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Real Estate Briefing 12.Jun 2012

Posted on 12 June 2012 by Laxman |  Email |Print

Canadians are playing a larger role in the U.S. housing market than in any year since 2007 and they outpace buyers from China and Mexico by far, according to a new survey of American real estate brokers.
The survey by the Washington-based National Association of Realtors (NAR) said foreigners snapped up $82.5-billion (U.S.) worth of houses in the 12-month period ending March 31. That compared with $66.4-billion a year earlier………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

The dollar volume of U.S. homes sold to foreign buyers rose 24 percent in the 12 months through March as investors from Canada, China, India, Mexico and the U.K. took advantage of low prices and favorable exchange rates.
Foreign buyers spent about $82.5 billion in the period, up from a revised estimate of $66.4 billion a year earlier, the National Association of Realtors said today. That accounted for 4.8 percent of the $928.2 billion U.S. market for home sales, the organization said in a report from Washington………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Americans suffered a record decline in wealth between 2007 and 2010 as home values tumbled, according to a Federal Reserve report on Monday that underscored the severity of the recent recession.
The median family’s net worth dropped 38.8 percent during the three-year period, the Fed said in its latest report on changes in U.S. Family Finances, derived from a survey of consumer finances. Fed economists told reporters that this was the biggest drop in net worth since the survey started in 1989………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

When it comes to the swooning housing market, sometimes it seems only a knight in shining armor can save it, and according to some experts, that salvation could come in the form of the so-called echo boomer generation.
About 62 million strong, echo boomers—Americans roughly between the ages of 17 and 31—will shape the next two decades of the housing market, according to the National Association of Realtors, noting that young homebuyers already make up 31 percent of all recent home purchases………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Here’s a controversial but intriguing approach to the U.S. housing crisis: keep cash-strapped residents in their homes by condemning their mortgages.
A mortgage firm backed by a number of prominent West Coast financiers is pushing local politicians in California and a handful of other states hardest hit by the housing crisis to use eminent domain to restructure mortgages that borrowers owe more money on than their homes are actually worth………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Respondents to an online poll have given the U.S. government a no confidence vote when it comes to helping the real estate market. An over-whelming majority of 83% say the government will not take major steps to help the housing market.
The sweeping decision comes five years and more than 7 million foreclosures after the housing market collapse. Housing values in the majority of the country have suffered major losses, which few observers feel will ever be attained again in their life times. Home prices have fallen in all 230 U.S. cities Housing Predictor tracks, some by as much as 80% from the markets peak highs. (Press Release)

Posted on 12 June 2012 by Laxman |  Email |Print

Three years ago, when President Barack Obama unveiled his plan for solving the U.S. housing crisis, one in five borrowers owed more on mortgages than their homes were worth, banks were repossessing 74,000 homes per month and sale prices had plunged 30 percent from their 2006 peak.
“All of us will pay an even steeper price if we allow this crisis to deepen — a crisis which is unraveling homeownership, the middle class, and the American Dream itself,” Obama told the audience gathered at a high school in Mesa, Arizona, an area with one of the highest foreclosure rates in the country………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Where tech is booming, the luxury real-estate sector probably isn’t far behind. A recent data crunch by real-estate listings and information company Zillow showed that in the roughly 3½-month period between Facebook filing its IPO paperwork and its shares starting to trade, the proportion of million-dollar listings in Menlo Park, Calif., where the company is headquartered, jumped 87%.
Jeff Mallett, the former chief operating officer of Yahoo Inc. whose house is featured as today’s House of the Day, knows something about the housing markets near and dear to the hearts’ of Silicon Valley employees………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

The Pension Real Estate Association (PREA) and Investment Property Databank (IPD) have agreed to co-sponsor a US Property Fund Index that will measure real estate investment performance for open-ended, commingled funds.
The index will encompass the entire risk spectrum of core, value-add and opportunistic strategies, as well as both diversified and sector-specific funds………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Toronto and Vancouver home prices will probably experience a downturn of about 15 per cent in two to three years, but not the dramatic drop that hit the United States a few years ago, according to a report by the Toronto-Dominion banking group.
TD said Monday the 15 per cent decline in Canada’s two most expensive cities is likely in a few years but it will be gradual, rather than the sudden drop of 30 per cent seen in the U.S. real estate market after it peaked in late 2007………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

According to Eurostat data, real estate provides the second largest untapped cost-effective potential for energy savings among economic sectors in Europe – estimated at 65 million tonnes of oil equivalent (Mtoe), or roughly the equivalent of half the entire annual energy consumption of Italy.
EU research calculates that the costs of achieving the EU’s energy efficiency targets in European real estate would be €587 billion between 2011-2020, or €60 billion a year………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

