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Real Estate Briefing 11.Aug 2011

Posted on 11 August 2011 by Laxman |  Email |Print

Tremors in the market for commercial-mortgage-backed securities are hindering the recovery of the commercial-property sector.
Over the past 18 months, values nationally have been rising, thanks in part to Wall Street’s success in rekindling the business of pooling together commercial mortgages and selling them to investors as bonds. This has provided a critical source of deal financing for property buyers……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Dan FasuloThe nascent recovery in U.S. commercial real estate may be cut short as Europe’s debt crisis and Standard & Poor’s credit downgrade of Treasuries send borrowing costs to their highest in more than a year.
The outlook darkened in the past month amid a selloff in securities linked to debt on properties such as office buildings and retail outlets. Top-ranked commercial mortgage-backed securities yielded about 298 basis points, or 2.98 percentage points, more than Treasuries as of yesterday, according to a Barclays Plc index……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Housing markets struggled through another tough quarter, this time during the spring buying season, the strongest time of year for home sellers.
Prices of existing homes fell 2.8% in the three months ended June 30 compared with the same period in 2010, according to a report issued Wednesday by the National Association of Realtors (NAR)……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Conference call with Bank of America CEO Brian Moynihan and CFO Bruce Thompson was a lot of rehash over the course of 90 minutes. Moynihan said cost cutting continues, he defended the company’s estimates for potential capital needs, and said bank’s transformation continue with asset sales.
The call did little to instill confidence among investors as the market sold off toward the end of the trading day. Shares of Bank of America (BAC) fell under $7 after the call, and are down more than 8% today. Here are a few tidbits from the webcast:………………………………………Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The Obama administration is seeking ideas from investors on how to convert thousands of foreclosed properties owned by government-backed entities into rental homes, administration officials said.
The Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, will be joined by the Treasury Department and the Department of Housing and Urban Development in soliciting proposals, said the officials, who requested anonymity because they were not authorized to speak publicly in advance of an announcement planned for later today……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

While home values remained essentially flat in the second quarter compared to the first quarter, they fell when compared to second-quarter 2010, according to a report from property search and valuation site Zillow.
The Zillow Home Value Index fell 6.2 percent year over year in the second quarter, to $171,600, the report said. A report released today from the National Association of Realtors found 72 percent of metro areas had seen year-over-year median sales price declines in the second quarter, with the U.S. median price falling 2.8 percent, to $171,900……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The Obama administration is seeking investors’ ideas for turning thousands of foreclosed properties owned by government-backed entities into rental homes.
The move is intended to put a floor under declining home prices by creating a way to deal with hundreds of thousands of potential foreclosures in coming years……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

To produce the list, we started with the NAHB/Wells Fargo Housing Affordability Index, where Sandusky ranked sixth behind such cities as Kokomo, Ind., Elkhart, Ind. and Springfield, Oh.
Then we screened for the things homebuyers want to go along with a cheap house: Low cost of living, from Moody’s Economy.com.; low violent crime rate, from the Federal Bureau of Investigation; low unemployment rate, from the Bureau of Labor Statistics; and school quality from GreatSchools.org……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

More signs of cracks are showing in the Washington, D.C. market, which has held up in the last year as the nation’s strongest, according to a report released Wednesday.
The report, released jointly by RealEstate Business Intelligence LLC, a research firm associated with a large multiple-listings service and Jonathan Miller of appraisal firm Miller Samuel Inc., says that the number of sales contracts in the Washington metro area fell 10.9% in July from June, the second consecutive monthly drop in pending sales activity……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

People looking for property in Brazil may want to find somewhere sooner rather than later after one expert noted that the sporting events due to take place in the country over the coming years may boost prices.
Mark Sharp, chief executive officer of the Association of International Property Professionals, explained that based on other locations that have hosted the Olympics and World Cup, real estate values could increase by as much as 25 per cent……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

