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Real Estate Briefing 29.Jan 2013

Posted on 29 January 2013 by Laxman |  Email |Print

American housing markets are at long last recovering from the epic bust that began in 2006. Sales, prices, and construction all seem to have reached a cyclical bottom. Some analysts reckon that a new boom and, possibly, bubble could be inflating, born of tight supply and low interest rates.
Robert Shiller is sceptical, noting that while indicators are strengthening, there is little reason to think that short-run momentum must lead to a more sustained price boom. Karl Smith disagrees: Shiller and I agree that nothing drastically different occurred in the the economy from March to September………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Pending U.S. home sales declined in December for the first time since August, showing uneven progress in the housing market. The index of contracts for the purchase of previously owned homes fell 4.3 percent to 101.7 after a revised 1.6 percent increase, the National Association of Realtors reported today in Washington.
The median forecast in a Bloomberg survey projected no change in the gauge. Compared with a year earlier, pending sales before seasonal adjustment climbed 4.9 percent………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Spending on home improvements and repairs totaled $275 billion in 2011, down 4 percent from 2009 levels and some 16 percent below the market peak in 2007. Loss of home equity with the onset of the housing crash contributed to the decline in home repairs, according to a new study by the Harvard Joint Center for Housing Studies.
With the decline in spending on discretionary projects, home improvement expenditures per owner in 2011 stood well below levels averaged over the previous decade. In fact, per-owner spending fell from about 25 percent above the decade average in 2007 to about 10 percent below that level in 2011………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

More than 50 percent of economists in a recent poll indicated the U.S. housing market is poised to push an economic recovery in 2013. In more or less a tie for second place, economists also cited increased energy production, help from the Federal Reserve and consumer spending as drivers of a recovery this year, CNNMoney reported Monday.
In the survey sponsored by CNNMoney, economists pronounced housing as ready for a comeback. ……………………………………….Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

The housing market has been improving significantly for nearly a year at this point, but with those upticks in activity across the board in the last several months, it seems that instances of potential fraud also increased.
The total amount of possible mortgage fraud nationwide rose 1.1 percent from July to September 2012 from the previous quarter, according to new statistics from Kroll Factual Data. And while there were increases in every region across the country, these were caused not by low-level jumps in most places, but rather massive leaps in specific metropolitan areas………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

The real estate recovery has been shaky but strengthening, and few know it better than the people whose future fortunes are going to depend up on it. According to several top business schools, student interest in studying real estate has been growing in recent years, providing yet another promising indicator of a strengthening recovery.
Real estate is by no means the top field of study for business school students, but it is starting to regain its former popularity. At Dartmouth College’s Tuck School of Business, around 5 percent of the student body is specializing in real estate, says Jonathan Masland, director of counseling and recruiting in the school’s career development office………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

The housing recovery is happening…and it’s benefits are spreading. That is what we read in the Wall Street Journal on Monday morning, see “Housing Recovery Opens Spigot.” “The U. S. housing recovery is starting to show up in corporate results,” the article begins.
Good news! But, apparently, not everything connected with housing is a ready-made “slam dunk.” Brett Arends, cautioned us last Saturday in the Wall Street Journal that “Housing is Back–But Housing Stocks Are Due for a Fall.”……………………………………….Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Trading activity in European commercial property rallied in late 2012 as the market stabilised after its mid-year malaise to post the highest level of quarterly trading since 2007. In the final quarter alone, investment volume totalled €43.7 bn, according to the latest data from property consultants Cushman & Wakefield.
Whilst the year ended only marginally - or 1.5% - up on 2011 with total volumes reaching €133.8 bn, the report predicts that recovery in the sector will start to gain momentum in 2013………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

A large majority of estate agents were upbeat about the outlook of the property market thanks to a better mortgage situation, a survey has found. Property website Hometrack said 79 per cent of estate agents were more optimistic about the housing market the coming year than they were 12 months ago as they believed the number of sales will pick up fro current levels.
The study, which asked around 6,000 estate agents and surveyors about achievable selling prices in their area, found that house prices were flat month-on-month across England and Wales in January following six months of falls………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

A worrying new law means offices can be turned into residential buildings without planning permission. Artists’ studios and creative start-ups will be the first to go. Last week Eric Pickles finally rubber-stamped a plan that has long been mooted as an obvious salve to the housing crisis. We have acres of empty offices, a blight of vacant blocks in our cities – so why not turn them into homes?
With office vacancy rates as high as 20% in some regions (a result of oversupply and changing requirements in the downturn) while the urgent demand for housing continues to rise, it seems the perfect solution………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Last summer, Switzerland became the first major financial centre to introduce rules that would force banks to build up their capital reserves should parts of the economy start growing too fast. With the Alpine state’s housing market in overdrive, speculation is growing that it could also become the first to implement them.
“We don’t have a bubble in the way that Spain or Ireland did, with double digit price increases year after year. But we have had a boom for 15 years, and at some point things become unsustainable and you get a correction,” says Claudio Saputelli, an economist at UBS………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

