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Real Estate Briefing 17.Jun 2011

Posted on 17 June 2011 by Laxman |  Email |Print

Patrick NewportHousing starts in the U.S. increased more than forecast in May, led by a jump in the West as other parts of the country languished.
Work began on 560,000 houses at an annual pace, up 3.5 percent from the prior month and exceeding the 545,000 median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Building permits, a sign of future construction, also increased……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

David ReslerHomebuilding in the United States rebounded in May after a sharp drop in April as the distressed housing market struggles to climb out of collapse, official data showed Thursday.
Housing starts rose 3.5 percent from April to a seasonally adjusted annual rate of 560,000, the Commerce Department said, topping economists’ estimates. Building permits, a forward-looking indicator, jumped 8.7 percent to a rate of 612,000……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The beaten-down housing market is expected to sink further this year and prices will virtually flatline in 2012, a Reuters poll predicted.
While theeconomy has slowly been recovering from the worst recession since the Great Depression, a housing market rebound has remained elusive despite multi-billion dollar federal programs and record low interest rates……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Not even the blistering summer heat has thawed the housing market, which has been kept frozen for two years by underwater homeowners and tight credit. Every month brings new numbers and guesses about when the thaw will come, and Thursday’s data on new residential construction will shed some light on the health of the U.S. housing market.
The annual rate of new housing starts has been bouncing around between 500,000 and 700,000 for the last two years. In April, that rate was at 523,000, and May’s figure is not expected to change drastically……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Tuesday provided some perfect examples of the conventional wisdom about the housing market - namely, that recent new declines in the Case-Shiller Index show that we are spiraling down into the double-dip of Doom.
Jeff Cox of CNBC wrote: It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The latest housing report from Capital Economics garnered a lot of attention this week for comparing the last few years to the 1930s. The subject line of one email HousingWire received Tuesday from the Toronto-based firm read: “US Housing Market Monthly – Worse than the Great Depression.”
Coverage on CNBC, later aggregated by the Drudge Report, stated “the housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.”………………………………………Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

In a new report titled “Commercial Real Estate: Has the Tide Turned?” Credit Suisse’s Customized Funds Investment Group (CFIG) team notes that “while sovereign debt concerns could delay the commercial real estate sector’s recovery in Europe…The U.S. market may be less risky…since the U.S. economic recovery is expected to be more pronounced and more likely to occur before most other developed economy turnarounds”.
The authors believe that U.S. investors may be able to take advantage of the situation by “acquiring distressed property; investing in income-generating, value-added real estate, and concentrating on private real estate investments.” ………………………………………Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The U.S. housing bust continues to wipe out wealth in major markets nationwide. Then there’s Silicon Valley. Investor enthusiasm for technology initial public offerings this year has resulted in big payouts for some workers, who are bidding up home prices in the well-off suburbs south of San Francisco.
In May the median price of single-family houses sold in Palo Alto climbed 20 percent from a year earlier, to $1.6 million, the biggest jump since 2008, according to preliminary figures from research firm DataQuick. In Mountain View, where Linked In (LNKD) is based, prices rose 3.1 percent, to $957,500……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Capital growth from non-listed real estate funds in continental Europe has increased to 1.0% in local currency, according to the latest INREV Quarterly Index for the first quarter of 2011.
This marks a turnaround on the last four quarters, when performance in continental European markets was driven by income returns and capital growth rates stagnated……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Real estate investment turnover in Central and Eastern Europe (CEE) reached €4.4 billion in the first five months of 2011, according to new research by CB Richard Ellis (CBRE).
This figure indicates an increase of 180% of the year-to-date investment volume compared to the same period in 2010. In a growing number of CEE markets liquidity has started to increase supported by growth in both the number as well as the size of the transactions……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Consumers are slightly less negative about the outlook for the housing market, the latest BSA Property Tracker survey reveals. The proportion who did not think it is currently a good time to buy dropped to 21% from 29% in March.
Some 41% think it is a good time to buy, the same proportion as in March……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Fear has replaced greed as the dominant sentiment in the housing market, now lower prices and improved affordability are proving insufficient to tempt buyers back.
You know that things are bad when even estate agents struggle to put a positive spin on events. For example, the Royal Institute of Chartered Surveyors (RICS) admits that “the hoped-for spring bounce in the housing market failed to occur, as fears over the economy and lack of mortgage finance continued to depress activity levels”……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The City of London said it was concerned about government proposals to relax planning rules that restrict shops and offices being converted into residential developments, in a bid to ease Britain’s housing shortage.
“If implemented, the impact on the City of London will be disastrous,” said Peter Wynne Rees, a planning officer at the Corporation of London, which runs the City of London district of the capital, an area with few residential properties……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The German commercial real estate market is one of the most attractive in Europe as local banks are recovering strongly and willing to provide debt.
According to Hatfield Philips International, German banking institutions are less reluctant than their European counterparts to lend debt in spite of the difficulties they faced during the financial crisis……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Switzerland has sailed through the global financial crisis relatively unscathed, with a real estate market that is continuing to power ahead.
Strong demand for upscale homes, driven by limited supply and rising numbers of highly skilled workers arriving from abroad, has helped push prices for condominium apartments up by almost 10 percent in three years, said Robert Varley, a senior consultant at Wüest & Partner, a property agency in Zurich……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

