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Real Estate Briefing 07.Dec 2012

Posted on 07 December 2012 by Laxman |  Email |Print

Most of the major housing reports peg their price indexes to the largest U.S. cities in terms of population. Looking at major hubs like San Francisco, Washington, D.C., Miami, Phoenix and Dallas, it’s easy to see why economists trumpet rosy recovery projections and laud price appreciation.
But real estate is incredibly local and while many major cities have begun to show signs of life, that nascent rebound has yet to manifest in many smaller markets — like Valdosta………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Everyone interested in real estate is asking the same question: Is the bottom in, or is this just another “green shoots” recovery that will soon wilt? Let’s start by reviewing the fundamental forces currently affecting real estate valuations.
Expanding the pool of potential buyers has reached the upper limit. There are two ways to expand the pool of qualified home buyers, and they both rely on expanding leverage: A) lower the down payment from 20% cash to 3%, and B) lower the mortgage rate to 3.5%………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

According to the National Association of Home Builders/First American Improving Markets Index (IMI), the number of housing markets considered “improving” surged by 76 to a total of 201 metros in December, according to IMI data.
The index also shows that the number of states represented on the list by at least one metro increased from 38 in November to 44 (plus the District of Columbia) in December………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

As residential building recovers from a near standstill after the housing crisis, much of the momentum is coming not from subdivisions with green lawns and two-car garages but from rental apartments.
Multifamily construction nationwide is two-thirds of the way back to its prerecession peak, while single-family home construction is still only about a third of the way back to its peak, said David Crowe, the chief economist of the National Association of Home Builders………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

The housing market is recovering from its collapse to such an extent that it will be one of the key drivers of the economy next year, and could add as much as 1 percentage point to growth, says Liz Ann Sonders, chief investment strategist at Charles Schwab & Co. Inc.
A recovery in U.S. manufacturing, supported by better demand from emerging markets and improved consumer spending, will also contribute to growth. Those factors will be enough to counter the headwind of declining government spending………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Household wealth in the U.S. climbed in the third quarter, reflecting increases in stock values and home prices that are helping boost consumer confidence.
Net worth for households and non-profit groups increased by $1.72 trillion from July through September, or 2.7 percent from the previous three months, to $64.8 trillion, the Federal Reserve said today from Washington in its flow of funds report………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

When you drive a new car off the lot, it immediately loses some of its value. Does the same apply to real estate? And if so, should you care? For years, the new construction and development market has been sluggish. But now, banks are lending again for new construction, and developers are ready to build in full force.
In major cities such as New York and San Francisco, dozens of new projects are in some phase of planning, construction, development and sale. In the suburbs and country, national homebuilders with large parcels of land are ready to develop communities of new homes………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Five years and 16 million foreclosures after the 2008 housing crash, most Americans have not lost faith in real estate. In a survey this summer of more than 2,000 adults by home buyer website Trulia, 61 percent of respondents predicted that prices in their local market would rise next year, 58 percent thought prices would take 10 years or less to get back to their pre-crash peak, and almost 80 percent of current renters said they plan to buy a home someday.
Whether or not that enthusiasm has merit, the signs of a turnaround are hard to ignore. National home prices have been on the uptick for eight straight months and jumped 6.3 percent year-over-year in October – the largest increase since June 2006, according to CoreLogic………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

The Bank of Canada issued a harsh warning today about overbuilding of high-rise housing, notably condos. “In the current context, a specific concern is that the total number of housing units under construction has been increasing and is now well above its historical average relative to the population,” the central bank said in its financial system review.
“This development is entirely accounted for by multiple-unit dwellings (which include condominium units), especially in major metropolitan areas.”……………………………………….Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Brent Foster/National Post Investment bankers have struggled to bring enough product to market for investors who have driven the Bloomberg Canadian REIT index to a record high in 2012 with an almost 75% total return over the last three years which compares with about a 4% return for the TSX Composite Index during the same period.
The best year on record for Canadian publicly-traded real estate just keeps getting better, driven by an insatiable demand from investors for a decent return………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

European listed real estate - as represented by the GPR 250 Europe Index - closed 1.7% higher in November 2012, with only slight negative returns reported in Switzerland (-0.6%) and Turkey (-1.3%).
The returns, expressed in euros, for the individual country indices was as follows:- Israel 6.6%, Austria 5.5%, Poland 5.2%……………………………………….Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

