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Real Estate Briefing 19.Sep 2011

Posted on 19 September 2011 by Laxman |  Email |Print

Barack ObamaBarack Obama’s road to re-election is lined with lots of boarded-up homes. Though the high unemployment rate dominates talk in Washington, for many 2012 voters the housing crisis may well be a more powerful manifestation of a sick economy. And, in an unfortunate twist for Obama, the problem is at its worst in many of the battleground states that will be decisive in determining whether he gets another term.

Swing states Florida, Arizona, Nevada, Ohio and Michigan — they all pulse red-hot on a foreclosure rate “heat map.” And by themselves those five add up to 80 of the 270 electoral votes needed to win the presidency……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Ballew paulPurchases of previously owned U.S. homes in August probably held close to the weakest level this year and construction dropped to a three-month low as the industry showed few signs of a emerging from its slump, economists said before reports this week.

Existing-home sales rose 1.7 percent to a 4.75 million annual rate from an eight-month low in July, according to the median projection of 59 economists surveyed by Bloomberg News before a National Association of Realtors report on Sept. 21. Housing starts dropped 2.3 percent, economists forecast Commerce Department data will show a day earlier……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Purchases of previously owned US homes in Aug-ust probably held close to the weakest level this year and construction dropped to a three-month low as the industry showed few signs of emerging from its slump, economists said before reports this week.

Existing-home sales rose 1.7 per cent to a 4.75 million annual rate from an eight-month low in July, according to the median projection of 59 economists surveyed by Bloomberg News before a National Association of Realtors report on Wednesday. Housing starts dropped 2.3 per cent, economists forecast Commerce Department data is likely to show on Tuesday……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Faulty mortgages and foreclosure abuses have cost the nation’s five biggest home lenders at least $65.7 billion, according to a tally by Bloomberg News, and new claims may push the industrywide total to twice that amount.

Bank of America Corp. (BAC), the largest U.S. lender, had the biggest costs, totaling $39.1 billion since the start of 2007, according to data compiled by Bloomberg. JPMorgan Chase & Co. (JPM), ranked second by assets, followed with $16.3 billion, and Wells Fargo & Co. (WFC), the biggest U.S. home lender, had $5.09 billion, the data show……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Home-sales prices came back up in August after a dip in July, and have risen five of the last six months. The average sales price of a home in South Mississippi in August was nearly $3,000 above July’s average, according to a report released Friday by the Mississippi Gulf Multiple Listing Service. The price remains $4,400 below August 2010.

Sales were brisk, with 57 more homes sold in August than in July and 86 more than in August 2010……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

In the brutal heat, Mike Forizs ventures out of his North Las Vegas home to take out the trash. “If I go over and look at the house on the corner, there are broken windows,” he says. It appears to be a party hangout, with empty booze and soda bottles that can be seen through a broken pane.

“People don’t care when they’re getting ready to leave.” Welcome to one of the top foreclosure areas in the nation, the sunny Las Vegas area……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

UBS Global Asset Management is about to announce the launch of a EUR 1 bn special real estate fund targeting core properties across Europe, an UBS spokesperson confirmed to PropertyEU on Thursday.
The vehicle, called UBS (D) European Mega Core Property Fund, has already made its first investment with the purchase of the Isar­tor City redevelopment project on Munich’s Isartorplatz old town square……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The recent financial turmoil in some of the countries within the eurozone has resulted in a detrimental, knock on effect on the value of property prices within some of these markets.
Well-publicised sovereign debt problems in Greece, Portugal and, more recently in Italy, together with global bank instability, has also meant that declining property values are not simply restricted to those countries immediately affected by the crisis……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Britons seeking to sell their house lifted the asking price slightly in September, in the hope that prospective buyers will be pressured to purchase a home in the run-up to Christmas, online estate agency Rightmove PLC said Monday.

Rightmove said the average asking price for a property in the U.K. rose 0.7% to GBP233,139 in September from GBP231,543 in August. But in an illustration of the market’s underlying weakness, September’s asking prices were down 3% from June……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Norway’s financial regulator may force mortgage lenders to adopt stricter rules in an effort to prevent the biggest household debt burden in more than two- decades from fanning a property market bubble.

“The more indebted the households become and the higher the property prices go, the greater is the potential for a setback,” Morten Baltzersen, who took over as director general of the Oslo-based Financial Supervisory Authority last month, said………………………………………Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Denmark’s property market may be facing another correction after a housing boom that turned to bust at the height of the financial crisis failed to push prices low enough to entice buyers.

The Nordic country’s housing market may still be as much as 25 percent overvalued, according to Jes Asmussen, chief economist in Copenhagen at Svenska Handelsbanken AB……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Turkey plans to ease restrictions on purchases of real estate by foreigners, a measure that may increase foreign direct investment and help finance the current account deficit, Sabah newspaper reported, citing Erdogan Bayraktar, the minister for the environment and urban planning.

