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Real Estate Briefing 16.Nov 2012

Posted on 16 November 2012 by Laxman |  Email |Print

Federal Reserve Chairman Ben S. Bernanke said the Fed will take action to speed growth and a rebound in a housing market facing obstacles ranging from too- tight lending rules to racial discrimination.
“We will continue to use the policy tools that we have to help support economic recovery,” Bernanke said today in a speech in Atlanta, Georgia. Bernanke is pressing on with record easing including a plan to buy $40 billion a month of mortgage-backed securities, aiming to spur growth and reduce a 7.9 percent unemployment rate………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

For starters, the market is clearly kicking into a higher gear. Yes, the U.S. housing sector has been hacking up a lung, ala Breaking Bad’s Walt White, for the better part of six years, with many communities still reporting rising foreclosures and tumbling prices through the end of the third quarter. But hidden beneath this stubborn and ominous cloud are a handful of silver linings that have steadily brightened over the past 18 months.
One might even go so far as to call this trend the early stages of, dare I say, a modest housing bubble. It’s a bubble that is unlikely to inflate to the levels last seen in 2005 and 2006, but one that is still fully capable of sucking the life out of the party, so to speak, once it pops………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

U.S. online real estate firm RealtyTrac said Thursday that foreclosures rose September to October, but fell compared with October 2011.
RealtyTrac said there were 186,455 default notices, scheduled auctions and bank repossessions in the month, which is 3 percent more than September, but 19 percent lower than October 2011. One out of every 706 U.S. homes were in some stage of foreclosure in the month……………………………………….Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Nearly 28% of all homeowners with a mortgage owed more than their properties were worth at the end of the third quarter, underscoring the damage from the housing bust despite a few quarters of rising prices and sales gains.
The share of underwater borrowers improved from nearly 31% at the end of the second quarter, according to Zillow Inc., the real-estate company, which is the largest quarterly decline since their count began in the first quarter of 2011………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Looking to buy a home? These housing markets offer the best combination of low prices and competitive wages, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
1. Ogden, Utah: About 40 miles north of Salt Lake City, Ogden is the most affordable metro area to buy a home in the U.S. This is the first time Ogden tops the Housing Opportunity Index. The city offers an enviable combo: Incomes are 10% higher than the national median, while home prices are about 14% lower………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Looking to make a profit in New York’s competitive real estate market? The recent sales of several townhouses profiled by The Wall Street Journal’s “House of the Day” can provide a blueprint for would-be developers.
Flipping properties – buying a home, renovating it and then selling it — can be a profitable endeavor for a developer who spots a neighborhood or block on the rise, but sometimes it pays off to renovate a home while you live in it. And that way, the process can also become a true labor of love………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Investors buying foreclosed U.S. homes might have less than two years to accumulate properties as competition and rising prices shrink the pool of cheap assets, according to Blackstone Group LP (BX), the largest buyer.
“Prices are starting to move faster,” said Jonathan Gray, global head of real estate for Blackstone, which has invested about $1.5 billion this year in foreclosed homes. “That’s one of the risks that emerge as more people like us get into the space and as individual homeowner confidence grows. Frankly, buying a home today is pretty compelling.”……………………………………….Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Calgary’s resale housing market had the highest annual rate of sales growth in the country in October, according to the Canadian Real Estate Association. In releasing its monthly MLS data on Thursday, the association said sales in Calgary rose by 26.7 per cent to 2,104 transactions.
Nationally, sales dipped by 0.8 per cent to 35,971. Robert Kavcic, economist with BMO Capital Markets, said “strong population and income growth are supporting demand” in Calgary………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Lobby group finds owner occupation has dropped to 64.7%, with under half of properties in London lived in by their owners. Home ownership is “in crisis” in the UK, with owner occupation falling to its lowest level since 1988, according to a report published by lobby group the HomeOwners Alliance.
The HOA says the owner-occupation rate peaked at 69.7% in the UK in 2002, falling to a current 64.7%. That rate is the 17th highest among the 27 EU countries, and lower than that of Bulgaria, Ireland, Italy and Romania………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

High house prices and low mortgage availability mean more than a quarter of young people regard buying a home as a bigger commitment than getting married, according to Halifax.
But lawyers warn that people who are keener to get on the property ladder than they are to walk down the wedding aisle may be making a big mistake. Unmarried cohabiting couples and those outside civil partnerships have no legal rights to redress if they fall out, no matter how long they live together………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

The cost of renting a home in England and Wales hit another new high in October although the pace of rent rises slowed, a survey has suggested. LSL Property Services said that the “heat” had come out of the rental market as the quieter season for new tenants approached.
It said typical rent stood at £744 a month in October, up 0.4% on September. Charity Shelter said that the increasing cost “piles on the pressure” for hard-pressed families………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Bulgarian property sales are on the rise, especially in coastal areas, giving credence to the rumours of recovery in the country’s property market. According to agents Bulgarian Properties, sales of beach properties have risen by 30 per cent in the last year.
“This segment of the market has started to recover driven by interest from Russian buyers to purchase their own holiday apartment in a warm and sunny place like Bulgaria,” commented a spokesperson………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

