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Real Estate Briefing 10.Aug 2011

Posted on 10 August 2011 by Laxman |  Email |Print

David StiffAny glimmer of hope that the housing market will stage a recovery in the upcoming months has vanished, thanks to the recent spate of bad economic news that has been making headlines over the past several weeks.
According to the latest analysis of home price trends in 384 markets based on the Fiserv/Case-Shiller Indexes, it will be well into the first quarter of 2013 before median home prices across the nation will even be on par with prices from the first quarter of this year……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Stan HumphriesHome values in the U.S. had their smallest decline in more than four years in the second quarter, as the share of borrowers with negative equity shrunk, Zillow Inc. said.
In the second quarter, 26.8 percent of single-family homeowners with mortgages owed more than their houses were worth, compared with 28.4 percent in the previous three months, the Seattle-based company said……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Very soon, supposedly, the White House will begin focusing on how to buck up the teetering economy. Infrastructure banks, trade deals, patent reform—they’re all on the rumored wish list. And now add housing.
The Wall Street Journal recently reported that the Obama administration has begun brainstorming ways to bolster the housing market, which is still weak and still bogging down the recovery. “Last year,” the Journal explains, “advisers considered several housing-policy prescriptions but rejected them in favor of letting the market sort things out.” That didn’t work out, so it’s on to Plan B……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

The real estate market is already in the deepest depression in modern U.S. history. If you think it can’t get any worse, think again. In several cities, the real estate market is about to drop even more. Home values in many of those cities, such as Las Vegas, have already collapsed as unemployment has shot higher.
And with no hope of quick recovery, housing prices are expected to continue to fall. 24/7 Wall St. identified ten housing markets that are expected to drop by at least another 10% by 2012……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

If a turnaround in the housing market actually is a necessary precondition to a broader recovery, the recovery could be on hold for some time.
With the housing market still struggling to recover from the financial crisis, home prices have risen modestly in nearly 100 regional markets, but remain low at the national level, according to a report released Monday from the real estate company Zillow……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Overall, how will recent developments on stock markets in the U.S. and Canada affect the real estate market in Canada?
Overall volatility suggests uncertainty about the economic outlook, and that affects consumer confidence. If people remain confident in their ability to purchase homes, sales will remain strong. If there is a downturn in the real estate market in the near future, it will likely be temporary. For example, last summer some factors – new lending guidelines, interest rate hikes and uncertainty surrounding the HST – caused a drop in demand for housing, but that turned out to be temporary………………………………………Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

A stronger than expected housing market has helped propel growth in the Canadian economy this year, but economists say recent economic and market tumult could jeopardize momentum in the sector.
The Canada Mortgage and Housing Corp. said Monday that national housing starts rose to 205,100 units on a seasonally adjusted basis in July, 11.6 per cent higher than the 188,900 reported in the same month last year and 4.3 per cent more than the 196,600 recorded this June……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Retail property investment activity is increasingly following Europe’s stronger and faster growing economies such as the Nordics, Germany, Poland, and Russia, according to the latest data from global real estate adviser CB Richard Ellis (CBRE).
Retail property investment in Europe reached EUR 20.1 bn in the first half of 2011, accounting for 37% of commercial real estate investment, well above the long-term average of 28%……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

House prices edged lower in July as the property market continued to stall, according to the Royal Institution of Chartered Surveyors (Rics).
Some 22% more surveyors reported that prices fell rather than rose in July. Prices have remained negative now for over a year……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

The rate of UK shopping centre construction activity fell to its lowest level since 1995 in the first three months of 2011, with developers delaying project starts over concerns about the health of the global economy, research showed.
Property consultancy CB Richard Ellis said 3 million square feet of shopping centre space was being built in the period to end-March 2011, less than a quarter of the peak of 13 million sq ft in 2007, before the global financial meltdown……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

London is the top performing hotel market in Europe having benefited from a weak pound and a relatively restricted supply of hotel bedrooms which has made the operational environment for existing hotels more favourable.
According to the results of Knight Frank’s Hotel Operator Sentiment Survey 2011, there is a good supply of high-end bed stock available in the pipeline with the focus being on the West End and City……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

If you are in the market for house hunting, all the signs are pointing towards a buyer’s market in the London area. According to Jack Lane, president of the London St. Thomas Association of Realtors, low interest rates and a surplus of inventory have put real estate agents on speed dial for potential homebuyers.
The market is on a similar track when compared with last year, which was one of the lowest for residential sales in the past decade. However, sales have picked up slightly this past June and July from 2010 totals……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

