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Real Estate Briefing 14.Nov 2011

Posted on 14 November 2011 by Laxman |  Email |Print

Raymond TortoA recovery in global office values and rents is slowing as sovereign debt concerns in Europe and lingering economic worries in the U.S. take their toll on investors around the world, according to real estate services firm CBRE Group Inc.
Global office values rose 1.1 percent in the three months ended Sept. 30 from the previous quarter, and rents added 0.9 percent, CBRE said. “Although both rents and capital values continued to rise, quarterly growth rates lost momentum,” Raymond Torto, CBRE’s global chief economist, said in the release………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Paul DiggleHome prices are highly seasonal, due to the different mix of homes that sell at different times of the year, but the latest reading for September shows home prices are under added pressure now; this is not just due to the high concentration of distressed properties on the market.
Prices fell 1.1% month to month, according to CoreLogic, both in seasonally adjusted and unadjusted terms. This is the second consecutive month of monthly drops, as we head into the slower fall season………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Five years into a brutal national housing downturn, raw land destined for residential development has fallen so far in value that thousands of acres across the country are being used again for agriculture.
During the fast-moving days of the housing boom, real-estate speculators in California, Arizona, Florida and other states paid top dollar to buy land from farmers and convert it from citrus groves and cotton fields to potential subdivisions………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

One of the current economic problems America faces is the housing gridlock that results from about a quarter of American homeowners having no or negative equity. Homeowners that have negative equity cannot sell and buy another house because they will not cover their loan when they sell, and they will have no money for a down payment on the new house.
The problem does not seem to be getting solved. There are about 2 million homes in foreclosure and just this week, home prices continue to decline, as renewed signs appear that the delinquency situation may be deteriorating further………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

The struggling housing market needs to be a priority on the nation’s public policy agenda, because housing and homeownership issues affect all Americans. “Owning a home represents the best of America, is a goal for many families and has many benefits beyond the financial. We build the economy on homeownership, however, and until the housing market is restored, the nation and economy can’t move forward,” said political media consultant Alex Castellanos.
He said that instead of taking money from hardworking, middle-class Americans by reducing or eliminating the mortgage interest deduction, the government should to cut its spending and give back to the American people………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

We Americans think of ourselves as problem-solvers, but the housing collapse has so far eluded all solutions. Perhaps 10 million homes have gone into foreclosure since 2006; millions more will follow.
From their peaks during the real-estate bubble, home prices are down 30 percent, new housing construction has dropped 75 percent and existing home sales are off almost 30 percent. Housing’s collapse is one reason the economic recovery is so weak. Construction remains depressed, as are the appliance and furniture sales spurred by home buying………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

From the peak of the real estate bubble, we have had one of the largest falls in real estate prices in history. Some would think that what falls must someday go up, but that isn’t necessarily true in this case.
For example, the unemployment rate at this time is extremely poor and recent college graduates are finding it nearly impossible to gain employment in work that offers a living wage. So that group has no way to buy a home. Additionally, the older Americans who are working in stable good paying jobs are almost all locked into underwater real estate which they cannot sell. Why?……………………………………….Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Fraudsters will always finds ways to scam lenders and homeowners. And in recent years, they’ve shifted their tactics to profit from the market’s downturn.
Today, there’s less identity fraud and misrepresentation of income or employment to obtain a mortgage, mainly because of stricter validation criteria, says David Johnson, vice president of fraud and consortium solutions for CoreLogic, a provider of financial, property and consumer information. But other types of fraud are replacing those scams………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

It’s the topic some critics say Vancouver’s two main mayoral candidates don’t want to address directly but should: What effect is the Chinese buying spree having on housing affordability?
Both Mayor Gregor Robertson and chief rival Suzanne Anton say they oppose foreign ownership restrictions and speculator taxes as a means of controlling the market. But nowhere in their affordablehousing platforms is mention of what many Vancouverites feel is driving the city’s skyrocketing housing prices, says independent council candidate Sandy Garossino………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

U.K. house prices increased in October and transaction levels slipped in a “flat” property market, Acadametrics Ltd. and LSL Property Services Plc said.
The average price of a home in England and Wales rose 0.2 percent from September to 220,056 pounds ($349,900), the groups estimated in an e-mailed report in London today. The number of transactions fell 5.7 percent. In London, prices rose an annual 2.5 percent in the three months through October………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

