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Real Estate Briefing 12.Oct 2012

Posted on 12 October 2012 by Laxman |  Email |Print

California, the state that led the U.S. into the housing boom and bust with some of the most reckless subprime mortgage lending, is now leading the way out. A plunge in new defaults in California helped push U.S. foreclosure filings to the lowest level in almost five years, according to RealtyTrac Inc., a seller of home-loan data.
Across the country, 531,576 properties received notices of default, auction or repossession in the third quarter, down 13 percent from a year earlier and the lowest since 2007. One in every 248 households got a filing, RealyTrac said………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Based on RealtyTrac’s latest U.S. Foreclosure Market Report for September and the third quarter of 2012, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September’s total was the lowest U.S. total since July 2007.
The decrease in September helped drop the third quarter foreclosure numbers to the lowest level since the fourth quarter of 2007. Foreclosure filings were reported on 531,576 U.S. properties during the quarter, a decrease of 5 percent from the second quarter and a decrease of 13 percent from the third quarter of 2011 — the ninth consecutive quarter with an annual decrease in foreclosure activity………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

There has been a huge surge in the sale of second homes in the United States driven by bargain prices, it is suggested. Sales activity in this sector of the residential real estate market has jumped to its highest level said 2005, according to the National Association of Realtors.
‘During the past year investors have been swooping into the market to take advantage of bargain home prices. Rising rental income easily beat cash sitting in banks as an added inducement,’ said NAR chief economist Lawrence Yun………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

The U.S. commercial real estate market continued to show moderate improvement across all property sectors in the third quarter of this year, according to the latest analysis from CBRE Group Inc. Vacancy in the nation’s office buildings continued to decline, falling 20 basis points (bps) during the third quarter to 15.5%.
The vacancy rate has declined by 70 bps on a year-to-year basis. During the third quarter, the national suburban vacancy rate fell by 10 bps to 17.3%, while the national downtown vacancy rate also fell by 10 bps to reach 12.4%. Occupancy improved in 36 markets, including 16 markets where vacancy decreased by at least 50 bps………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Investors are making a bold gamble that the housing rebound will be steep and swift with the initial public offering of Realogy. Realogy, which owns Century 21, Coldwell Banker, Corcoran and Sotheby’s International Realty, raised more than $1 billion through its initial public offering that priced Wednesday night at $27 a share — the high end of its estimated range. It’s the third-largest IPO of the year behind Facebook (FB) and Banco Santander’s Mexican subsidiary (BSMX).
Shares of Realogy (RLGY) began trading on the New York Stock Exchange Thursday morning, and quickly surged 29% above its IPO price………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

As the housing market slowly improves, more consumers are finding themselves in the market for a new home, or at least one worth dreaming about. One place they start their search is an open house tour, though they can forget these are helpful for more than just checking out the kitchen’s color scheme.
Open houses are a smart way to gauge whether a listing’s catching heat and if it’s worth seeing again in a private showing………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Canada Mortgage and Housing Corporation defended its methodology of evaluating properties on Thursday, after a newspaper report questioned whether the practice has led to artificially inflated home prices.
“CMHC looks at the specific characteristics of the property in question,” the federal agency said in a statement Thursday. The CMHC, which is tasked with overseeing Canada’s housing market, said it uses different sources of information to assess the value of a specific property………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Sellers seem to be feeling a bit more jittery in Toronto’s fall real estate market. Thanksgiving weekend is typically quiet so the light traffic at open houses last weekend isn’t necessarily a reliable barometer for the October market. Sure enough, new listings picked up again right after the weekend.
Real estate broker John Pasalis of Realosophy Realty Inc. says the market is definitely nerve racking for condo owners who are trying to sell, but some people with a single-family property are also looking at the resale numbers for September and quickly becoming realistic. That means, for example, they’re not so quick to demand offers on a specified date………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

The largest US property companies are cashing in on the troubles of their European rivals with a 3.5 billion euro spending spree that marks a rare bout of transatlantic real estate investment.
US real estate groups’ spending in the first nine months of 2012 represented a near five-fold increase on the total recorded for the whole of last year. It comes as Europe’s listed property companies battle to boost their share prices amid concerns about the impact of the eurozone crisis on property values………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Retail real estate investment picked up markedly in Europe in Q3 2012, following the subdued volumes experienced in the first half of the year, property agent Jones Lang LaSalle said.
Preliminary analysis suggests that direct investment in retail real estate for Q3 came to around EUR 6 bn, up from the Q2 2012 volume of EUR 3.9 bn. Year-to-date volumes are estimated at EUR 13 bn, in comparison with EUR 23.3 bn in the first three quarters of 2011, and the five year Q1-Q3 average of EUR 15.4 bn………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

