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Real Estate Briefing 12.Sep 2011

Posted on 12 September 2011 by Laxman |  Email |Print

Scott BrownThe struggling U.S. housing market is expected to fall a little further as it searches for a bottom, but home prices are seen ticking up modestly in 2012, according to a Reuters poll released on Friday.
Economists were divided on whether the worst would be over for the housing market by the end of the year or if it will take more time to reach a floor……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Barack ObamaDuring his speech before Congress Thursday night, President Obama briefly referenced an initiative to help rescue the troubled housing market.
“To help responsible homeowners we’re going to work with Federal housing agencies to help more people refinance their mortgages at interest rates that are now near 4% - a step that can put more than $2,000 a year in a family’s pocket, and give a lift to an economy still burdened by the drop in housing prices,” he said……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

The Federal Housing Finance Agency (FHFA) has “taken the most sweeping action to date” by a US federal regulator in connection with the mortgage meltdown, says Nick Timiraos in The Wall Street Journal.
It is suing 17 banks, including Goldman Sachs, Bank of America, RBS, HSBC and Barclays, for allegedly mis-selling $200bn of mortgage-backed securities. Dodgy securities were sold to government-backed mortgage giants Freddie Mac and Fannie Mae without adequate risk disclosure, according to the suit. Their value slumped during the credit crisis……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

The U.S. media couldn’t wait to trumpet the news: “U.S. Mortgage Rates Fall to Lowest On Record.” Just don’t read the fine print. What “fine print,” you ask?
Let’s start with the fact that there tens of millions of U.S. residential properties which have been contaminated with various forms of fraud, courtesy of the “MERS” registry of shame and the complete (and willful) abandonment of established legal procedure, courtesy of the Wall Street fraud factories. Thus, just because someone buys a property in the U.S. doesn’t mean they “own” that property……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Jon Huntsman, ever the internationalist, suggests that the U.S. could revive its ailing housing market by following Canada’s example. “Why is it that Vancouver is the fastest growing real estate market in the world today?
They allow immigrants in legally and it lifts all boats. We need to focus as much on legal immigration,” he said during Wednesday’s Republican debate. But given the magnitude of the U.S. housing crisis, would a rise in immigration really bolster the real-estate market?………………………………………Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

The cheapest restaurants in America are luring activist investors who are betting companies from Ruby Tuesday Inc. (RT) to Cracker Barrel Old Country Store Inc. (CBRL) can make more money selling real estate than food.
The 10 biggest U.S. restaurants that sell for less than the value of their property, plants and equipment trade at 70 cents on the dollar, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 12 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 12 September 2011 by Laxman |  Email |Print

Greg Clark, the planning minister, privately has urged property developers to lobby David Cameron amid concerns that his planning reforms will be blocked.
Property developers privately admitted that the minister’s objectives “align with ours” and said they had “earned more brownie points than we could ever imagine” by helping him……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Investment-grade market-let residential property saw slowing returns in the first half of 2011, down to 3.4%, according to the IPD UK Residential Investment Indicator, launched at the offices of CMS Cameron Mckenna.
As the general slowdown in the commercial property market took its toll on the sector, capital growth declined to 1.4%, while income return was 1.9%……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

There was a slight slowdown in UK commercial property total returns this month, with the All Property figure dropping to 0.5% from 0.6% in July, according to the latest data issued by CB Richard Ellis.
This was largely a result of a slight deterioration in retail sector performance, where continued rental weakness led to the first negative capital value movement since June 2009, albeit very marginal……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Can German investors stop worrying and learn to love listed property?
European Public Real Estate Association (EPRA) chief executive Philip Charls believes German listed property’s time has come. At the organisation’s conference this month, he claimed Germany could be at the forefront of European listed real estate, doubling its market cap over the next five years……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

The past four years have been an agonising time in the Spanish property market. In the aftermath of the massive overdevelopment that went on in the first half of the decade, there are now around 700,000 empty, newly-built homes on the market - 400,000 of them in coastal areas.
Since economic crisis hit Spain and the market imploded, prices have fallen on average by around 20%, though in some heavily overbuilt areas they are down by more than 40%……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Greece’s government said Sunday it will impose a new property tax to cover a EUR2 billion shortfall in budget targets this year, which it has promised its international creditors in exchange for receiving fresh aid.
Finance Minister Evangelos Venizelos announced that the property tax, which will be imposed over the next two years, was decided by extraordinary cabinet meeting and comes amid growing fears of a Greek default in the weeks ahead……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

In an effort to resolve investor complaints of being duped by dodgy developers, Ajman Real Estate Regulatory Agency (Arra) is offering them a property swap option at the current market price.
“We have a solution for them (investors in stalled projects or in projects haven’t been constructed)… we are offering them a swap facility and that too at the current market price,” Yafea Eid Al Faraj, Executive-Director, Arra, said……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Developers blame credit rates, bankers say prices too high. Anil Singhal, a property consultant based in Delhi’s Connaught Place, says he has enough free time these days. Reason: business has dropped 60 per cent from eight to 10 home sales deals a month at the beginning of this year to just three to four.
“Though prices have been stagnant in most areas, not many people want to buy now, as they are buying on EMIs (equated monthly instalments) and home loan rates have gone up sharply. More important, the fear factor has come back and the situation is getting worse each passing day,” he says……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Some cash-strapped real estate players turning to private equity (PE) firms for money are walking into a virtual minefield. Though PE firms have come to the rescue of many developers struggling with falling sales and mounting debt, the way some of these deals are structured could add to their problems later.
Industry sources said that most PE players are demanding 30-40% assured returns on their investments in realty projects, failing which the PE firms would get lien over their properties……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Foreigners are snapping up posh apartments and contributing to much of the activity in the high-end market that has been languishing since the heady days of 2007.
Foreigners, including permanent residents, have bought 162 non-landed units with a price tag of more than $5 million in the first half of this year……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Today’s real estate buyers, demanding a more synergetic living experience, are forcing the developers and planners to innovate. The occupiers with their busy lives now want to have facilities for work, leisure and stay – all in a single complex.
For developers, this offers a unique way to diversify and optimise land use, especially in places where land is scarce……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Australia, where home prices are falling at the fastest rate in more than two years, may have a glut of properties and be set for a U.S.-style crash.
The warning from tax-reform advocate David Collyer, commentator Kris Sayce and academic Steve Keen contrast with banks and developers that say a shortage of about 200,000 homes will underpin prices……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

Australia’s love affair with property is about to turn sour as an “economic tsunami” looks set to hit world markets, American economic forecaster Harry Dent says.
Dent, who arrived in Australia today, predicts the world will experience a second, deeper downturn, which will arrive between the beginning and the middle of next year. Starting in Europe, the downturn will spread to the US, China and eventually Australia, he said……………………………………….Full Article: Source

Posted on 12 September 2011 by Laxman |  Email |Print

The sluggish property market is showing signs of a spring revival, with auction clearance rates reaching their highest level for more than three months.
The weekend’s auctions in Sydney, Melbourne, Brisbane and Adelaide had higher clearance rates than the previous weekend, although the national market remained relatively flat compared with this time last year……………………………………….Full Article: Source

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