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Real Estate Briefing 09.Nov 2011

Posted on 09 November 2011 by Laxman |  Email |Print

Nigel AlmondThe amount of global property debt that could face refinancing problems in the next three years fell 27 percent to $142 billion over the six months to November, property research firm DTZ said on Tuesday.
It said loan sales were picking up and there was sufficient equity to cover the funding gap, which it defines as the difference between the existing debt balance secured by commercial property as it matures and debt available to replace it………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Stan HumphriesNearly 30 percent of American homeowners owe more on their mortgages than their homes are worth, according to a new report from the real estate website Zillow. Defaults and foreclosures are likely to increase as homeowners decide to walk away from their houses, rather than continuing to make mortgage payments on property they can’t sell or refinance, analysts said.
Forecloses are already twice what they were this time last year and the number of homeowners who haven’t made a mortgage payment in at least two months rose for the first time since 2009………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Despite recent economic turmoil around the European debt crisis, dragging levels of domestic consumer confidence, and high unemployment and negative equity, home values have remained essentially flat over the last quarter.
According to the Q3 Zillow Real Estate Market Reports, released today, home values fell only 0.2 percent from the second to the third quarter of 2011. On a monthly basis, home values fell 0.09 percent between August and September, a higher rate than the 0.08 percent decline between July and August. This is in line with our previous forecast, which anticipated continued declines as we progress towards the bottom………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

The number of housing markets showing signs of improved economic health grew from 23 to 30 nationwide, according to a market index produced by a housing industry trade group and a national title insurance firm.
Using statistics from Freddie Mac, the Bureau of Labor Statistics and the Commerce Department, the National Association of Home Builders and First American Financial Corp. identified 30 metro areas, including Winston-Salem, N.C., Pittsburgh, Pa. and New Orleans, La. where the three key economic indicators — home price appreciation, employment growth and housing permit growth — have been improving for at least six months………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

A survey released this week of more than 1,000 homeowners nationwide finds that the old expression “safe as houses” needs an update. Fully 37% of homeowners say they regard buying a home as a “risky investment,” while a total of 86% believe that home prices in their area will either stagnate or fall over the coming year.
That’s a striking contrast to much of the past few decades, when many Americans concluded that home prices inevitably appreciated by an annual average of 10%………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

When it comes to mind blowingly expensive real estate, certain for sale homes immediately spring to mind. Among them, the $125 million Fleur de Lys estate in Los Angeles, the $90 million Woolworth Mansion in Manhattan, the $75 million Tranquility estate in Lake Tahoe, the $74 million spec home in Palm Beach and of course the recently sold Spelling Manor in L.A. which was bought for $85 million. Well, add two more mega mansions to the list.
The homes, called Goldwood House and Rose Terrace, are estimated to cost between $75 million and $100 million apiece………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Canadian housing starts slipped in October, but came in higher than expectations, as low interest rates and condominium building helped offset the impact of negative global economic news.
Canada Mortgage and Housing Corp (CMHC) said on Tuesday that starts slipped to seasonally adjusted annualized rate 207,600 units in October from an upwardly revised 208,800 units in September………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Cuba has created a private market for housing. Effective November 10, Cubans will have the right to buy and sell their homes at prices they set. While the government will collect a modest 4 percent tax at both ends of the transaction, this economic reform will have ripple effects for Cuban families and the Cuban economy that are far-reaching, irreversible, and real.
The easing of restrictions on property ownership is likely to reshape Cuban cities, spur real estate development and speed renovation of Cuba’s picturesque but dilapidated housing stock………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Europe’s commercial property debt funding gap increased to $122 billion amid the outlook for asset values to decline in the next three years, according to real- estate broker DTZ Holdings Plc.
The shortfall between existing property loans due to expire through 2014 and the amount of debt available rose from $117 billion in May, Nigel Almond, a London-based analyst at DTZ, wrote in a report. The gap shrank 27 percent to $142 billion worldwide, he wrote………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

European industrial investment volumes rebounded strongly in the third quarter, totaling €2.3 billion, up 13% quarter-on-quarter.
This follows a slow second quarter, where volumes dipped by 14%. As a result, the year to date total of €6.8 billion is 15% ahead of the equivalent period last year, signaling strong ongoing investor appetite for logistics and industrial assets………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

