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Real Estate Briefing 20.Nov 2012

Posted on 20 November 2012 by Laxman |  Email |Print

From purchases and prices to builder sentiment and construction, the U.S. housing market is making consistent gains. The latest evidence came in reports Monday that sales of previously occupied homes rose solidly in October and that builders are more confident than at any other time in 6 1/2 years.
New-home sales and home-price indexes have reached multi-year highs. And Lowe’s (LOW) on Monday reported a surge in net income, a sign that home-improvement retailers are benefiting………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

There is good news for the housing market as prices are rising, sales are climbing and new home construction is starting to take off again. Sales of previously owned homes climbed steadily in October, rising to a 4.79 million annual rate, according to the National Association of Realtors.
The sales rate beat most economists expectations and is 11 percent higher than a year ago, reports Bloomberg. Last month’s gains in the real estate market are being sustained by low borrowing costs and improvements in the job market………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

From purchases and prices to builder sentiment and construction, the U.S. housing market is making consistent gains. The latest evidence came in reports Monday that sales of previously occupied homes rose solidly in October and that builders are more confident than at any other time in 6½ years.
New-home sales and home-price indexes have reached multi-year highs. And Lowe’s Cos. on Monday reported a surge in net income, a sign that home-improvement retailers are benefiting………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

The good news is that the market value of my home is up by 5 percent over six months ago, according to the Zillow website that tracks such matters. The bad news: It’s still down 16 percent from its peak in 2007.
Clearly, though, the housing market in the Triangle is making a comeback. My friend Ed Willer, a veteran real estate agent with Prudential York Simpson Underwood, cites the latest figures from the Triangle MLS to conclude that it’s a great time to buy………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Signs of recovery are emerging in the British property market with house prices posting the least severe November fall in three years along with some positive developments in other indicators, a survey by Rightmove revealed Monday.
Average asking price for a property in the UK fell 2.6 percent month-on-month in November to GBP 236,761. This was the weakest November fall since 2009. In October, house prices were up 3.5 percent. Prices were up 2 percent year-on-year, the highest annual rate of increase seen in November since 2007. Excluding London, where prices continued to show an upward trend, the overall house price index still rose 0.2 percent on an annual basis………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

London home sellers increased asking prices for a third month in November as the city’s wealthiest areas continued to lure overseas buyers, Rightmove Plc (RMV) said.
Prices in the U.K. capital increased 1.2 percent to an average 483,709 pounds ($769,600), the operator of Britain’s biggest property website said in a report today. Properties in the city’s nine most expensive districts — where average prices exceed 600,000 pounds — surged 3.4 percent. Nationally, values fell 2.6 percent………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

The real estate market in Germany is slowly improving. In the second quarter of 2012 it was the top performing European commercial real estate market, according to the Royal Institution of Chartered Surveyors. While there remains a fair amount of distressed work such as the selling of debt portfolios, lawyers are cautiously optimistic about the coming year. Thirty-five lawyers stand out for their exceptional abilities in this field.
At Freshfields Bruckhaus Deringer LLP, four lawyers stand out for their “superb” practices. Head of the global real estate group Johannes Conradi is “one of the leading” lawyers in Germany………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Spain is to offer foreigners residency if they buy houses worth more than €160,000 as part of an attempt to reduce the country’s huge number of unsold homes. The country’s offer beats others in bailed-out countries such as Ireland and Portugal, where residency papers are offered to foreigners buying houses worth more €400,000 and €500,000, respectively.
It was not clear if the residency would only refer to Spain, and not the European Union. Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at Chinese and Russians as the domestic demand was stagnant and showed no sign of improving………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Madrid offered some relief for Spanish homeowners facing eviction last week, just as Spain’s largest property valuation company announced that home prices fell in October at the fastest rate since the start of the economic crisis. Spain’s five-year-old housing bust still hasn’t found bottom, and temporary palliatives will only postpone the reckoning, both for homeowners and for the Spanish economy.
Last week’s decree prevents banks, for two years, from evicting the long-term unemployed and families with annual income below €19,200. The government will also create a “social housing fund” to develop more low-rent housing. The cabinet rushed the measures into place after the suicides of two people facing eviction sparked a national uproar………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Denmark, where a burst housing bubble threatens to drag the economy into its second recession in less than a year, may require home buyers to pay more up front as part of a palette of anti-crisis measures under review.
Denmark needs to reconsider the lending standards that contributed to its 2008 housing crisis, according to Ulrik Noedgaard, the director general of the Financial Supervisory Authority. While the bond-backed portion of Denmark’s residential property market complies with an 80 percent loan-to- value rule, access to bank loans to help home buyers finance the rest may have been too lax, the FSA said………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Saudi Arabia is facing a huge housing shortage as demand continues to outstrip supply requiring SR500 billion in financing to construct 1.25 million houses by 2014.
Total real estate financing is also forecast to reach SR60 billion by 2013, as a result of growth in total real estate lending by SR17 billion 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………………………………………..Full Article: Source

Posted on 20 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 from the statistics bureau . Prices fell in 17 cities.
Investors are gauging the government’s policy direction on real estate, rolled out over two years to rein in surging home prices that raised concerns about affordability, after the Communist Party unveiled the new generation of leaders last week………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

More Chinese cities saw an increase in housing prices in October than did the previous month, but the government’s price control measures helped to keep the rises small.
The National Bureau of Statistics reported on Sunday that 35 of China’s 70 major cities witnessed a month-on-month price rise, up from 31 in September. Even so, the average change in price remained below 0.5 percent. Year-on-year, as many as 56 of the cities posted a drop in their housing prices in October, and only 12 saw higher prices………………………………………..Full Article: Source

Posted on 20 November 2012 by Laxman |  Email |Print

Foreign buyers of Singapore properties accounted for 7 percent of the market in the third quarter this year. The proportion had remained unchanged from the previous second quarter.
However, for the first three quarters of the year, foreign purchases averaged about 6 percent. This is according to the latest report on demand for Singapore’s residential properties in Q3 by property consultant DTZ………………………………………..Full Article: Source

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