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Real Estate Briefing 23.Nov 2011

Posted on 23 November 2011 by Laxman |  Email |Print

Stan HumphriesOctober home sales rose a weak 1.4 percent, according to the latest survey by the National Association of Realtors. That adds up to a seasonally adjusted rate of 4.97 million existing home sales, far below the 6 million level that experts say forms the basis of a healthy housing market.
The good news is that the number of existing home sales is up slightly over last year, but 2010 was the worst in 13 years for home sales. Worse, home prices haven’t really be increasing. In fact, the latest numbers, courtesy of Zillow, suggest that while we haven’t hit our lowest point yet, we may be on our way………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

With the sluggish economy, high unemployment rate and overall malaise about the general state of affairs here at home, it’s no surprise those on Main Street still view a boost in the housing market as key to an economic turnaround.
It’s not just current homeowners looking to sell that are concerned with the long market times and low sale prices; potential buyers are turned off by fears of falling mortgage rates after they’ve locked in and home values plummeting even further………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

News flash: The residential housing market is a mess. As I wrote in the past, declining values, weak sales, high inventories and legal problems with foreclosures have turned many people off to buying a home. It’s one of the major problems the Executive Office and the Federal Reserve are presently attempting to tackle as the housing market is seen as a direct stimulus to economic recovery.
But here’s something you probably wouldn’t expect: As a group, U.S. REITs have gained about 170 percent from the lows of two years ago. Up north, Canadian REITs have risen more than 120 percent – and both of these totals are excluding dividend payments………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

States are crafting a scaled-back mortgage abuses settlement with top U.S. banks that would exclude California, one of the states hardest hit by foreclosures and falling home prices.
The smaller settlement would mean that the big banks would pay less in fines. The proposed $25 billion deal could come down by as much as a quarter without California, according to people familiar with the discussions………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

Bondholders may suffer bigger losses amid a shift in ownership among firms that oversee troubled commercial mortgages packaged into securities, according to Amherst Securities Group LP.
“Investors are concerned that in some instances liquidations aren’t being appropriately handled,” Darrell Wheeler, a commercial mortgage bond analyst at Amherst in New York said today in an interview. Special servicers have been sold to new owners that may have more aggressive real estate- like return targets or alternative motivations beyond simply servicing the pool, he said………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

More than 20 Democrats in the U.S. House of Representatives on Tuesday called on the regulator of Fannie Mae and Freddie Mac to help underwater borrowers by allowing their loan principal to be reduced.
The regulator has faced increasing pressure to permit the write-down of principal by the two government-controlled mortgage finance providers as a way to help some of the millions of Americans who owe more than their homes are worth. The Federal Housing Finance Agency, however, has stood fast out of concern such a change would undercut finances of Fannie and Freddie………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

The housing market is unlikely to ever recover from the financial crisis and it may prove economically beneficial for fewer people to own property, a senior Bank of England expert warned.
David Miles, a member of the Bank’s Monetary Policy Committee, suggested that people may have to wait until they are in their forties to buy a home as banks will not offer large mortgages………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

The government’s new housing strategy is pushing people on low incomes into renting from private landlords without any added security. Under government proposals, local authorities will soon be able to discharge their statutory duty to house homeless people by placing them in private rented accommodation, while new build “affordable” social housing will be let at higher rents, which are 80% of market rents, pricing out many poorer families in London and the south-east of England.
So it is clear that the private sector is being expected to provide homes for many who once might have gone into social housing………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

More than half the office buildings in the City of London financial district are owned by foreign investors for the first time following a three-year acquisition spree, Development Securities Plc said.
Foreign companies own 52 percent of all office properties in London’s main financial district, up from 50 percent in 2010 and 8 percent in 1980, according to a report commissioned by Development Securities, a property developer and investor based in the U.K. capital………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

Residential property prices have dropped across most cities, with an exception of Delhi, Mumbai, Chennai and Pune, mirroring the trend that consumers are perhaps putting off planned house purchases due to rising interest rates and fall in disposable incomes.
The movement in prices of residential properties has shown a decreasing trend in nine cities covered by the National Housing Bank’s (NHB) Residex during the July-September quarter of 2011 compared to the previous three months………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

The National Housing Bank’s Residex, which tracks residential property prices across 15 cities, has shown a sure sign of demand slowing. Property prices in nine cities dropped in the September quarter, while two cities experienced falling prices in the previous quarter.
The number of cities with property rates rising was down to six in the second quarter, against 12 earlier, according to the NHB index………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

China will likely relax some property market curbs next year due to concerns that slumping prices could hurt economic growth, a prominent Chinese university said in a report.
China has introduced a range of measures aimed at bringing down property prices in the last year, such as bans on buying second homes in some cities, hiking minimum downpayments for buyers and introducing property taxes………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

China’s real estate market is going through its worst decline since the Chinese regime implemented a series of measures to curb rising home prices.
Shanghai-based economist Andy Xie (Xie Guozhong) told an audience at the Caixin Summit on Nov. 11 that China’s real estate bubble has now burst, as real estate developers have exhausted all avenues that could possibly loan money to them………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

The number of property deals and quantum of new housing loans fell after the last round of cooling measures on Jan 13, says the Monetary Authority of Singapore (MAS) in its latest Financial Stability Review report.
The report, released yesterday, noted that new housing loans fell to $12.4 billion in Q3 2011, from $13.4 billion in Q1, while outstanding housing loan growth has eased, to 18 per cent year-on-year in Q3, from 23 per cent in Q4 2010………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

AIA Group Ltd, Asia’s No.3 insurer, said on Tuesday it was investing 10.5 billion baht ($337 million) in Thailand through two large-scale real estate projects.
The first real estate investment, the AIA Capital Center, is the company’s largest real estate investment in Thailand to date and is scheduled to be completed by the end of 2014, it said in a statement. The second investment is another office complex, expected to be completed in 2015, it said………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

Australia’s residential property market is headed for its worst year since the global financial crisis as growing economic uncertainty deters buyers.
Melbourne may post the gloomiest results for 2011 among the major cities, with the clearance rate at auctions on course to fall to levels not seen since 2004, according to data from the Real Estate Institute of Victoria………………………………………..Full Article: Source

Posted on 23 November 2011 by Laxman |  Email |Print

Banks are tightening the screws on development sites that have breached borrowing covenants, pushing more into receivership with “at least” $1 billion worth of distressed property currently for sale.
And that flow of receivership property is expected to continue for at least the next two to three years, according to CBRE, one of the Australia’s major recovery real estate agencies………………………………………..Full Article: Source

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