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Real Estate Briefing 27.Feb 2013

Posted on 27 February 2013 by Laxman |  Email |Print

A dwindling supply of homes for sale is helping prices. The Standard & Poor’s/Case-Shiller home price index for December shows home prices posted the biggest year-over-year increase last year in six years.
Boosted by decreasing inventory and increasing demand, the 20-city index shows prices rose 6.8% in 2012 compared to the year before with price hikes in 19 of 20 major cities tracked, according to the report released Tuesday. Only New York fell, down 0.5%………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Purchases of new homes surged in January by the most in two decades and consumer confidence jumped this month, signs of a rebound in U.S. economic growth at the start of 2013.
Home sales surged 15.6 percent to a 437,000 annual pace, exceeding the highest forecast in a Bloomberg survey and following a 378,000 rate in the prior month, figures from the Commerce Department showed today in Washington. The Conference Board’s consumer sentiment index climbed to 69.6, also beating all estimates in a Bloomberg survey………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

It’s possible that home prices have hit a bottom, but heavy government involvement to stabilize the mortgage market and the broader economy has made it harder to gauge the durability of recent home-price gains, says Yale economist Robert Shiller, the co-creator of the S&P/Case-Shiller index that bears his name.
The Case-Shiller 20-city index was up by more than 8% in November from its February 2012 trough as falling supplies of homes for sale and stronger demand have boosted prices. Developments spoke with Mr. Shiller on Monday about his outlook for U.S. housing markets right now………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Sick of the cold and snow that’s been slamming cities from Sacramento, Calif., to Portland, Maine, recently? Maybe it’s time to consider moving to a warmer locale. “Whether they’re from Chicago, Toronto, New York or Boston, lots of people move to South Florida for our warmth,” says Andrew Barbar, a Keller Williams East Boca Raton broker and vice president of the Florida Realtors association.
“People who come here from cold climates enjoy soaking up the sun.” Warm states such as Florida have been attracting a greater and greater share of the U.S. populace for decades………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

I really need to stop being so pessimistic. I’m getting richer by the day. My home value is rising at a rate of 1% per month according to the National Association of Realtors. At that rate, my house will be worth $1 million in less than 10 years. My underwater condo (figuratively – not literally) in Wildwood will resurface and make me rich beyond my wildest dreams.
Larry Yun, the brilliant economic genius employed by the upstanding and truth telling NAR, reported that median home prices soared by 12.3% in January (down 3.7% from December) over the prior year and there is virtually no inventory left to sell – with a mere 1.75 million homes in inventory – the lowest level since 1999………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Analysis of Land Registry figures shows 41% of homes sold for average shortfall of £24,430, while 56% made profit of £45,199. Four in 10 homes have been sold for a loss in England and Wales since 2007, while more than half made a profit, according to researchers.
Almost three-quarters (71%) of houses sold in London during this period made a profit despite the tough economy, compared with less than half in Yorkshire and the Humber, the north and the East Midlands, shared equity firm Castle Trust found………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Commercial property returns in the UK are set to improve in 2013 even though the economic growth for the year is likely to be slow, Property Wire reported on February 25. The industry website cited projections by Legal & General Property, UK’s third largest institutional property fund manager, which expects that prices for the market as a whole will remain stable throughout the year, in contrast to 2012 when the market fell about three percent.
Legal & General Property points to three key factors that will drive commercial property investment returns in 2013. First up is the efforts of central banks in Europe and beyond to stimulate growth, which have been factored into the company’s forecasts for higher economic growth………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

