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Real Estate Briefing 09.Sep 2011

Posted on 09 September 2011 by Laxman |  Email |Print

Carol GalanteThe U.S. government should allow the caps on the size of mortgages it will back to return to pre-financial crisis levels in order to revitalize the role of private lenders in the home loan market, an Obama administration housing official said on Thursday.
Congress had raised the caps to $729,750 in high-priced real estate markets in 2008 in a move to provide liquidity following the subprime mortgage meltdown……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

It is no secret that the real-estate market has a significant hangover from the heady days of the last decade. While we see no easy path to recovery in the U.S. housing market, there are encouraging signs of a rebound underway.
It seems that these signs of recovery are often overlooked and underappreciated by investors, management teams and home builders who are jaded by years of depressed sales volumes, and by home buyers reluctant or unable to step into a housing market that has witnessed years of price declines. ………………………………………Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

U.S. mortgage rates tumbled to the lowest in at least four decades as stagnant job growth and concern that Europe’s debt crisis is deepening drove investors to the relative safety of government bonds.
The average rate for a 30-year fixed loan dropped to 4.12 percent in the week ended today from 4.22 percent, Freddie Mac said in a statement today. That’s the lowest in the McLean, Virginia-based company’s records dating back to 1971. The average 15-year rate fell to 3.33 percent from 3.39 percent……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

The markets were closed yesterday. Which was a good thing. The lights were out in Congress. Economists went to barbecues. Central bankers stayed home with their families. And investors didn’t bother to check their blackberries to find the latest prices.
In other words, it was a good day. We didn’t hear anything stupid or see anything idiotic. At least, not in the world of money. Or, that part of it within the 50 states. Besides, we were too busy to pay any attention anyway……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Did you hear that B&G Mortgage (Bernanke and Geithner Mortgage) is offering a new option ARM loan program? The interest rate is zero and repayment is optional. Other terms will be decided later.
Government intervention has been off the charts since the bursting of the real estate bubble and they are still not done. This week, Obama is expected to announce his new and improved grand plans……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

The Wall Street Journal asked me to look at the period following 9/11 and the Lehman Brothers bankruptcy in September 2008 (and the related credit crunch) to see what, if any, housing market comparisons could be made. Of course, it goes without saying — but I need to say it — that on a human scale, 9/11 is not comparable to the Lehman bankruptcy in any way.
To look at the markets following of both events, I assessed how each economic shock impacted sales activity of Manhattan co-ops and condos, which account for roughly 98% of the Manhattan single-unit residential market……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Logistics real estate market on track for a stronger rebound in H2, 2011. Prologis has provided an update on the leading indicators of demand for logistics real estate and concludes a recovery is underway in production, trade and inventories, which will translate to nearly 37.2 million m2 of positive net absorption globally in 2012.
With US trade and consumption past prior peak levels, inventories will need to grow faster, from unsustainable and near-record lows, in order to keep pace in the second half of 2011……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

The Labor Department is investigating pay practices at many of the top companies in home building, hitting them with a broad demand for records that has led to complaints of regulatory overreach.
Recipients of the letters include PulteGroup Inc.,Lennar Corp., D.R. Horton Inc. and KB Home, according to people familiar with the matter. A Labor Department spokeswoman confirmed the investigation but declined to discuss details……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Investors will find “attractive opportunities” in the Brazilian real estate sector for gains in both the long and short term.
Writing for National Real Estate Investor, managing director, generalist portfolio manager and head of investment strategy at Clarion Partners in New York David Lynn explained that there are “positive fundamentals” that will support the performance of the property industry in Brazil over the months and years to come……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

U.K. house prices rose to a three- month high in August as cash-rich buyers in London boosted demand in the capital, Acadametrics Ltd. and LSL Property Services Plc said.
The average price of a home in England and Wales gained 0.3 percent from July, a second monthly increase, to 219,078 pounds ($352,000), the groups estimated in an e-mailed report in London today. Values are down 2.2 percent from a year earlier……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Specialist funds have outperformed balanced funds for seven consecutive quarters, largely due to higher gearing and superior income returns, according to new data released by the Association of Real Estate Funds (AREF).
However, returns from specialist funds are more volatile than balanced funds: in quarter 2 2011, every balanced fund saw a positive total return. Specialist funds are displaying higher distribution yields compared to balanced funds……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Property prices in some central London hotspots are set to more than double by 2016, driven up by a mix of factors including volatile financial markets and major new transport projects such as Crossrail, according to a report from estate agency Knight Frank.
Domestic and overseas buyers have flocked to the London residential market in recent years as they look for a safe place to park their money……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

