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Real Estate Briefing 28.Nov 2011

Posted on 28 November 2011 by Laxman |  Email |Print

Most Canadian economists believe the housing market is going to slow further, but they don’t envision a U.S.-style bust. The Economist magazine, however, appears somewhat more worried.

The magazine’s new study of global housing markets, released this week, warns that real estate in Canada and a few other countries appears frothy. While prices have dropped in half of the 16 countries measured, they’re high in many others. The study looks at the price-to-income ratio, which measures affordability, and a price-to-rent measure………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Joseph GyourkoBefore the 2007 housing bust, financial analysts who raised questions about Fannie Mae and Freddie Mac’s shaky finances were dismissed as cranks. So it’s worrying to see a thoughtful critique of another taxpayer-backed monolith—the Federal Housing Administration—receive a similar brush-off.

The flap centers around an American Enterprise Institute paper “Is FHA the Next Housing Bubble?” by Wharton real-estate finance professor Joseph Gyourko earlier this month………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Experts say more foreclosed homes are coming onto the U.S. housing market and U.S. home prices are still dropping. They believe the housing problem would have been solved if the Federal Reserve could keep long-term interest rates down for the next 10 to 20 years. But interest rates will have to rise sooner rather than later as inflation becomes a problem in America.
The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is now more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of US cities.

The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas, detailed Saturday, found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Michael Lombardi, leading contributor to Profit Confidential, was in Miami last weekend and realtor after realtor was telling him that the biggest condo building bust in history has bottomed out and that it is rebounding with the U.S. housing market. Buyers are snapping up properties, one-third of them paying cash, and the best deals are gone.

Lombardi is not sure he believes them. Or, to rephrase: he’s not sure they understand. Lombardi is the analyst who correctly predicted the housing crash and told his readers to get out of real estate a couple of years before the crash. We all remember when banks pulled way back on home foreclosures in 2010, as they were accused of not having their paperwork in order when they foreclosed. This put a temporary halt to U.S. home foreclosures. Now that they’ve cleaned up their act, big U.S. banks are actually starting to accelerate their foreclosures. (press Release)

Posted on 28 November 2011 by Laxman |  Email |Print

A property analyst has warned that 2011 could see the lowest level of housing turnover in 40 years, as new figures showed prices dipped again in November. Hometrack said 840,000 sales are expected this year - almost 50% lower than the figure for 2007, cementing expectations of the low milestone for 2011.

The analyst’s latest housing survey showed that prices fell by 0.2% in November from the previous month, following another 0.2% tumble in October……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

U.K. house prices dropped for a seventh month in November and the pace of decline may accelerate as weak consumer confidence erodes demand, property researcher Hometrack Ltd. said.

The average cost of a home fell 0.2 percent from October and was down 2.3 percent from a year earlier, the London-based company said today in an e-mailed report on its monthly survey of real-estate agents. Prices based on Hometrack’s gauge have fallen every month except one since July 2010……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

The outlook for Britain’s housing market has become more gloomy in recent months as economic growth falters and unemployment rises, according to Centre for Economics and Business Research, which lowered its price-growth forecasts.

Home values will rise 1.6 percent in 2012 after falling 1 percent this year, the London-based group said in an e-mailed statement today. The CEBR, which previously forecast that prices would increase 2.4 percent next year, cut its annual projections through 2015………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

After diminished take-up in the London office market this year, particularly in the first six months, there is light ahead for developers in the Capital, according to a study from Cushman & Wakefield.
With companies adopting a ‘wait-and-see’ attitude towards property decisions in 2011, it is expected that the London office market will benefit from some of the resulting pent-up demand next year. When asked about their organization’s strategy in 2012, just under half of London companies (49%) described it as one of opportunistic growth and just under one-fifth (17%) will be looking for aggressive growth……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

FNB property strategist John Loos put the problem in a nutshell: “A eurozone recession, caused by its high levels of indebtedness, would curb global demand for South African exports, which in turn means slow local economic growth, job creation and thus household disposable income growth. This exerts downward pressure on residential property demand.”
Absa Home Loans property analyst Jacques du Toit said “one must then expect the demand for property and mortgage finance to be negatively affected, impacting property market activity, transaction volumes and many property-related industries and professions”………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Owners of property portfolios – both private and corporate - are leaning on property valuation firms to match “pre-crash valuations”. An industry expert told this website that most owners of properties believe the market has recovered sufficiently and, therefore, want to see the value of their holdings put back at what they were worth before the economic crisis struck in 2008.

“Clients are pressing valuers to match their older pre-crash valuations done on their assets as they believed the market had recovered sufficiently from this year,” Simon Gray, Managing Director - Mena, Chesterton International, said……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Shocking facts about the condition of some labour accommodations in the country have been unveiled during the inspection campaigns being waged by different municipalities as part of implementing the new law banning such facilities in residential areas.

