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Real Estate Briefing 05.Oct 2012

Posted on 05 October 2012 by Laxman |  Email |Print

For all the discussion about the economy in last night’s presidential debate and on the campaign trail, one key topic that the incumbent and his challenger have largely been silent about is what to do about the once-mighty engine of housing in America’s economy – and how it might get stoked once again.
That may be because, for President Barack Obama and GOP White House hopeful Mitt Romney, the subject of housing remains an extremely sensitive one, given that housing, or more precisely, the collapse of the housing market, has largely been responsible for much of the last five years of economic pain………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

According to the California Association of Realtor’s “2013 California Housing Market Forecast,” released this week, California’s housing market will continue to recover in 2013, as home sales are forecast to increase for the third consecutive year and the median price to rise for the second straight year.
The C.A.R. forecast sees sales gaining 1.3 percent next year to reach 530,000 units, up from the projected 2012 sales figure of 523,300 homes sold. Sales in 2012 will be up 5.1 percent from the 497,900 existing, single-family homes sold in 2011……………………………………….Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Pressures in the Toronto and Vancouver housing markets are moderating, Canadian Finance Minister Jim Flaherty said on Thursday, with neither a bubble nor a hard landing in sight for the country’s property market.
“I don’t think there is a bubble, or a danger of a bubble in Toronto and Vancouver. I’m actually comfortable with the fact that we’ve seen some moderation in pressures in that market, both of those markets and across the country,” Flaherty told reporters………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Here’s the bottom line on Toronto’s housing market from Robert Kavcic at BMO Nesbitt Burns: Toronto is on its way to becoming a buyers’ market for the first time since the slump.
The BMO economist was referring today to the Toronto Real Estate Board’s latest numbers, released yesterday and which showed residential real estate sales plunging 21 per cent in September from a year earlier, though you’ve got to factor in two more business days a year ago………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Job losses are set to be announced by a leading building products firm in response to the “dreadful” UK construction market. Britain’s construction sector is faring even worse than feared, was the message from industry as two more firms reacted to the dire market with action threatening hundreds of jobs.
Building products supplier Hanson said it is planning to cut its capacity by 10pc as sales prove worse than anticipated. The move emerged as rival building material group Burdens embarked on a strategic review of its business in response to the poor market. Bristol-based Burdens, owned by a charitable trust and its employees, said it was looking at selling part of the company and that a bidding process was under way………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Halifax fuelled fears about the state of the housing market as the nation’s biggest mortgage lender reported a third monthly fall in house prices.
The 0.4 per cent decline in property prices in September replicates what the Nationwide’s index found earlier this week. Year-on-year prices are also down, with the average property price falling to £159,486 in September, a 1.2 per cent drop on the same month in 2011………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

The love affair between the global super-rich and London property is souring as UK politicians tap into a mood of public resentment of the wealthy, with tax increases and rhetoric playing up their own humble origins.
Prices of homes costing more than 10 million pounds have risen 56 percent since 2007 as overseas investors park money in the relative safety of London bricks and mortar, with foreign buyers accounting for about a two thirds of deals, a report by property consultant Knight Frank shows………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

House prices in recession-hit Italy’s tourist resorts such as Capri fell more than in the biggest cities this year as investors grew concerned about the economic outlook and higher property taxes, a research institute said.
Prices of residential properties in 31 resorts across the country fell an average 4.4 percent in the 12 months through September, the Bologna-based institute Nomisma said in an e- mailed report today. That compares with a 3.4 percent decline in Italy’s 13 biggest cities, the report said………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Immigration is the “wild card” in Singapore’s housing demand equation, according to analysts at Credit Suisse. Singapore’s low birth rate and market expectations of slow immigration growth have raised questions as to whether property prices are at risk of falling amid a record housing supply pipeline, said Credit Suisse in a research note this week.
“In our view, prices are likely to stay flattish as the Government attempts to balance between keeping housing affordable and not allowing prices to crash,” it said, noting high property-ownership among Singaporeans………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Australia’s capital cities have seen their house prices rise during September, according to the RP Data Rismark Home Value Index. The survey revealed the average cost of purchasing a capital city dwelling was up for the fourth successive month, with the latest overall increase being 1.4 per cent.
Adelaide performed best with a 2.4 per cent hike, while Perth’s prices climbed 1.6 per cent, Sydney’s 1.5 per cent, Melbourne’s 1.4 per cent and Brisbane’s 1.1 per cent. On a quarterly basis, capital values rose two per cent on average, although they declined in Perth and Hobart………………………………………..Full Article: Source

Posted on 05 October 2012 by Laxman |  Email |Print

Australia’s building industry shrank in September by the most in 12 months, led by a deepening downturn in residential and commercial construction, a private gauge showed.
The construction performance index fell to 30.9 last month from 32.2 in August, a survey by the Australian Industry Group and the Housing Industry Association released in Sydney today showed. A reading below 50 represents a contraction………………………………………..Full Article: Source

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