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Real Estate Briefing 17.Dec 2012

Posted on 17 December 2012 by Laxman |  Email |Print

Consumer spending probably rose in November as Americans set aside the threat of higher taxes next year while shopping for the holidays. Household purchases increased 0.4 percent last month after declining 0.2 percent in October, according to the median estimate from 66 economists surveyed by Bloomberg before Dec. 21 figures from the Commerce Department. Other reports may show home sales and demand for long-lasting goods climbed.
Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd. in Valhalla, New York said: “for the household sector, the housing numbers have been quite good. The labor-market numbers are OK.”……………………………………….Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

Vacation home prices have fallen almost 40% since the peak and the bargains are attracting buyers, especially at the high end of the market. Here’s a sampling of deals you can find in winter vacation hotspots across the U.S.
Squaw Valley, Calif.: Hosting the 1960 Winter Olympics may have put Squaw Valley on the map, but the year-round mountain resort keeps people coming back with its challenging slopes, quaint village and gorgeous scenery. You can see plenty of those beautiful sights from this lodge-style home. Part of a private community that offers tennis courts and a spring-fed swimming pond, there are large windows throughout the house………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

Brian T. Moynihan, Bank of America Corp.’s chief executive officer, said the U.S. government, lenders and borrowers need to reset their expectation that everyone can own a home.
“We need to look hard at some of the old assumptions and ask the question is homeownership the right solution for everyone?” Moynihan said……………………………………..Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

House sales may be plunging in many Canadian cities, but prices are still holding up as sellers retreat rather than opt for less. Observers expect to learn that national sales dropped by about 12 per cent in November from a year earlier, when the Canadian Real Estate Association releases its monthly report, expected Monday.
Certain local real estate boards, such as those in Toronto, Vancouver, Montreal and Calgary, have already reported, with all but the latter showing broad declines………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

One in four prospective first-time buyers believe it will take them at least 10 years to have a deposit in place, a survey has suggested. The report from the Building Societies Association (BSA) said that pessimism in the market remained.
This was despite a 34% rise in lending in the mutual sector, the BSA said. The findings contrast with the view of the Council of Mortgage Lenders, who last week predicted a more “positive” year in the housing market………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

The beleaguered housing market is set to bounce back next year across England and Wales, according to research. A report by property search website Rightmove predicts an average rise of 2 per cent in sellers’ asking prices in 2013, thanks to increased competition among mortgage lenders and a continued shortage of homes.
This is despite this month seeing the biggest fall in asking prices for more than a decade, with the average dropping 3.3 per cent – £7,772 – to £228,989 in December. The East Midlands was the only region to see a month-on-month price increase………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

Spain’s ailing property market showed little sign of recovery on Friday, with the latest figures showing house prices were down about 15 percent in the third quarter.
The collapse in the country’s real estate market in 2008 sparked Spain’s financial crisis as banks and homeowners were trapped with toxic loans and property they could not sell on. Public debt levels then rose to worrying levels as the government rushed to prop up the ailing lenders………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

Saudi Arabia’s real estate market estimated at more than SAR 1 trillion is growing at the rate of six per cent annually. It contributes 9.5 per cent to the nonoil GDP. “So real estate is the Kingdom’s second largest economic sector after oil,” said Khaled Al-Hamoudi, president of Qassim University.
Economic consultant Abdullah Al-Ajaji said the construction of 500,000 housing units ordered by Custodian of the Two Holy Mosques King Abdullah at a cost of SAR 250 billion would help reduce real estate prices and rents………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

It’s been a tough year for home buyers, as well as builders. With property prices continuing to hold steady or even rising for most of the year, the middle and even upper middle class have found themselves out of the market. But there are initial signs of correction.
According to data from the National Housing Bank, in the July-September quarter, prices of residential property fell in 10 of 19 cities. Three chairpersons of realty firms and the chief executive officers say this shows where builders are going wrong and what lies ahead for the property market in the near future………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

China’s new leadership today said it would continue the nation’s property market control policies next year in order to keep a check on excessive speculation, which in the recent past made housing virtually un-affordable for middle and low income groups. The country will step up the construction and management of low-income housing, as well as the renovation of run-down areas, said a statement issued at the end of two-day central economic work conference conducted by the new leaders here.
Stubbornly high real estate prices have been a significant source of public complaint in recent years, forcing the government to implement a string of policies to keep prices down………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

The distinction between residential and commercial titles has become important in the continuing environment of the government’s curbs on property speculation.
Commercial title, which falls under the more commonly used category of “serviced apartment,” has an ownership tenure of up to 50 years, compared with the normal 70 years under the traditional “residential title” units. Utility fees at the commercial title units are usually more expensive. Because the properties are categorized as “commercial” rather than “residential,” they can be bought without restrictions………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

Investors in Asia generally have a positive outlook on the real estate market next year with Singapore on the investment radar for many, a survey has found. The majority - 70 per cent - of Asian investors said they were likely to expand their property portfolio and lift their level of investment in the region, according to the Colliers 2013 Global Investor Sentiment survey.
About 41 per cent of respondents were also looking to achieve returns above 20 per cent………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

The Vietnam Association of Financial Investors (VAFI) has sent a document to the Prime Minister, suggesting solutions to unfreeze the local property market, whereas economists said the market should not be intervened in. The document was also sent to construction and finance ministers, governor of the central bank, the governments of HCMC and Hanoi and State Capital Investment Corp. (SCIC).
VAFI proposed the State set aside VND8 trillion to subsidize interest rates in the next three years in order to provide low- and middle-income home buyers with preferential lending rates. For example, the buyer of a VND2-billion house can access a lending rate of 7% for the first three years as the State will subsidize 3-5% per year, said VAFI………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

It has been another comparatively weak year for the residential housing market, with data to November indicating that capital city home values have fallen by -0.1% over the year. As we enter 2013, Australia’s housing markets are likely to remain relatively flat. However, in some sectors we may see capital gain increases over the coming year.
As per the current status quo, there is likely to be a continued variance in performances from city-to- city and region-to-region. Property markets in Sydney, Brisbane, Perth and Darwin, where home values have corrected more than the other capital cities, may be the markets to watch for improving conditions………………………………………Full Article: Source

Posted on 17 December 2012 by Laxman |  Email |Print

The usual suspects are talking up the prospects for Australian property prices as the New Year approaches, with permabull and Australian Property Monitors senior economist Andrew Wilson forecasting 3-5 per cent growth nationally, and BIS Shrapnel managing director Robert Mellor calling for between 2 and 8 per cent growth for Sydney.
Such calls range from just equal to, to well above, the expected rate of consumer price inflation. So they’re a return to the usual property mantra that house prices always rise faster than consumer prices because of the “fundamentals” of (a) a rising population and (b) tight supply………………………………………Full Article: Source

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