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Real Estate Briefing 30.Jan 2013

Posted on 30 January 2013 by Laxman |  Email |Print

Excitement over the emergence of a housing market recovery has led to initial exuberance, at least when it comes to media reports and the rapidly rising stock prices of homebuilders. Market participants should take a more cautious approach and acknowledge that the 2006-2007 state of the housing market was unsustainable, Case-Shiller index chairman David Blitzer says, adding “we aren’t going back there for a long time, maybe never.”
Blitzer noted that a big foreclosure backlog and an elevated number of underwater mortgages still plague the residential real estate market, which will slowly continue to crawl back to normality over the next few years………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Home prices rose 5.5% in the 12 months through November, providing more evidence of a recovering housing market, a closely-followed report showed Tuesday. The Standard & Poor’s Case-Shiller index of 20 major cities showed prices rising in 19 of the 20 cities for the 12-month period. Prices fell only in New York — by 1.2%.
Compared with October, the index showed a 0.1% decline. “Housing is clearly recovering,” said David Blitzer, chairman of the home price index committee………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

The nation’s housing market is surging again after years of historic declines, and the unique forces powering its return could last well into 2013. The number of homes for sale is at its lowest level since before the recession, sparking competition among buyers that has led to 10 straight months of price increases. The volume of activity is the highest since 2007.
Builders broke ground in December on the most new housing developments in four years. And interest rates on mortgages are expected to remain near all-time lows through much of the year, galvanizing once-skeptical buyers………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Talk to any Realtor these days and you’ll likely get an earful about “limited inventories.” That’s a big departure from the past few years, when home sellers were eager, for a variety of reasons, to pound those “for sale” signs into their front lawns. While existing home sales eased in December, the number is 12.8 percent higher than in December 2011, according to the Washington-based National Association of Realtors.
All together, total U.S. home sales last year rose to 4.65 million, up from 4.26 million in 2011, the NAR says. That’s the highest total since 2007. The story now in the U.S. housing market is all about demand………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

When markets move in a positive direction, you’ll hear it from real estate agents first. They see busier open houses, quicker sales or even multiple offers. By the time the news finally hits the mainstream media, buyers start to feel the pull to get back in the market.
That’s what we’re seeing in many parts of the country right now. With all signs tilting toward a sellers’ market for the first time in years, it’s helpful for buyers to understand today’s seller. No two sellers are alike, of course. But there’s a certain mindset that many sellers these days share, and it’s a grateful one for many……………………………………….Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

It’s odd that President Barack Obama didn’t mention housing in his second inaugural address. After all, he spent his first term in the shadow of a housing meltdown, and remaking federal housing policy remains a central piece of unfinished business.
Let’s hope that Obama tells us in his State of the Union speech what his plans are for Fannie Mae, the Federal National Mortgage Association (FNMA), and Freddie Mac, the Federal Home Loan Mortgage Corp. (FMCC) The Federal Housing Administration seems headed for a multibillion-dollar bailout………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Moody’s, Fitch warn on debt: Two major rating agencies are sounding alarm bells over the level of consumer debt in Canada, and the outlook for the housing market. As The Globe and Mail’s Grant Robertson reports, Moody’s Investors Service downgraded the ratings of several of Canada’s banks, citing the potential for trouble.
Among those downgraded were Toronto-Dominion Bank, which lost its triple-A ranking, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada and Caisse Centrale Desjardins………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Giant pension fund piles into property as analysts say now is the time to snap up cheap exposure. Property investors have seen their holdings fall on average 11.4pc over the past five years, with some investors losing a quarter of their cash.
Analysis of returns from 42 funds in the IMA Property Sector by shared equity mortgage provider Castle Trust showed the worst fund lost 26.6pc over the period………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Sales of European property loans will rise by about 15 percent to 25 billion euros (21.6 billion pounds) this year as Spain and Ireland speed the sale of unwanted and bad loans, confronting the extent of the real estate crash as they clear their books.
Both countries suffered the worst of Europe’s property collapse, with prices falling more than 50 percent in some areas from the previous peak in 2007. Both have national ‘bad banks’ to purge lenders of their risky loans and after a slow start, during which better-performing assets were offloaded, both countries must now tackle the worst………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

A gradual recovery in economic performance and business confidence this year will set the European real estate market up for a stronger recovery in 2014, according to the latest report by CBRE, the world’s leading commercial real estate advisor.
European property markets faced a difficult economic environment in 2012, with heightened fears of a euro break up in the first half and output flat or falling across almost all the continent by the year end. 2013 has started more positively, with the threat of euro disintegration receding, together with encouraging news from China and the US, underpinning some signs of improvement in market sentiment and business confidence………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