There are signs that the property market in Barcelona is outperforming the rest of the Spanish market with prices becoming increasingly stable.
The latest Barcelona Property Market Report for the last half of 2010 has just been released by Lucas Fox International Properties and seems to indicate that the market in Barcelona is acting quite independently from the rest of Spain……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The rescue package announced by the government for troubled debtors is hoped to finally reinvigorate Hungary’s residential property market. Any boost is highly appreciated, given that the market has been essentially frozen since 2009. But if you thought it would also mean bargains galore, don’t get your hopes up just yet.
The package allows banks to gradually sell off the toxic assets in their portfolios……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Developers are charging property owners hidden charges to offset District Cooling cost, real estate experts say. Gulf News reported that residents who live in a community with district cooling system end up paying more for their air conditioning as they are charged not according to the usage but the size of the apartment of villa.
Developers also pass on capital costs to the owners under the guise of service charges, Matthew Green, head of research and consultancy at CB Richard Ellis Ltd Middle East, was quoted by Gulf News as saying……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

From Mumbai to Melbourne, Asia’s property boom is stalling as the world’s highest interest rates and government efforts to curb prices take hold.
In China’s biggest cities, growth slowed in April after the government stepped up property measures. In India and Australia, prices are falling after the steepest interest rate increases among major economies. In the financial hubs of Hong Kong and Singapore, price growth is moderating after increased deposit requirements and land releases……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Housing prices may rise by 5-10 per cent in the next 3-6 months as the cost of funds for developers is expected to increase following the Reserve Bank of India’s decision to raise key policy rates by 25 basis points.
“Property prices are bound to go up in next 3-6 months by 5-10 per cent across the country,” Confederation of Real Estate Developers’ Associations of India (CREDAI) Chairman Pradeep Jain said……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

India’s fast growing real estate sector offers attractive investment opportunity for non resident investors, but buyers should exercise a great degree of vigilance while taking the buy decision and selecting the projects, Maharashtra Chamber of Housing Industry, or MCHI cautioned on Thursday.
“The decision to buy property in India is usually easy because it connects one to their roots. Powered by a booming economy India provides great investment opportunities. But flashing lights and fireworks aside, one has to really think about everything carefully and be well informed when buying property in India,” said Paras Gundecha, President of MCHI………………………………………Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Bubbles are supposed to burst with an audible pop. But in the snap and crackle of the Chinese housing market, it is hard to hear anything clearly. On June 9th the Wall Street Journal put its ear to the ground and declared that “the great property bubble of China may be popping”.
It pointed out that prices had fallen by 4.9% in the year to April in nine big cities tracked by Rosealea Yao of GaveKal Dragonomics, a consultancy. Ms Yao herself thinks a “correction” in the next six months is inevitable. But she argues that it is still “a bit early to say the bubble is bursting”……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Credit conditions in China’s real estate development sector have become increasingly challenging, leading Standard & Poor’s Ratings Services to revise its industry outlook to negative from stable for that market.
It suggests that economic recovery and low interest rates continue to support other markets in Asia-Pacific despite inflationary and policy risks, according to its report, “Asia-Pacific real estate developers: China sector outlook revised to negative on regulatory tightening; other markets are stable.”………………………………………Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

The Hong Kong property market has been resilient so far despite the fact that the macro environment is getting increasingly unfavourable.
This is not too surprising, as the buyers, analysts and pundits alike are still playing their bullish horns by emphasising that the property market in Hong Kong is a market for 1.3 billion people, and the supply in Hong Kong is limited, thus there is no way that property prices can correct. This is too superficial……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Sales of residential private housing in the first half this year are set to beat the second half of 2010. But analysts said that will not prompt the government to introduce more property cooling measures in the short term.
However, they noted that the last round of cooling measures may have had an unintended effect on driving up public housing prices. For the first five months, 6,810 private homes were sold……………………………………….Full Article: Source

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Posted on 17 June 2011 by Laxman |  Email |Print

Real estate company Bayleys is putting together a portfolio of properties for a roadshow to South East Asia, Europe and Britain to take advantage of perceived growing demand by overseas investors in New Zealand real estate.
A portfolio of commercial premises, businesses, homes, and primary production land was being compiled in response to requests from vendors to market properties offshore, Bayleys said on Thursday……………………………………….Full Article: Source

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