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Real Estate Briefing 26.Aug 2011

Posted on 26 August 2011 by Laxman |  Email |Print

Lawrence YunApartment landlords appear to be among the only commercial property owners able to sign new tenants amid the sluggish economy.
But the strength of the multifamily sector is itself related to the troubled economy. There has been an “abnormal slowdown in household formation in recent years,” Lawrence Yun, chief economist for the National Association of Realtors, says in a new report. “Many young people, who normally would have struck out on their own from 2008 to 2010, had been doubling up with roommates or moving back into their parents’ homes.”………………………………………Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

The Obama administration is working on proposals to prop up the weak U.S. housing market and may back a plan to refinance government-backed mortgages at today’s lower interest rates, the New York Times said, citing two people briefed on the discussions.
Administration officials said on Wednesday that they were weighing a range of proposals, including changes to its previous refinancing programs to increase the number of homeowners taking part, according to the New York Times……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

The Obama administration considers using rock-bottom mortgage rates to help homeowners reduce monthly payments. Too bad it’s unlikely to succeed.
Can the government refinance us out of the housing disaster? That’s the plan being considered, according to The New York Times. In an article today, the Times says administration officials are tossing around the idea of a “blanket refinance” homeowner rescue plan. It would capitalize on current hyper-low interest rates to help struggling homeowners get payments they can afford……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

The economic recovery is in a bad way. To get it back on track, the housing market will need revival. And yet, three years after the economic crisis (and after bailouts, multiple rounds of stimulus, and much toiling over the national debt) housing numbers are getting worse. That saps consumer demand and drags down economic growth.
Consumer real estate debt is still triple what it was in 1999, despite falling 10% from its 2008 record. The solution? Tear down houses……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

The foreclosure headlines today are that one third of all home sales in Q2 were of distressed properties (foreclosures and short sales), according to a new report from online foreclosure sale and data site RealtyTrac.
The discount on those homes from comparable non-distressed properties was 32 percent. What the headlines don’t say is that while the percentage of the market that’s distressed rose from a year ago, from 26 to 31 percent, the actual number of distressed sales fell……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are among banks that made final bids to buy portions of Anglo Irish Bank Corp.’s $9.65 billion of U.S. property loans, according to three people with knowledge of the sales.
The lenders are looking to acquire pieces of the $4.52 billion of performing loans the Dublin-based bank is shedding, said the people, who asked not to be identified because the talks are private……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Whilst paper–based assets have been plunging in value, UK property prices have been holding up. Just about.
OK, I’m not talking about the residential housing market. It’s commercial property values that have been nudging slightly higher this year. Last month they crept up by a further 0.1%, says the Investment Property Databank index. So what should investors expect next?………………………………………Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Low Cost Home Ownership Schemes (LCHO) in the UK have faced significant challenges since the recession, but are a vital part of the housing market, a new review of affordable housing by Halifax demonstrates.
Since 2007/08 there have been almost 45,000 new homes built under various LCHO schemes. In 2009/10 new LCHO homes represented around 13% of total private enterprise and Housing Association sales, an increase from the 8% recorded in 2006/07 before the financial crisis began……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

As the economic situation in Europe looks direr against the backdrop of several potential sovereign defaults, investors are increasingly looking to real estate as a safe investment. Nonetheless, the property market has taken a blow in much of Europe, with few exceptions.
In that sector, the German market has defied its peers. Unlike much of the world, Germany’s evasion of the subprime mortgage crisis has not only helped to keep its economy Europe’s strongest, but has also kept the Germany property market strong……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

France has always been a popular holiday destination for Brits, as well as attracting interest from investors, so is now the right time to buy?
However, new findings from property finder, My-French-House.com, show a growing number of British homeowners are now looking to permanently relocate across the Channel……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Office vacancy rates in Madrid have eased in the second quarter of 2011, standing at 4.73% in the city’s Central Business District (CBD), down from 5.31% in Q1 2011, according to international real estate advisor Savills.
The main reason for the decrease is not, however, occupier take-up, but a lack of new stock coming to the market. Take-up levels for Madrid reached 90,000 m2 in Q2 2011, down from 160,000 m2 in Q2 2010……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Residential property prices drop in the first quarter of this year, according to a survey by the Central Bank. It said that it index of advertised residential property prices, fell for the second consecutive quarter in the three months to March 2011.
The All Property Price Index compiled by the NSO, based on contracted property prices also registered a decline during the quarter……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

An increasing number of investors are looking to take advantage of the distressed property available in Italy and elsewhere in Europe, a new survey has shown.
The Royal Institution of Chartered Surveyors (Rics) Global Distressed Property Monitor revealed that demand for this kind of real estate increased in the nation during the second quarter of the year, compared to the previous three-month period……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Almost all of the deals for Black Sea coastal properties in the first half of this year involved Russian buyers, according to analysis by the real estate company Bulgarian Properties. Brokers and real estate officials believe the reason for this trend is the weak euro and low property prices.
Russians’ interest in Bulgaria in particular has to do with the strong cultural ties and easy integration due to the similarities between the languages……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

It has been more than six months since China announced its “New Eight Policies” aimed at cooling the property market. What is the effect so far of the government’s bid to pull down prices and ease demand for homes?
“I need cash rather than keep a house”, “Cheaper than Cabbage”, “Big, Big Discount if You Ask for It” — these are some of the advertisements posted outside a property agency in Wenzhou by owners who want to sell their units. Scores of people in the city want to sell their houses as quickly as possible……………………………………….Full Article: Source

Posted on 26 August 2011 by Laxman |  Email |Print

Luxury home prices in Singapore slipped in the second quarter this year, after stricter mortgage lending and increased interest rates led to a softening of the high end market across Asia, according to a report from CB Richard Ellis.
Singapore’s luxury home prices dropped 1.7 per cent quarter-on-quarter, according to Reuters. Meanwhile average rental prices dropped 1.9 per cent as new units were released into the market……………………………………….Full Article: Source

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