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Real Estate Briefing 16.Jun 2011

Posted on 16 June 2011 by Laxman |  Email |Print

David CroweConfidence among U.S. homebuilders slumped in June to the lowest level in nine months as executives turned more pessimistic on the outlook for sales, a sign that any pickup will take time to develop.
The National Association of Home Builders/Wells Fargo sentiment index unexpectedly fell to 13 from 16 in May, the biggest drop in a year, data from the Washington-based group showed today. The median forecast of economists surveyed by Bloomberg News projected it would hold at 16……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Falling home prices may be plaguing the US economy, but they are candy to foreign investors, who already have a weak dollar on their side.
Buyers from overseas spent roughly $41 billion on US residential real estate last year, a bump up from the previous year. US real estate agents report a surge this Spring especially, as foreign buyers see continued pressure on home prices and ample bargains……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

1. Honolulu. Home buyers pay a premium to buy a slice of paradise. During the first three months of 2011 the median price of a home sold in Honolulu was nearly $580,000, according to the latest data from the National Association of Realtors. That gives Honolulu the distinct honor of being the most expensive housing market in the nation.
2. San Jose, Calif. Silicon Valley’s tech millionaires and other residents have seen their home values plunge dramatically, but they’re still holding some of the most valuable properties in the nation……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Falling property prices are a renewed threat to banks engaged in mortgage, home-equity and commercial real-estate lending, said Michael R. Foley, senior associate director in the Federal Reserve’s bank supervision division.
“With residential and commercial property values still under strain, heightened reserve levels at banks remain appropriate for these sectors, and we expect that banks will continue to incur losses due to ongoing weakness in real estate markets,” Foley said………………………………………Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

The collapse of residential real estate prices just officially exceeded the scale of the Great Depression’s housing crisis. Using mortgages as a welfare program turned out to be long-lasting poison.
Home prices have fallen by 33%, according to Standard & Poor’s Case-Shiller data, since the housing market began its long, hard collapse in 2006 — with a further decline expected in the months ahead……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

After a respected housing analyst pronounced the U.S. to be in a “double-dip” housing recession not long ago, contrarian analysts started popping out of the woodwork with rosier predictions.
You can’t call them bulls. This downturn — the worst since the Great Depression — has made realists of nearly everyone. But these less-gloomy experts see indications that prices may already have hit bottom. Some think prices are on the way back up after the three-year rout……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

As the global commercial real estate market continues to show signs of a sustained - though uneven - recovery, participants in the U.S. market may be best-positioned to take advantage of early opportunities.
The increased issuance of commercial mortgage-backed securities (CMBS), higher property demand and favorable property valuations are a few of the reasons why the U.S. commercial real estate market is in a good position, researchers with Credit Suisse’s Customized Funds Investment Group (CFIG) wrote in a new published report titled “Commercial Real Estate: Has the Tide Turned?”………………………………………Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

U.S. home values are currently at an eight-year low, but in Silicon Valley, it appears that the recent tech bubble could be creating a housing bubble, too.
Money from the recent boom in tech IPOs and private stock sales is spilling over into the real estate market in the cities south of San Francisco, where newly wealthy tech employees are bidding up home values, Bloomberg News reports……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

