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Real Estate Briefing 16.Nov 2011

Posted on 16 November 2011 by Laxman |  Email |Print

U.S. farmland prices in the third quarter surged to the highest levels in more than three decades amid an accelerating agricultural boom that has so far defied fears of a bubble about to burst.

Prices hit record highs in the plains, where wheat and cattle dominate production, and jumped 25 percent in the Midwest Corn Belt, where bumper grain crops and recovering livestock markets put more money in farmers’ wallets and enticed investors to bid up for the fertile ground, according to two Federal Reserve bank surveys issued on Tuesday……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Warren BuffettFollowing the bubble, the housing market’s pain has been deep and persistent. This isn’t merely a cyclical downturn. Even six years after the market peaked, the healing process has not yet begun. The industry isn’t in recession: it’s in a depression.

On Monday, billionaire investor Warren Buffett made this assertion. He’s right, but not for the reason he states. Here’s the Associated Press quoting what Buffett said to CNBC…………………………………….Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

We asked LPS Applied Analytics, a unit of Lender Processing Services that publishes the monthly Mortgage Monitor report, to pull the foreclosure statistics for the priciest neighborhoods in America.
Using Forbes’ 2011 list of the Most Expensive ZIP Codes, the folks at LPS Applied Analytics calculated the number of defaulted loans against the total number of active loans – which include everything from subprime loans to conventional loans to jumbo prime loans (and even complicated nontraditional financing, which undergoes the foreclosure process the same way as a traditional mortgage) – in America’s 100 most expensive ZIP codes……………………………………..Full Article: Source

Posted on 16 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. That was the message from speakers at the Legislative and Political Forum yesterday at the 2011 Realtors(R) Conference & Expo.

Realtors(R) at the National Association of Realtors(R) annual conference heard from Washington Post columnist Eugene Robinson and political media consultant Alex Castellanos, who both agreed the housing market is hurting and needs to be a top priority for the 2012 presidential candidates……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

It appears that speculation about the death of the CMBS market was premature. “Investors are coming back to the market,” Jon Martin, a managing director of Wells Fargo’s real estate capital markets group, said Tuesday at a New York gathering of NAIOP, the Commercial Real Estate Development Association. “A more positive sign is what’s happening in secondary trading. It’s back to normalized levels” of about $1 billion a week, he said of bond trades.

Wells Fargo this month cut some rates it offers to borrowers on office, retail and hotel buildings after investor demand at its latest commercial mortgage-backed security deal exceeded expectations……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Sales of existing homes in Canada rose in October to the highest level since January, boosting forecasts for national resale activity for 2011 and confirming Canada’s housing market remains robust.
National sales of existing homes rose 1.2 percent in October from the previous month, building on September’s 2.5 percent gain, the Canadian Real Estate Association (CREA) said…………………………………….Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

But for British Columbia, Canadian house prices will rise next year, Royal Bank of Canada says in a new study. Senior economist Robert Hogue says home sales will rise in Alberta, Saskatchewan, Manitoba and Quebec in 2012, but decline in B.C., Ontario and the east, where they’ll dip 3.3 per cent, 0.1 per cent and 0.4 per cent, respectively.
The average price of a detached bungalow is forecast to rise in all regions, expect B.C. alone, where prices are projected to slip by 1.7 per cent……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

With sales of existing homes in Canada rising in October to the highest level since January, the Canadian Real Estate Association boosted its forecast for resale activity for 2011. The industry group released data on October sales activity as well as a revised forecast for the year on Tuesday.
National sales of existing homes increased 1.2% from the previous month, building on a gain of 2.5% in September. Price gains however cooled to 5.5%, the smallest gains since January……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Argentine real estate transactions have ground to a halt since the government imposed strict limits on the ability of people to acquire U.S. dollars two weeks ago, industry officials say.

Though the market is small, some fear that if the problem persists it could affect the construction industry in general and have a broader impact on economic growth……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

The Venezuelan government will create a new state-run real-estate company and appointed a new national superintendent of rental housing, according to Tuesday’s Official Gazette.

