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Real Estate Briefing 07.Jun 2011

Posted on 07 June 2011 by Laxman |  Email |Print

Eric BelskyThe U.S. real estate market is in terrible shape and there are few signs of any imminent recovery, Harvard University’s Joint Center for Housing Studies concludes today in its annual “State of the Nation’s Housing” report.
“The state of the nation’s housing is sobering,” Harvard’s Eric Belsky said in releasing the report. “Total housing construction over the previous decade now barely exceeds the lowest level of any 10-year period in records dating back to 1974, but the vacancies remain elevated because the recession has driven demand down so sharply.”……………………………………..Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

The ailing US housing market passed a grim milestone in the first quarter of this year, posting a further deterioration that means the fall in house prices is now greater than that suffered during the Great Depression.
The brief recovery in prices in 2009, spurred by government aid to first-time buyers, has now been entirely snuffed out, and the average American home now costs 33 per cent less than it did at the peak of the housing bubble in 2007. The peak-to-trough fall in house prices in the 1930s Depression was 31 per cent – and prices took 19 years to recover after that downturn………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Two years into what’s supposed to be an economic recovery, the US housing market remains on life support. If the housing market isn’t fixed soon, it’s going to drag the rest of the economy down into a hellish bottom that will take years, if not decades, to crawl out of.
The housing market is the United States’ single-most important generator of gross domestic product (GDP) and, ultimately, national wealth. It’s time we fixed what’s broken and implemented new financing and tax strategies to stabilize prices………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

The rise and fall of the housing market was one of the more spectacular bubbles of recent memory. And the bursting of that bubble is still having a profound impact on the economy, even though we’re now several years past the peak. Yet, it doesn’t look like housing prices will be bouncing back anytime soon.
Last week, I examined the perfect storm of factors that led to the incredible inflation of housing prices and some of the reasons housing prices have fallen back to earth. Although I do believe that prices have stabilised, there are many headwinds that will make it hard to see impressive gains coming anytime soon. This week, we will look at six reasons why demand isn’t likely to pick up………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Investors in the United States are expected to outnumber traditional residential property buyers three to one in the next two years, according to a new survey.
The Move Investor survey also suggests local markets will be heating up with renewed investor interest and activity. Compared to a year ago, 62% of investors are paying more attention to home values in their local markets. Only 43.5% say it will be harder to find bargains and 41.5% expect it will be easier to sell their properties in the next six months………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Blackstone Group LP (BX), the biggest private-equity firm, expects more deals in distressed U.S. commercial real estate and says European banks starting to sell troubled property assets present a “sizable” opportunity.
“In the U.S. today I think it’s still a fairly target-rich environment because a lot of assets need to be recapitalized, fixed,” Jonathan Gray, a co-head of the firm’s real estate business, said……………………………………..Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Lone Star Funds, the real estate investment firm run by John Grayken, raised $5.5 billion for a fund to buy commercial-property assets, according to a person with knowledge of the situation.
Lone Star Real Estate Fund II exceeded its target of $4 billion after attracting investors in recent months, said the person, who asked not to be named because the fund’s closing hasn’t been made public………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

There’s an ominous warning for Vancouver and Toronto in a U.S. report examining the property crash in that country – development restrictions played a large role in fuelling a housing bubble in large metro centres, the National Centre for Policy Alternatives suggests.
Both Toronto and Vancouver are hemmed in by development restraints – Vancouver has geographic restrictions and Toronto has greenbelt preservation regulations. The report says that as mortgage credit became easier to obtain, people were forced to bid up house prices because there wasn’t enough new inventory to meet demand………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

The Brazilian property market is going from strength to strength, with a private investment company predicting 2011 to be the country’s biggest year yet. Obelisk International said that a clear way to gauge the success of a property market is to look at levels of real estate funds, as in Brazil these investment funds are bigger than ever.
In 2010, the number of real estate investment funds grew to 101, an increase of 13 per cent………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

European commercial property values increased slightly in the first quarter of 2011, but at a much slower rate than in the last three months of 2010, according to CB Richard Ellis’ European Valuation Monitor.
An increase of 0.4% was recorded between January and end-March this year, compared to 1.2% in the previous quarter. The slower rate, the report suggests, was consistent with recent changes in prime yields in Q1, where falls of 10 basis points or less were recorded across the office, retail and industrial sectors………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Fitch ratings says that the reduction in the balance of outstanding UK commercial property debt reported in the 2010 De Montfort UK commercial property lending market study is consistent with observed trends in UK CMBS.
However, the agency believes that CMBS structures may force an even faster reduction of the outstanding UK CMBS loan balance………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Residential property prices in England and Wales increased 0.8% in April with the average house prices now £163,083, according to the latest Land Registry data.
The Land Registry’s flagship House Price Index shows an annual price decrease of 1.3%. But this masks huge prices rises in some part and falls in others. For example, London has seen property prices increase by 5% year on year but the North East of the country has seen prices fall by 8.1%………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