A hot real estate market in Vancouver helped drive home sales in Canada higher in May and push the average price was up 8.6 per cent, according to the Canadian Real Estate Association.
The average price in Vancouver, far and away Canada’s most expensive market, was up 25.7 per cent to $831,555, while the number of home sales in that area was up 7.2 per cent from a year ago……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Canada’s sizzling housing market is on the radar of Bank of Canada Governor Mark Carney, but he issued only verbal warnings to home buyers and banks on Wednesday, rather than signaling any intention to raise interest rates soon.
In a speech in Vancouver, the country’s hottest real estate market, Carney said conditions should moderate as housing demand is eventually dampened by higher borrowing costs and other factors……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Mark Carney is issuing a sharp warning that the housing market may be overheating, as his ultra-low interest rates, combined with too much optimism on the part of buyers, fuels prices in the country’s hottest markets.
Even as growth in mortgage credit has started to slow and prices are expected to moderate, investment in residential properties nationwide is now near peak levels, Mr. Carney said in a speech to the Vancouver Board of Trade……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Costa Rica was one of the countries whose real estate market plunged when the recession hit. But now Costa Rica’s housing market is reviving, though it is nowhere near what it was during the 2006 to 2007 boom.
“There has been a timid awakening in selling homes and condos on Pacific beaches, while the GAM [greater San José metropolitan area] residential sector has been growing at a steady pace, with an excellent range of properties,” according to Aleyda Bonilla, president of the Costa Rican Chamber of Real Estate Brokers……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Increased manufacturing productivity and its link with regional CEE markets is causing development activity to move from capital cities towards regional cities, according to CB Richard Ellis.
‘An increase in manufacturing and its links with regional cities is prompting a shift of development activity from capital cities towards regional cities,’ said Jos Tromp, Head of CEE Research and Consultancy at CBRE……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Real house prices could drop by a fifth over the next five years, a leading economic forecaster warned today. Despite prices falling since the credit crunch, houses remain overvalued by around ten per cent, the National Institute of Economic and Social Research (NIESR) claimed.
Additional regulations on banks could knock a further ten per cent off prices, after inflation, NIESR has estimated……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Institutional funds often look to the real estate sector when selecting investments for the long term. But while most have only high single-digit exposure, a Swiss retail pension fund has chosen to dedicate a massive 25% of its portfolio to the property market.
The €5.5 billion CPV/CAP Coop pension fund was founded in 1909 and now represents the retail firm Coop, Switzerland’s second largest retail group……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Spain’s Parliament rejected a law that would have eased the effect of mortgage foreclosures for as many as 300,000 homeowners who have lost their properties.
The Galician National Block, known as the BNG in Spain, had asked legislators to amend the law to allow mortgage holders to walk away from their debt by handing over the keys to their properties……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Estonia is no longer Europe’s best kept secret, with increasing GDP growth, record numbers of tourists and a commitment to renewable energies and eco developments. The smallest of the Baltic countries is certainly making its presence felt.
According to Statistics Estonia, the government agency of the Ministry of Finance, Estonia’s GDP has increased by an impressive 8 percent in Q1 2011 compared to the same quarter last year, seeing exports of goods rise by 53 percent with most of the value added growth attributed to manufacturing……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Residential house prices in SA have fallen slightly in May from a year earlier, according to the latest statistics recorded by ooba.
The bond originator said, however, that the environment remained conducive to new homebuyers, with lenders continuing to relax their lending criteria……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Building societies are still not offering mortgages because they say most citizens cannot afford the repayments on their low salaries. Building societies stopped offering mortgage loans to customers during the hyperinflationary period when inflation soared to a record 231 million percent.
Seef Property Consultants said prices in Nyanga were also skyrocketing businesspeople snapped up holiday homes in the attractive resort area……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Real estate markets in the Middle East saw a 15 percent rise in investments from non-domestic buyers in the first quarter of 2011, compared to Q4 2010.
According to Cushman & Wakefield’s latest EMEA Property Investment Report, prime rents across all sectors in the UAE are beginning to stabilise following months of declines……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

The real estate sector has posed “some concerns” given the large and growing share of these loans in the credit portfolio of banks, its non-performing assets (NPAs) witnessing higher-than system level NPAs growth, and potential of greater slippages into NPAs, the Reserve Bank of India said in its Financial Stability Report.
“Going forward, the asset quality in this segment may come under further pressure given the increasing interest rate environment. There is also some anecdotal evidence of increasing inventory levels in the sector even as prices continued to remain elevated,” the RBI said……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

The Reserve Bank expressed concerns over rising exposure of banks to the real estate sector and said it could lead to an increase in the non-performing assets (NPAs) of the banking sector.
“The real estate sector posed some concerns given the large and growing share of these loans in the credit portfolio of banks, its NPAs witnessing higher than system level NPAs growth, and potential of greater slippages into NPAs,” RBI said in its Financial Stability Report……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Foreign investors recorded the biggest increase among the various financing channels for Chinese property developers in the first five months of this year as they bet on better investment opportunities amid the country’s tightening real estate policies.
The foreign capital used by Chinese property developers jumped 57.3 percent year-on-year to 26.6 billion yuan ($4.1 billion) from January to May, the National Bureau of Statistics (NBS) said on Tuesday……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Chinese authorities currently aren’t considering additional measures to cool the real-estate market, the state-run Securities Times reported Thursday, citing Wang Juelin, a vice director of the Ministry of Housing and Urban-Rural Development’s policy research center.
But Wang also noted that the current round of efforts hasn’t achieved its target, so authorities will take additional efforts to see that the policies are used in practice in the near future, according to the paper……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Chinese developers’ outlook was cut to “negative” from “stable” by Standard & Poor’s, which said tighter credit and further government curbs may lead to rating downgrades in the next year.
Property sales may start to slow as the government’s policy “starts to bite,” leading to price cuts that may drive home prices 10 percent lower in the next 12 months, the credit rating company said. Hong Kong’s real estate market faces the risk of a “sharp correction,” S&P also said……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

In every established property market, the super prime properties are a segment on their own. Super prime properties do not follow the mass market, neither do the super rich buyers whose criterion and judgement are far removed from the general market trends. London, for example, clearly reflects this.
While the majority of the UK market has not recovered back to its peak, the super prime market has continued with its own momentum and doesn’t track the general overall market……………………………………….Full Article: Source

Posted on 16 June 2011 by Laxman |  Email |Print

Australian banks are experiencing a sharp lift in mortgage arrears, but the spike is not likely to damage the national property market unless unemployment starts to rise.The two largest banks, Commonwealth and Westpac, have reported a sudden rise in loans more than 30 days past their due dates, The Australian reports.
They blamed the increase on higher interest rates and the rush of first-home buyers entering the market in the past three years……………………………………….Full Article: Source

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