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Real Estate Briefing 15.Jun 2012

U.S: Housing market rebounding, but slowly
Shrinking ‘shadow inventory’ eases threat to U.S. housing
U.S. home foreclosure activity upticks 9pct in May over last month
U.S: The best and worst cities for renters
Vacation home buyers return, pick pricier properties
U.S. housing rebound evident in bond yield gap
Why housing affordability is a mirage
World's super rich now view California as a property safe haven‎
Detroit real estate: Comeback kid?
Canada: Housing market to cool: CMHC
Housing bubble fears a boon for alternative lenders
Foreign property focus swings back to Europe
U.K. house prices increase as acadametrics sees limit to gains
Overseas capital dominates London office market in H1: JLL
Irish house prices set to fall a further 20pct
INREV: German open-end funds receive vote of confidence
Spain house prices fall at steepest rate on record
SNB sees need for corrective measures on Swiss property market
A property buyer's guide to Bulgaria
North Jeddah residential project targets middle class
Dubai property surprises: Extravagant promotions are back
Asean’s real estate to chart stronger growth
Asia’s prime residential market beset by weaker price performance, concerted efforts made
Asia Pacific property markets face varying outlook for rest of 2102
India: Stagnant property sales push up housing rentals, says report
China steps up support for parts of housing market
Hong Kong ready to slow mortgage lending in runaway residential price market
Singapore unlikely to add more property measures
Australia: "Long, slowish recovery for property": John McGrath
NZ: Sellers' market now seen in real estate
6 best home apps

Posted on 15 June 2012 by Laxman |  Email |Print

Eric S. BelskyPromising statistics signal a housing market on the rebound, but economic headwinds are keeping markets from improving quickly, according to Harvard University’s annual State of the Nation’s Housing report, released on Thursday.
“With new home inventories at record lows, unless the broader economy goes into a tailspin, stronger sales should further stabilize prices and pave the way for a pickup in single-family housing construction over the course of 2012,” said Eric S. Belsky, managing director of Harvard’s Joint Center for Housing Studies……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Daren BlomquistThe overhang of pending foreclosures that threatened to flood the U.S. housing market and depress prices is dissipating as banks sell off distressed properties and let borrowers sell homes for less than they owe.
The so-called shadow inventory of homes that are seriously delinquent, in the foreclosure process or owned by banks and not listed for sale tumbled in April to the lowest level in more than three years, CoreLogic Inc. (CLGX) said……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Based on RealtyTrac’s U.S. Foreclosure Market Report for May 2012, foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 205,990 U.S. properties in May, an increase of 9 percent from April but still down 4 percent from May 2011.
The report also shows one in every 639 U.S. housing units with a foreclosure filing during the month………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

It’s the latest aftershock from the housing bust: Across the country, rents are rising. Nearly 4 million families have transitioned into rentals since the foreclosure wave began; meanwhile, new construction largely dried up after the housing bubble burst. The result: vacancy rates in many cities are low and prices are going up.
The National Association of Realtors projects a 4% average increase in rents nationally this year and 4% in 2013………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

When the housing market falls, vacation homes fall harder. They’re discretionary purchases that can be put off for another day. That day may be here or near. Sensing a possible bottom, second-home buyers are returning, say real estate agents in vacation spots from Cape Cod to Lake Tahoe.
Nationwide, vacation sales rose 7% in 2011 to 502,000 homes, according to the National Association of Realtors. They made up 11% of total sales. And commentary from the NAR’s resort and second-home committee indicates continued momentum this year, says NAR spokesman Walter Molony………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Investors are accepting the lowest yields since the real estate boom peaked in 2005 on the debt of U.S. homebuilders relative to the rest of the junk-bond market as evidence mounts that housing is on the rebound.
Homebuilder yields have fallen 1.1 percentage points below the average for U.S. speculative-grade notes, the biggest gap since September 2005, after the housing bust pushed them above the average………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Home prices and mortgage rates have made monthly mortgage payments lower than at any time in the past decade. But housing isn’t any more affordable than it was five years ago, during the go-go lending days, after factoring in down payment requirements and other financing terms, according to a new paper.
The National Association of Realtors and other housing economists typically measure housing affordability by looking at home prices and mortgage rates………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

