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Real Estate Briefing 03.Apr 2012

Posted on 03 April 2012 by Laxman |  Email |Print

Lawrence YunBuyers snatched up houses as investment properties and second homes at an especially fast clip last year. The number of homes purchased for investment purposes rose a whopping 65% in 2011, from 749,000 to 1.23 million properties—which was more than one-fourth of all homes sold last year.
For the most part, the real estate market isn’t pretty, and hasn’t been in quite some time. Housing prices have fallen to 2003 levels, and recent signs indicate it’s unlikely that a full recovery will arrive before 2015………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

U.S. builders trimmed activity for a second straight month in February, pushing construction spending down by the largest amount in seven months. There was widespread weakness with spending on home building, office construction and government projects all dropping.
The Commerce Department reported Monday that construction spending fell 1.1 per cent in February after a drop of 0.8 per cent in January which was revised down from an initial estimate of a decline of 0.1 per cent………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

The Obama administration’s offer to subsidize write-downs of mortgage-loan balances for some heavily indebted homeowners is putting the federal regulator who oversees Fannie Mae and Freddie Mac in a bind by forcing the agency to rethink its long-held opposition.
For years, the federal regulator overseeing the taxpayer-backed mortgage-finance giants has resisted calls to have the firms cut loan balances, often referred to as principal write-downs………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

With expectations that price points are reaching bottom, home sales are starting to pick up, albeit slowly, in the Chicago suburbs of Naperville and Barrington and their surrounding areas.
The dawdling turnaround, they say, occurs as distressed properties — especially those at the lower end of the price spectrum — are getting gobbled up………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Low interest rates and economic job growth have characterised the current Canadian property market, leading toward stabilisation and a greater ability to maintain slow economic growth throughout the economic crisis.
These unique attributes have made the Canadian property market increasingly attractive to overseas investors who have been Injecting money into the Canadian real estate market. This investor attention has created a slow rise in Canadian home prices, as opposed to other countries where the real estate industry has remained stagnant………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Fears that the Canadian property market may be about to crash are unfounded, a leading property agency told OPP this week. According to Jeff Mayes, the Vice President of Jones Lang LaSalle Canada, there is no prospect of a bubble hitting the Toronto or Montreal markets.
“There is a greater risk of a gentle landing in Toronto,” as prices dip a bit, saysMayes, but “Montreal prices should hold or increase slightly.” Mayes agreed with scare stories circulating in the Canadian media that the country’s house market is looking vulnerable………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

A private equity arm of Goldman Sachs is looking to launch a $3 billion (1.87 billion pounds) property debt fund in a bid to take advantage of a growing shortage of real estate financing across the UK and Europe, British newspaper the Times said on Monday.
Real Estate Principal Investment Area (REPIA) is exploring options to create a fund that would provide senior and mezzanine loans to property investors, and will target property lending that is riskier but which would offer higher potential returns, the Times said without citing sources………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

House prices have climbed over the month for the first time in almost two years. Figures published by Hometrack will quench fears that the end of the stamp duty holiday would hit the housing market hard.
Concerns were fuelled last week by figures from Nationwide building society that suggested house prices had dropped 1 per cent in March, the biggest fall in two years………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

The continued lack of activity in the housing market has been reflected in the latest injection of equity into UK homes. Housing equity withdrawal remained negative in the final three months of 2011, the Bank of England said.
The £8.5bn injection of equity reflected low levels of sales, rather than owners making an active effort to pay off their mortgages more quickly………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

The housing market is finally beginning to move again — with properties selling faster and increased asking prices in some parts of the country. New figures reveal a rise in the prices being asked for properties in several regions, including Dublin and Galway.
Properties are selling more quickly, while the number of houses waiting to be sold has fallen to its lowest level in four years………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Spanish home prices are poised to fall the most on record this year, leaving one in four homeowners owing more than their properties are worth, as the government forces banks to sell real-estate holdings.
Home prices will decline 12 percent to 14 percent, according to research and advisory company R.R. de Acuna & Asociados, after Economy Minister Luis de Guindos in February gave lenders two years to make 50 billion euros ($67 billion) of additional provisions and capital charges for losses linked to real estate………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

While the cold continues on Moscow’s snow-slicked streets, apartment prices have stayed hot in the capital as the city’s construction restrictions force high prices for elite apartments and unmet need keeps middle-class housing in demand.
What’s more, while demand is putting pressure on both wealthy and middle-class buyers, it is piquing interest among developers, analysts said in interviews………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Building of houses, which is continuing in and around Jeddah like in other parts of the Kingdom, needs to be further bolstered with the active participation of investors.
Even as the need for investment is being increasingly felt, local banks are imposing a set of “exaggerated” terms with regard to the funding of private housing projects………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

The Confederation of Real Estate Developers’ Association of India (Credai) has decided to send an SOS to the Prime Minister and has planned a nationwide strike to sensitize policy-makers to its problems.
“Even though the sector contributes close to 7%–or Rs140,000 crore–we are facing suffocation due to various administrative delays. Our appeals for speedy action are falling on deaf ears,” said Lalit Kumar Jain, national president, Credai………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

According to Jones Lang LaSalle’s latest research mainland China’s real estate sector witnessed a record level of investment activities in 2011. The research, entitled “China Retail Investment Outlook 2012: Gearing Up for Domestic Demand,” stated that investors have been buying up more real estate with total investment volume reaching approximately RMB 26.5 billion (US$ 4.2 billion).
The report also stated that retail accounted for a record high of 30 per cent of total commercial transaction volume in China last year and that investment outside traditional Tier I cities reached an unprecedented high, receiving over half of total transaction………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Singapore’s private home prices suffered their first quarterly drop in nearly three years as government measures to cool the property market begin to bite at the high end.
According to advance estimates from the Urban Redevelopment Authority (URA) yesterday, private home prices fell 0.1% in January-March from the last three months of 2011. It was the first decline since the second quarter of 2009………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

Home values in Australia’s capital city rose 0.2 percent in March, leaving the market flat for the first quarter of 2012, according to the RP Data-Rismark Home Value Index released on Monday.
The survey, conducted by Australia’s property information and analytics provider RP Data and global real estate funds management enterprise Rismark, also showed the best performing capital city over the quarter was Hobart, with a 7.3 percent rise in home values………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

The Australian property market is set to thrive further driven largely by the major mining and resource booms which are gathering momentum across Western Australia, Queensland and South Australia.
According to Ironfish, an international property investment company, foreign investment in the Autralian property market had increased by 51 per cent in 2011, drawn by its stable economy and high-yielding assets………………………………………..Full Article: Source

Posted on 03 April 2012 by Laxman |  Email |Print

If the number of houses being listed for sale doesn’t increase, the inevitable house price rises that follow will risk the market stalling with buying moving out of reach for many people, Alistair Helm CEO of Realestate.co.nz is warning.
Realestate.co.nz’s latest monthly property report, for March, shows the stock of unsold houses on the market dropped to its lowest point since January 2008, with 46,411 unsold houses, apartments and lifestyle properties on the market at the end of March, down 619 from 47,030 at the end of February on a seasonally adjusted basis………………………………………..Full Article: Source

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