The German real-estate-investment-trust market is gaining momentum, as the global economy struggles to recover from the financial crisis and investors take a new interest in the euro zone’s economic engine.
Because of bad timing—the law allowing REITs in Germany was passed shortly before the crisis—and the dominance of open-ended funds, only four German REITs exist. But international investors have shown demand for German real estate……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

The demand for prime real estate assets in Paris during the second quarter of the year has remained steady, new research shows. In the Knight Frank Prime Global Cities Index for the three months from April to June, the French capital was ranked third, registering flat price growth over the quarter but a ten per cent rise in property values annually.
According to the firm, Paris’s real estate market has been attracting attention from overseas investors, particularly those from the Middle East and Syria……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Portugal’s rent-control laws, which date back to the beginning of the republic in 1910, mean landlords often find it simply isn’t worth their while to rent out their property, leaving abandoned buildings dotting the country.
“The market has been completely warped by rent control,” says Luís Menezes Leitão, who heads Portugal’s Association of Landlords. “The most beautiful buildings in Lisbon and Porto often have completely symbolic rents. So it’s impossible to invest in the city centers.”………………………………………Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

In July, 6,250 residential real estate transactions took place in Hungary, fewer than in the previous two months, Duna House wrote in its latest analysis. Among reasons for the decline, the real estate agency mentioned seasonality and the high Swiss franc exchange rate. The number of transactions was also 10% lower than in the same period one year ago.
Compared to June, prices of panel flats declined in all regions except for Western Hungary, where they increased by 17%. The drop was 10% in Eastern Hungary and close to 10% in Budapest……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

The Slovak market for industrial real estate showed signs of recovery in the first half of 2011 according to information provided by the Jones Lang LaSalle real estate consultancy to the SITA newswire.
Overall occupancy of industrial real estate in Slovakia totalled 1.015 million square meters as of the end of July and the average vacancy rate stood at only 2.5 percent, the lowest rate in the entire central-European region……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

There is an overwhelming consensus in the city’s real estate community that the downgrading of America’s rating and the subsequent tumble in global stock markets will give builders just the excuse they needed to do a course correction in prices to counter flagging sales.
The result? Realty prices in the city may see a 20 per cent fall across the board in less than three months. The situation would be similar to the 2008 slowdown, when builders had slashed prices by 30 per cent to attract buyers……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

Cracks are starting to appear in China’s drive to build low-income housing as concerns rise that a rush to meet government targets is making for shoddy construction, fears made more intense after a train crash last month highlighted the speed with which China carries out many of its infrastructure projects.
The massive state-led investment was supposed to head off social unrest as urban home prices spiraled out of reach of ordinary workers……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

China’s property developers are heading for a funding crunch in the next several months, analysts and industry executives say, as the government tightens access to credit from the lightly regulated trust firms that have become the sector’s biggest lenders.
The efforts by the China Banking Regulatory Commission, which haven’t been publicly announced, add pressure to an industry that already was struggling with other government attempts to take some of the air out of the country’s property bubble………………………………………Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

China’s annual real estate investment growth quickened to 33.6% in the first seven months from a year earlier, and compared with an increase of 32.9% in the first half, the National Bureau of Statistics said yesterday.
Property sales rose 13.6% in the January-July period from a year earlier in terms of floor space and gained 26.1% in terms of value, the agency said………………………………………Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

China’s annual real estate investment and sales growth quickened in July, official data showed on Tuesday, even as Beijing intensified efforts to cool the red-hot sector.
Buoyant growth in one of the country’s key sectors gives the slowing Chinese economy a shot in the arm at a time when global investors are worried about a new recession in the United States amid an escalating sovereign debt crisis in Europe……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

A luxury residential site in Hong Kong was sold well under market expectations on Tuesday at the latest government land auction, signalling a cooling of the city’s red-hot property market.
The 23,000-square-metre (247,570-square-foot) site near the outskirts of the southern Chinese city went for HK$5.5 billion ($704.4 million), well below the HK$7.1-HK$8.25 billion range forecast by five analysts polled by Dow Jones Newswires……………………………………….Full Article: Source

Posted on 10 August 2011 by Laxman |  Email |Print

New Zealand’s housing market remained flat in July, with some improvement in the country’s biggest city and earthquakehit Christchurch, but largely soft elsewhere, government property valuer Quotable Value (QV) said.
QV’s residential house price index fell 0.4% in the year to July after a 0.9% decline in the year to June, with Auckland, the biggest population and commercial centre, leading with a 1.9% rise……………………………………….Full Article: Source

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