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Real Estate Briefing 20.Sep 2011

Posted on 20 September 2011 by Laxman |  Email |Print

David CroweConfidence among U.S. homebuilders fell to a three-month low in September as prospective buyer traffic, sales and purchase expectations declined.
The National Association of Home Builders/Wells Fargo sentiment index dropped to 14 from 15 in the prior month, data from the Washington-based group showed today. Economists surveyed by Bloomberg News projected no change in the measure from August, according to the median forecast. Readings below 50 mean more respondents said conditions were poor……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Chad MoutrayWhile lawmakers and the president scrap over deficit reduction and jobs plans, they’re largely overlooking one of the biggest drags on employment and a major cause of our national economic woes: the moribund housing sector.
There’s a growing cry in economic circles for new steps to revive this sector, which year after year has been the subject of optimistic predictions about soon hitting a bottom that turns out to be, well, bottomless……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

The rancorous debate about how to address our escalating national debt has dominated the conversation in Washington lately. What isn’t getting much attention inside the Beltway — but should — is a looming event that could have major consequences not only for your home’s value but also for the overall economic recovery.
Barring last-minute action by Congress, upscale housing is about to take another punch to the solar plexus — just as it’s struggling to stabilize……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

US housing, in my opinion, offers a great long-term opportunity. I know this probably sounds a bit crazy as most people think the US housing market is getting worse and has not begun to recover from its epic binge.
It has taken this asset class a great deal of time to find any semblance of stability. There are many US housing bears who will NEVER change their opinion on this asset, but let me explain why now is probably a once in a lifetime opportunity to think about buying US residential real estate……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

As the U.S. “housing crisis” drags on, it’s time to take stock of where we’re at and take a closer look at what’s really going on out there. There are several points I’d like to make about this market to add some balance to the discussion about what to do and how to “fix” the housing market.
When trying to solve a problem, the first step is usually to define the specific problem that needs to be solved……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Providing a sort of X-ray of the housing market, large U.S. homebuilder Lennar posted third quarter earnings before the bell on Monday, just as the national Association of Homebuilders released homebuilder sentiment numbers.
Housing markets remain depressed due to a massive overhang and backlog of foreclosed properties, keeping sentiment depressed and Lennar’s earnings under pressure; some “green shoots” seem to appear, though, as average prices increased marginally and expectations that economic growth will return in the second half of the year fuel limited optimism……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Sentiment among U.S. homebuilders declined in September even as Lennar Corp. said Monday it saw a slight pick up in demand last quarter. That’s a mixed to gloomy picture, at best.
However, although high levels of foreclosures, unemployment and household debt are still hurting home prices, there are indications the worst of the downturn is close to over, according to GMO, the Boston-based asset manager led by legendary investor Jeremy Grantham……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

The slowdown in UK shopping centre development is expected to worsen, according to a report from property consultant Cushman & Wakefield (C&W).
Just 46,500 m2 of new shopping centre space was added to the market in the first half of 2011, with the opening of Trinity Walk in Wakefield in May……………………………………….Full Article: Source

Posted on 20 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 20 September 2011 by Laxman |  Email |Print

Italian pooled property funds continued to deliver stable returns in the first half of 2011, at 1.2%, according to the Italian Pooled Property Fund Indices (Italian PPFI).
Despite economic uncertainty affecting the country and the euro zone, returns fell only 20 basis points from the 1.4% delivered in December 2010. On an annual basis to June 2011, all pooled funds delivered 2.6%, the strongest return since the downturn began……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

The banks are afraid: credit for residential construction has dried up and provisions for doubtful debts have soared.
Please note the number 530. It is the number that indicates the change that is unfolding in the real estate market. NIS 530 million is the banks’ provision for doubtful debts in the second quarter of 2011……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Residential property prices showed moderate positive growth during August, according to the latest results released by bond originator ooba. The August oobarometer price index revealed that the average house price rose 0.6% year on year to R829,897 from R825,264 a year earlier.
Positive growth of 1% was recorded on a month-on-month basis in August from July. Growth in the average purchase price amongst first time buyers also showed a significant increase, with year-on-year growth of 9.2% to R619,139 in August from R566,845 a year earlier……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

While various reports suggest Dubai’s real estate market will remain sluggish this year, many property owners have increased their sale prices. Villas in The Springs or apartments in The Greens are being advertised at a higher sale price than a few months ago.
Is this increase (which some real estate agents say is as high as 30 per cent) for real, or is it just a feel good factor for property owners? It could be a combination of both, according to real estate experts……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Nakheel’s Islamic bonds, which were issued to contractors and suppliers instead of cash as part of a $16.1 billion (Dh59.1 billion) restructuring plan, fell in their first week of trading as holders flooded the market.
The real estate developer saw the yield on its sukuk soar 108 basis points since September 9, or 1.08 percentage points, to 17.08 per cent on September 16, according to prices at Standard Chartered on Bloomberg……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Foreign direct investment (FDI) in the real-estate sector last year was the lowest in four years, but private equity activity gained momentum during the recent months, according to a study by an Indian industry chamber and a global accountancy firm.
Between January and June 2011, PE investments in real estate reached $444 million, 47 per cent higher than the investments made in 2010 during the same period. And, most of the investments are coming from realty-focused funds, says a joint report brought out by Ficci and Ernst & Young……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

New-home prices rose in fewer Chinese cities in August, indicating the property market may be cooling after a long period of gains. The data sent property shares lower Monday.
Prices were higher in 23 cities in August, compared with the 39 cities that saw gains in July, according to the National Bureau of Statistics data released Sunday……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Hong Kong developers may have to accelerate sales of new housing projects even as buying sentiment wanes amid the global equity rout and as the city intensifies efforts to curb property prices.
Builders including Cheung Kong (Holdings) Ltd. and Sun Hung Kai Properties Ltd. may begin selling new projects including the La Splendeur and The Wings in the Tseung Kwan O district in the city’s northeast this month, according to Wong Leung-sing, a research director at Centaline Property Agency Ltd……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

Major real-estate brokers welcomed the property transaction disclosure bill, saying the planned legislation will make housing sales more transparent and accountable in the long run, although it may deepen cautious sentiment in the short term.
Chinatrust Real Estate Co said it believed the disclosure bill, coupled with supporting tax reforms, would trigger a price correction and cool transactions once it was passed into law……………………………………….Full Article: Source

Posted on 20 September 2011 by Laxman |  Email |Print

One aspect of housing and stock market bubbles continually repeats: the vast majority of economists either miss or deny their existence. In recent years, enormous asset bubbles have burst in many countries.
The most notable have been in the United States. The first was a US$10 trillion stock market bubble, popularly known as the Dot-com bubble……………………………………….Full Article: Source

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