U.K. house prices fell for a third month in September as mortgage availability remained constrained and a lull during the London Olympics the previous month reduced sales, Acadametrics Ltd. said.
The average cost of a home in England and Wales fell 0.1 percent from August to 225,374 pounds ($362,000), Acadametrics and LSL Property Services Plc (LSL) said in a report in London today. Transactions fell 24 percent to 50,000, the second-lowest level for a September since records began in 1995, it said………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

The slump in the Dutch housing market deepened in the third quarter, data showed Thursday, highlighting the challenges a new government faces in countering a downturn that is weighing on the economy.
Dutch realtors association NVM said home sales fell 17.2% quarter-on-quarter and that house prices dropped 2.2% in the same period. The figures are closely watched because roughly 70% of Dutch houses are sold through NVM members. ……………………………………….Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Rents for student housing in the Netherlands continue to show growth and the upward trend is set to continue into 2013, according to research from UK-based adviser Savills. The key driver is a growing supply/demand imbalance in the market, the adviser added.
Although market evidence is still sporadic, Savills expects gross yields for prime student residences to continue to range between 5.5% and 6.5%, depending on location, asset quality and rental contract………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

One of the world’s largest sovereign wealth funds has made its first foray into the German property market with a €784m deal for two buildings, as it continues to scout opportunities in major European cities.
Norges Bank Investment Management, which manages $615bn on behalf of the Norwegian government pension fund, has agreed to acquire two buildings in Berlin and Frankfurt from Royal Bank of Scotland, the fund said on Wednesday………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Investments in commercial real estate in Russia fell 11% to $1.31 bn (EUR 1.05 bn) in the third quarter of 2012 compared to the year-earlier period, according to preliminary data from CBRE. Over the full year, the decline in volumes could be as much as 30%, the adviser said.
CBRE based the forecast on the cumulative volume of investments in the first nine months of the year which came to $2.85 bn, a drop of 32% on the same period of 2011. In an optimistic scenario the 2012 investment volume could exceed both 2007 and 2008’s volumes and hit $4.5 bn, it added………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

There was a moderate growth in house prices for the month of September 2012, according to the latest statistics from ooba, South Africa’s biggest bond originator. The average house price for September was R876,717, up 4.5 percent (-0.5 percent when accounting for inflation, currently at five percent) year on year and 4.9 percent month on month.
First-time-buyer statistics also showed moderate growth. The average purchase price for first-time buyers was up 6.7 percent from R619,920 in September 2011 to R661,159 in September 2012. Month on month, there was a 0.2 percent growth in the average purchase price for first-time buyers………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

New residency regulations have been drafted to regulate the property market in the UAE. The first requires expatriates seeking to renew their residence visa or issue a new one for their relatives to provide an attested tenancy contract along with a power bill in.
This, according to the Ministry of Interior, is intended to build a reliable housing database for the expatriate population. The law is now applicable to bachelors as well those who were earlier “temporarily exempted”. This regulation has a direct impact on expatriates living in apartments or villas on a sharing basis………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Global real estate consultant, Cushman & Wakefield’s estimates commercial office space demand of over 180 million square feet (msf) in the next five years in the top 8 cities of the country.
The highest demand will be recorded in Mumbai with an estimated 44 msf over the next few five years followed by Bengaluru (31 msf) and NCR (27.8 msf). The top three cities will constitute approximately 57% of the total office space demand. Ahmedabad will record the lowest office demand of approximately 7.8 msf in the next five years, while Kolkata will be finish one but last with demand of 8.4 msf………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Industrial property prices rose in the third quarter as investors looked to avoid earlier cooling measures in the residential market but the pace of increase has slowed, according to a report from consultancy DTZ.
Resale prices for upper-storey industrial space increased 3.5 per cent in the third quarter compared with the previous three months. That’s a slowdown: Prices had risen 4.9 per cent in the second quarter over the first. Values have surged 8.5 per cent in the first nine months of the year, however………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

Singapore has tightened its controls on real estate lending to quash symptoms of a property bubble. Singapore’s Monetary Authority said in an issued statement that it will enforce a maximum tenure of 35 years for new housing loans.
“MAS’ move is part of the government’s broader aim of avoiding a price bubble and fostering long-term stability in the property market,” the central bank said………………………………………..Full Article: Source

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Posted on 12 October 2012 by Laxman |  Email |Print

If you’re after bragging rights over how expensive your home is, Sydney is the place to be. Perth and Melbourne are the only other major cities that feature as magnets for the very wealthy but are a distant second and third behind the harbour city.
Sydney has 19 of Australia’s most expensive 25 suburbs, according to the RP Data Property Pulse released today. Perth has three, Melbourne two and Eagle Bay in Busselton also gets a top 25 ranking………………………………………..Full Article: Source

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