A U.K. house-price index stayed negative in May as the crisis in Europe and the end of a tax exemption for first-time buyers limited demand, the Royal Institution of Chartered Surveyors said.
The gauge rose to minus 16 from minus 19 in April, which was a six-month low, London-based RICS said today, citing a monthly poll of property surveyors. A reading below zero means more surveyors saw price drops than gains last month. A measure of demand fell to a four-month low………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Houses are taking longer to sell because of the stagnation of the property market, surveyors say. Estate agent members of the Royal Institution of Chartered Surveyors (Rics) sold only 23% of the homes on their books in the three months to May.
Back in the same period of 2007, they had sold 41% of their homes for sale………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Two major mortgage lenders reported rising prices in May, but do they reflect what’s really happening in the UK housing market? After all, the Land Registry says prices have dropped for 16 months on the bounce.
Mortgage lender Halifax reckons that average UK house prices increased by 0.5% in May to £160,941, following a significant 2.3% decline in April. Its three-month measure (which is considered less volatile) also showed an increase of 0.8%, its biggest jump since last August………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

The UK commercial property market is in a strong position compared to other European economies, according to research by the CBRE, as financial problems continue to weigh on the eurozone.
Central London remains the standout performer in the UK, with significant investment in the West End and offices across this sub-sector growing by 0.4 per cent overall………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

There are indications some sectors of Bulgaria’s real estate market are beginning to recover, albeit slowly. A report by Global Property Guide highlighted Sofia as one of the few places in the country to see average home prices rise, citing figures from the National Statistics Institute (NSI) which revealed values were up 0.8 per cent over the year that ended in the first quarter of 2012.
However, the picture for Bulgaria as a whole is not quite as bright, with national property prices sliding by 4.3 per cent in the same period, the NSI figures showed………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

The real estate market of Baku observed an insignificant rise in prices - by 1.34% in May. Nusret Ibrahimov, general director of consulting company MBA Group, informs that prices rose by 5.62% versus early 2012 and by 12.9% against the 2011 same term index.
“Prices in the primary housing market of Baku decreased in May by 0.5% from $852 to $848 per sq m and by 0.8% since early 2012, but increased by 13.8% versus the last year’s same term,” Ibrahimov said………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

In an indication that economic slowdown is hitting hard the property market in India’s financial capital, property sales and purchase agreements fell sharply in Mumbai during January-May. However, leave and licence deals registered with the department of stamps and registration shot up during the period, official data showed.
Realty industry officials say people prefer a fixed monthly lease rent than buying new houses and paying equated monthly installment, which are volatile due to changing interest rates and cloudy market conditions………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Property buyers and investors are on tender hooks amidst global fears and speculation, according to forecasts from Knight Frank.
Slowing growth in China and Europe’s ongoing financial crisis “has many buyers and investors of real estate on edge about the future,” speculated Mr Ulf Schaefer, director of Residential Department – Premier Home, Knight Frank Chartered (Thailand) Co., Ltd………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

The focus of the real-estate market is drifting south this year, as soaring housing prices and scarce land supply in Greater Taipei are limiting business growth and profitability.
In the first four months, land developers and life insurance companies acquired a total of 40,000 ping (132,000m2) of land nationwide for NT$24 billion (US$803 million), 80 percent of which was located outside Greater Taipei, the center of the property fever prior to the government’s imposition of a special sales levy, better known as the “luxury tax,” in June last year………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Data from the Real Estate Institute of New Zealand (REINZ) shows there were 7,175 unconditional sales in May, an increase of 26.4% compared to April, and an increase of 1,409 sales (+24.4%) compared with the same time last year.
The increase of 26.4% compares with an average increase of 12.3% between April and May over the past 10 years, with May the third strongest month for real estate sales across the year………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Despite Australian’s love affair for residential property, Australia’s housing market might just be losing friends at a faster pace than Facebook. The latest loss is the Reserve Bank of Australia, after governor Glenn Stevens said on Friday it should not “engineer a return to a housing price boom.”
Speaking in Adelaide to the American Chamber of Commerce Internode Business Lunch, Stevens said he believed the household sector could be the reason behind such low levels of confidence, especially after Wednesday’s ABS posting of a “quite respectable” 1.3 per cent rise in GDP for the March quarter………………………………………..Full Article: Source

Posted on 12 June 2012 by Laxman |  Email |Print

Foreign investors could be forced to rethink pouring capital into Australian property developments with returns set to be squeezed from next month.
Developers with offshore investment partners will face tighter margins from July 1 when the withholding tax rate doubles to 15 per cent for distributions from managed trusts………………………………………..Full Article: Source

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