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Real Estate Briefing 06.Feb 2013

Posted on 06 February 2013 by Laxman |  Email |Print

Home prices rose 8.3 percent in December from a year earlier, the biggest gain since May 2006, according to CoreLogic. All but four states — Pennsylvania, New Jersey, Illinois and Delaware — posted increases. Prices rose 0.4 percent in December from November, the 10th consecutive monthly advance.
Excluding foreclosures and short sales, which sell at deep discounts to market prices, home prices were up 7.5 percent on a year-over-year basis and 0.9 percent month-over-month………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what’s really happening to asking prices and rents.
Because asking prices lead sales prices by approximately two or more months, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Federal Reserve Governor Elizabeth Duke said she’s upbeat about the outlook for the U.S. economy in part because of a rebound in housing, even after growth stalled during the fourth quarter.
“I’m actually on the optimistic side,” Duke said today in response to audience questions during a speech in Duluth, Georgia. “If you look at the underlying thesis, the growth in consumer spending and some of the business growth, I think there is some momentum building, particularly in the area of housing.”……………………………………….Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

According to Clear Capital’s latest Home Data Index (HDI) Market Report for January 2013, quarterly US home price trends both nationally and regionally strengthened with the exception of the Midwest, while major metro markets in Florida missed the top performing list for the first time since September 2011.
“Home price trends in January remained solid overall, considering we are in the middle of the toughest time of year for real estate, “said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Call them the unheralded outperformers that get almost no attention in the national media: Real estate markets where median home prices are affordable and rising much faster than the nation as a whole and where inventories of available homes listed for sale continue to plunge.
Iowa City, Iowa; Nashville, Tenn.; Boise, Idaho; Tulsa, Okla.; and Shreveport, La., aren’t exactly names that come to mind as leaders in the housing recovery, but they are. Sure, Detroit gets some press, but that’s probably because the city fell so hard and deep during the housing bust and is now clawing its way back………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Trulia, the real estate information start-up based right here in San Francisco, put out some data on the nation’s “booming” real estate markets in terms of “big price increases and healthier market fundamentals.” Trulia looked at both home sales and rentals
Of course, San Francisco topped the list, but was joined by other cities such as Seattle, Denver, San Jose and Salt Lake City. I happen to visit Seattle on a regular basis, so I know from what my friends and family tell me and seeing all the construction going on there, that housing is on the upswing………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

When housing began to simmer back in 2002, prices were rising around seven percent a year, then eight percent in 2004 and a stunning 12 percent in 2005. At the time, words like “bubble,” and “unsustainable,” were uttered with every monthly reading. No one had seen home prices soar like that since the mid 1970’s.
Historically, prices nationally rise about three to four percent a year. The market was clearly too hot, and by 2007 it had reversed dramatically, with prices falling nationally for the first time in history………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Investors have taken comfort from the recent improvement in housing prices seen across the country. Shares of homebuilders, including Toll Brothers, Lennar Corporation and the SPDR S&P Homebuilders ETF, had been bid up late in 2012 and into January.
But now the shares are rolling over. Could the relative underperformance of the homebuilders be telling us something? David Stockman, former director of the Office of Management and Budget under President Ronald Reagan, thinks so………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

The federal government has lodged a civil complaint against Standard & Poor’s, alleging the ratings agency of driving the mortgage crisis by giving high marks to risky bonds. This is the first action related to the housing crisis taken by the government against a major ratings agency, the Associated Press reported.
S&P said that it didn’t do anything wrong — and that the government itself failed to predict the housing-market collapse. The government’s suit, however, says S&P knowingly and willfully enticed investors to mortgage bonds with shaky numbers, AP reports. ……………………………………….Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Norway’s regulator will need to set stricter standards than those enforced elsewhere as record house prices and private debt levels grow more out of step with developments in other nations, its top official signaled.
“Our starting point is a concern for overheated Norwegian household borrowing and house price development,” Morten Baltzersen, the Financial Supervisory Authority director general, said in a Jan. 31 interview in Oslo. “As our cycle is out of sync with the rest of Europe, so is our starting point.”……………………………………….Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

After a few weeks of uncertainty over the supposed circular on mortgage caps, the UAE Central Bank recently issued further clarifications regarding the matter including the announcement of its plan to issue new regulations later in 2013.
Like most people that have a stake in the economy of the UAE, our initial concern was the impact it may have on property prices, rentals, the profitability of banks and financial institutions and the economy………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

The interests of home buyers will be safeguarded under the proposed Real Estate Regulatory Authority Bill, said Ajay Maken, Union minister for housing and poverty alleviation. He said buyers may get a bigger say while buying a house as per the provisions of the Bill that will be tabled during the forthcoming Budget session.
The minister was addressing the ongoing international conference on ‘Governance of Mega City Regions’ in Mumbai………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

China’s real estate sector, the pre-eminent driver of China’s growth, is in recovery mode, according to economists at Standard Chartered, as developers cut prices and local city governments began to ease real estate regulations. They believe warnings of an imminent nationwide housing market collapse are overblown.
Real estate, according to Lan Shen and Stephen Green of Standard Chartered, accounted for 12.4 percent of China’s total output in 2012. Real estate investment as a share of gross domestic product edged up to 13.8 percent last year, from 13 percent in 2011………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Looking closer at the southern city of Shenzhen, one of the biggest property markets on the Chinese Mainland, property prices there also increased in the first month of this year.
Last week China put the brakes on the the expansion of a nationwide property tax scheme that’s causing some confusion amongst market watchers on where housing prices may go this year with some of them adding there could be a glut of supply for 2013 in Shenzhen. Major cities in China saw home prices rise in January. China’s southern metropolis of Shenzhen, is no exception………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Bank of Korea, South Korea’s central bank, needs to take expansionary monetary policy to prevent housing market disruption from causing financial and economic instabilities, a local think tank said Tuesday.
“Expansionary monetary policy will help enhance financial and economic stabilities under the economic downturn in connection with the housing market slump,” Song In-ho, a research fellow at the state-run Korea Development Institute, said in a report………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Rate cuts have helped ease the number of mortgage delinquencies across Australia but many postcodes have retained their dubious title of repayment blackspots.
A major study by Fitch Ratings, the credit ratings agency, revealed that by the end of September 2012 overall mortgage delinquencies across Australia decreased to 1.2 per cent, down from 1.6 per cent at end of March 2012. The current rate of delinquencies is below the five-year average of 1.56 per cent………………………………………..Full Article: Source

Posted on 06 February 2013 by Laxman |  Email |Print

Looking for a room with a view? Sotheby’s International Realty could help you find a beautiful home in Point Piper, Sydney, the most exclusive suburb in Australia. For years disgruntled Brits have emigrated to the tantalising shores of Australia, lured by the promise of shimmering beaches, wide open spaces, significantly lower living costs and, of course, the ever-present sunshine.
Life expectancy is high and stress is low in the sixth largest country in the world. While the overall Australian market has suffered the same problems the rest of the world, a decision last year by the Australian government to attract wealthy foreigners by lowering the bar for visa applications in return for investment in Australia is good news for the top-end property market………………………………………..Full Article: Source

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