UAE property values have returned to their pre-crisis levels and in many cases have climbed higher, Emirates Banks Association (EBA) chairman Abdul Aziz Al Ghurair said. Real estate prices started to rebound last year after Dubai suffered one of the world’s worst property market crashes following the 2008-09 credit crisis.
Al Ghurair said the recovery had helped to limit banks’ losses to an average 0.15 to 0.20 percent of the industry’s total home loan book. “That’s healthy,” he said. “Mortgage lending has been low risk so far………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Stock-listed developers in Dubai jumped in value Sunday on a report released by property services company Asteco that prices in the villa and apartment segment would extend the positive momentum from last year into the first half of 2013.
According to the report, shares of the United Arab Emirates ( UAE) biggest developer Emaar Properties surged to a three-year high on Sunday, closing up 3.57 percent at 4.64 Dirham (1.26 U.S. dollars)………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

The dramatic rise in the value of land in India has resulted in a growing number of families of Indian origin returning from the UK to cash in on their inheritances. But many discover that the land is either sold, occupied or disputed - resulting in bitter feuds and lengthy legal battles.
At his home in the English city of Wolverhampton, Iqbal Singh pores over a thick pile of court papers, the result of 16 years of legal wrangling in the Indian courts. He has inherited a legal battle to reclaim his parents’ farmland in the rural Indian state of Punjab………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

It’s clear Chinese property prices skyrocketed over the past decade. But for some key cities, they may have risen even faster than the Chinese’s government’s most liberal estimates.
That’s the conclusion of economists Yongheng Deng, Joseph Gyourko and Jing Wu in a National Bureau of Economic Research working paper that analyzes Chinese housing and land prices………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

China Vanke chairman Wang Shi said mainland home prices are high and he sees bubbles forming. “The bubble must be controlled, or both the real estate market and domestic economy will be jeopardized,” the boss of the world’s largest developer by turnover warned.
However, he does not think any bubbles are “set to burst” any time soon because home prices in first and second-tier cities have been under control since 2010, when Beijing executed a series of cooling policies………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Singapore’s sovereign wealth fund has backed a 1 billion pound lending programme for British offices, shops and warehouse property that could bring much-needed funds into a debt-starved sector.
The Government of Singapore Investment Corporation GIC.UL, one of the world’s largest sovereign wealth funds, will underwrite the loans to be issued by commercial mortgage provider Laxfield Capital………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Property prices in Malaysia will remain steady in 2013 as competition between developers intensifies, according to a recent report by Hong Leong Investment Bank (HLIB). Developers will need to be more selective of new projects, reported HLIB.
HLIB regard landbank location as the market’s key driver, and identify Glomac Bhd as the developer to watch. Glomac Bhd’s flagship Lakeside development at Puchong puts them in a prime position, as the development offers a combination of value at 4.9 percent dividend yield and growth. However, the developer’s liquidity remains lacking, according to HLIB’s report………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

The sluggish real estate market in Korea is bound to hurt the people`s livelihood since real estate comprises 70 percent of their assets. The number of apartment transactions has reached just 796 this month in Seoul, which is home to 10 million people or a fifth of the population.
The figure is just half the combined transactions made over the same period last year. Amid lackluster demand, apartment prices have plunged while rental fees have skyrocketed. Many who put up their homes for sale years ago are still waiting for buyers, while others are having a hard time repaying housing loans………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

A property boom in Metro Manila, described as the best in two decades, has pushed construction in the Philippines to its highest growth in at least six quarters. The Philippines is experiencing a property boom like no other with developments covering office buildings, housing projects, hotels and new shopping districts.
This is all being fuelled by confidence in the Philippine economy which grew at a notable 7.1 per cent in 2012. With the Philippine economy growing at an impressive pace, experts said there will be no slowdown in the demand for real property market as the country rides on strong macroeconomic fundamentals and investor confidence………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

Despite any market gloominess, Aussies still love their property. You cannot deny it - you are reading this article after all. And go on, admit it - on your holidays you probably picked up the local property newspaper or hung around the window of local agent to check out the houses for sale, dreaming of a little beach shack.
I know I’m not the only one who loves property. We talk about it with family, mates and anyone who will listen to our experiences and pearls of wisdom. And according to new research from realestate.com.au, more of us may actually be prepared to act upon our searching urges this year………………………………………..Full Article: Source

Posted on 29 January 2013 by Laxman |  Email |Print

So is Australia’s housing market “unaffordable” or not? What we really lack in Australia is a realistic vision of how our housing market should appear.
There are too many conflicting voices smothering the debate – from a myriad investors looking to profit from rising prices, hoping they’ll outpace inflation to enable retirement on a pot of ‘property gold’ to consumer organisations struggling to address the growing mountain of citizens requiring public housing or rental assistance………………………………………..Full Article: Source

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