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Real Estate Briefing 04.Apr 2012

Posted on 04 April 2012 by Laxman |  Email |Print

As the economy continues to take a toll on consumers’ finances, a growing number of people are discovering that becoming roommates with mom and dad, or a 20- or 30-something son or daughter, helps to ease some of the financial pain in tough times.
As of 2010, 4.4 million U.S. homes held three generations or more under one roof, a 15% increase from 3.8 million households two years earlier, according to the latest data available from the Census Bureau………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Todd ShererAs many as 1.25 million of America’s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market. Sales of repossessed properties probably will rise 25 percent this year from 1 million in 2011, according to Moody’s Analytics Inc.
Prices for the homes could drop as much as 10 percent because they deteriorated as they were held in reserve during investigations by state officials resolved in February, according to RealtyTrac Inc………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Real-estate website Zillow Inc. said Tuesday its real-time rate on 30-year fixed mortgages fell slightly for the second week in a row.
Zillow said the 30-year fixed mortgage rate on its Mortgage Marketplace slipped to 3.81%, from 3.88% last week. The rate hovered between 3.8% and 3.85% for most of the week and dropped to its current rate Tuesday morning, Zillow said………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

China’s great wall of cash is pouring into the struggling U.S. property market, from multi-million-dollar mansions on the West Coast to venerable hotels on the East Coast. Buyers from mainland China and Hong Kong are snapping up luxury homes, often paying cash, in major U.S. cities such as New York, Los Angeles and San Francisco.
They’re coming by the dozens to buy foreclosed properties in downtrodden cities in Florida and Nevada. Chinese buyers are even starting to snap up pricey commercial buildings and hotels in Manhattan………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Recall when yours truly attended Americatalyst, a real housing/mortgage nerd conference last November, and the panel that was asked to forecast housing had no one predicting more than a 2-3% decline? I was gobsmacked because no one seemed to be acknowledging the huge number of foreclosures in process plus those likely to happen (“shadow inventory”).
Moody’s has focused on one aspect of the issue and does not like what it sees. Recall this Moody’s forecast follows one from Fitch of an 8% to 10% decline in housing prices………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

City real-estate firms have released their market reports for the first three months of the year, and depending on who’s crunching the numbers, business appears to be steady — and may be even set to take off.
Appraiser Jonathan Miller’s report for Prudential Douglas Elliman sees a market that continues to be stable but with some mixed signals. Inventory was consistent at 7,560 listings compared to 7,605 in the first quarter of 2011………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

In the latest twist in the red-hot multifamily market, a venture of a New York real-estate private-equity firm and a Los Angeles developer has made a big push into the Seattle market by taking over a well-known local builder of apartment properties.
The venture of AREA Property Partners and Urban Partners LLC has purchased Harbor Properties of Seattle in a deal valued at $75 million, excluding debt. Included in the package were stakes in four existing apartment properties and three under construction, with more than 800 units……………………………………….Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Donald Trump told CNBC Tuesday the Florida real estate market is making a comeback, and not just because he bought the Doral Country Club in the middle of Miami.
“I feel very strong about that section of the country. I think Florida is doing really well,” said the real estate mogul. “They’re going to be writing stories about Florida pretty soon about how it’s doing. It’s coming back.”……………………………………….Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Canadian home prices have increased steadily since the financial crisis hit and Michael Lombardi, lead contributor to popular financial newsletter Profit Confidential, believes that Canada is potentially setting up for a very nasty fall in home prices.
“Canadian banks are responding to the slowing housing market and are trying to reinvigorate home prices and the housing market,” says Lombardi. Lombardi states that, unlike the Federal Reserve’s response in 2007, the Bank of Canada is extremely worried about the housing market in Canada, repeatedly warning that Canadians are getting into too much debt. (Press Release)

Posted on 04 April 2012 by Laxman |  Email |Print

São Paulo is launching a new effort to provide housing for its estimated three million residents living in shantytowns, tenements and on dangerous hillsides in a plan that borrows heavily from the New York’s real-estate industry’s experience in affordable housing.
After consulting with New York officials and real-estate executives, the São Paulo government is preparing to test a relatively foreign concept in Brazil’s low-income housing market: rents………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

