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Real Estate Briefing 14.Sep 2011

Posted on 14 September 2011 by Laxman |  Email |Print

Tim JohnsonTop Senate lawmakers on Tuesday laid bare long-standing differences on how to wind down government-sponsored mortgage enterprises Fannie Mae and Freddie, underscoring the difficulty Congress will face in revamping the U.S. housing finance system.
Democrats and Republicans alike agree both entities should be wound down but whether the government should still have a role subsidizing housing finance is still unsettled……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Mark FlemingThe number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc.
About 10.88 million homes, or 22.5 percent of those with a mortgage, were “underwater” as of June 30, the Santa Ana, California-based company said. That’s down from 10.91 million, or 22.7 percent, in the prior three months……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

The government wants to unload 677 foreclosed single-family homes in the 15-county Greater Cincinnati region that it or government-sponsored Fannie Mae and Freddie Mac now own.
Washington is so stumped about a list of 92,000 properties that it holds nationally that it’s asking investors and others to send in ideas on what to do. The Cincinnati region has more government-owned foreclosures on the list than any market in Ohio, Kentucky or Indiana. In fact, the region’s total is higher than those for 19 states, including Kentucky……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Prices are bouncing along the bottom, down 24 percent from their 2006 peak. Banks are stubborn as ever about credit, on track to make 2011 the slowest year for loan originations in more than a decade. And construction continues to limp along at half its healthy rate.
That’s right: Just like Wall Street, the housing market didn’t exactly shine this summer. And many economists think a national rebound is still out of sight — if not out of mind. “It’s not on the horizon,” says Peter Muoio, a principal at real estate consulting firm Maximus Advisors……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

The average cost of USA property increased by 4 per cent in the second quarter of the year, research suggests, although some areas registered significant price falls.
Data issued by Clear Capital indicates that people interested in overseas property should be cautious in their approach to the market across the Atlantic……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

House sales dropped last month to their lowest level in more than two years, according to the Royal Institution of Chartered Surveyors.
Its August property figures showed that sales per surveyor over the three months to August fell to 14, a level last seen in June 2009. Surveyors blamed the “general economic uncertainty” for the sluggishness although a large proportion mentioned the lack of mortgage finance……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

UK house prices increased further in August, buoyed by a 1.6% rise in London, according to the latest figures from LSL Property Services. Transactions up were 1.5%, bucking the seasonal trend, while the sale of flats is now 80% below market peak.
LSL Property Services director David Newnes said: “The property market bounced back this summer, with consecutive months of price rises following falls between April and June. While some regions have seen prices fall, the rate of fall has shrunk……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

The French residential real-estate market has withstood the euro-zone financial crisis, but some economists and market professionals warn that it shouldn’t necessarily be seen as a haven of guaranteed returns, far from financial market turmoil.
France’s housing market has stood out over the past few years. As Spanish and U.S. real-estate markets collapsed following the fall of Lehman Brothers Holdings Inc. in 2008, French house prices fell only slightly and not for long. Prices quickly began to recover at the end of 2009, led by a surge in Paris……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

After two years of house price falls, the Hungarian housing market is now stabilizing. In the first quarter of 2011, house prices nationwide increased by 0.11% from the previous quarter, according to the FHB Bank. However, when adjusted for inflation, the house price index dropped by 1.12% over the same period.
On a year-on-year basis, house prices fell by 1.62% (-5.56% in real terms) y-o-y to Q1 2011, a large improvement from the 11.31% drop (-15.66% in real terms) seen during the year to Q4 2010……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

The Bulgarian real estate market is back in the top 10 for British buyers, the country is at seventh place with 3.3% of all enquiries for July. Bulgaria re-paved a place in the top 10 for the most popular property markets in the world for British buyers in July, according to a new ranking.
Data is based on the inquiries from the British web-site TheMoveChannel. 3.3% of the requests for the last month were aimed to the Bulgarian market, according to information from the site……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

After two years of severe house price declines, Romania’s housing market is still in deep trouble. There are no official house price figures, but local property experts agree - house prices have have continued to plunge in 2010 and in the first half of 2011.
Average house price in Romania fell by about 10% in 2010, according to the evaluation firm Darian, whose survey included 27 Romanian cities……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Property prices in the Lithuanian capital, Vilnius, fell for a second consecutive in the three months that will end in September, according to preliminary figures from the nation’s registry office.
Prices fell 0.8 percent from the previous quarter after a 2.2 percent drop in the second quarter, the Vilnius-based office said today in an e-mailed statement. Outside of the capital, real-estate prices fell 2.9 percent, it said……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Commercial real estate sales in the Asia Pacific region totalled 9 billion dollars in the second quarter of 2011, a 39-per-cent drop compared with the previous three months, a company said.
‘The current lull witnessed in Asia is primarily the result of short-term weaker market sentiment and increased caution among investors,’ said Nick Axford, head of Asia-Pacific research for international real estate company CB Richard Ellis Group Inc (CBRE)……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Private equity investment in India’s real estate sector declined by around 20.2 per cent to $ 831 million (about Rs 3,740 crore) in the first five months this fiscal due to sluggish demand. Factors like the tight availability of funds with PE players and delays in project execution prompted fund houses to adopt a cautious approach toward the real estate sector, according to data compiled by research firm Venture Intelligence.
PE players had pumped $ 1,041 million (around Rs 4,685 crore) into the realty sector during the April-August period of the previous fiscal, as per the data……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

China’s bank regulator has urged banks to guard against risks in commercial real estate projects that have been targeted by speculative investment, the China Securities Journal reported on Tuesday, citing an unnamed source.
China’s measures aimed at curbing excessive home price rises have resulted in some speculative capital flowing into commercial properties……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

Local property transactions regained momentum over the weekend amid anticipation of developers putting more new flats on the market.
70 out of 170 mainland real estate companies listed on Hong Kong’s stock market have been proved to be making profit while the rest are struggling with limited capital. Many middle and small sized companies, especially those which didn’t get the chance to build government subsidized housing, are now facing huge challenges in maintaining profit margins. Manager Ding Lei says his company, Zhangjiang Real Estate, is one of them……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

UOB Kay Hian has downgraded the local property sector due to slower residential home sales, especially in the second half of the year, coupled with an anticipated tightening of property measures.
The research house, which downgraded the sector from “overweight” to “market weight”, said in its latest note that sales launches by property developer might had slightly dampened with average take-up rates of 50% to 65% compared with 80% to 90% a year ago……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

While purchasing a property in Bangkok’s central business district might cost a fortune, income-producing properties are still in demand, says the property consultancy agency CB Richard Ellis (CBRE).
A recent article by the Bangkok Post indicated that many investors are purchasing income-producing property in Bangkok’s urban districts ranging from Sathorn to Phetchaburi Road……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

By now Australians are totally accustomed to visiting gurus telling us our houses are about to crash in value. We have had the experts at The Economist and investment legend Jeremy Grantham tell us Australian housing is a terrible bubble that will pop, with prices falling as much as 50 per cent.
US consultants Demographia this year labelled Australia as the most expensive property market in the world, with homes costing 6.1 times average annual income……………………………………….Full Article: Source

Posted on 14 September 2011 by Laxman |  Email |Print

House sales got back into gear last month with a rise in prices and number of sales, say to two organisations which track the real estate business.
Real Estate Institute (Reinz) figures showed the national median sale price rose $10,000 to $355,000, and unconditional sales rose 21 per cent to 5192 deals signed……………………………………….Full Article: Source

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