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Real Estate Briefing 14.Jan 2013

Posted on 14 January 2013 by Laxman |  Email |Print

The sharp year-over-year decline in national home sales that weighed on the housing market through the second half of 2012 persisted right through to the new year, the Canadian Real Estate Association is expected to report Tuesday when it releases December’s figures.
Observers now expect the softness to continue into 2013, and foresee the decline in sales causing price growth to stagnate. But many suggest this is a healthy phenomenon: if prices hold flat for much of the year while the economy and incomes continue to grow, that should remove some froth from the market, decreasing the chances of a more significant correction when interest rates ultimately rise and eat into affordability………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here’s a look at some frequently asked questions:
What is a qualified mortgage? Congress amended federal lending laws in 2010 to give greater legal rights to borrowers who get mortgages they can’t afford. The new law, part of the Dodd-Frank financial-regulation overhaul, said if banks made a qualified mortgage—one that meets certain easy-to-identify criteria—regulators and courts would presume that lenders had reason to assume a borrower could repay………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

New rules from the Consumer Financial Protection Bureau aim to make mortgages safer for borrowers, but consumer groups argue that the rules offer more protection for lenders than benefits for borrowers.
The new rules, released Thursday, include an “ability-to-repay” provision that prohibits lenders from issuing mortgages to people who are unable to prove they can afford the loans. But, consumer advocates charge, the rules also provide a legal shield for banks that is detrimental to borrowers………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Nominal US House Prices are forecast to fall by 30% from the Mid 2006 peak by the end of 2010, or a further 11% on the decline of 19% to date. US house prices will continue falling in real-terms even if a low in nominal house prices is made by mid 2010.
The forecast for the Case shiller index to fall from 181.5 down to 158.7 over the subsequent 2.5 years, compares against the actual October 2010 index of 157.50, which virtually matches forecast expectations. Whilst the actual trend was more severe with the original support trendline containing the decline and subsequent uptrend………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

The surge in apartment rents since the downturn has sparked development across the country. But tenants pinched by rising rents shouldn’t expect relief soon from the new apartments for a simple reason: Demand is likely to outpace supply for some time.
While apartment construction has picked up from its lethargic pace in 2009 and 2010, today’s level is still below historical norms. There were 242,000 apartment units—the vast majority of which were rentals, not condominiums—under construction in November, below the roughly 340,000-a-month average during the 2000s, according to the Census Bureau………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

In 2012, the CMBS (commercial mortgage-backed securities) market had a significant rally as is evident from the table below showing bond spreads over swaps. Not only were the spreads tighter significantly over the year, the performance was better than expectations by almost any measure.
The spread tightening was not limited to new issue either, legacy CMBS prices were up significantly too. Why did CMBS do better than expected, and can this trend of higher issuance and tighter spreads continue?……………………………………….Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

UK homes gained £57 billion in value during 2012, reversing fall of £124 billion in the previous year but properties are still worth 10% less than in 2007, new research shows.
And the data from property website Zoopla also reveals that there is a considerable regional variation in growth with London accounting for £42.4 billion, almost 75%, of the increase………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

The complexity of a new real estate tax system, which is also increasing costs, may not be welcomed by foreign buyers, according to sector professionals. However, the shift promises a short time rise.
The increased tax burden and greater complexity of a new real estate tax system may discourage foreign investors, according to actors in the real estate sector………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

The increasing real estate prices will decline in 2013, Ayed Al-Qahtani, head of the Real Estate Committee in the Eastern Chamber, told a local newspaper.During a symposium on real estate in Dhahran last week, Al-Qahtani said that real estate prices in some areas of the Kingdom rose during the past four years by 150 percent. The Saudi market overcame all the consequences of the global crisis of 2008.
“This gave way to a great confidence in the country’s real estate market,” he said………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

This could well be Dubai’s version of “Quantitative Easing”. With the announcement of the massive Mohammad Bin Rashid (MBR) City, the emirate is trying to rework the entire dynamics of its real estate marketplace post the downturn.
And it is going to have a multi-billion dollar (no estimates have been announced publicly so far) knock-on impact for the broader economy……………………………………….Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Qatar’s property market is fast narrowing in its demand-supply gap. The ‘overhanging’ of Qatar’s real estate market is an old story; and looking from a medium term to long-term perspective, the demand side is set to erode the country’s previously oversupply record, a top property consultant has said.
Hit by huge demand-supply gap, Qatar’s property market has been considerably overhanging since 2009. But 2012 saw a 20 percent increase in terms of transaction volume and a high 35 percent in value terms, Jed Wolfe (pictured), Managing Director, Asteco Qatar told The Peninsula………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Real estate companies, battling low volumes and poor cash flows, should see improvement in the December quarter, due to launches and festive sales. The low base of the corresponding quarter of the previous financial year is also expected to help.
Companies in the sector are expected to see 14 per cent growth in sales and 16 per cent in net profit in the third quarter of 2012-13, data culled from six brokerages show………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Home sales in the primary and secondary markets are picking up as buying interest returns, buoyed by a growing belief that Chief Executive Leung Chun-ying will not introduce further cooling measures in his first policy speech due to be delivered on Wednesday.
Data from Ricacorp Properties, which monitors sales in the city’s 10 major housing estates, shows deal numbers were up 38 per cent to 47 over the weekend, compared with 34 in the previous weekend………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

China is beginning to show renewed growth. The country is driving stimulus spending and easy monetary policy to get its economy back on track and drive consumers to spend.
And while there has been talk of an asset bubble in China’s housing market, my view is that the short-term risk is high, but there’s also excellent long-term growth potential in the Chinese housing market………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

Singapore rolled out the most “comprehensive” housing measures since it started cooling the market in 2009 and may drive prices lower for the first time in five years, Mizuho Corporate Bank Ltd. and Barclays Plc said.
Homebuyers had to pay 5 percentage points to 7 percentage points more in stamp duties starting Jan. 12, the government said in a statement a day earlier. It also added a levy for sellers of industrial buildings, whose values have doubled over three years, and imposed a tax of as much as 15 percent if the properties are sold within a year, it said………………………………………..Full Article: Source

Posted on 14 January 2013 by Laxman |  Email |Print

The global real estate investment volumes in 2012 represented a slight increase on 2011’s R3.7 trillion (approx. US $435 billion), and a 36% increase over 2010.
Global real estate investment volumes in 4Q 2012 rallied, with R1.2 trillion (approx. US $141 billion) transacted over the quarter to lift the year’s total preliminary volume to R3.8 trillion (approx. US $436 billion), according to Jones Lang LaSalle capital markets research from 60 countries………………………………………..Full Article: Source

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