose that laid the golden eggs for MENA countries looking to diversify away from oil. With its positive spillover effect on sectors such as construction, tourism, services, and retail, the sector`s growth seemed unstoppable……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

The emergence of Islamic real estate investment trusts (REIT) in the Middle East, which offer the chance to own shares in a portfolio of real estate assets with a steady paid dividend from the income earned on those assets, may lure investors such as Hamdan back to the sector again.
Islamic REITS differ from their conventional counterparts by banning investment in any assets that pay interest or conduct business in any forbidden industry, such as gambling, alcohol or adult entertainment……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Property sales in the Asia Pacific — half of which are accounted for by the mainland market — are expected to be flat this year after hitting record levels in 2010.
In its latest edition of its Money into Property report, property consultancy DTZ estimates that investment in property in the Asia Pacific more than doubled last year to an estimated US$158 billion (RM478.74 billion) to overtake European sales and account for 46% of total global transactions. “It was a record and a fantastic year for property in the Asia Pacific,” said Hans Vrensen, global head of research at DTZ……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

According to the latest data released by Savills, the top-end of the Singaporean property market continues to perform well. Prices of non-landed luxury property in the country remained steady in the first quarter of the year.
The average price reached SD2,269 per square foot over the period, up marginally by 0.5 per cent quarter-on-quarter from SD2,258 per square foot in the last three months of 2010……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

ANZ Bank’s Australian chief executive Phil Chronican has said the government’s first-home buyer stimulus did nothing but drive up property prices, and warned that mortgage arrears would remain high as consumers struggled with cost of living pressures.
As bank shares fell further on the market yesterday, Mr Chronican said local housing prices were likely to remain flat but governments and regulators needed to address the chronic demand and supply imbalance in domestic property……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

Many long-term investors believe that real estate investments are essential to a portfolio, both because of a relatively low correlation with equities and bonds and because real estate is believed to be a good historic inflation hedge and general wealth storage option.
Beyond owning your own home, which is arguably not an investment, investing in real estate is often aggravating……………………………………….Full Article: Source

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Posted on 03 June 2011 by Laxman |  Email |Print

With the near future of real estate still in question, investors have been hungry for a fast way to play the market or to hedge against their volatile portfolios. Futures contracts have been an extremely popular method of balancing a portfolio in other markets, and real estate is, with a little knowledge, now in the same boat.
In 2006, the Chicago Mercantile Exchange (CME) started trading futures contracts for the S&P/Case-Schiller Home Price Index, which covered both U.S. residential and commercial properties……………………………………….Full Article: Source

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