Almost one month after the deadline set by the Ministry of Municipality and Urban Planning for relocating labour accommodations from residential areas ended, the authorities say that they are facing a difficult task in implementing the law………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

More than a third of investors stung by the collapse of Ajman’s offplan real estate market have switched their cash to units in projects nearing completion, the emirate’s property watchdog said.

The emirate last year offered buyers in stalled projects the chance to trade their offplan units with those in developments nearing handover, after the Gulf property crash slowed work to a standstill on more than a dozen projects………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

The developments in the Eurozone are likely to affect the Indian real estate market. These have not only dried up the foreign equity participation in the sector in the country, the developments will also affect demand of the products.

Himadri Mayank, senior manager (research and real estate intelligence service) at Jones Lang LaSalle, India, in a report said that the inter-connectedness of global investment markets was evident in the slowdown during 2008, when the contagion of the recession spread rapidly across the world………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

If the current trend continues, some fear demand may soon outstrip supply. The construction frenzy in south Thimphu is an eyesore for Jigme. Every morning as he drives to work, thoughts of losing tenants of his newly built house, on the outskirts of the city, to buildings nearer to the city offering cheaper rents worries him.

There are hundreds being built, and hundreds waiting to be built, housing outnumbering tenants does look like a possibility in the near future………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

China’s capital Beijing has broadened what counts as a “normal” residence for the purpose of tax breaks and other policies, in a move likely to be seen as a support for the struggling property sector.

The city government has for some districts roughly doubled the maximum value for an apartment to be considered normal, which will enable more homeowners to be exempt from certain taxes, including on when they resell their homes, according to the official Xinhua news agency………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Chinese Vice Premier Li Keqiang said measures introduced to control the nation’s property market are at a “critical stage” and that the government should continue with the curbs, the official Xinhua News Agency reported.

Li also called for increased efforts to construct and “fairly distribute” affordable housing to low-income families, Xinhua reported today. The vice premier made the remarks while visiting the city of Langfang in Hebei province on Nov. 25, during which he checked on the implementation of the government’s affordable housing policies, Xinhua reported………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

China will maintain its tightening measures in property sectors next year and continue its efforts to construct affordable housing, state-run media reported Sunday, citing Vice Premier Li Keqiang. There has been speculation among some economists that authorities may ease controls on the property market if a steep drop in prices threatens economic growth.

“Tightening measures in the property sector have had a certain effect,” Mr. Li said. “The market is entering a critical period, so we must stick to the policy stance of curbing [the] overly fast increase of housing prices.”………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

CapitaLand Ltd, Southeast Asia’s largest property developer, may place its $5.3 billion projects in China into a real estate investment trust (REIT), Singapore’s Straits Times newspaper reported on Monday, quoting a senior executive of the company.

CapitaLand’s Chief Operating Officer Lim Ming Yan said should the company decide to do that, the plan would not happen in the near future because five out of seven of its projects, under its Raffles City brand, in China were still under development, according to the report……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Property has been enjoying a boom like no other in the past two years but if Standard Chartered’s experts are right, the good times are coming to an end.

The bank’s analysts have turned markedly bearish, with a report predicting residential rents and prices plunging 30 per cent over the next three years……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

The lackluster real estate market has not only made real estate developers suffer, but has also made trade floors redundant. A lot of real estate trade floors, which mushroomed several years ago when the market heated up, have shut down.
There have been no official statistics about how many real estate trade floors out of the 319 floors in HCM City have to shut down due to the lackluster market. However, experts have affirmed that the number is relatively high………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Luxury home sales in metropolitan Taipei have dropped significantly since the implementation of a luxury tax in June, the United Evening News (UEN) reported Saturday. Nevertheless, the prices of luxury homes in Taipei have remained intact’
The “three noes” attitude of premium home owners is one of the main reasons behind the prevailing phenomenon of “slumping sales and unchanged prices.” The “three noes” refer to luxury home owners being unwilling, in no hurry, or not daring to sell their real estate holdings at the moment. The wait-and-see approach of potential buyers is also one of the factors that have brought luxury home sales in the city almost to a standstill………………………………………Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

Australian house prices are more vulnerable to a major correction than the US housing market was before its collapse following the GFC, according to The Economist magazine.
The magazine says home prices in Australia (alongside Belgium, Canada, France, New Zealand, Britain, the Netherlands, Spain and Sweden) are overvalued by about 25% and could plummet if there is another global credit crunch as a result of a sovereign debt meltdown in Europe……………………………………….Full Article: Source

Posted on 28 November 2011 by Laxman |  Email |Print

A shortage of houses in the first-home buyers’ market over winter has caused a rise in multi-offer agreements, confusing those new to the real estate game. Multi-offer agreements are when more than one written offer is received for a property at one time, turning a sale by negotiation into a sale by tender.

Real estate agents are warning first-home buyers to be aware of the rules of multi-offer agreements so they don’t miss out when making an offer………………………………………Full Article: Source

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