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Real Estate Briefing 22.Jun 2012

Posted on 22 June 2012 by Laxman |  Email |Print

Jed KolkoA backward baby step in home sales last month is little more than a momentary bobble amid what appears to be an otherwise mending U.S. housing market, many industry analysts and some Realtors agreed Thursday.
While purchases of previously owned homes slipped by 1.5 percent last month as compared to April, many experts brushed off the decrease by pointing to a vastly limited stock of available listings — especially a dearth of more-upscale houses in nicer neighborhoods………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Sales of previously owned U.S. homes probably fell in May, showing an uneven recovery in residential real estate, economists said a report may show today.
Purchases dropped 1.1 percent to a 4.57 million annual rate last month, according to the median forecast of 74 economists surveyed by Bloomberg News. Jobless claims last week were little changed, other data may show……………………………………….Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

U.S. housing prices won’t just hit the bottom this year — they’ll rise by 2 percent, according to a report by Capital Economics released this week. But that doesn’t mean the market is in great shape.
The optimistic report, written by Capital’s property economist Paul Diggile, expects cash buyers and small and large investors to increase transactional activity, bringing up prices. In other words, the recovery would be fueled by people who wouldn’t need a mortgage, which has been difficult to secure for those without great credit………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

On Tuesday we learned that single-family housing starts rose 3.2% to a 516,000 annual rate. This release is further evidence that the market for new homes is experiencing a slow recovery, but at half the pace of a healthy housing market.
The Federal Reserve’s statement following Wednesday’s FOMC meeting continued to describe the housing sector as “depressed,” but as has been its habit, the central bank did not offer targeted help for the housing and mortgage markets………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

U.S. mortgage rates for 30-year fixed loans declined to a record low, reducing borrowing costs amid an uneven recovery in the housing market. The average rate for a 30-year fixed mortgage fell to 3.66 percent in the week ended today from 3.71 percent, Freddie Mac said in a statement.
It was the lowest in the McLean, Virginia- based mortgage-finance company’s records dating to 1971. The average 15-year rate dropped to 2.95 percent from 2.98 percent………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

In its fourth crackdown in four years on a still-hot housing market, Canada tightened conditions for both borrowers and lenders on Thursday to put the brakes on home buying and deflate a possible housing bubble before it pops.
Mindful of the U.S. housing crisis, where consumers ratcheted up debt only to be sideswiped by rising interest rates, financial crisis and recession, Canadian policymakers said their new rules and guidelines would make it harder for home buyers and homeowners to take on massive debt………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Two-thirds of families in England own the homes they live in, more than in France or Germany, say. But the pattern is changing fast. Home ownership rates began falling a decade ago, as prices went up more rapidly than earnings, foreigners flooded in and young people found it harder to get stable work.
Then came the financial crisis, and banks stopped dishing out mortgages to passers-by. Today 83% of parents with children aged 20 to 45 own their own home but only 44% of their offspring do, a survey by the National Centre for Social Research found………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Danish house prices plunged in the first quarter to a seven-year low after sellers slashed values to unload properties that had been on the market for a record- high number of days.
The average price per square meter fell to 10,897 kroner ($1,857) in the first three months, down 7.4 percent from 11,769 kroner a year earlier……………………………………….Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

According to research by international real estate advisor Savills approximately 400,000 m² of new logistics space will be delivered in Sweden by the end of 2012, up from 350,000 m² in 2011.
The firm expects this growing trend to continue with a number of larger projects (over 100,000 m²) scheduled for completion in 2013 and more smaller-scale projects likely to be announced during the second half of 2012………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Developer’s failure to complete or handover a property within a certain time-frame from date specified in the sales contract, deliberate intention of defrauding an investor or altering the specifications of the unit without obtaining requisite permission will soon allow investors to recover all the amount by them.
The draft law regarding the protection of the real estate investor in Dubai was released on Wednesday (June 20) to get feedback, for the first time, from people involved and concerned with real estate investment in the emirate. The department will be receiving feedback until June 29………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Residential property prices in Mumbai have held firm despite high interest rates, rising inventory of homes with developers and unaffordability. In that context, the city’s property market is a puzzle for experts.
Analysts at Citibank have made an effort to demystify the market trend. Here are some takeaways from a recent report:……………………………………….Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Evergrande Real Estate Group, one of China’s largest listed property stocks, took a pounding Thursday in Hong Kong.
A massive sell-off came mid-morning after Citron Research, a website that bills itself as an independent research outfit, issued a report claiming massive fraud and imminent insolvency at Evergrande. Shares in the Guangzhou-based company fell by nearly one-fifth before recovering to end the day at HK$3.97, down 11.4%………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Residential property prices have been on an uptrend over the past two years, especially those of suburban condominiums and HDB resale flats. In mature estates, buying interest and prices have been strong due to established property fundamentals such as location, accessibility, town centre amenities and, in some cases, proximity to prominent educational institutions.
However, the recent years have also seen the rising popularity of several far-flung, untested property locations and “sub-towns”, raising concerns whether the homebuyers who paid high prices had been overly optimistic……………………………………….Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Home prices in Seoul and surrounding areas have stalled after a 66 percent climb in the decade to February 2008 raised household debt to record levels and triggered government measures to cool the market.
While that’s helped South Korea, Asia’s fourth-biggest economy, avoid the three-year surge in prices in places like Hong Kong and China that’s raised concerns that bubbles were forming, it’s also soured many Koreans on home buying………………………………………..Full Article: Source

Posted on 22 June 2012 by Laxman |  Email |Print

Rent prices have jumped by nearly 50 per cent across the country in the past five years, with Western Australia predictably leading the way amid questions about whether the latest census data accurately portrays the strength of flow-on demand from the mining boom.
According to the census information released yesterday, the median national household weekly rent jumped by 49 per cent from $191 to $285 between 2006 and 2011, as the number of dwellings grew by only 8 per cent………………………………………..Full Article: Source

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