The super-rich investors responsible for London’s prime property bubble are adding California to their wish lists, lured by bargains offering crisis-defying returns as an overdue churn in the United States property market finally gets under way.
Wealthy European and Asian investors who have dominated the market for addresses in London’s most fashionable neighbourhoods are frequently outbidding locals for assets in the Golden State, U.S. real estate brokers report - and banks, long shackled by the volume of distressed property on their books, are in the mood to cut deals………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Do glimmers of improvement in one of the country’s most depressed real estate markets suggest something larger – that a long-term economic rebound may be getting underway?
Though it’s far too early to make bold predictions about the Motor City – where unemployment topped 14 percent three years ago – you can’t deny that something is stirring in the real estate sector:……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Canada Mortgage and Housing Corp. raised its expectations for housing starts this year on Thursday, but said it expects both new and existing home markets to moderate in coming months after getting off to a strong start early in the year.
The agency’s second-quarter housing market outlook said housing starts will be in the range of 182,300 to 220,600 units this year, up from a forecast in February for 164,000 to 212,700 starts in 2012. ……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Pressure on Canada’s big banks from Ottawa and the Bank of Canada to tighten mortgage lending practices is benefiting the country’s alternative lenders.
One of those, Equitable Trust, has even been able to realize its goal of coast-to-coast mortgage lending. On Thursday, Equitable ventured into Nova Scotia with plans to provide single-family residential mortgages………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

A shaky European economy has changed the focus of Russians looking to buy property abroad.
While former destinations like the Middle East or Asia have fallen out of favor due to slumping real estate values there, markets that were out of reach to all but the most affluent Russians before the crisis, have become much more affordable and eager to attract foreign buyers………………………………………..Full Article: Source

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U.K. house prices rose the most in nine months in May, according to Acadametrics Ltd., which said the gain may not signal the start of a rebound by the country’s property market.
The average price of a home in England and Wales climbed 0.5 percent from April to 223,207 pounds ($347,100), Acadametrics and LSL Property Services Plc (LSL) said in a report in London today. From a year earlier, values gained 1.9 percent………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Foreign capital was behind 75% of the office investments in London so far this year, according to preliminary research by Jones Lang LaSalle. Asia accounted for 27% of the foreign acquisitions.
The property adviser recorded £6 bn (EUR 7.4 bn) of investment in the sector this year, up 8% on the same period last year………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

The property market is still in freefall according to the ratings agency, Moody’s, which is predicting house prices will fall a further 20%. Research by Moody’s into the performance of the Irish prime residential mortgage-backed securities has found that the number of mortgages in arrears of more than 90 days and more than a year have reached a new peak of 13.99% from 11.98%.
Based on these figures Moody’s predicts that the steep decline in house prices since 2007, that has placed thousands of home owners in negative equity, is set to continue………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Institutional investors and fund managers in German open-end funds (GEOFs) remain surprisingly positive about these vehicles, despite the imminent introduction of the AnsFuG legislation, according to recent research by INREV.
The AnsFuG reforms, which are due to come in to effect in January 2013, will introduce a 24-month ‘lock-up’ period, a notice period of 12 months for the redemption of fund units, and a cap on the debt ratio of 30% for all GOEFs………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Spanish house prices fell at the sharpest pace since current records began in the first quarter, data showed on Thursday, deepening a property market slump and serving up more bad news for the country’s battered banks.
Prices dropped 12.6 percent year on year, national statistics institute INE said. The fall was the biggest since the data series began in 2007, easily beating the previous trough of 7.7 percent in the second quarter of 2009……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

The Swiss National Bank said measures are needed to prepare lenders for “growing” risks stemming from the country’s real estate and mortgage markets.
“SNB estimates on apartment prices indicate that they already exceed values justified by fundamentals,” the central bank said in its annual financial stability report, published today. “In view of the growing risks in the Swiss real estate and mortgage markets, the SNB considers that there is a need for corrective measures.”……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

When searching for a property, use a reliable, full-service estate agent that offers translation services and an in-house lawyer to handle the paperwork for the notary act, the binding deed.
“Really know the agency which they are working with. There is something like a couple of thousand real-estate agencies, only a fraction of which are reputable,” says Iani Stoimenov, chief executive of property consultancy Vision One………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Prospective homebuyers looking to move into the upcoming new Jeddah district can now view the onsite show villas in Alfareeda residential project, one of Saudi Arabia’s biggest and best planned real estate developments designed specifically to meet the growing demand of home ownership by the middle class segment.
“With phase one of the project nearing completion we are now ready to host prospective buyers at our onsite show villas where they can see for themselves the beauty and high quality of the four different architectural styles that will be available at Alfareeda,” said Fahad Al-Mutawae, CEO of Ewaan Global Residential Company, developers of the Alfareeda residential project………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

