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Real Estate Briefing 15.Oct 2012

Posted on 15 October 2012 by Laxman |  Email |Print

Housing markets across Canada – with the exception of Calgary – are continuing to soften, even as the fall sales season kicks off. Figures to be released Monday by the Canadian Real Estate Association are expected to show falling sales in most major cities in September, with Vancouver leading the decline. September’s decrease in sales comes on the heels of a 5.8-per-cent monthly drop from July to August.
The data are being monitored closely by policy makers in Ottawa, who are attempting to steer the market toward a soft landing. To that end, Finance Minister Jim Flaherty tightened mortgage insurance rules in July to slow demand for homes………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Millions of families lost their homes to foreclosure after the housing crash hit six years ago. Now, some of those families are back in the housing market. Call them the “boomerang” buyers.
It is difficult to quantify the exact number of boomerang buyers, but real-estate agents, mortgage brokers and home builders all say a significant number of new buyers are families and individuals who went through foreclosure as recently as three years ago, the time period that buyers who defaulted on a mortgage must typically wait before becoming eligible for a mortgage backed by the Federal Housing Administration………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom. Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
But while many economists believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

JPMorgan Chase & Co. posted a record quarterly profit on Friday as falling interest rates and a recovering housing market brought big increases in mortgage lending.
The mortgage market, long a drag on bank results, is starting to lift lenders’ earnings again, and JPMorgan Chief Executive Jamie Dimon said he was hopeful about the outlook for U.S. residential real estate………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Jones Lang LaSalle reports retail real estate investment picked up markedly in Q3 2012, following the subdued volumes experienced in the first half of the year.
Preliminary analysis suggests that direct investment in retail real estate for Q3 is in the region of €6.0 bln, up from the Q2 2012 volume of €3.9 bln. Year to date volumes are estimated at €13.0 bln, in comparison with €23.3 bln in the first three quarters of 2011, and the five year Q1-Q3 average of €15.4 bln………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

U.K. house prices rose by more than 8,000 pounds ($12,800) in the first few weeks in October, reversing much of the decline in asking prices that occurred over the summer, a survey showed Monday.
Online estate agency Rightmove said average asking prices on its website rose 3.5% on the month in October and 1.5% on the year. The monthly increase was the biggest since February and compared with a fall of 0.6% in September. On an annual basis, prices increased 0.7% in September………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

The asking price of an average UK home jumped 3.5 per cent in the past month, according to property website Rightmove. The price of an average home advertised on the Rightmove site was £243,168, up from £234,858 in last month’s survey.
This is the second-highest monthly rise in asking prices in a year. Rightmove’s director of housing, Miles Shipside, said the renewed vigour in the property market partly reflects a return to business as usual after the summer………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

It is getting increasingly difficult to find affordable product in Germany due to the amount of capital chasing real estate, Stefan Brendgen, head of Allianz Real Estate Germany said on Wednesday at the Expo Real fair in Munich.
‘Some assets are getting too expensive, and there are some things that we just cannot do. I think this will be the topic in 2013 going forward,’ Brendgen said………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Is it the end of speculators and over-leveraging in the UAE real estate market? If Tamweel, the Islamic home mortgage company, figures are to be relied on then 90 per cent of home buyers in the UAE are end-users.
The Dubai Financial Market-listed company’s findings are based on analysis of home finance extended by it between January 2011 and June 2012………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

A sparsely attended real estate fair at the Beirut International Exhibition and Leisure center showed the drop in the rush to jump into the country’s housing market as both foreign and local investors exercise caution amid regional unrest.
“This year is definitely challenging,” said Antoine Habr, managing director at Premiere Properties at his booth on the second day of the annual Dream real estate exhibition, who estimates that Gulf investment in real estate has dropped more than 50 percent over the past two years………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

The spring market held ground over the weekend but the real test is not due until the end of the month when larger volumes of stock finally come on the market. Agents are hoping buyers who need to be settled before Christmas or the 2013 school year will help prop up the clearance rate and property prices.
Another interest rate cut from the Reserve Bank of Australia in early November and some stronger action from the major banks could also spark sharper activity.Data from the Real Estate Institute of Victoria shows a modest 1 per cent rise in Melbourne’s median house price for the past quarter to $530,000, against a 1.9 per cent fall for the year………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Aussie Home Loans boss John Symond has dismissed concerns of a property bubble building in Australia and says the housing market has reached 6.30 on the property clock and is on the road to recovery.
Symond slammed the monetary policy decisions of the Reserve Bank, accusing the current board, led by RBA governor Glenn Stevens, of being “asleep at the wheel”. “I am confident, notwithstanding a lot of hype from offshore analysts about a housing bubble, of Australia’s fundamentals,” Symond said……………………………………….Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Using median values analysis for houses rather than median prices, RP Data has been able to identify Australia’s most expensive locations for home ownership.
The data was based on RP Data’s estimates of the value of virtually every residential property across the country and then taken the middle value for each suburb. This approach yielded a much more reliable indication of what a buyer is likely to pay for the typical house within a suburb, compared with the median price, which is based on only those homes that have sold during the period………………………………………..Full Article: Source

Posted on 15 October 2012 by Laxman |  Email |Print

Global residential property prices are still declining in a number of countries four years after the downturn and the peak of the property bubble, according to the latest survey by the International Monetary Fund (IMF).
The outlook for many housing markets still looks bleak due to the fragile state of some of the world’s strongest economies, particularly in Europe. The biggest falls were in countries which recently received bailouts, with Ireland being hit the worst as prices there dropped by 16%………………………………………..Full Article: Source

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