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Real Estate Briefing 25.Oct 2011

Posted on 25 October 2011 by Laxman |  Email |Print

Barack ObamaUS President Obama and White House officials announced a major change to a national home-refinancing plan Monday, in an effort to stimulate the economy and rescue as many as one million homeowners from foreclosure.

The proposal, an update to the Home Affordable Refinancing Program, is the latest in a long series of White House efforts to rehabilitate the housing market, which has been struggling to shake off its torpor since before Obama took office. The near-motionlessness of the country’s economy is believed to stem at least in part from the housing sector, where prices still haven’t recovered from their implosion of a few years ago, and millions of homeowners are trying to cope with the sudden evaporation of their wealth………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

William C. DudleyFederal Reserve Bank of New York President William C. Dudley said the central bank wants to keep mortgage interest rates from rising too much and may do more to hold down borrowing costs.

The Fed’s decision last month to reinvest proceeds from maturing housing debt into mortgage-backed securities was a “signal that we do have concern about the level of mortgage spreads,” Dudley said today. “Clearly we’ve indicated our interest in supporting the housing market” and keeping yields from “getting too elevated.”……………………………………..Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Annual construction of new single family homes has plummeted from the 1.7 million range in the middle of the last decade to the 450 thousand range at present. With housing starts averaging well over a million during the 1990s, the shortfall in housing construction now projected dwarfs the excess of construction during the bubble period and is the largest single component of the shortfall in GDP.

Losses on owner-occupied housing have reduced consumers’ wealth by more than $7 trillion over the last 5 years, and uncertainty about the future value of their homes, as well as the inability to refinance at reasonable rates, deters household outlays on durable goods………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

U.S. commercial real estate prices rose in August for a fourth straight month as financially distressed properties made up a smaller share of transactions, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index advanced 2.4 percent from July. It’s up 7.2 percent from a year earlier and 15 percent from its post-peak low in April, the New York- based company said in a report………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Toronto’s housing market has not received anywhere near the attention that has been paid to the Vancouver market and its reputed housing bubble. But it is easy to forget that in the first half of 2010, the Toronto market was also perceived as a bubble ready to pop. At that time, sellers held sway and double-digit year-over-year price increases were recorded.

The good news is that the situation in Toronto had nothing to do with speculation — which can lead to a bubble — but was driven by economic fundamentals………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Sand, sea and samba. Brazil’s beautiful beaches, bustling economy and exotic nightlife have always been a favourite of the world’s financial community. But now global property investors, including those from the UAE, and second-home buyers are moving in.

The South American giant is in the middle of what the international analyst BMI calls “an epic real estate boom”. Home prices rose 20 per cent last year, an expansion rate that is only a distant memory in most parts of the world………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Commercial property is larger than the banking industry, employs close to one million people and represents 5% of the £2.4 trillion invested by insurance and pension funds a new report from the Property Industry Alliance has revealed.

The Property Data report published this week, sets out key facts about commercial property, a sector which makes up a major part of the UK economy in its own right as well as providing a platform for virtually all other economic activity including the provision of work places, shops and leisure facilities………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Lenders have agreed to extend a €422m German securitised real estate loan, with the announcement representing “more than a vote of confidence” in the commercial mortgage-backed securities (CMBS) market, according to Steve Harle, vice-president at servicer Hatfield Philips.

The Talisman-6 ‘Orange’ loan, which was securitised in 2007 on 159-asset German retail portfolio – then worth approximately €549m – is one of the largest European CMBS to date………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Intense growth of the Warsaw market of retail space in housing developments results from developers’ efforts to improve attractiveness of their projects and make them more comfortable for new inhabitants. There is also an economic factor which fuels this market extension – instead of housing units which are harder to sell when situated on the ground floor developers arrange more attractive and more profitable retail-service units.
According to market survey conducted by Emmerson Market Research Department at the end of Q3 2011 Warsaw market of retail-service space in housing developments comprised 232 units………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

New house construction is continuing at a record pace in the cities of Jyväskylä, Kuopio and Seinäjoki. The international financial crisis does not seem to have affected the confidence of house constructors or consumers in Finland, according to a market survey commissioned by Rakennuslehti, a major weekly magazine covering the field of construction, real estate and building services in Finland.
New housing development in Finland has continued at a high level in May – September this year………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

A weak economy and lack of lending is continuing to depress the residential property market in Portugal, according to the September RICS/Ci housing market survey published today (Monday 24 October).

The National Activity index has turned slightly less negative, but the National Confidence index edged lower last month, according to the report from the Royal Institution of Chartered Surveyors and Confidencial Imobiliário………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Rising demand for retail business space has left commercial property developers with higher returns on investments than their counterparts in the residential market, the latest industry data shows.
Yields — the difference between the value of a property and the rental income — have dropped across the board, but investors in residential property have been hit hardest because of the high rate at which residential property prices rose in the past compared to rents………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Dubai’s housing market will witness further delays in its recovery path and plummet another 10 percent, as it faces a slowdown amid renewed global financial woes and European sovereign debt crisis, a Reuters poll showed on Monday.

Home prices and rents in the Gulf emirate has already plunged nearly 60 percent from its peak before the global financial crisis………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

India’s property market has become the second fastest growing in the world, according to the latest reports from Knight Frank’s Global House Price Index.

The company’s index, which measures 50 key housing markets around the world, revealed that the price of property in India has surged overall in the last year by 21.3%, boosted by huge improvements in the country’s infrastructure, as well as investment from major businesses who have moved into the country, increased urbanisation and a booming economy………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

The government of China’s coastal Zhejiang province Monday said it will intensify its monitoring of the housing market and question local officials if public housing construction fails to meet targets or commercial property prices rise too quickly.

City and county authorities should be responsible for stabilizing the real-estate market, and their efforts to control housing prices will be part of their performance evaluations, the Zhejiang provincial government said in a statement on its website………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

Commercial housing sales in Beijing fell 12 percent year-on-year in the first three quarters of the year, a sign that the red-hot property market has begun to cool down, the municipal statistics bureau said Monday.

The total area of commercial housing sold slumped to 6.32 million square meters during the January-September period, the Beijing statistics bureau said in a press release. Prices of new homes in the city have shown zero month-on-month growth for four straight months, while prices of pre-owned homes fell 0.4 percent month-on-month in September, according to the National Statistics Bureau………………………………………Full Article: Source

Posted on 25 October 2011 by Laxman |  Email |Print

“The rapid rise in property prices has been markedly contained, as the prices in some cities have begun to drop,” the National Bureau of Statistics (NBS) spokesman Sheng Laiyun said in a press conference on October 18.

In order to keep housing prices down, the government adopted a series of tightening measures earlier this year, such as instructing local governments to set new home price control targets, raising minimum down payments for second-home purchases, limiting purchases of new homes and introducing property taxes in the cities of Shanghai and Chongqing………………………………………Full Article: Source

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