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Real Estate Briefing 27.Jun 2012

Posted on 27 June 2012 by Laxman |  Email |Print

Freshly released numbers from a housing index shows rising home prices in America’s biggest cities. That’s a good sign for all of America. The National Association of Realtors, for example, is considered an industry cheerleader and too optimistic.
By contrast, the most closely watched data set, the S&P/Case-Shiller Home Price Index, is often considered too lagging. For example, last month there was a ton of positive real estate news, but Case-Shiller still came in fairly bleak. The FHFA house price index, for example, a Federal government-generated number, was up 2.7% last month, year-over-year, while Case-Shiller was down 2.6%………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Home prices rose in nearly all major U.S. cities in April from March, further evidence of a housing market that is slowly improving even while the job market slumps. The Standard & Poor’s/Case-Shiller home price index released Tuesday showed increases in 19 of the 20 cities tracked. That’s the second straight month that prices have risen in a majority of U.S. cities.
And a measure of national prices rose 1.3 percent in April from March, the first increase in seven months………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Home prices are beginning to rise after a six-year slump in cities from San Francisco and Seattle to Miami with jobs and lifestyles that appeal to younger and affluent buyers.
“A number of the cities that have done the best have been glamour cities,” Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller property-value indexes, said in an interview on Bloomberg Radio’s “Surveillance” with Tom Keene. “People have this speculative fervor. It comes back.”……………………………………….Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

What’s needed to fix the housing market right now? Maybe nothing, says Re/Max Chief Executive Margaret Kelly. Layering on taxpayer-supported programs could actually do more harm than good, Ms. Kelly said Friday in a wide-ranging speech at a National Association of Real Estate Editors conference in Denver.
“It’s time to stop the artificial stimulators and let the market settle where it needs to settle,” Ms. Kelly said. “I liken it to a doctor, who, if you go in and you’re not feeling well, doesn’t change all five medicines at one time. “……………………………………….Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Recent media reports that real estate bidding wars are back look likely to do damage to the slight uptick we’re seeing in the housing market. They’re frightening off potential homebuyers who feel they’re not going to get the house they want at the price they can afford.
And sellers who read the reports expect a quick victory – an easy sale at a good price – and then end up turning down lucrative offers, thinking there’s a higher one around the corner………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Seeing little upside in the stock market, Cantor Fitzgerald CEO Howard Lutnick said Tuesday on CNBC that low interest rates were making commercial real estate a strong bet.
“I think the stock market is in a tough spot, right? There’s no growth. The Fed couldn’t have made it more clear. You know what Operation Twist means? It means we’re all getting twisted,” he said on “The Kudlow Report.” “There’s not really an economy out there.” The one bright spot, however, was commercial real estate………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Some relief may be on the horizon for London’s chronic housing shortage in the form of four master-planned developments that are moving slowly forward. The mixed-use projects are expected to create 25,000 new homes as well as stores and offices over the next decade.
They include the Earls Court Master Plan in West London; Wapping Village and Greenwich Peninsula in the east of London; and Nine Elms, which includes the conversion of the old Battersea Power Station property to residential use………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

House prices rose in May as the property market nationally recorded its first rise in five years. Prices in Dublin were up for the third month in a row, sparking hopes that the worst could be over for the housing market in the capital.
The news came as NAMA announced it would knock down the first of the properties it owns. The numbers are expected to increase as debtors and receivers start to get to grips with particularly difficult sites, a spokesman said………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

And why Norway’s property market is still looking ever so slightly peaky. And then there is Norway… where house prices have just kept rising and the IMF estimates an overvaluation of in the region of 15-20 per cent.
The San Francisco Fed likes Norway’s ever so buoyant property market so much they have used it in a paper looking at whether one can spot a bubble in advance of it bursting………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

India has witnessed $3.2 billion of investor exits over 80 deals in the real estate sector in the last four years. While the level of activity between domestic and offshore investors/ PE funds has been almost equal in terms of the number of deals, however, in terms of value, 74% of the total exits were attributed to foreign funds, says a recent report by Jones Lang LaSalle.
The divergence was largely on account of large deal sizes in case of offshore investors. The average ticket size of an offshore investor exit has been three times the deal size of domestic investors………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Asia’s credit markets endured another quiet day, but with the price action again resilient in the face of poor US equity market price action overnight as deep skepticism towards the upcoming European summit dented sentiment.
The iTraxx series 17 is ending 2bp wider at 185bp/187bp on thin two-way flow. Spanish 10-year bonds are holding in decently at 6.68% at the open and help explain the solid end to the day’s trading………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

With eyes on the country’s wealthy homebuyers, Sotheby’s International Realty Affiliates LLC, a unit of Realogy Corp., plans to enter China’s luxury property market by the first half of next year, targeting first-tier cities such as Beijing and Shanghai.
Already affiliated with 45 countries and regions, including Japan, Hong Kong, Taiwan, Thailand and Vietnam, Sotheby’s International, like many other realty companies, is eager yet cautious to add China to their portfolio. Earlier this year, Christie’s International established a real estate franchise in Hong Kong, its first in Asia………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Homebuyers are taking advantage of mortgage rates at an all-time low in the Southeast Asian island- state, even as prices are almost at a record high and the government introduced measures to cool the property market.
Home affordability in Singapore has risen to the highest in a decade because of historically low interest rates and flexible payment options available to buyers, according to Jefferies Group Inc………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

Indonesian property stocks have fallen 18 percent this year from their peaks, but one of the country’s biggest property developers, Lippo Karawaci says the real estate sector is in its prime.
The CEO of the company’s shopping malls division, Michael Riady, told CNBC’s “Cash Flow” on Tuesday that “If you look everywhere there are shopping malls, condos, hotels, all sub sectors are performing really well right now. I think the Indonesian real estate sector today is at a prime time.”……………………………………….Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

If there is no severe flooding this year home sales will recover, according to the Kasikorn Research Center.
The center has conducted research on the property markets across Thailand in the first half of the year, and found that overall the market remained fairly active in the first six months………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday.
Participants who shared the view that the nation’s property market is different from Japan included professor Choi Hee-gap from Ajou University. Choi said that Japan suffered a property market crash ― “which was initiated by enterprises in the 1980s” ― in the wake of policymakers’ rapid hikes in interest rates in the 1990s………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

The shrinking proportion of Korea’s working age population could burst a real estate market bubble and trigger a financial crisis, a private think tank said in a report.
Hyundai Research Institute warned that Korea may follow the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work is at its heights………………………………………..Full Article: Source

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Posted on 27 June 2012 by Laxman |  Email |Print

There is no danger of a collapse in Australia’s housing market. Indeed, if anything the market is undersupplied, according to assistant Reserve Bank governor Guy Debelle.
Dr Debelle told a mortgage conference in Adelaide the only signs of oversupply were in south-east Queensland. For the nation as a whole there weren’t enough houses to go around. ”Nationally the level of housing construction is about where it was 10 years ago, but the population is 15 per cent higher,” he told the conference………………………………………..Full Article: Source

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