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Real Estate Briefing 30.Aug 2011

Posted on 30 August 2011 by Laxman |  Email |Print

Karen PetrouFor sale or rent by motivated owner: 248,000 foreclosed homes. The U.S. government, which has become the nation’s biggest owner of residential properties, is looking for ways to reduce and manage its huge inventory without swamping the real estate market or exposing federal agencies to enormous losses.
Government-run Fannie Mae, Freddie Mac and the Federal Housing Administration now own about a third of the country’s nearly 800,000 foreclosed properties. With that inventory predicted to grow, they are looking for new ways to cope……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Ian ShepherdsonThe number of contracts to purchase previously owned U.S. homes fell in July for the first time in three months, a sign that lower prices and borrowing costs aren’t luring in buyers.
The 1.3 percent decrease in the index of pending home sales followed a 2.4 percent gain the previous month, the National Association of Realtors said today in Washington. Economists forecast a 1 percent drop, according to the median of 40 estimates in a Bloomberg News survey……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The latest pending home sales data from the nation’s realtors was even more disappointing than expected, but the stock market is unconcerned. Maybe it should be.
Pending home sales, a leading indicator of future closings, fell 1.3% in July, the NAR said, compared with forecasts of a 1% decline. Apparently rock-bottom interest rates aren’t enough to revive housing demand……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Falling home prices have been the norm for some time. Now, a momentary respite is at hand.
Home prices on a monthly basis rose in both April and May, according to the Case-Shiller Index, a widely followed measure of housing prices. Tuesday’s release of the index for June is expected to extend that run to a third gain. This should provide the battered housing sector with some hope……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

“Blow up a lot of houses.” No those weren’t the words of a terrorist. They came straight from the lips of perhaps the world’s greatest investor, Warren Buffett. When asked more than a year ago how to fix the housing crisis Warren said, “Blow up a lot of houses.” Perhaps he wasn’t serious and recently has made statements suggesting that we are about to turn the corner in housing.
I don’t think we can see the corner, much less turn it. Despite Warren’s bullishness on housing, Wall Street seems focused on his earlier call……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The New York Times reported last week that the Obama administration was considering a proposal to “allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent.”
The measure’s supporters tout this as an almost cost-free way to stimulate the economy, boost the housing market and reduce foreclosures. But universal refinancing is far from free, and is poorly designed to stimulate either the economy or the housing market……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The past month wasn’t exactly a confidence-booster for would-be home buyers and sellers in the United States. They’ve witnessed a turbulent stock market, a downgrade of U.S. credit, a spreading European debt crisis and a U.S. economy that seems to be running in place.
And now many say they’re even more hesitant — a retreat that could further delay a rebound in housing. It could hold back the overall economy, too……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Under a proposal the Obama administration is making, the U.S. federal For Rent government would become the nation’s biggest landlord by renting out almost 250,000 foreclosed homes Freddie Mac, Fannie Mae and the Federal Housing Administration currently own.
The proposal could make the Federal Housing Finance Agency, started by the Obama administration to administer Fannie Mae and Freddie Mac the primary regulator of such a plan. But the giant mortgage lenders are plagued with problems after being taken over and bailed out by the feds in 2008……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

New rules brought in by the federal government have caused a sharp reduction to mortgage refinance activity, the Canada Mortgage Housing Corporation said Monday. Finance Minister Jim Flaherty altered mortgage finance rules early this year, restricting Canadians to borrowing 85 per cent of their home’s value, as opposed to the previous 90 per cent.
Under Flaherty’s new rules the maximum amortization period was also reduced from 35 to 30 years, in cases where the down-payment is less than 20 per cent……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Companies present in Central Europe showed keen interest in taking space at modern industrial properties during the first six months of 2011, according to a new research report issued by Cushman & Wakefield (C&W).
Strong demand and few new developments have resulted in fairly limited alternatives faced by parties interested in leasing them……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Europe’s CMBS market is emerging from the shadows after four years in the doldrums, sending a signal to the market that it is once again a credible source of debt capital. In August, Deutsche Bank underwrote £450 mln (EUR 513 mln) of new UK loans which are likely to form the basis of another CMBS deal.
The new loans are reportedly secured on the Merry Hill regional shopping centre in the West Midlands, the Design Centre in Chelsea Harbour in London and Milton Park, a business park in Oxfordshire……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Low interest rates and falling property prices mean that buying a house or flat is over £100 a month cheaper for first-time buyers than renting a property is.
New research shows that the average monthly cost associated with buying a two-bedroom flat for a first-time buyer is around £567. This is £110 lower than the typical rent paid on an equivalent property, according to Halifax, which conducted the research……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The idea of the UK as a home-owning democracy inspired many of Margaret Thatcher’s most loyal supporters. The right-to-buy policy is still seen by some as one of her most important legacies.
But, according to a report by the National Housing Federation, home ownership is on a path of long-term decline. In 10 years’ time, owner-occupation rates will be back where they were in the mid-1980s. The number of people living in a property where the owner is also the occupier has been falling since 2001……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The housing market is in crisis as home ownership tumbles and house prices soar, a study has warned.
Home ownership in England will slump to just 63.8% over the next decade, the National Housing Federation’s forecast said, the lowest level since the mid-1980s. Huge deposits, combined with high house prices and strict lending criteria, have sent home ownership into decline, the Federation said……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Listed Asian listed buyers pipped their European peers at the post by seizing two of the three biggest deals in the UK in the first half of this year, transaction data compiled by PropertyEU indicates.
If not for the acquisition of the Trafford Centre in Manchester by London-listed Capital Shopping Centres - which was announced in late 2010 but not formally completed until January this year - their victory would have been outright……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Luxury-home prices in central London climbed the most in nine months in August, Knight Frank LLP said, as the increasing risk of a global recession prompted investors to seek a haven for their wealth.
Values of houses and apartments costing an average of 3.7 million pounds ($6 million) rose 10.5 percent in the 12 months through August, according to a report released today by the London-based real-estate broker. That’s the most since November, when there was an 11.2 percent increase……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