In what reminds one of the imprudent offers witnessed during the property boom era of 2007-08, Dubai-based private developer Damac Properties is giving customers a selection of luxury boats and yachts with properties purchased during the month-long Dubai Summer Surprises (DSS) festival.
While the offer may look a bit indiscreet considering Dubai property prices remain under water (pun intended) when compared with their sale prices in 2008, and have still not recovered from the battering they received in 2009 and 2010, Damac wants customers to buy a property and ‘take to the water’ this DSS………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

The Asean (Association of Southeast Asian Nations) real estate industry is poised for stronger growth in tandem with the strong economic growth in the sub-region, concludes the World Economic Forum on East Asia 2012 recently.
“Major differences between Asean markets such as foreign property ownership, alien business laws and tax system need to be fine-tuned and managed efficiently in order for the markets to be competitive and capture all the opportunities that follow the connectivity and collaboration within the sub-region,” said Suphin Mechuchep, Managing Director of Jones Lang LaSalle Thailand………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

While capital market flight from emerging economies to safe havens has been integral to the performance of the world’s luxury housing markets, the story that grabbed the media’s attention in 2011 was the potential for a Chinese property crash.
According to Knight Frank and Citi Public Bank’s Wealth Report 2012, A Global Perspective on Prime Property and Wealth, this concern was hardly surprising. China’s housing market arguably formed the single most important sector in the entire global economy………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Real estate markets in the Asia Pacific region are likely to see varying fortunes in the coming months as various government policies continue to affect the sector, according to Knight Frank.
Continued government intervention in property markets across Asia has proved effective, as lending restrictions, additional taxes and protection from hot foreign money has led to a quarterly drop in mainstream prices across Malaysia, Taiwan and Singapore, its latest report shows………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

With property transactions remaining stagnant for a while now, residential rentals have reportedly started climbing as more people prefer to rent instead of buying a house.
According to a new report by Jones Lang LaSalle, “With a sustained increase in capital values keeping most potential buyers at bay”, rental values continue to increase. While the usual annual increase in residential rentals is in the range of 9 to 11 per cent, over the last one year, rents have increased in the range of 10 to 20 per cent………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

China has been supporting property purchases by certain buyers to meet genuine rather than speculative demand in the past few months, as Beijing seeks ways to stimulate consumption and ease credit to stave off a hard landing for the world’s second-largest economy.
The government has encouraged banks to offer lower mortgage rates for first-time home buyers, called on developers to increase construction of smaller and cheaper apartments, and is tolerating moves by some cash-hungry municipal and provincial governments to loosen property restrictions at the local level………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Home prices are up 8 percent from December 2011 in Hong Kong. That worries the government as it fears a possible sharp price drop would further weaken a dragging economy.
More curbs on mortgage lending would be one measure the government might take to return the residential market to stability………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Singapore is unlikely to introduce additional measures to cool the housing market because of a weak economic outlook and lower property transactions, according to Bank of America and JPMorgan.
“A fragile economic outlook and softness in the broader property market suggests that another round of measures may be unwarranted at this point,” Hak Bin Chua, a Singapore-based economist at Bank of America’s Merrill Lynch unit wrote in a note to clients on Thursday………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Australian housing prices are unlikely to rise in winter despite an increase in buyer enquiries, says McGrath Estate Agents chief executive John McGrath, who is forecasting a “long and slowish recovery” over the next three to five years.
In his latest winter market review, McGrath, notes that in March, “the country’s largest mortgage broker, AFG, had its second biggest month ever in NSW since their index commenced in 2004 with $842 million in new lodgements”………………………………………..Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

There are further signs of an improvement in the housing market, with real estate agents indicating it may now be a sellers’ market for the first time in four years.
The BNZ-Real Estate Institute Residential Market Survey found a record net 15% of respondents fell buyers are more motivated than sellers……………………………………….Full Article: Source

Posted on 15 June 2012 by Laxman |  Email |Print

Homeowner or renter, these 6 best money apps will help you find a new home, handle a renovation and do timely maintenance.
MyHome Scr.app.book: A detailed list of your possessions is crucial if disaster strikes. This app, developed by insurance regulators, makes creating one easy: Photograph your stuff and enter information, such as what you paid. Then store the report you’ll get by e-mail in a safe place………………………………………..Full Article: Source

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