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Real Estate Briefing 23.Sep 2011

Posted on 23 September 2011 by Laxman |  Email |Print

Tad PhilippU.S. commercial real estate prices rose for a third straight month in July as deals for smaller properties led a rebound that may stall as the economy slows, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index advanced 5 percent from June. It’s up 1.2 percent from a year earlier and almost 13 percent from its post-peak low in April, the New York- based company said……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Bank of America Corp. has reached an agreement to sell an approximately $880 million portfolio of commercial mortgages at a discount of 20% to 25% off the face value, according to a person familiar with the deal.
A venture of Square Mile Capital Management LLC, Invesco Ltd. and a fund managed by Canyon Capital Realty Advisors LLC is buying the portfolio, a mix of performing and nonperforming loans tied to 32 properties, the person said……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

The Fed’s twist will help, but it won’t be enough to turn around the troubled U.S. housing sector. Ditto for Washington’s other plans to help homeowners.
The Federal Reserve surprised investors on Wednesday when it said it would help keep mortgage interest rates low by reinvesting proceeds from past purchases of housing debt into government-backed mortgage securities. The program is part of the Fed’s latest easing initiative, which investors dubbed “Operation Twist,” after a similar program in the 1960s……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

U.S. home prices declined in the 12 months through July as concerns that the economy may enter another recession sapped the confidence of would-be buyers.
Prices dropped 3.3 percent, the Federal Housing Finance Agency in Washington said in a report today. Compared with June, they rose 0.8 percent, more than the 0.1 percent gain that was the average estimate in a Bloomberg poll of 15 economists……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

U.S. home prices rose 0.8 percent in July, the Federal Housing Finance Agency said Thursday. The agency’s House Price Index tracks prices for homes with mortgages backed by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp.
Data shows the index is 3.3 percent below July 2010 and 18.4 percent below the index peak in April 2007……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

The number of properties sold in the UK fell to 78,000 in August, figures from the tax authority show. This was 6,000 fewer sales than in July - which had seen the highest total for a year - although a drop is often recorded in August during what is traditionally a quieter holiday month.
However, the figure was down 3,000 compared with August 2010, HM Revenue and Customs (HMRC) said. At the height of the property boom in July 2007, 151,000 homes were sold……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

House prices will fall another 4 percent before stabilising next year as a tough economy dampens demand and nervous sellers stay away, a Reuters poll showed on Wednesday.
The results of the poll of 23 market watchers, taken over the past week, will make grim reading for homeowners who bought their property at the height of the boom four years ago and have already seen around 20 percent wiped off the value since then……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

The pace of house price declines eased in September, although prices are perceived to have fallen every month since July 2010, according to the latest Knight Frank/Markit House Price Sentiment Index.
It showed that 21% believed the value of their property had fallen since August, while 10% felt it had risen. This took the overall HPSI to 44.7, up from 41.5 in August and just above the 44.5 seen in July. Any figure under 50 indicates that prices are declining……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Danske Bank A/S doesn’t expect loan losses at its Irish unit to improve until next year as Ireland’s housing market takes longer to recover than the lender first estimated.
“We currently don’t see any concrete signs of improvement in the property market despite the fact that the Irish economy looks to be picking up,” said Thomas Borgen, the head of Danske’s international banking activities. “We still expect continued high writedowns in the second half of 2011. We think we have to move into 2012 before the property market might have bottomed out.”………………………………………Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Paris, one of the world’s most-visited cities, is cracking down on short-term apartment rentals, dealing a blow to tourists looking for a bargain and entrepreneurial landlords hoping to recoup soaring property costs.
The allure of living in a Paris pied-à-terre for a week or month, and paying much less than for a hotel room, has created strong demand for short-term lodging, but its growing popularity has raised the ire of hotels and residential property owners……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

According to Conti, the overseas mortgage specialist, France is still the most popular country as far as Brits are concerned. France tops the list now for the third consecutive year, garnering 39% of all mortgage enquiries, although this is 4% lower than last year.
Spain is in second place and is hot on the heels of France with 31% of all enquiries, a 7% increase on last year, and a 9% increase compared to 2009……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session. “We have received the law ministry’s view on this legislation. Respective state governments can then frame their own regulatory bill to improve governance and transparency in the real estate sector,” said Selja.
The realty sector’s image has suffered a huge dent due to recent housing loan scam, judgments by the Competition Commission of India and issues relating to land acquisition for real estate projects across the country, Selja said……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

A four-story height restriction in most parts of New Delhi has made land for new residential projects scarce and expensive, driving members of India’s burgeoning middle class to more affordable areas to the south and east of the capital.
In the suburbs of Greater Noida, Noida, and Gurgaon, developers are expected to deliver 439 million square feet of new housing stock over the next three years, enough for 340,000 families, according to real estate research firm P.E. Analytics……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Hong Kong has the world’s most expensive average home prices for billionaires, with per square foot value of those properties almost double that of London, according to a survey conducted by Savills Plc.
Homes bought by billionaires in Hong Kong cost 6,700 pounds ($10,360) a square foot at the end of June, a 10 percent climb from six months earlier, London-based Savills said………………………………………Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Just when you thought you have finally figured out what influences private home buying, the market throws up another surprise.
The latest Urban Redevelopment Authority (URA) figures show that developers sold 1,348 private homes last month. Although this is down 3.6 per cent from the 1,398 units in July, some analysts, including myself, had predicted that sales could likely slip below 1,000 units amid slower buying during the Hungry Ghost Month and the stock market slide that took more than 15 per cent off the STI benchmark……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

Taiwanese real estate brokers hope that a new bill under consideration in the Legislative Yuan will help rein in runaway prices on real estate in Taiwan. The bill would require that property taxes be based on the transaction values of homes rather than on government assessments.
Government assessments are usually set at levels much lower than actual market prices. This gap in value means that holding costs are insignificant compared to the profits that can be gained through property transfers, which can lead in turn to price manipulation in the market……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

The great Aussie dream of secure home ownership is rapidly fading for Generation Y with just one in 40 expected to own their properties outright when they retire. While property prices continue to soften and rates remain on hold, Generation Y is heading to housing struggle street as they age, a survey reveals.
An Australian Housing and Urban Research Institute study warns that the share of today’s Gen Ys still paying off a mortgage in retirement will more than triple by the middle of the century……………………………………….Full Article: Source

Posted on 23 September 2011 by Laxman |  Email |Print

With Australia looking well-placed to cope with any fallout from the IMF cutting global growth forecasts, Aussie Home Loans executive chairman John Symond says there should be strong demand for inner-city apartments in Sydney throughout spring.
“The recent state budget and its attendant stamp duty concessions should see demand rise for apartments in the lower price range,” Symond has said……………………………………….Full Article: Source

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