In the year to July, Irish residential property prices at a national level, fell by 12.5%. This compares with an annual rate of decline of 12.9% in June and a decline of 12% recorded in the twelve months to July 2010.
The Central Statistics Office reports that residential property prices fell by 0.8% in the month of July. This compares with a decline of 2.1% recorded in June and a decline of 1.3% in July of last year……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The residential property market in Portugal is seeing a slight improvement but overall remains negative, according to the latest Royal Institution of Chartered Surveyors/Ci Portuguese Housing Market Survey.
Both the National Activity and National Confidence indices improve in July but weakening demand remains the main factor weighing down on prices and agents are experiencing much sharper price declines than developers, it also shows……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

At least 10% of Bulgarian realtors have shut down as a result of the effects of the crunch in the past 2 years, according to data provided by a properties expert.
Two years ago, there were some 4 500 real estate brokers in Bulgaria, while their number has declined by between 10% and 12%, Orlin Vladikov, a former head of the Bulgarian National Real Estate Association, revealed, as cited by BTA……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The retail market in Hungary continued to show signs of stability in the first half of 2011 after reaching this state last year, with market players settling into their groove and awaiting the inevitable rebound.
“The market shows a mixed picture, with some locations, especially well-situated projects with a clear strategy, developing and even thriving, while other shopping centres are still struggling with the effects of the crisis.” – said Szabolcs Koroknai, associate director at Colliers International Hungary, in terms of the real estate company’s latest retail market report publication……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

That dream home you have been waiting to buy may soon become a tad more affordable - prices of new residential property could fall 10-15% by Diwali.
Builders, which have accumulated huge inventories as sales dipped over the last two years, are under pressure from banks and investors to sell in order to generate revenues. Adding to the pressure is a growing mountain of debt, over Rs 38,000 crore for the top 11 realtors. “The property market cannot sustain the current price levels. Mumbai and Delhi are the most investor-driven markets……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The worsening law and order situation in Karachi has adversely affected all kinds of business activities and property markets are no exception.
Investment in land and property has been traditionally considered as the safest avenue for ordinary people. However, unabated encroachments and forced occupation of developed and demarcated plots have sent shock waves to builders and developers. Many of them have lost several completed units in their projects to criminal gangs……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Despite the official data suggesting that home prices aren’t really falling much, there are something rather more interesting that I have been reading and hearing for a while now.
Since probably a month or two ago (or perhaps longer?), there are various reports suggesting that prices in the primary residential market are getting cheaper than secondary residential market, i.e. new homes are getting cheaper than second-hand properties. This was particularly true for those in the fringe areas of big cities, but there are more and more such anecdotes in more and more cities……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Poly Real Estate Group Co, the country’s second-largest developer by market value, said on Sunday its first-half net profits surged 71.7 percent year-on-year to 2.8 billion yuan ($437.5 million).
The company’s sales revenue increased 35.1 percent to 15.2 billion yuan in the January-June period, it said in its first-half report to the Shanghai Stock Exchange……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

The property market was quiet during the Lunar Seventh Month this year, according to real estate services company Colliers International. Only one property was sold, out of a total of 34 properties put up for auction sale. It was sold for S$1.66 million.
This is comparable to the same period in 1998 - the year of the Asian financial crisis - which saw two properties sold for S$1.65 million out of the 29 properties put up for auction sale……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

A humble brown two-story house with a solar panel stood out among many showy homes with a white or blue roof in a residential area in the Dogbane district of Yongin, Gyeonggi Province. Entering the house, the Japaneseque design was evident with not only a small pond and tatami room but also vacuum window and floor that block noise and energy loss.
The house, which looks like any other concrete house, is a model home of Misawa Home, a Japanese detached-house brand that built a wooden house at its factory in Japan and relocated it to Korea……………………………………….Full Article: Source

Posted on 30 August 2011 by Laxman |  Email |Print

Investors poured more than $2 billion into Australian commercial real estate over the June quarter, accounting for a quarter (24%) of all Asia-Pacific transactions, according to research by CBRE.
About 30% of Australian commercial property was bought by offshore funds over the three-month period – double the long-term average……………………………………….Full Article: Source

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