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Real Estate Briefing 24.Apr 2012

Posted on 24 April 2012 by Laxman |  Email |Print

The housing market is in terrible shape. Prices have dropped 35 percent from their peak, 1 in 5 mortgage holders is underwater, and another 2 million people will face foreclosure this year. And, as bad as things are now, they’re going to get a whole lot worse if the banks suddenly dump their inventory of distressed properties onto the market in 2012.
If that happens, prices will plunge another 15 percent or so, millions of people will see their hard-earned home equity vanish overnight, and the economy will slide back into recession. Even so, there are experts who think “The Big Dump” is coming, and soon, too………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Like everything else, house prices are set by supply and demand; but clearly, the supply situation in Ireland and Spain looks completely different from that of Britain. But demand is surely not an exogenous factor.
I would suggest there is a three-stage process; more people will want to own their home if prices are rising and that will reinforce the boom; at some point, however, unless lending standards are not completely relaxed, people will be priced out of the market and will have to flat share/live with their parents, and the bubble will pop; at that stage, as prices fall, defaulting borrowers will send more supply into the market until eventually prices are affordable again………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Buyer traffic is strong, supply of homes for sale is low, and yet home prices continue to defy the usual formula, falling again in March. Prices usually rise as supply shrinks, but demand is still too low to make those historical “norms” compute, not to mention that the type of supply available is largely distressed.
Foreclosures and short sales (when the home is sold for less than the value of the mortgage) accounted for 47.7 percent of sales, in a three month running average measured by Campbell/Inside Mortgage Finance. That’s the 25th month in a row that distressed sales have topped 40 percent of the market………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Radar logic, a composite of home price indices, shows national index increasing 0.71 percent since January but falling 3.76 percent below the level seen in February 2011.
The current Radar Logic 25 MSA Composite data reported on residential real estate transactions (condos, multi and single family homes) that settled as late as February 20 and averaged for the month indicates that with increasing spring transactions has come an increase of prices (the typical trend) with the national index increasing 0.71% since January but falling 3.76% below the level seen in February 2011………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.
The justices today turned away an appeal by James and Jeanne Harmon, who said the city was violating their constitutional rights by limiting rents on three one-bedroom apartments in their Upper West Side brownstone. The units rent for about $1,000 a month, less than half the price of three similar, unregulated units in the building, the Harmons say………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Canada’s housing market has been relatively stable over the past year, with the notable exception of Toronto, which has overtaken Vancouver as the country’s hottest real estate market.
Prices in Canada’s largest city have risen 10.5% over the past year and there are now three times as many cranes dotting Hog Town’s skyline as there are in the Big Apple………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

The unlisted UK property sector delivered a total return of 0.7% for the first quarter of 2012, remaining in positive territory but nevertheless trending down and recording its lowest return since the market entered the recovery phase in Q3 2009, according to the AREF/IPD UK Property Fund Index.
A stable income return of 80 bps more than offset what was a modest, 10 bps, reduction in Net Asset Values over the last quarter. Within this, balanced funds benefited from a 13 bps improvement in NAVs. Specialist funds, some of which are exposed to more challenged parts of the market, saw a -0.5% reduction in capital over the three months………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Property firm Rightmove reckons that the average price for a British house hit £243,737 in April, eclipsing the previous peak of £242,410 in May 2008 by 0.5%. Meanwhile, the Nationwide’s last survey said prices fell 1%, while the Land Registry reported a rise of 0.1%. It’s all rather confusing. So here’s our quick guide to the key house price surveys.
First in line is the Rightmove survey. This is based on asking prices – the price that sellers hope to achieve. However, until a sale is agreed and contracts have been exchanged, an asking price is just that. Furthermore, as with all these surveys, an average can be misleading………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

The current rise in German residential real estate prices after two decades in the doldrums could potentially continue for the next two to three years, says Standard & Poor’s today in the report: “Why Germany’s Rising House Prices Are Bucking The European Trend.”
“This is likely to be fueled above all by an excess of demand over supply especially in the Western part of the country, low interest rates, rising employment, and lower household debt than in most other European countries,” said Jean-Michel Six, Standard & Poor’s chief economist for Europe………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

CNBC places Israel third behind China and Hong Kong on five year home price rises despite a reported 1.2% fall in 2011. Despite the affordable housing protests, Israel is holding on to its spot as the third-hottest housing market in the world according to a survey by CNBC, based on data from real estate agents Knight Frank.
The survey found that house prices in Israel jumped more than 21% in 2009 and16% in 2010………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Nearly 974 property transactions close to Dh2 billion were registered in Dubai Marina during the first quarter 2012, Dubai Land Department (DLD) data reveals.
Burj Khalifa area (Sheikh Zayed Road, Downtown Dubai and Business Bay) saw a total of 854 transactions worth Dh1.76 billion, while 330 transactions of Dh1.61 billion were registered in Palm Jumeirah………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Residential rents in Abu Dhabi have fallen by 10 per cent year-on-year, but average asking prices in the first quarter 2012 have dropped by 47 per cent from the peak in fourth quarter 2008, according to Jones Lang LaSalle (JLL).

In the first quarter 2012, rentals declined by seven per cent but the global real estate consultancy predicts lease rates will remain under pressure as more stock is released and tenants get the opportunity to upgrade their housing………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

China’s extraordinary real estate boom may finally be over. Multiple indicators suggest that China is on the precipice of a significant market correction. Prices are down in more than half of the 70 cities surveyed by National Bureau of Statistics.
Beyond price data (which is subject to some skepticism), residential floor space under construction, residential real estate investment, total floor space starts, and residential floor space sales all show declines………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Why are so many ill-informed analysts determined to “reveal” an ugly property bubble in China?For starters, most of those who write about China have never lived in the region; they understand precious little about Chinese culture or the mainland’s government.

Equally important, empty buildings or high price-to-income ratios may be indicative of future price declines, but they alone do not cause bursting balloons; that requires extraordinary participation in leveraged speculation………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Trying to control Singapore’s property prices by increasing the supply of land as part of the government land sales program me may no longer be effective.

According to Channel News Asia, this means that property prices may continue to remain high due to strong demand for such projects. The government’s latest release of six sites for residential development are expected to generate strong interest from developers………………………………………..Full Article: Source

Posted on 24 April 2012 by Laxman |  Email |Print

Cautious sentiments arising from an anticipated economic slowdown have led to a generally subdued property market which is likely to face a tough year ahead, DTZ Research said.

In a statement yesterday, the property services company said investment activities in the country experienced a slow start to the year, with volume in the first quarter of 2012 (Q1) dropping to RM427.5 million, lower than the quarterly volumes registered in 2011………………………………………..Full Article: Source

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