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Real Estate Briefing 19.Nov 2012

Posted on 19 November 2012 by Laxman |  Email |Print

For the first time in its 78-year history, the U.S. Federal Housing Administration might need a government bailout. The agency’s most recent audit, released last week, reveals it is burdened by a $16.3 billion deficit in the value of its insurance fund, primarily on loans it backed ahead of the housing market’s collapse. The audit also reveals — or should remind us — that the federal government’s role in the mortgage market is outsized and should be reduced.
The FHA’s troubles are largely a result of the housing party hangover, including defaults from a questionable program that allowed sellers to cover the down payment on behalf of buyers, often by inflating the price of the home………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

The lowest mortgage rates on record probably helped keep sales of previously owned U.S. homes close to a two-year high in October, and underpinned construction of new residences, economists said before two reports this week.
Purchases of existing dwellings held at a 4.75 million annual rate last month, according to the median forecast in a Bloomberg survey before tomorrow’s report from the National Association of Realtors. Housing starts eased in October to an 840,000 pace from a four-year high of 872,000 units in September, Commerce Department figures may show Nov. 20………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

The market keeps showing its good health and more specifically at its two opposite ends: the entry level segment and the luxury segment.
The statistics are clear. According to Miller Samuel appraisal firm, the market share of studios and one bedrooms sold rose from 51% in the third quarter of 2010 to 55% in the third quarter of 2012. At the same time, three (or more) bedrooms sales went up from a share of 13% to 15%………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

The property market is set to show a recovery in 2013 as a series of positive signals emerge from a national house price index. The Rightmove Index measures trends in asking prices, search activity and inquiries, and all three are up on the same time last year. Asking prices have climbed 2 per cent – £4,617 – since November 2011, while search activity is up 20 per cent and inquiries up 11 per cent over the same time period.
The figures are published just a few days after the Bank of England’s news that mortgage approvals climbed 9.2 per cent over the quarter………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

German property experts are locked in debate over whether the burst property bubble in Ireland, Europe and the US started new bubbles inflating in Germany’s seven big cities.
The cost of new apartments in these cities – lead by Hamburg, Berlin, Munich and Cologne – jumped 9 per cent last year, according to a Bundesbank report. The analysis matches anecdotal evidence of a booming German property market and a steady wave of German media reports about the rising real-estate prices………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

In 2010, reports of Somali pirates pouring into Nairobi’s middle- and upper-end property market began to emerge from the Horn of Africa. Laden with sacks of cash, these rogue investors were said to be converting illegally-acquired ransom bounty into commercial and residential real estate in Nairobi’s bustling Eastleigh district.
Property prices in Eastleigh — the long-time centre of Kenya’s Somali community — reportedly doubled as some $100m entered the market. “They usually paid in cash, often with bags filled with dollars,” says Bernard Ochieng, of Crystal Valuers, a real estate agency in Nairobi. He estimates that 20 per cent of his clientele at the time was Somali………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

Saudi Arabia is facing a huge housing shortage as demand continues to outstrip supply requiring SR500bn in financing to construct 1.25 million houses by 2014. Total real estate financing is also forecast to reach SR60bn by 2013, as a result of growth in total real estate lending by SR17bn in the second quarter of this year alone, leading experts to comment that the implementation of the Kingdom’s newly approved mortgage law may be a prime solution to the housing crisis.
“With the landmark approval of the Saudi mortgage law in July, the Kingdom’s population quadrupling over the last four decades, requiring 4.6 million houses by 2020, I expect that the mortgage law will have a moderating effect on the Saudi real estate market over the short to medium-term, allowing up to 80% of Saudi citizens to become first-time homeowners,” said Hasan Al-Yamani, Director at Abdul Latif Jameel Real Estate Installments at the Riyadh Urban Development and Real Estate Investment Event 2012. (Press Release)

Posted on 19 November 2012 by Laxman |  Email |Print

As one of the worst-hit economic sectors during the financial crisis of 2008, the property industry has witnessed some signs of revival in 2012. This year will be remembered for the pick-up in some segments of the market as Dubai continues to hold its ‘safe haven’ status.
Still, there are concerns about the property market that suggest it is still not out of the woods just yet, analysts say………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

The festive season has not lifted the spirits of the property market in India. Despite aggressive marketing and great offers made by developers during Diwali eve, investment in properties have remained lukewarm due to high prices of houses in and around Delhi and the national capital region (NCR) region.
Major factors cited have been high prices of land and the unprecedented rise in the cost of construction materials, iron, cement and labour, says the Associated Chambers of Commerce and Industry (ASSOCHAM) in a recent report………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

China’s new home prices rose in October in more cities than the previous month, indicating the government will refrain from relaxing curbs on the property market.
Prices climbed in 35 of the 70 cities the government tracks, compared with 31 in September, according to data released by the statistics bureau today. Prices fell in 17 cities, the data showed………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

While many Singapore property developers focus on building a part of their portfolio outside the country, Overseas Union Enterprise Ltd, remains “Singapore-centric”.
Incorporated in 1964, OUE has developed and managed landmark properties in prime locations throughout Singapore, and is today setting its sights on becoming an industry leader in Singapore’s highly competitive commercial, hospitality, retail and residential property sectors………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

Singapore’s property cooling measures may have impacted home sales, which have plummeted in the Southeast Asian city-state, but analysts say don’t expect prices to follow suit.
Private property sales in the primary market fell 26 percent in October from the previous month, according to data form Singapore’s Urban Redevelopment Authority, as fresh tightening measures kept home buyers cautious and developers held back on new launches………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

Can the Australian housing market recover as it has in the past or is it different this time? Ask any foreign money manager what scares them about Australia’s stockmarket and they will invariably say the risk of a housing collapse because of gross overvaluations. It makes a lot of sense.
Virtually all the Western world has seen house prices crumble since 2007 while Australia’s residential market has defied gravity, recording only gentle declines. The median house price in Australia is six times the median household income - 30 per cent greater than the US and the long-term average………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

Transaction volumes of commercial property in Australia in quarter three increased 17% from the same time in 2011, bucking the global dip of 6-7%, according to Jones Lang LaSalle research.
There have been $12.07 billion of commercial property sales to date for 2012 in Australia, compared with $12.09 billion for the entirety of 2011, according to Jones Lang LaSalle’s Global Capital Flows report for quarter three………………………………………..Full Article: Source

Posted on 19 November 2012 by Laxman |  Email |Print

The bank’s quarterly survey has found a net 23% of respondents say now is a good time to buy a house compared with 22% in the previous survey. ASB chief economist Nick Tuffley says the latest survey shows 56% of people think house prices will rise further compared with 51% in the last survey.
He says expectations for house prices are continuing to lift and it’s now happening around the country rather than just in the hotspots of Auckland and Christchurch………………………………………..Full Article: Source

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