U.K. house prices will stay stable in 2013 after an increase in November left them little changed in the past year, Halifax said.
Values rose 1 percent from the previous month to an average 160,879 pounds ($258,900), the mortgage unit of Lloyds Banking Group Plc (LLOY) said in a statement in London today. From a year earlier, prices were little changed………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

The UK housing market is unlikely to recover until 2017 at the earliest, according to research commissioned by Legal and General’s Mortgage Club and Cebr.
House prices are expected to rise 17 per cent to an average of £254,000 by 2017 while gross mortgage lending is forecast to hit £212bn, up from £142bn this year, according to the report entitled “A New Normal in the Housing Market.”……………………………………….Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Brokers have damned chancellor George Osborne’s Autumn Statement as offering little in the way of promises to stimulate the housing market. The allusion to 120,000 new homes was a reference to previously announced projections, while stamp duty taxes remained untouched.
Chadney Bulgin mortgage partner Jonathan Clark says: “we all knew that this statement was going to be more about cuts than spending but despite this, there was little cheer for the housing market………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Sweden’s investment market remains stable, according to Savills, with the total 2012 transaction volume expected to reach SEK 90 - 100 bn (EUR 10.4 bn - EUR 11.6 bn). This is in line with 2011 volumes and the 10-year average.
The international real estate advisor recorded a total investment volume of SEK 67 bn (EUR 7.9 bn) in the first three quarters of 2012, maintaining the market’s European ranking at number four in terms of transaction turnover, after the UK, Germany and France………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Of all the division and volatility in the world’s property market, a clear pattern has emerged that investors can get in front of to make gains. In Eastern Europe we have seen several markets suffer greater losses in their property markets than their overall economy, this combination of massive house price falls combined with resilient and/or resurgent economies presents a solid opportunity in most cases.
Latvia is the shining example of this. Through 2008 and into 2009 it languished at the bottom of the Global Property Guide index as one of the worst hit property markets in the world along with Dubai, as prices in both Latvia and Dubai were down by over 50% on an annual basis………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, today announced preliminary results for the office sector in Moscow. According to Cushman & Wakefield, Research, the Moscow office market has remained stable for two consecutive years.
Despite the negative influence of the macroeconomic trends, the office market in 2012 experienced high demand, good supply and stable office rents. “The market is changing at a structural level” according to Lada Belaychuk Deputy Head of Research at Cushman & Wakefield, Russia………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

The UAE needs 100,000 affordable homes in the immediate future, of which Dubai requires 20,000 units, with demand in the emirate expected to reach 45,000 homes by 2022, said Mohammad Al Merri, assistant chief executive at the Mohammad Bin Rashid Housing Establishment.
About 50 per cent of Emiratis in Dubai are clients of the Establishment, which provides citizens with interest-free loans and land to build affordable houses, he said on the sidelines of the Mena Mortgage and Affordable Housing Congress on Wednesday………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Chinese developers are starting to venture overseas, chasing wealthy locals who are buying apartments from New York to Sydney as the government restrains the property market at home.
Xinyuan Real Estate Co. in September took control of a lot slated for more than 200 units of housing near New York’s Brooklyn waterfront for $54.2 million, a deal the Beijing-based company said is the first of its kind by a Chinese firm in the U.S. Country Garden Holdings Co., the developer controlled by China’s richest woman, said this week it will buy waterfront land in Malaysia………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Sales of upscale housing in Beijing reversed a previous downward trend to record a sharp increase in November, driven by appetite from foreign buyers and relatively cheap loans, local real estate consulting agencies have said.
Luxury housing, mainly villas priced about 50,000 yuan (7,948 U.S. dollars) per square meter, saw hefty sales of 412 units in November, up 52 percent year on year and 84.8 percent month on month, according to Beijing-based Yahao Real Estate………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Once a regional laggard, Manila is getting to be one of Asia-Pacific’s most appealing property markets amid escalating concerns over high property prices in China’s core markets.
According to the findings of recent research published by Urban Land Institute and PwC “Emerging Trends in Real Estate 2013,” Manila ranked 11th out of 22 regional markets ranked in terms of investment prospects and ninth in terms of development prospects, marking a rapid rise from near the bottom of the rankings in previous years’ polls………………………………………..Full Article: Source

Posted on 07 December 2012 by Laxman |  Email |Print

Australia has had a boom and gloom economy over the past year. On the one hand our economy still grew – unlike many others around the world –underpinned by a resources boom. But on the other hand, consumers and businesses were gloomy.
And it was much the same with property. Some areas fared well through the year, but many didn’t. However, looking back, 2012 will be remembered as the year the property market turned………………………………………..Full Article: Source

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