A U.K. house-price index slipped last month as homeowners showed “realism” in a bid to sell properties, according to the Royal Institution of Chartered Surveyors.
The gauge by London-based RICS fell to minus 24 from minus 23 in September, it said in a statement today. An index of sales climbed to the highest since April 2010, while a separate indicator of demand also rose………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

While investment in European commercial property is expected to slow in the fourth quarter amid economic uncertainty and tight lending, industry experts say buyers will continue pumping cash into German real estate in the fourth quarter and 2012.
Market observers say German cities such as Frankfurt, Munich, Hamburg, Düsseldorf and Berlin are less affected by economic concerns and speculation about the fate of the euro zone than other markets across Europe………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Liquidity problems, record levels of unemployment and the huge uncertainty in the market continue to send the Cyprus property market into a tail-spin. With the exception of the suspension/reduction in Property Transfer Fees approved by parliament, there are still no signs of a recovery.
Sales fell for the 16th consecutive month in October, according to Department of Land and Survey figures published………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

Luxury home prices in central London have soared 40 percent since March as wealthy overseas buyers seek a haven from political unrest and the sovereign debt crisis, Knight Frank said.
Values of houses and apartments costing an average of £3.7m ($5.9m) rose by an average of 12.5 percent in October from a year earlier, the London broker said, bolstered in part by Arab buyers………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

The recent string of deadly attacks in Kabul has hit another key area of Afghanistan’s capital - the value of its property. Insurgents in the past four months have demonstrated their ability to strike at will in the city, once considered a relatively safe zone in this violence-marred nation.
The growing violence has forced traders and businessmen to postpone or even abandon their plans to expand economic activities in the city. Residents, doubtful of the ability of Afghan security forces to protect them, are also making discreet inquiries to sell off their houses and move to the outskirts………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

As the Indian property market more wriggles and squirms than crashes and burns, more and more Indian investors are pouring their investments into London property. In fact, according to the latest data from leading estate agent Savills, Indians are now the biggest foreign buyers of London property, overtaking China for top spot.
India’s growing economy, expanding middle class and favourable currency exchange rates, have encouraged more Indian investors to buy homes in London………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

A decline in China’s property prices is picking up steam, suggesting Beijing has had some success in taming housing costs, while also raising concerns that prices could drop too far and fast when the rest of the world is relying on the country as an engine of growth.
House prices were flat or falling in a majority of China’s top cities, weekly data released Monday show. The weekly data, though volatile, add to evidence that housing prices are headed downward after years of consistent increases………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

China’s home prices will fall as much as 30 percent in the next year, driven by the government’s housing curbs, according to Barclays Capital Research.
The correction in the property market will have an impact on the country’s economic growth, though is unlikely to lead to a financial meltdown, Hong Kong-based economists led by Huang Yiping said in the report today, citing the low leverage ratio of Chinese households………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

China’s housing market: when will it pop, and how loud of an explosion will it make when it goes boom? That seems to be the question on many investors’ minds. China is the No. 2 economy after the U.S., so avoiding a crisis in China is nearly as important as avoiding one in Europe.
There is no question that China’s high property prices are a serious concern for policymakers and investors, says Barclays Capital analysts in a 29 page report published on Tuesday………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

In Beijing, sales of pre-owned properties have fallen by nearly 50 percent since the purchase limits were implemented. Property prices have gone down as much as 11 percent across the nation’s capital.
According to official data, real estate in some of Beijing’s most sought-after locations is getting harder to sell. Properties sold within the second ring road area have seen a reduction of around 50 percent, since the policy was introduced………………………………………..Full Article: Source

Posted on 09 November 2011 by Laxman |  Email |Print

The Hong Kong government plans to keep curbs on the housing market even after the value of home sales halved last month from a year earlier, Chief Executive Donald Tsang said.
“You can see a soft landing, which is quite nice, but we are not going to retract or retrench some of the measures we have taken,” Tsang said in an interview at Bloomberg LP’s head office in New York yesterday. “The market will not totally collapse. But over time, we’ll see a moderation in prices, which is exactly what we want.”……………………………………….Full Article: Source

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