According to the latest research by CBRE, the volume of investment into commercial real estate amounted to US $1.3 bln (approx. €1 bln), which is 11% down y-o-y. It was a drop of just 3% compared to Q2 2012. Cumulative amount of investments has reached $2.85 bln (approx. €2.23 bln) since the beginning of the year.
There were 10 investment deals in Q3 2012 compared to 17 investment deals in Q3 2011, although, the average deal size in Q3 2012 was approximately $130 mln (approx. €102 mln). This compares with an average deal size of $85 mln (approx. €66.7 mln) in the record year of 2011 (Q3)………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

When two real estate developers from the United Arab Emirates announced a big project in Egypt last month, it was more than a boost to the country’s property market; it was a sign of a revival of cross-border investment in the region.
Al-Futtaim Group and Emaar Properties said they had reached a preliminary agreement to spend about 5 billion Egyptian pounds ($820 million) on building the “Cairo Gate” complex off the Cairo-Alexandria desert highway. The 65-hectare complex would be built around a shopping mall and include an office park, a luxury hotel, schools, medical facilities and residential space………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Despite aggressive marketing and offers made by real estate developers during the days before Diwali, investments in property have remained lukewarm due to high prices of houses in and around the National Capital Region (NCR), according to a survey by industry body Assocham.
The major factors behind the slump are high prices of land and unprecedented rise in the cost of construction materials, iron, cement and labour, the survey said. The demand saw a surge of only 20 per cent on the eve of the festival compared to the normal average sale per month, the survey said………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

In the last 10 years, China’s housing prices have risen rapidly. In some tier one cities such as Beijing and Shanghai, prices have increased 600% or even 800%. Investors argued over whether this rise is a speculative bubble or a genuine increase in housing demand.
Lately it seems that the former opinion has gained the upper hand and a lot of investors are increasingly concerned about the industry. Some even believe the industry will crash and burn soon. As a result, companies in China’s real estate sector, such as Soufun Holding Ltd (SFUN), Xinyuan Real Estate Co. (XIN), and China HGS Real Estate Inc. (HGSH) are all trading at somewhat depressed levels………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

The cost of real estate in Asia — at least in the continent’s financial centers — is rapidly catching up to levels only before seen in New York and London. An apartment in Hong Kong was sold for $58.7 million in October, Bloomberg reports, setting a new record in how much the world’s über-rich are willing to spend for a posh address.
Swire Properties, a centuries-old real estate developer in the former British colony, sold the 6,683-square-foot apartment to an unnamed buyer last month, the company revealed yesterday. The sales price equals $8,800 per square foot or $94,500 per square meter, a record in the largely autonomous Chinese city………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Preventing an attack on the local currency is one thing. But avoiding property overheating is another. Leung Fung-yee, undersecretary for financial services and the treasury of Hong Kong, has tried to strike a note of reassurance by telling China Daily that the city’s financial system is sound enough to withstand the current capital inflows and a potential outflow.
But her words seem barely sufficient to quiet public fears of bigger asset bubbles, especially one in the property market, as memories are still fresh of the megafund inflow in 2009 after the global financial crisis, which gave rise to Hong Kong’ elevated asset prices today………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Singapore home sales fell 26 percent in October from the previous month, when sales jumped to the highest in more than three years. Home sales last month slid to 1,948 units from 2,621 units in September, according to data released by the Urban Redevelopment Authority today. Singapore home prices reached a record high in the third quarter amid low interest rates, raising concerns of a housing bubble.
The property market may get “bubbly” even with slow growth and the government won’t allow prices to outstrip gains in incomes, Finance Minister Tharman Shanmugaratnam has said………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Thailand’s property market is “expected to remain stable”, according to the SCB Economic Intelligence Center. The firm’s figures show that the country’s property market is not heading towards a bubble, despite fears surrounding price rises.
“A real estate or property bubble is characterised by rapid and continued increases in valuations of real property, causing speculation,” EIC analyst Alisa Tamprasirt told the Bangkok Post. “But it’s difficult to classify which demand is real and which is speculation.”……………………………………….Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

The Australian real estate investment trust (A-REIT) and property markets have been subdued following the turmoil of the global financial crisis (GFC) as players concentrate on keeping their heads above water and businesses in profit.
But the drivers that saw Australian businesses step back from the market and make room for international players to enter have begun to fizzle out. The industry is now on the cusp of change and the role of advisers will be instrumental in shaping the next move………………………………………..Full Article: Source

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Posted on 16 November 2012 by Laxman |  Email |Print

Non-listed real estate funds raised $3.1 bn (EUR 2.4 bn) in capital commitments globally during October, according to data published by Indirex, an online community for indirect real estate.
Globally, 17 funds confirmed new equity commitments. Debt was a prominent feature with several new funds being announced and the Pramerica US Real Estate Debt Fund reporting a close on $805 mln………………………………………..Full Article: Source

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