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Real Estate Briefing 03.Oct 2011

Posted on 03 October 2011 by Laxman |  Email |Print

Dr. Andrew N. JenningsHome prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers. The survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another nine years. Only 21 percent of respondents said they would.
The findings, which authors called “a decidedly pessimistic outlook”, are a sharp reversal from cautious optimism the survey respondents expressed late last year and in early 2011……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Lakshman AchuthanMoody’s Investors Service lowered its outlook for the U.S. lodging and cruise industry as slower economic growth threatens to limit demand for travel.
The rating company reduced its outlook to stable from positive, according to a statement today. Growth in revenue per available room, a key industry metric measuring rates and occupancy, probably will slow to 3 percent to 7 percent in 2012 after rising at least 7 percent this year, Moody’s said……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after a foreclosure sale. The economics of today’s battered housing market mean that lenders are doing so more and more.
Foreclosed homes seldom fetch enough to cover the outstanding loan amount, both because buyers financed so much of the purchase price—up to 100% of it during the housing boom—and because today’s foreclosures take place following a four-year decline in values……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Hard economic times fueled by Europe’s sovereign-debt crisis and concerns of another US recession have slowed growth in property values and rents. Bloomberg reports that money globally earmarked for real-estate investment through 2012 fell to about $316 billion from $329 billion six months ago.
The change has had a significant impact on the house-flipping market - the practice of buying houses with the intention of quickly reselling for a profit……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.
When the bubble burst, mortgage banks had virtually stopped lending, except for government backed mortgages, which were capped at $417,000. Buyers of high-priced homes, mostly on the coasts, found themselves frozen out of the market, unable to get the bigger, “jumbo” loans that they needed……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Europe is facing economic meltdown but the crisis hasn’t deterred British buyers from snapping up property on the Continent. Currency exchange specialist World First says transactions for holiday home purchases in Spain, where property prices have plunged, more than doubled over the summer.
Italy, Greece and Bulgaria are also attracting British buyers seeking a bargain. But wherever you are buying, the advice is the same – do your homework to avoid pitfalls……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

U.K. house prices fell for a fifth month in September and the pace of the decline may accelerate in the coming months, property researcher Hometrack Ltd. said.
The average cost of a home slipped 0.1 percent from August and was down 3.5 percent from a year earlier, the London-based company said today in an e-mailed report on its monthly survey of real-estate agents. Prices based on Hometrack’s measure have fallen in every month but one since July 2010……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

UK pension schemes are still avoiding residential real estate, but don’t blame the widows, says Shayla Walmsley.
The recent claim by John Lewis pension scheme’s investment manager Andrew Chapman that no pension scheme wanted to be held responsible for evicting “some widow”, and that the solution would be to separate investment and asset management “so we weren’t held responsible in that way”, amounted to a request for risk removal. But arguably he’s looking at the wrong risks……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Irish housing prices continued to fall in the third quarter as the country’s property market extends a nearly five-year losing streak, two property website surveys showed Monday.
Prices fell by 3.2% in the three months from July to September, leaving country-wide prices 42% below their boom-time peaks of 2006, according to property website Myhome.ie. It blamed the euro debt crisis, uncertainty about the scale of more government spending cuts and the scarcity of home loans for the price declines……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

The German housing market returned to investors and homeowners the lowest yields in the world on a 40-year, 20-year and 10-year basis, according to a comprehensive new research report by University of Tilburg.
The survey also found that Germany was the worst performer in an overview of four key factors between 1990 and 2011, including average annualised price returns, average annualised price risk and stock correlation……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

The independent private equity real estate advisor MGPA, which has won several awards in recent years for its Asian real estate activities, intends to launch a core plus special fund under German investment law, aimed at making investments in the Asian region.
The focus will be on established markets such as Hong Kong, Singapore, Malaysia, South Korea, Japan and Taiwan. MGPA has operated in Asia since 1999 and has a substantial organizational structure in the region, with six offices and over 150 employees……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Britons seeking property abroad have lost interest in Portugal but are piling into Poland. Portugal’s economic woes have put off would-be property hunters, a survey by property company Rightmove and foreign exchange company Moneycorp found.
But internet searches for some areas in Poland soared by almost 60% in August, with German and French properties also attracting a lot of interest……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