The local real estate market has proved on many occasions that it is governed by its own rules, which have nothing to do with supply and demand. This has been exemplified again in the wake of the January Revolution and the ensuing chaos, security breakdown and economic stagnation, when prices have not dropped as expected.
While luxurious housing compounds in the suburbs and on the outskirts of the capital await purchasers who under the circumstances have declined to dispense with large amounts of cash, prices have retained their normal rates………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Jeddah residential market has received a boost from the earlier initiatives of King Abdullah, Custodian of the Two Holy Mosques, providing additional funding for the Kingdom’s affordable housing sector.
Following this announcement, government related entities such as JDRUC and PPA are now planning to deliver more than 30,000 additional residential units across Jeddah over the next few years, Jones Lang LaSalle said in its latest “Jeddah Real Estate Market Overview - Q3” released Sunday………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Investors who bought a water mass along with their islands on The World project have now an easier alternative than starting construction on their islands - getting a “self-sustainable” floating island.
This time the concept has been introduced by none other than the Dutch company, which won the competition to build Nakheel’s Floating Proverb spread across 89 floating islands around Palm Jebel Ali. The project, with a surface area of 220,000 square metres, was to spell out an Arabic poem when read from the air………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Real estate private equity (PE) players have become a part of growth story since their entry into India in 2006. Their investment went up to $7.6 billion within a year from $1.2 billion. Subsequently, however, there has been a fall in their investment, primarily attributed to the global financial crisis. In the current calendar year so far, total investment from PEs was around $741 million.
Asset-wise, large investments (commercial, mixed use, residential, SEZ and township) were made during 2007 and 2008. Each of these two years saw 57 investment deals………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

China’s property market, a mainstay of the world’s second-largest economy, has started to suffer a downturn that could have a knock-on effect on global trade in commodities, analysts warn.
Housebuying demand has fallen across China after authorities, fearing a property bubble, banned second home purchases in places including Beijing, increased minimum down payments and trialled property taxes in some cities………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

If Beijing’s 5% correction in new housing prices is the signal for a collapsing housing market in China, one can only imagine what adjective used to describe the 40% correction in Las Vegas real estate: maybe apocalyptic.
For the first 10 months of the year, Beijing real estate prices have declined exactly 5.1%, according to the Beijing Real Estate Association………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Hong Kong’s home prices slid to the lowest in more than six months last week as the threat of an economic recession continues to dent buyer sentiment, according to the city’s biggest privately held realtor.
Prices fell 1 percent in the week ended Nov. 6, its fifth straight decline and the biggest drop in 17 weeks, Centaline Property Agency Ltd. said………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

In a country where property prices are soaring, another phenomenon is witnessed in Singapore’s rental market: ethnic discrimination. An article published by The Wall Street Journal last week indicates the blatant ethnic discrimination that pervades and plagues the property rental market.
Though discriminatory, this act is not against the law in Singapore, as Eugene Tan – a professor of law at the Singapore Management University – said that this is because “landlords are free to specify their requirements,” as the Journal reports………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

High-end residential property market is expected to slump over the next year as demand is shrinking due to global economic uncertainty. DTZ Research recently published an analysis of the property market and revealed that the high-end residential sector in Kuala Lumpur is likely to suffer from oversupply coupled with low demand.
There will be around 5,384 units hitting the market in 2012, with over 2,000 flats put up for sale during the third quarter of this year. The report notes that although there will be significant completions, which will put pressure on rentals, the demand is not likely to meet supply………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

The real estate boom that the country has been experiencing these past few years is expected to continue through 2012, according to real estate advisory firm CB Richard Ellis Philippines.
The company said the surge in property transactions over the years was due to the expansion of the business process outsourcing sector. CBRE Philippines chairman Rick Santos said the BPO sector would continue to fuel the growth of real estate, not only in the office space segment, but also in the residential market………………………………………..Full Article: Source

Posted on 14 November 2011 by Laxman |  Email |Print

Australia’s struggling first-home market finally looks set for recovery as buyers regain confidence in the property and financial markets. Falling house prices in each capital city and in regional areas as well as a cut in lending interest rates are expected to spearhead renewed activity.
A savage slump in first-home loans fuelled by a flood of government incentives during the global financial crisis caused loan numbers to plunge 30 per cent below their long-term average. However, latest research suggests a return in demand is on its way………………………………………..Full Article: Source

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