There was a time not so long ago when they were a rarer sight than a movie starlet rocking up to the Oscars in a frock from a high street store. But, rather like a blockbuster sequel, it seems 2012 saw the Return Of The First-Time Buyer.
The script may not be quite that dramatic but, with the level of people buying their first home reaching a five-year high in Northern Ireland, it is a heartwarming storyline for those seeking better times for the battered property market………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Sweden’s real estate market is headed for two decades of stagnation, Swedish Finance Minister Anders Borg warned on Monday, reiterating his concerns about the size of Swedes’ household debts.
Swedish households have seen their debts rise from 88 percent of their disposable income in 1995 to 164 percent in 2011, making them among the most indebted in the world, according to Swedish business daily Dagens Industri (DI)………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Banco de Espana recently launched an inquiry into real estate deals completed by the property arm of Bankia – the country’s nationalized lender. The sources did not provide any further information on what kind of investigation was being carried out, but one thing is for certain – Bankia suffers yet another blow!
The bank has been struggling in the past few months and was even forced to seek a bailout from the government in 2012 because property losses worth billions of Euros made it very difficult for Bankia to cope independently. Sources report that the Governor of Banco de Espana, Luis Maria Linde said that the investigation was confirmed to a judge following his testimony of the 2011 listings last week………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

The IPD Denmark Annual Property Index showed that Danish property delivered a total return of 3.8% in 2012. This is a slight decrease of 1.0 percentage points compared with 2011, and is 4.6 percentage points lower than the 13-year historical annualised total return of 8.4%pa, which IPD has reported on since 2000.
Property underperformed slightly against bonds at 5.6% (JP Morgan 7-10 Year Danish Government Bond Index), but significantly against equities at 30% (MSCI Denmark Equities) in 2012………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Jordan Housing Developers Association (JHDA) President Kamal Awamleh has expressed fears that the current profit squeeze may push some property market investors to switch to other sectors. However, Awamleh expected the real estate sector to perform well during this summer.
In a recent interview with The Jordan Times, he noted that although residential property sales are improving, the cost of building materials is rising while home buyers are still negotiating lower prices………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Working hand in hand with the Saudi government to adopt changes in its real estate market, regulating its real estate funding market, and promoting its commercial sector with a global appeal are the three main concerns of Khalid Jamjoom, CEO of SEDCO Development.
According to Jamjoom, SEDCO’s vision is reflected clearly in its outstanding performance marked by the balancing of originality, creativity, ingenuity and quality of projects………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

“There is a huge real estate bubble in third and fourth-tier cities in China. Sales of homes have slowed significantly, to the point that supply seriously exceeds demand.”Warnings about the Chinese property market are hardly new, but what made this comment more startling was the person uttering it.
It was not one of the longstanding prophets of China doom. Rather, it was Rui Chenggang, the patriotic anchor of a primetime business news programme on China Central Television, the state-run broadcaster. The suave Mr Rui is supposed to be a consummate China bull, not a bear………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

Singapore plans to raise taxes for luxury homeowners and investment properties, widening a four- year campaign to curb speculation after prices in Asia’s second- most expensive housing market rose to a record.
The higher tax will apply to the top 1 percent of homeowners who live in their own residences, or 12,000 properties, Singapore Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday, without giving a definition of what constitutes a high-end home. The government will also raise tax rates for vacant investment properties or those that are rented out, he said………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

The provincial property market in Thailand is expected to expand by 20 to 30 percent annually over the next few years, reported the Bangkok Post. This rate is much higher than the estimate for Greater Bangkok, according to Kiatnakin Bank Plc (KK).
The four factors driving property growth in the provinces are regionalism, urbanisation, macroeconomic policy and infrastructure policy, according to Piyasak Manason, the vice president for economic and industrial research, strategy and organisation development at KK………………………………………..Full Article: Source

Posted on 27 February 2013 by Laxman |  Email |Print

If you don’t want to struggle to pay off a mortgage later in life, the best time to enter the property market is in your early to mid-20s. Securing a house or apartment at a young age not only jump-starts your wealth portfolio, it’s also a good savings strategy thanks to a government scheme that offers extra cash to those saving for a first home.
First home saver accounts (FHSAs) were launched in 2008. Initially, the federal government forecast that 700,000 accounts would be opened, but the Australian Prudential Regulation Authority says just 38,500 FHSAs were operating last September………………………………………..Full Article: Source

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