The announcement comes days after President Hugo Chavez signed into law new regulations that give the state more control over rental properties, which the socialist leader said would level the playing field between tenants and landlords……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Vehicles targeting core assets account for the overwhelming majority of the European real estate fund industry, reflecting an increasing risk aversion among fund managers and investors, according to new research from advisory firm Swisslake.

The research indicates that fund managers are increasingly launching core funds to offset the risks created by the financial crisis and to cater for changing investor demands……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

London & Stamford Property PLC, widely regarded as a bellwether for the U.K. property market, is planning to set up the country’s first residential real-estate investment trust amid hopes of further regulatory relaxation by the government.

This comes after the government has already lowered taxes and stamp duty, which is a tax on buying property, to make it easier to establish REITs. The U.K. Treasury is expected to give guidance on Dec. 6 on further relaxations to the regime……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

President Dmitry Medvedev pushed for introducing antitrust regulations in housing construction in the regions on Tuesday, and criticized local authorities for patronizing some developers and limiting competition.

He also offered to provide low-income borrowers affordable state-guaranteed mortgages under special conditions. Medvedev proposed to conduct antitrust checks of developers and introduce anti-monopoly regulations in residential construction in the regions due to noncompetitive practices by the authorities……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

In the 40 years since the formation of the United Arab Emirates, the nation’s real estate sector has emerged as a key driver of growth. And in this 40th Anniversary Year, the UAE government and real estate market regulators in Dubai have been active in restoring confidence among property investors.

An important step taken this year was in June when the UAE federal government extended visa for real estate investors from six months to three years. Experts and developers believe the move will instill confidence and help in recovery of the property market……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Aldar Properties Chief Executive Sami Asad said Tuesday he expects 2012 to be a challenging year for the real estate market in Abu Dhabi. “It will remain a challenging year in 2012. It will be a time for consolidation, reorganisation and restructuring–all of these aspects have to be focussed on,” Asad said .

Aldar, like other real-estate developers in the region, was hit hard when the global financial crisis dried up bank lending and hit developers two years ago. Rental prices have since continued to decline in Abu Dhabi, the largest of the emirates in the U.A.E. Sharper price declines in neighbouring Dubai also had a negative impact on demand in the emirate’s market……………………………………..Full Article: Source

Posted on 16 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 16 November 2011 by Laxman |  Email |Print

Commercial housing sales in Beijing fell 17.8 percent year-on-year in the first ten months of the year, a sign that the slew of government measures to cool down the property market have taken effect.

The total area of commercial housing sold slumped to 6.97 million square meters during the January-October period, the Beijing statistics bureau said in a statement Monday. Earlier this year, the city government rolled out measures — including higher mortgage rates, a ban on third-home mortgage loans and purchase restrictions — to clamp down on market speculation……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Supply of office space, or rather the over-abundance of it, is making market observers in the property sector cautious as a new line of mixed-use mammoth developments hit the market.

Think tanks who have crunched the data are already sending out warning signs, despite assurances by the government that the situation is under control……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Taiwan’s commercial property transactions are likely to hit NT$45 billion (US$1.49 billion) this quarter, boosting the overall trading amount to a new high this year, thanks to strong demand from domestic life insurance companies, real-estate analysts said yesterday.

Investment needs are expected to bolster commercial property prices next year and beyond, as life insurers tend to hold on to their real-estate stakes for quite a while, diminishing the already-limited supply, said Gordon Kao, general manager of Savills Taiwan Ltd, an international real-estate service provider……………………………………..Full Article: Source

Posted on 16 November 2011 by Laxman |  Email |Print

Promising and productive weather has provided a solid platform for rural property sales and sales figures have rocketed. Statistics released by the Real Estate Institute of New Zealand (REINZ) show for the three-month period ending October 2011 sales increased by 94.6% on the same three months last year. 286 farms were sold compared to 147 in 2010.

This increase was because there were a lot more rural properties available on the market REINZ rural market spokesman Brian Peacocke says. This increase in properties for sale is attributable to three factors Mr Peacocke says……………………………………..Full Article: Source

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