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Real Estate Briefing 21.Jan 2013

Posted on 21 January 2013 by Laxman |  Email |Print

Sales of U.S. homes probably rose in December to the highest level in three years as the industry headed toward a more rooted recovery in 2013, economists said before reports this week.
Combined purchases of new and existing properties climbed to a 5.49 million annual rate last month, the highest level since November 2009, according to the median forecast of economists surveyed by Bloomberg. Another report may show the outlook for growth brightened last month………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

December housing starts came in at a seasonally adjusted on a annual rate of 954,000, an increase of over 12 per cent from November and up nearly 37 per cent from December of last year, the U.S. Department of Commerce said today. The figure was far higher than the consensus forecast of 890,000 starts and the strongest reading since mid-2008. It also represents the largest monthly jump since May 2006.
Building permits for private residential construction were at a seasonally adjusted annual rate of 903,000, up a small tick from November, but nearly 29 per cent above December 2011………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Repossessed homes are selling at bargain prices in these hardest-hit zip codes for foreclosures. It’s a dubious distinction: Zip code 30045 in Lawrenceville, Ga., has the highest foreclosure rate of any neighborhood in the nation. A whopping 12.7% of its 11,232 housing units were hit with a notice of default, auction notice, bank repossession or other filing in 2012.
With home prices here now about 40% below their bubble-market highs, many homeowners owe more on their mortgages than their houses are worth………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

The Federal Savings Bank see that the housing market ended the year on a positive note. As home prices increase and foreclosures decline down to normal levels - real estate experts are expecting success to continue through 2013.
Clear Capital, one of the leading providers of data, collateral risk assessment and real asset valuation and analytics, recently released its Home Data Index Market Report for December 2012, showing the housing recovery is expected to continue through the new year………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Could we be looking at an early spring this year ­— not in meteorological terms but real estate? Could the chilly December to February months, which traditionally see fewer buyers out shopping for houses compared with the warmer months that follow, be more active than usual? And if so, what does this mean to you as a potential home seller or buyer?
There is growing evidence, anecdotal and statistical, that there are more shoppers on the prowl in many parts of the country than is customary for this time of year, more people requesting “preapproval” letters from mortgage companies, more people visiting websites offering homes for sale, and more people telling pollsters that they expect home prices to continue rising and that the worst of the housing downturn is long past………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

The National Association of Realtors says 2012 was a record year for favorable housing-affordability conditions and a “great year for buyers who could get a mortgage.” What appears between the quotation marks tells us much more about the condition of the residential real estate market last year than any hype about “affordability.”
Since the housing bubble burst in 2006-07, the road to affordability the market has traveled has been the roughest since the Great Depression. Record affordability has come, of course, at the cost of millions of foreclosures and billions of dollars in lost equity………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

The National Association of Home Builders (NAHB) reported a stalling in the improvement trend in its Housing Market Index (HMI), which is produced monthly in conjunction with Wells Fargo (WFC).
The HMI measures the mood of builders, and has been steadily improving over the last year. In the case of the latest report, I think the pause in that trend reflects fear rather than reality, and so real estate enthusiasts can expect the good trend to continue at least for the near future………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

House prices rose across the U.K. in January, while the number of new sellers also increased as market sentiment improved. But a return to the highs seen before the financial crisis is unlikely without a sustained economic recovery, and with figures for the fourth quarter to be released Friday likely to record another contraction, that is far from assured.
A monthly survey by online estate agency Rightmove showed that asking prices on its website rose 0.2% in the first weeks of January, compared with December, and were 2.4% higher than a year earlier………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

UK house prices will surpass their pre-financial crisis peak for the first time next year, amid signs of improvements in the mortgage market, economists have predicted. By 2014, a typical house in the UK will cost 223,000 pounds, economists predict
UK house prices will surpass their pre-financial crisis peak for the first time next year, amid signs of improvements in the mortgage market, economists have predicted. Average prices this year are expected to edge up to £219,000 this year, marking a 0.8% increase compared with 2012, the Centre for Economics and Business Research (CEBR) said………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

London home sellers flooded the market in January and pushed up asking prices in the biggest new-year increase since 2008, Rightmove Plc (RMV) said.
Asking prices in the capital rose 3.6 percent from the previous month to an average 480,890 pounds ($764,000), the property website operator said in a report today. Prices rose 9.7 percent from a year earlier, the biggest annual increase since February 2010. Nationally, prices rose 0.2 percent………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