House prices in Britain are still over-valued by one-third – and the UK property bubble puts that of the US ‘in the shade’. The claims are made in an article in the Wall Street Journal and come as the US housing market continues its long crash. House prices in America are now one-third off their 2006 peak – a sharper fall than in the Great Depression.
The WSJ piece challenged an analyst who said less than a year ago that the UK housing market was a bubble which had survived the financial crisis intact………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Luxury-home prices in central London rocketed upwards at their fastest rate of increase for a year during May. The pound’s weakness on the international currency exchanges helped to encourage a large number of overseas buyers to compete for a declining number of properties for sale, according to agency Knight Frank LLP.
Residential property in the US $6 million bracket saw values jump by +1.4% on April, the seventh straight monthly increase. The market was up by 1% in April………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Australia and China are leading the global real estate recovery, with the Asia Pacific region set to surpass the United States to become the second largest commercial property market behind Europe, according to global real estate firm DTZ.
The annual DTZ Money into Property report has found that while growth in the United States and Europe was stagnant in 2010, the global market grew 3.4 per cent over the year, mainly due to the Asia Pacific’s 14 per cent growth in invested stock………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Landless people have long sparked instability in Asia. From the days of the Qin dynasty (3rd century B.C.), through the huge Taiping rebellion in the mid-19th century, to the successful Communist revolutions in China and Vietnam and a nearly successful insurrection in Malaysia during the mid-20th, the property-less have historically risen against those in power.
Today as East Asia grows more affluent, landlessness is again on the rise. Although peasants in many places remain both poor and restive, the real threat is in the region’s dynamic cities, where rapid increase in housing prices threatens to push hundreds of millions outside the property-buying market………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Hong Kong banks may have succeeded where the government failed as rising mortgage rates curb home price gains and cut sales to the lowest level in two years, signaling the property market may have peaked.
HSBC Holdings Plc (HSBA), which controls two of the city’s three- biggest banks by customers, is among lenders that accelerated mortgage rate increases in April as liquidity dried up. An index of home prices has stalled since March 20, while the number of sales in April fell 37.6 percent from a year earlier to the lowest in more than two years, according to the Land Registry………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Prices of luxury homes in Singapore have moderated in the first quarter of this year due to property cooling measures, data from CB Richard Ellis’ (CBRE’s) Asian Luxury Residential Capital Value Index showed on Monday.
The measures, announced in January, included raising the seller’s stamp duty and reducing credit available to those who already have outstanding mortgages………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Many property developers feel as if they were in the hot water these days as the property market has reached the freezing point characterized by sluggish sales and an exodus from secondary investors. The situation is being further aggravated now that the pressure is piling up on developers as they do not know how and where to find enough funds to continue their projects as the Government’s credit tightening policy comes to a deadline.
As told by the central State Bank of Vietnam, credit institutions have to squeeze tighter the faucet of financial source for real estate sector, and all will have to limit credits for non-manufacturing sectors to less than 22% of the total by June 30 and 16% by late this year………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

It’s a question that exasperates and divides a nation. Is Australian housing wildly overpriced and heading for a nasty fall, or it it simply taking a breather after a period of very strong growth? The market has softened in recent months and prices have dipped by about 1.5%.
As mortgage holders wait anxiously to learn the fate of interest rates when the Reserve Bank meets on Tuesday, the underlying health and future direction of the residential property sector provokes sharply differing views………………………………………Full Article: Source

Posted on 07 June 2011 by Laxman |  Email |Print

Luxury house prices in Paris have mushroomed by 22% in the past year, rivaling the performance of Asian cities, says a new report out this week from the Knight Frank Index which tracks the performance of prime real estate in 15 cities across Europe, Asia and America. The world’s luxury property markets are being driven by an increasingly globalised approach to overseas property says Knight Frank.
Prime property in Paris recorded the strongest price growth of all the cities monitored within the Knight Frank Prime Global Cities Index: its prices rose by 22.2% in the year to March 2011, driven primarily by supply constraints and growing interest from overseas buyers……………………………………..Full Article: Source

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