When Fidel Castro took power in Cuba in 1959 he placed a ban on property sales, which has been in effect until late last year when the purchasing and selling of private property was legalised by President Raul Castro in a bid to keep the struggling Communist state afloat.
And not surprisingly the newfound freedom to buy property has created a property boom in Cuba according to a report in the Daily Mail………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

The changes to stamp duty in chancellor George Osborne’s latest Budget initiated a flurry of activity as buyers moved quickly to avoid punitive charges.
‘Last night, deals were being struck right up to midnight and we were involved with a good dozen that were worth at least £50 million,’ said one top London estate agent the morning after the announcements………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Residential property prices in the UK increased in March for the first time in 21 months, partly because first-time buyers rushed to beat the end of the stamp duty holiday, according to Hometrack.
Data published by the property analytics firm show that the average price of a home in the UK appreciated by 0.2% in March compared to the previous month, marking the first month-on-month rise in property values since June 2010………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Germany’s residential real estate sector is booming as investors reap high returns after decades of stagnant prices, with values rocketing in many of it key cities.
However, the German government has decided to step in and impose strict measures to prevent the property bubble from bursting says market analysts IPD (Investment Property Databank)………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Spain’s property sector could see as much as 50% of its value disappear, says Merrill Lynch Wealth Management’s Bill O’Neill. The Banco de España has described the financial system’s exposure to construction and real estate as “problematic” and O’Neill – chief investment officer for Europe, Middle East & Africa at Merrill Lynch Wealth Management – believes current real estate prices could sink further.
O’Neill says: “So far, real estate prices have fallen about 22% from their peak. It is credible to expect a lot more to come, with an ultimate decline of 40-50% looking plausible given the extent of the boom and what we have seen in Ireland and the US.”……………………………………….Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Figures published by Fastighetsbyrån, part of Swedish banking group Swedbank, suggest Swedish and Norwegian property buyers have pushed hard into the Spanish residential property market, as British and German buyers have withdrawn in the past half-decade.
Figures for property transactions over the past four years provided by Fastighetsbyrån’s Spanish market business The Real Estate Agency, suggest that Spanish property transactions involving foreign residents from the UK, Germany, Sweden and Norway increased 10% in 2011 compared to 2010………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Bulgaria offers good opportunities for investments in real estates at good prices but it has to work for its presentation before the foreign investors, said Manyu Moravenov, executive Director of Fairplay Properties.
According to Dobromir Ganev, manager of GVA Bulgaria, the foreign investors could turn to the Bulgarian market when the conditions here are as better as to make their interest shift from other markets, such as Asia, which are very attractive at the moment………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

British and Indian buyers dominated Dubai’s villa and land market in 2011, but GCC nationals were the biggest investors in the apartment sector, government data show.
Dubai’s Land Department, which issued its annual report yesterday, claims that a 20 per cent increase in property transactions in 2011 — at a value of Dh143 billion — is a sign of real estate market recovery and growth………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

According to Himadri Mayank, Senior Manager of Jones Lang LaSalle India, the residential property market in India, particularly in the Tier I cities, has remained sluggish for the past 12 months, with significantly lower sale volumes when compared to the high absorption rates of 2010.
Home loan interest rates now seem to be at their cyclical highs (but should soon decline) and unforeseen tax levies have come at a time when the industry is facing its moment of reckoning………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Investors ought to look to staple consumer goods when considering investing in China, says Henry Thornton, manager of the Establishment Investment Trust.
With the slowdown in growth in China, Thornton thinks the main drivers of growth in the country, property and infrastructure along with the luxury goods market, are in for a shock………………………………………..Full Article: Source

Posted on 04 April 2012 by Laxman |  Email |Print

Real estate investment activity in Singapore declined by 50 per cent in the first quarter of this year to S$3.7 billion. This compared to the previous quarter where investment sales hit S$7.4 billion.
Among the reasons are investors remain mindful of rising business costs, global economic uncertainties and a weaker property market………………………………………..Full Article: Source

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