France’s economic foundations are cracking. Unemployment hit 10.5% and is incessantly rising. The private sector is becoming comatose. Now home sales are grinding to a halt. And the finger-pointing has already started.
In the lofty realm of apartments in Paris that are valued at €2 million or higher—€2 million doesn’t buy all that much in Paris anymore—a game of chicken is apparently transpiring. The number of transactions crashed by 42% in 2012………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Goldman Sachs will on Monday begin a roadshow to sell €1.4bn of shares in a huge German property portfolio, kick-starting what will be one of the biggest initial public offerings in the European property sector in recent years.
Goldman intends to sell 57.5 per cent of LEG Immobilien, which owns 91,000 homes in North Rhine-Westphalia – Germany’s most populous state – at a time of strong investor interest in the country’s housing market………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

German cities dominate the investment prospects for Europe’s commercial real estate sector as investors continue to favor safe haven locations according to Emerging Trends in Real Estate Europe 2013, a real estate forecast published jointly by the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC).
The ranking of 27 cities across Europe, based on respondents’ expectations for market performance in 2013, sees Munich top the league table followed closely by Berlin in second place and Hamburg in fifth position, with investors taking comfort from each of the cities’ strong local micro-economic climate and resilient property market conditions………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Polish commercial real estate investment reached €2.75bn last year, about the same as 2011 as its strong economy and stable banking sector continued to attract investors, says Jones Lang LaSalle. This trend is likely to continue. Poland accounted for 76% of 2012 transactions by value in central and eastern Europe.
The last two years’ investment volumes compared to €1.98bn in 2010, JLL noted in a new report. Last year, transaction volumes in office reached €1.08bn, almost 40% of total, with retail assets accounting for €1.07bn, another 39%………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Real estate businessmen in Jeddah believe that the spiraling trend of house rents will be reversed and rent rates will fall by 40 percent over the next three years. Rents have been rising at unreasonable rates in the past few years and citizens and expatriates with middle and low incomes have been finding it hard to cope with the situation.
A member of the Real Estate Committee at the Jeddah Chamber of Commerce and Industry (JCCI) Awad Al-Dousi attributed the expected drop in rent rates to a recent change in municipal regulations that allow building owners to construct more stories to their buildings………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

China’s property market improved slightly in 2012 on the back of a pickup in housing sales in the second half of the year and expectations of rising home prices. But industry observers said a number of factors are still holding back this important driver of China’s economic growth.
Average property prices in 70 major Chinese cities rose 0.31% in December from November, the fastest pace in nearly two years, according to official data released Friday. The reading suggests sentiment is recovering after almost three years of government controls aimed at restraining speculation………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

More Chinese cities saw home prices rise in December month on month despite the government’s continued firm stance on property market controls, the latest data indicated. According to figures released on Friday by the National Bureau of Statistics (NBS), December 2012 saw 54 of a statistical pool of 70 major Chinese cities, up from 53 in November, record higher new home prices than a month earlier. This marked a third consecutive month of such increases.
New home prices in eight cities declined last month, down from 10 in November, while those in the other eight cities were unchanged………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

The Singaporean government has introduced measures to cool demand and expand supply in a bid to moderate the increase in housing prices. While the measures have dampened speculative buying, demand for residential property remains firm, and prices have continued to rise.
The buoyancy of the property market reflects low interest rates and ongoing income growth in Singapore. These factors supported a record level of housing transactions last year, especially from investment demand. Housing prices have also shown signs of reaccelerating in recent months………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

Buyer interest in commercial property is growing in the wake of last week’s cooling measures, which included curbs on red-hot industrial property. Experts said commercial property, as yet untouched by any of the seven rounds of cooling measures, could become the new target segment of speculators.
All eyes are now on upcoming launches of office and retail space, which analysts said could be oversubscribed. The industrial cooling measures consist of a seller’s stamp duty, imposed for the first time on the sector………………………………………..Full Article: Source

Posted on 21 January 2013 by Laxman |  Email |Print

New Zealand homes became less affordable than Australia in 2012 as constrained land supply and government levies, combined with low borrowing costs, pushed prices higher, according to a survey.
The median home price in New Zealand’s major urban centers rose to 6.7 times gross annual median household income from 6.4 times a year earlier, according to the ninth annual report by Belleville, Illinois-based consulting company Demographia………………………………………..Full Article: Source

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