European commercial property values could be set for further declines, a survey has suggested. New research has indicated that European commercial property prices could be set to fall further over the remainder of the year, amid wider uncertainty about the regional economy.
According to a poll conducted by Hatfield Philips, nearly half of industry analysts questioned felt there is likely to be a return of commercial mortgage-backed securities (CMBS) in 2012, with 25 per cent predicting the same next year……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Central & Eastern Europe’s (CEE) office stock grew modestly during the first half (H1) of 2011, but development completions remain at the lowest level on record, according to the latest data from CB Richard Ellis (CBRE).
Despite a recent increase in development starts across CEE, relatively low levels of completions are expected over the next 12-18 months. Weak occupational fundamentals coupled with continued challenges in securing financing mean that developers have been reluctant to launch new projects……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Parts of the Baltic are seeing mixed fortunes in their real estate markets with some countries and cities with property price increases and others where values are continue to fall.
Apartment prices in Vilnius have remained stable in July with the Ober-Haus Baltic Apartment Price Index showing an average price of €1,208 per square meter. It means that the annual growth of apartment prices has decreased to 2.8%……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Property investors will think twice about pouring money into UK retail assets outside of central London after rioters damaged shops and malls around the country, undermining renewed interest in already-struggling secondary locations.
Overnight riots, mainly hitting Manchester, Liverpool, and Birmingham, saw shops torched and shopping centres broken into, mimicking scenes seen in London districts, such as Clapham and Hackney, over the past three nights……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

It is likely that the London property market has nothing to fear in terms of its long-term outlook in light of the recent rioting, according to the chief executive of Quintain Estates.
In an interim management statement released today (August 10th), Adrian Wyatt said he had a positive view of the future of the capital’s property sector and noted that his company made sound progress in the first quarter of 2011……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Savills latest Dublin industrial market research estimates that take up for 2011 will reach 150,000 m², following the completion of 22 deals in Q211. The southwest accounted for the majority of market share at 48%.
The report states that although a drop in space was recorded for the year’s second quarter at 26,800 m²compared to 48,600 m²in Q1, take up will remain steady……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The Czech investment market gathered momentum in the first half with almost EUR 800 mln of real estate transactions being finalised, according to Colliers’ mid-year country report released on Wednesday. The volume represents a nearly 50% increase on the volume of deals closed in the whole of 2010.
Total office stock in Prague is now slightly above 2.7 milion m2 with Grade A space accounting for 68% of the total stock……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The Spanish property market still faces big challenges despite the best intentions of the country’s leaders to spark a resurgence.
International Monetary Fund mission chief James Daniel claims the most likely turn of events for the near future will be further drops in the value of houses in Spain and other overseas property……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The number of new mortgage loans has gone tangibly up in Bulgaria in the second quarter of 2011 as the real estate market and banking activity are becoming more dynamic, according to a report.
Thus, the number of mortgage loans increased by 18% in Q2 compared with Q1, Credit Center, a Sofia-based consultancy, announced Wednesday……………………………………….Full Article: Source

Posted on 11 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 11 August 2011 by Laxman |  Email |Print

It has gone out of fashion now, but, not so long ago, there was a popular fairground attraction called Whack-A-Mole. Rascally moles would pop their cute little heads out of holes in the ground and your task was to use a giant rubber mallet to wallop the poor critters back from where they came. China’s bubbly housing market makes me think that this game could be ready for a comeback.
There’s a lot of talk these days of a bubble in China’s property market. Certainly there’s no shortage of super-sharp investors and analysts that have very strong (and very diverse) views – see what James Chanos, Andy Rothman, and Nouriel Roubini have to say……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Tuesday’s public auction of a residential development site, during which the government accepted a bid well below analysts’ expectations, marked a quiet step forward in efforts to promote cheaper housing in Hong Kong.
The buyers, a consortium of real estate developers including Sino Land Co. Ltd., Kerry Properties Ltd. and Manhattan Group, placed the one and only bid of 5.5 billion Hong Kong dollars (US$704 million) for the luxury property site in Shatin……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

Many people have been stunned by the price of nearly VND1 billion (US$50,000) of a low-cost apartment in the new urban zone Sai Dong in Hanoi, which made debut at the end of last month.
The price will see buyers, who have inked agreement to pay by installments in two years starting from this month, are set to pay VND43 million per month – an amount that only rich people can afford……………………………………….Full Article: Source

Posted on 11 August 2011 by Laxman |  Email |Print

The residential property market in Australia stood out like a safe beacon as those in the rest of the world slumped but now the real estate industry is suffering a slide.
Property prices in state capitals have fallen for the sixth straight month in a row amid warnings rising interest rates could accelerate the slide further and financial market volatility could also affect prices……………………………………….Full Article: Source

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