A few years ago developers were eagerly building office space. Now the vacant stock is generating total monthly losses of EUR 6 million for its owners.
However, builders and agents are optimistic and hope that in the near future the market will recover, after big companies announced their arrival in Romania, the construction of new projects began and the market started to see pre-lease contracts again……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

A recent report by the International Monetary Fund (IMF), which was based on Saudi official estimates of the 9th Development Plan (2010-14), set off alarm bells about shortages in the Saudi housing sector.
The IMF country report No. 11/292 issued this September stopped short of dwelling on the destabilizing long-term effects of the current housing shortage……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Dubai’s battered property market is on the cusp of a rebound as real estate prices in the city’s prime locations show their first increases since the recession, said property broker Cluttons.
Villas located in projects including Palm Jumeirah, Arabian Ranches and the Meadows have seen a one percent price rise since the second quarter, the consultancy said a research report, with villa rents across the emirate rising by 0.7 percent during the period……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Rental rates in Bahrain slumped by a quarter in the first half of 2011 as the political unrest deterred foreign investors and companies, said property broker Knight Frank in a report.
The average rental rate was BD1,200 ($3,183), a decline of 25 percent on the same period a year-earlier, the report said. The decline was reflected among sale values, with average pricing for apartments in the Gulf kingdom at BD790 ($2,095) per sq m during the six-month period……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Mumbai prides itself on its egalitarianism, famously on display in its local trains where diamond merchants rub shoulders with chauffeurs. But even in this cultural landscape your address matters, and there is little dispute that South Mumbai - often referred to as So-Bo or South Bombay in defiance of official dictates that the City of Dreams should be called Mumbai - is at the top of the hierarchy.
Clear proof of this is the fact that many enriched by India’s economic boom are willing to pay top dollar for a SoBo address driving up prices of sea-facing apartments and bungalows……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

For a long time, the Chicheng county seat looked like many other small towns in China, with a low skyline and a few intersecting roads.
A few years ago, however, excavators and bulldozers moved into this town of some 50,000 people in the Yanshan Mountains about 280 km from Beijing. Cranes were erected among rows of rundown single-story houses. A construction boom was unloosed, followed a couple years later by the grand opening of several new real estate developments……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

The rate of increase in private residential property prices fell for the eighth consecutive quarter, according to Urban Redevelopment Authority (URA) data.
URA said the biggest increase was for homes outside the central region, which rose 2.1 percent during the third quarter. In contrast, private home prices in the core central region edged up by 0.8 percent……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

Taiwan’s housing transactions fell last month from one month earlier, as global financial market turmoil dampened investor confidence, major real-estate agencies said.
Sinyi Realty Inc, the nation’s only listed real estate broker, saw its sales drop 8 percent in Taipei City and 13 percent in New Taipei City last month, from August, the company said in a statement……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

As the high-end condominium market remains sluggish, there are a number of resale units available in the Ekamai area, and the developer Gaysorn Property Co has had to maintain unit prices of its Mode Sukhumvit 61 since its launch in March this year.
Prices are between 120,000 and 140,000 baht a square metre, and Gaysorn has offered a discount of 10-20% for 10 units under a promotion to compete with resale units costing less……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

The next global recession will make the GFC look like a picnic, with property prices to fall by almost half across Australia. That’s the view of American economic forecaster Harry Dent, who says Australia could be dragged into a massive global economic slowdown, brought on by Europe’s sovereign debt crisis.
He says the crash in Australian property prices will be similar to what was seen in California, where values have dropped by about 40% since the crisis began……………………………………….Full Article: Source

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Posted on 03 October 2011 by Laxman |  Email |Print

New Zealand’s new residential property listings rose 10 percent in September from August, according to realestate.co.nz, an industry website.
The increase followed a 13 percent gain in August from July, according to a report on the website. New listings rose 5 percent from September last year……………………………………….Full Article: Source

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