House prices in England and Wales rose by 1.7% in 2012 - the fastest rate for more than two years, the Land Registry has said. The average price of a property rose by 0.8% in December compared with the previous month, bringing the average price to £162,080.
The rise during 2012 was driven by property values in London. The figures suggested prices overall were increasing, unlike data recorded in other recent surveys………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

The German commercial real estate market recorded the highest volume of investment transactions for the past five years at €25.31 billion in 2012, according to international real estate advisor Savills. This marks an 8.5% increase compared to an already strong 2011 and the firm attributes this largely to rising levels of foreign investment.
International buyers accounted for 46% of the total investment volume in Germany in 2012, up from 31% in 2011, while investors from continental Europe were by far the most active, investing approximately €5.7 billion………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

The Polish industrial-logistics real estate market should grow strongly in the coming years as the amount of available land increases and large international groups develop more and more warehouses, according to a new report. Total stock currently stands at 7m sq.m.
The strength and stability of Poland’s economy during recession elsewhere is making the country a magnet for foreign logistics investment, says the report by realtor Jones Lang LaSalle, the Polish Information and Foreign Investment Agency and financial advisor Ernst & Young, plus Hays Poland………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

If we look at the boom years it was slightly higher, at 26% — and 28% at one stage — but those were exceptional years. I’d suggest that 23% is probably a good number — it has to settle somewhere and it’s certainly significantly up from 15% back in 2008, when the economy hit rock bottom.
Typically first-time buyers are more cyclical than the overall market — they’re young and flexible and can rent for longer or live in their parents’ homes for longer. When times are better they come out the woodwork in greater numbers so that’s what’s happened in recent years. My guess is it’s probably settled and will fluctuate from quarter to quarter but I wouldn’t be surprised if this year’s numbers come out with similar percentages to the 23% of the last two years………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

After four years of a mind-numbing experience paying rent, Alfred Kakuru, an employee of one of the corporate companies in town thought it was high time he owned a house. He sought a mortgage loan from one of the local banks. “I really hoped I had survived the hassle of rent with landlords,” he says.
By the time he acquired the loan, it was valued at the interest rate of 15 per cent. Kakuru thought his salary of Shs 750,000 a month would help him finance the mortgage and realise his dream for a home. However, this was not to be. The demands become too much and the interest rate was revised upwards at the peak of inflation in 2011, when the number touched 30%………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

The market for leasing homes in Qatar is likely to show strong signs of growth in 2013 and 2014 as major infrastructure projects get under way, according to EC Harris’ latest Property Market Outlook. The report states that Qatar is also set for a hotel building boom, with 5,000 new hotel rooms planned each year in the run-up to the 2022 FIFA World Cup.
Terry Tommason, head of Property and Social Infrastructure Middle East at EC Harris said: “The market for residential property sales in the emirate is likely to remain flat, though, and no major new office development is planned due to the continuing overhang of space from the last commercial boom.”……………………………………….Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Real estate industry and property consultants today hailed the RBI’s decision to cut key policy rates, saying that it is a positive step that would boost housing demand and encourage foreign investment in the sector.
The RBI cut short-term lending rate, called repo, by 0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by a similar margin to 4 per cent, releasing Rs 18,000 crore primary liquidity into the system. Developers and consultants expect the move would lead to reduction in interest rates for buyers as well as builders………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

China’s property prices will continue to rise in 2013, driven by less supply, faster urbanization and the improved economy, analysts said. Housing inventories this year will be lower than in 2012, due to a slide in new construction area since the third quarter of 2011, data from a report by Reico showed on Tuesday.
Reico is a research institution affiliated with the China Real Estate Chamber of Commerce. “The country’s property prices will pick up steadily this year, but a strong rebound across the country is not likely given the continuing rigorous measures,” said the report………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Property investments in Britain, the US, Canada, Australia and Singapore pay off for Chinese buyers, but locals are apparently growing increasingly impatient and unhappy. The number of wealthy Chinese investing in overseas property markets rose sharply after 2008, a time when many countries were hit with a housing market crisis, according to the report.
Seeking a high return for their cash, those investors favour countries including Britian, Canada, the United States, Australia and Singapore. The investment has been more than satisfactory for them:……………………………………….Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

Singapore’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, according to the biggest office property trust in Asia outside of Japan.
Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), Supply for the next three years will be about 0.8 million square feet a year, down from 1.3 million square feet over the past two decades, she said………………………………………..Full Article: Source

Posted on 30 January 2013 by Laxman |  Email |Print

The Melbourne property market had everything thrown at it at 2012 with low clearance rates, international reports that stated it is overvalued and a barrage of negative reports in the media suggesting the market was going to experience a US-style crash.
But the latest figures from the REIV show not only did the property market hold its ground, but it actually began to pick itself up from the canvas and showed significant growth in the last quarter of the year………………………………………..Full Article: Source

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