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Real Estate Briefing 13.Jun 2011

Posted on 13 June 2011 by Laxman |  Email |Print

Dana SaportaFalling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61 percent a decade ago.

The latest bleak snapshot of the housing market came as mortgage rates hit a new a low for the year, falling below 4.5 percent for a 30-year fixed loan. But even alluring rates have failed to deliver any lift to the depressed housing industry………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Robert ShillerWhen Robert Shiller, co-creator of the S&P/Case-Shiller Home Price Indices , speaks, he tends to make headlines, and yesterday was no different. Claiming that he wasn’t making any predictions, he predicted that home prices could fall another 25 percent.

“That wouldn’t surprise me at all,” he hedged. And there was the headline, tragic as it is.I happened to be at the conference yesterday where he said that. In fact, I was a speaker/panelist at the Standard and Poors “Housing Summit 2011: Boom, Bust and Beyond.” And, no offense, but that wasn’t the headline. What really struck me was what he said right before that………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Residential property sales prices in the US continued a downward trend in May, but only half as far and half as fast as in April, according to the latest report from Clear Capital. Its latest Home Data Index shows that nationally prices fell 2.3% quarter on quarter and year on year they were down 7.6%.

The weakest market was the Detroit Metropolitan Statistical Area with a quarter on quarter change of -13.2%………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Lately, radio, newspaper, and television commercials have been talking about the great improvements in the housing market since the beginning of the Great Recession. Although there have been improvements in the housing market, the sad fact is that homes for sale have suffered considerably as a whole. In fact, it’s pretty safe to say that the housing market is probably in the worst shape ever, according to RealtyPartner.

The best way to fully explain why the housing market is quickly becoming known as one of the worst economic plights in the 21st century is to explain both the causes and the effects of the housing market bubble burst. When you look at the whole picture, it’s easy to see why the housing market is in horrible shape, and that the worst might not be over yet………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.

These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the “robo-signing” issue is particularly combative, it’s 807………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Demand is outstripping supply in the country’s apartment rental market, pushing the national vacancy rate lower and making it more difficult for renters to find accommodations, Canada Mortgage and Housing Corporation reported Thursday.

The vacancy rate fell to 2.5% in April from 2.9% a year earlier, the national housing agency said“Immigration continues to be a factor in supporting rental housing demand. Recent immigrants tend to rent first before becoming homeowners,” said Bob Dugan, CMHC’s chief economist………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Give Bank of Canada Governor Mark Carney full points for showmanship – his decision to use Vancouver as a backdrop for a speech on the country’s housing market is a total showstopper.

The press release from the central bank saying Mr. Carney would address a sold-out Board of Trade meeting on Wednesday elicited squeals of glee from many market watchers, especially those who spend a lot of time warning others that Vancouver’s housing market is bound to crash in a spectacular manner (any day now)………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Property prices are skyrocketing in Brazil. The construction sector is booming. And the mortgage market is expanding rapidly. But there is a growing concern that all this is unsustainable. And imbalances in the economy — an overvalued currency and high inflation — are exacerbating the dangers of the looming credit and property bubble.

The average asking prices of new apartments across the country soared by 24.7% in April 2011 from a year earlier, according to Exame Magazine (using data from Ibope Intelligence, the largest Brazilian market intelligence firm)………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

UK housing is struggling again – the Halifax House Price Index gained just 0.1% in May after a sharp 1.4% fall in April. The trend is clear: house prices in the UK are falling at their fastest rate since late 2009. Investment bank Morgan Stanley forecast a poor outturn for 2011 earlier this month and is rare among forecasters to warn that we could see a 10% drop by the end of 2012.
Yet, even now, the bad news is being glossed over by rosy-eyed commentators. Everyone, it seems, wants to talk up house prices. When reality sinks in, the surprise will be all the greater………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Tentative signs of a recovery in private sector work may ease the pain of a double-dip recession in the UK construction industry in the wake of severe government spending cuts at the end of 2010.

“The underlying trend should brighten a little bit (in the second half),” Allan Wilen, economics director at construction industry analyst Glenigan, told Reuters………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Many rich Indians are among foreigners investing over 3 billion pounds every year in London’s prime real estate market as the metropolis continues to attract the world’s super-rich, latest industry figures show.

Several estate agents have highlighted the fact of rich Indians flocking to buy property in London, thanks to a booming economy, favourable foreign exchange rates and increasing numbers of children of rich Indians studying here………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

One in three buyers of newly built London homes comes from China and Hong Kong, according to a leading estate agent. Knight Frank has reported that a decline in the value of Sterling has made London more affordable for Far Eastern buyers who want apartments for children studying in the UK or as an investment.

Sky News visited Europe’s tallest residential tower in Canary Wharf with a group of Chinese investors who were viewing a range of developments in the capital………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

The sale last week of the Olympia malls in Teplice and Mladá Boleslav by Union Investment and CA Immo marks the start of what is anticipated to be a busy summer for the Czech retail property market.

