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Real Estate Briefing 22.Nov 2012

Posted on 22 November 2012 by Laxman |  Email |Print

Housing starts in America rose by 3.6% to 894,000 in October, the highest in over four years, according to the Commerce Department. The rise in residential construction was widely unexpected; forecasters thought starts would fall after the 15% surge in September. New home building in the West increased by over 70% on a year earlier.
Single-family home starts fell slightly in October, but were up by 10% for buildings with five or more units. Homebuilding could add to GDP growth this year for the first time since 2005. Building permits (another leading indicator of consumer demand) in October were almost 30% higher than a year earlier—though were down by 2.7% on the previous month………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

This just in! Cutting a homeowner’s mortgage payment in half can reduce the likelihood of delinquency and foreclosure. That sounds like a no-brainer, but it’s a conclusion in a recent report by researchers at the Boston and New York branches of the Federal Reserve.
In fact, the question of what makes homeowners stop paying their mortgage — being unable to afford the payments or being too far underwater — has been a matter of some debate through the foreclosure crisis………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

By now most of us are aware of the term “fiscal cliff.” The term refers to the economic mayhem that is expected if tax increases, spending cuts and the budget deficit rules go into effect in January 2013.
But while a fiscal cliff threatens the economy as a whole, real estate has its own fiscal cliff that’s quickly approaching. And unless certain rules, laws and programs are extended, we could see a huge falloff in the recovery of the housing market. Potential borrowers might want to get their transactions completed in front of those changes, since they might push rates and fees higher in their respective wakes………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

There may be plenty of signs that the housing market is recovering, but that doesn’t mean that there aren’t plenty of towns that are still hurting. Rising home prices and increasing sales aside, many cities are still overrun with vacant homes.
Though nationally the number of unoccupied homes decreased by 5 percent this year compared to last year, according to listing site Trulia, cities that continue to suffer from high unemployment, decreased population, high numbers of foreclosures and overbuilding are reeling in large numbers of vacant homes. And that can continue to tear at the local real estate markets………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

National home values rose by 1.1% in October from September, the largest monthly gain in seven years, according to a report released Wednesday by Zillow, the online real-estate information company.
It’s the first time housing markets have posted 12 straight monthly gains in the Zillow survey since the housing sector’s long slide began in 2006. “We’ve reached a milestone,” said Stan Humphries, Zillow’s chief economist. All of the 30 largest metro areas tracked by Zillow posted gains in October from September except for Chicago………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

Sentiment, not to mention stock prices, of home builders are perking up, and they have good reason. The inventory of existing homes is at a 10-year low, according to data released Monday by the National Association of Realtors. At the current sales rate, inventories represent a 5.4-month supply, the leanest supply since 2006.
“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” said Barry Rutenberg, a Gainesville, Fla.-based home builder and chairman of the National Association of Home Builders……………………………………….Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

There’s mounting evidence October was a weak month for sales of Canadian housing.A new monthly analysis by Teranet shows Canadian housing prices declined last month compared with September — only the third time in 13 years of data that there was a month-to-month decline in October.
The Teranet-National Bank National composite house price index, released Wednesday, said house prices were up an average of 3.4 per cent across Canada in October compared with a year ago………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

According to research by international real estate advisor Savills, the number of high street investment deals has increased from less than 5% of total retail investment in 2007 to 37% in the first three quarters of 2012 in the top eight continental European markets. This has caused yields for high street investments to harden to 4.27%, which is the lowest they have been since 2007.
The research covers Belgium, Germany, France, Italy, The Netherlands, Spain, Sweden and Poland and shows that in total there has been a significant increase in high street investments since 2009, driven in particular by a jump in transactions in France and Germany in this sector, which account for 90% of the high street deals above €10 million in the survey area………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

Over the year to the end of September 2012 residential property prices fell by 12%, according to the latest Residential Property Price Index. Between April - June 2012 and July - September 2012 residential property prices fell by 1%.
Whilst prices are still falling the pace of decline is slowing, Q3 2012 had the lowest price fall (1%) since Q2 2010 (0%). Prices of residential property sold today are now just under half of their peak value (a 55% fall)………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

The allure of Poland, once a star performer among Europe’s real-estate markets, is beginning to fade. As broader fears about European economic growth linger, investors in the Central European market are becoming increasingly selective, favoring well-situated retail properties and office buildings in major cities such as Warsaw, rather than in regional cities that once were popular.
Overall commercial sales volumes in Poland totalled €1.15 billion ($1.47 billion) in the first three quarters of the year, compared with €1.87 billion during the same period in 2011, according to real-estate advisory firm Cushman & Wakefield Inc. Real-estate brokers and analysts expect year-end deal volumes to weaken, unless growth improves across the euro zone………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

NCB Capital expects the impact of the Saudi mortgage law to have its full effect on home ownership only after the supply of housing becomes more affordable. In a commentary Wednesday a day after the Saudi central bank issued the draft regulations of the mortgage law, Mahmood Akbar, banking research analyst at NCB Capital, said “we believe the proposed law in its current form does not tackle a key underlying problem, lack of suitable and affordable housing.
Therefore, even if the process of mortgage lending was made easier through private property institutions, middle class borrowers will find a limited supply of suitable housing.”……………………………………….Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

Weak economic growth, oversupply and measures to keep a lid on house prices suggest that Asia’s priciest property markets, Singapore and Hong Kong, now face a ‘day of reckoning’ after several years of robust gains, Nomura analysts warn.
Singapore property prices surged 50 percent between 2007 and 2011, driven partly by foreign buying. While developers reacted to the rise by ramping up homebuilding, the market now faces oversupply……………………………………….Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

At a time when local governments are eager to boost revenues, China’s major property developers have accelerated their land purchases amidst a cautious recovery in the real estate market.
The country’s top real estate firms led by China Vanke Co. Ltd. have taken advantage of low land prices and have broaden their land banks with about $1.34 billion (8.87 billion yuan) in first- and second-tier cities at the onset of the fourth quarter, official data from local governments showed………………………………………..Full Article: Source

Posted on 22 November 2012 by Laxman |  Email |Print

Hong Kong investors are snapping up car parking spaces, raising fears of a bubble after government moves to cool soaring property prices last month drove speculators to seek new options.
One investor had put a total price tag of HK$100 million on 34 parking spaces in a commercial building near Western, said Sean Tsoi, a dealer at property development and investment agency AGW Holdings Ltd, referring to an area just five minutes by car from the heart of Hong Kong’s financial district………………………………………..Full Article: Source

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