Legislation has been drafted that will remove the principle of reciprocity from regulations governing real estate sales, meaning that foreign citizens will be able to buy property in Turkey even if their own countries don’t grant comparable rights to Turks, Bayraktar said at a meeting in the southern city of Kahramanmaras, according to Sabah……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The Middle East and North Africa (Mena) region is facing an acute shortage of affordable housing, with a substantial lack of low-cost homes reported in Egypt, Iraq, Morocco and Saudi Arabia.

The problem is expected to become far worse during the next five years, owing to chronic under-investment in homes for low-income families and the rapid rate of population growth in the region, according to a report from Jones Lang LaSalle……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Masdar shelved plans for the world’s first building that makes more energy than it consumes, a year after the financial crisis forced the Abu Dhabi company to step back from setting up the first carbon-neutral city.

The Abu Dhabi state-owned company said it’s evaluating a different design for its headquarters than the one selected in 2008 from Chicago-based Adrian Smith & Gordon Gill Architecture for a 100,000 square-meter (1.1 million square-foot) structure equipped with enough solar panels to cover four soccer fields……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Ajman’s property watchdog has pledged to reveal a list of the emirate’s scrapped real estate projects by early-2012, a move industry analysts say should prompt Dubai to follow suit.

ARRA executive director Yafea Eid Al Faraj said Sunday that the regulator planned to publicly list the names of its cancelled offplan projects and release a progress report on ongoing sites……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Property analysts’ wisdom is that with less demand, property prices will drop in the next few months. But developers say rising costs of borrowing and construction inputs has put pressure on their margins that a 10-15% increase in property prices by this year-end is inevitable.

Normally, the price escalation is about 3-4% per annum. But in the past six months, input costs have risen by 7%. “The average cost of construction has increased by Rs 150 per sqft due to a sharp increase in cement and steel prices. We have to pass on the cost to customers,” said Sushil Mantri, president of Confederation of Real Estate Developers Association of India (Credai)-Karnataka……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The new land policy cleared by Union Cabinet could lead to a big gap between demand and supply. Paying compensation four times the highest amount of registered sale in the area in last three years is only going to increase the cost of setting up the industrial establishments, infrastructural projects and townships, believe real estate firms.

If the bill is passed in its proposed form, it will badly hurt the realty sector and urban development, apart from, practically, ending the dreams of affordable housing for the middle class segment……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The factors that drive the sentiment amongst the Non-Resident Indians to invest in a property back home are many. The idea to have a base in the home country where one can return to is a prime reason that motivates the NRI buyer. Also, there are a growing number of NRI investors who look at India to get better appreciation on their investment.

According to Knight Frank’s recent Global Price House Index, though markets worldwide have been struggling with growth, Asia continues to outperform all other world regions as prices here rose on average by 8.0% in the last 12 months……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

China’s new-home prices rose in August in all 70 cities monitored by the government for the first time this year as developers watch policy directions before cutting prices.

Prices in Beijing rose 1.9 percent from a year ago, while those in Shanghai, the nation’s financial center, increased 2.8 percent, the statistics bureau said on its website yesterday. New home prices rose in 67 out of 70 cities in the first half this year and were up in all but two in July………………………………………Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The sales price of new homes decline in China in August as the government high interest rates and other measures take their intended toll on the red hot real estate market, China Daily reported Sunday.
The National Bureau of Statistics, or NBS, showed that 46 cities out of the statistical pool of 70 saw new home prices drop or at best remain unchanged from July’s sales figures. Just 31 cities saw marked declines in new home prices in July, the China Daily said about the NBS report. NBS did not have the latest data on its website Sunday evening……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

Demand for private properties in Singapore is not expected to ease up in the coming months despite the stock market turmoil and uncertainties in the developed economies of Europe and the United States.

Market experts said that the demand for private properties here will be propped up by the pent up demand in the public housing market which will in turn result in more Housing and Development Board (HDB) upgraders moving into the private property segment……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

House prices in South Korea are rising again, after falling in the second half of 2010. Over the three months to April 2011, nationwide house prices increased by 2.62% (1.34% in real terms), the highest quarterly rise since March 2007, according to the Korean Statistical Information Service.
House prices rose by 4.15% during the year to April 2011. However, when adjusted for inflation, house prices were actually unchanged in April 2011 from a year earlier……………………………………….Full Article: Source

Posted on 19 September 2011 by Laxman |  Email |Print

The key fundamentals in the Australian housing market are helping it to perform during the global economic downturn, it has been claimed. Editor of Australian Property Investor Eynas Brodie stated that a lack of supply of housing, coupled with low levels of unemployment and a stable economy have helped keep value growth in the real estate market on track.

She acknowledged that in the short term, the residential sector is expected to remain flat, but Ms Brodie is confident that it will pick up……………………………………….Full Article: Source

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