With Poland continuing to heat up, investors looking for exposure to Central Europe are shifting their focus to the Czech Republic in search for value, James Chapman, head of Capital Markets at C&W Czech & Slovakia, told PropertyEU………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Opportunities abound in Jeddah’s real estate market with sale prices and rents set to continue to rise, Jones Lang Lasalle said in a new report published on Sunday.

The consultants said the Jeddah market was benefiting from the Saudi government’s recently announced financial stimulus package and massive public sector infrastructure investments………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Dubai, the Persian Gulf business hub where real estate values have fallen for three years, has cancelled 217 property projects in a two-year review of the industry.

Out of more than 450 projects reviewed by the Real Estate Regulatory Agency, 237 will be completed, according to a Dubai government bond prospectus that didn’t name the cancelled developments. The value of property transactions fell to 119.5 billion dirhams ($32.5 billion) in 2010 from 152.9 billion dirhams a year earlier, the document said………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

The going may not be as tough as in the downturn, but a lacklustre real estate market is forcing contractors to tread gingerly. So some like RS Garg, chief financial officer, Ramky Infrastructure, believe it’s not a wise thing to take up real estate contracts.

“Moreover, there are a lot of new entrants bidding aggressively. You either join them or stay away. We’ve decided to stay away,” he said………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

As property prices surpass the 2008 peak levels, realty experts believe that a correction is possible in the next couple of quarters, especially in cities like Mumbai and Delhi where prices have risen fast. This, according to some experts, offers an opportunity to real estate investors to book profits.

Parvinder Singh Sidhu , a Navi Mumbai-based marketing executive, concurs. Five years ago, Sidhu had bought a second home, a 750-sq-ft flat at Belapur in Navi Mumbai for about Rs13 lakh………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

People are talking less about high residential property prices, as this has been the situation for some time. The new hot topic among the middle-class is rent - which is also soaring.

In the past, rental levels didn’t necessarily rise in tandem with home prices. The two sometimes went in different directions………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

In a flurry of announcements since he assumed office on May 28, National Development Minister Khaw Boon Wan has demonstrated urgent resolve to deal with housing concerns ranging from high prices to out-dated eligibility requirements and the inadequate supply of new Housing and Development Board (HDB) flats.

Housing was a hot topic during the General Election last month. The prevalent view then was that public housing had become less affordable and that private property was increasingly out of reach of HDB upgraders………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Taiwan’s housing market may benefit from a free independent travelers (FIT) program for Chinese visitors by the second half of the year, major real estate agencies said Sunday.

Transactions involving commercial and residential properties such as stores and luxury buildings in Taiwan may be boosted by the cross-strait Economic Cooperation Framework Agreement and imminent FIT program,……………………………………..Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

The ongoing real estate project financing problems in Korea have highlighted that an inability to accurately understand the “market value” for real estate assets can have severe consequences.

The impact of financiers reportedly providing loans to contractors based on their credit rating rather than the market value and feasibility of individual development projects has been severe, filtering down from bankrupt developers to frozen savings banks and onto the general public………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

The real estate market is now frozen and investors hoping to make quick profits from “surfing” in this market cannot do anything, especially in Hanoi and HCM City. Although there is still a great demand for real estate, there are few successful transactions. The situation is attributed to policies to contain inflation and high interest rates, which have had a great impact on the real estate market.

A number of real estate projects have even offered promotional discounts on purchasing prices. Nguyen Huu Cuong, President of the Hanoi Real Estate Club said that almost all current real estate projects are incomplete and lack sources of capital………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Japan’s earthquake and the resulting tsunami are likely to hit office and luxury retail rents in Tokyo, but the long-term impact on the country’s industrial sector remains uncertain, according to CB Richard Ellis.

In a preliminary assessment of the quake’s impact on Japan’s real estate markets, CBRE found that demand in the industrial market could temporarily lift, but the long-term effects on industrial rents were still unclear………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Latest Bureau of Statistics data reveals an increase in Victorian home loan activity, signalling a possible stabilisation of Melbourne’s housing market. Victorian seasonally adjusted owner-occupied housing finance commitments rose 4.1 per cent in April compared with the previous month.

Seasonally adjusted, the number of home loans taken out so far this year is 1.8 per cent higher than for the same period last year: 51,150 owner-occupied housing finance commitments were recorded over the first four months of 2011, compared to 50,603 for the four months ending April 30, 2010………………………………………Full Article: Source

Posted on 13 June 2011 by Laxman |  Email |Print

Costa Rica has long been a popular tourist destination. Beautiful beaches and valleys, tropical greenery, wide biodiversity and a comfortable climate attract a growing number of tourists. There’s lots to do, including surfing, deep sea fishing, scuba diving, snorkeling, bird watching and rainforest exploring, and even just outdoor sightseeing.
Costa Rica offers excellent security, good infrastructure, accessible healthcare and affordable real estate, all of which appeals to tourists, buyers and retirees………………………………………Full Article: Source

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