The current very low interest rates in Switzerland run the risk of overheating the mortgage market and Wednesday the Swiss Federal Council underscored that it considers urgent the need for measures to reinforce macroprudential management.
In particular, the government wants to ensure that the central bank and supervisory authorities have rapid access to lending data from the banks to avoid a Fannie Mae style meltdown from risky loans, with the broader impact that would have on the economy……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Ratings agency Fitch expects flat to mildly rising nominal house prices in South Africa over the coming years. The agency is in the process of revising its mortgage loss criteria for SA, with the performance of the economy and a decrease in housing affordability ratios since 2007 being key factors.
The agency noted during a teleconference on Thursday that as of the first quarter of 2011, nominal house prices had dropped 4.5% from their first quarter 2010 peak……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Minister of Industry, Mines and Commerce Mehdi Ghazanfari on Wednesday voiced the Islamic Republic of Iran’s readiness to construct 20,000 housing units in Algeria.
Having a stopover in Algeria enroute to Cuba, Ghazanfari made the remarks in a meeting with Algerian Minister of Housing and Urban Development Noureddine Moussa……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

As the Dubai property market seems to be stabilising in some pockets, what are prospective homebuyers in the city looking at? Is villa a preferred option as compared to apartments now that the prices of individual house seem to be within limits of many?
According to latest data from Better Homes for the third quarter of this year, apartments still make up the choice of the majority buyers. A good 60 per cent of buyers are opting to buy apartments in comparison to 40 per cent of people who go for villas……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Bahrain landlords are slashing rents, offering lease-free periods and three-month contracts on commercial property in a bid to beat the recent lull caused by the country’s social unrest, real estate experts have said.
Pressure on rental rates seen in the first quarter of the year has continued into the second, reports have said, as the market struggles to make a comeback and battles with oversupply……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Residential rentals continued to decline in the second quarter in Oman, with industry sources putting the year to date average rental dropped at 15 per cent.
Apartment rents for high-end properties continued to ease faster than affordable housing, thus reflecting the discrepancy in demand and supply in the market, according to a study on GCC real estate sector conducted by Global Investment House……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Free parking space. Free club membership. Free alterations. These are some of the freebies real estate developers are showering on prospective property buyers these days.
Badly hit by the economic slowdown and higher funding costs, most developers are making a last ditch effort to keep the real estate prices stable by offering freebies to reluctant buyers, who are equally spooked by the high interest rates and scorching real estate prices……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Signs of a bubble are surfacing in China’s selective tier-one cities, according to a Standard Chartered Bank research report. Prices are expected to stay firm in the tier one cities while a drop in prices are seen in tier two cities in the near future.
Rapid income growth (real income growth of eight percent to 10 percent) is helping support price increases in China’s real estate, bank’s analysts say. However, tight monetary policy and anti-bubble measures have put the squeeze on housing demand and rising inventory level points that may lead to price correction next year……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

China’s property and construction barons took top spots on the latest China Rich List, but now face the issue of sustaining their wealth given the Chinese government’s recent concerted efforts to cool the economy by clamping down on real estate speculation and cutting back on massive infrastructure projects.
Four of the richest 10 were property developers, up from two last year, and 29 of the top 50 had considerable property businesses……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

While the luxury real-estate market in Bangkok has fallen for the second quarter of this year due to the global market turmoil, the recent extension of the Thai capital’s skytrain lines is opening new investment options for expats.
The market jitters and fears of a looming ‘double dip’ have fueled a trend to ditch the high-end condominium projects for low- to midrange suburban properties……………………………………….Full Article: Source

Posted on 09 September 2011 by Laxman |  Email |Print

Many international investors favour emerging markets to invest in like Thailand, India Indonesia and Vietnam. Nevertheless recent statistics show foreign investors are concerned about the country’s economic outlook.
Vietnam ranks second among the most attractive investment destinations in Asia after China and 12th among the world’s top 20 favorite places of foreign development investors……………………………………….Full Article: Source

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