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Real Estate Briefing 01.Mar 2013

Posted on 01 March 2013 by Laxman |  Email |Print

According to the most recent study released by the National Association of Realtors, Canadians made up the largest share of foreign purchasers of US real estate, accounting for 24% of all international sales, surpassing China (11%) and Mexico (9%) combined. In total, international buyers purchased $82.5 billion in US real estate during the year ending March 2012, up from $66.4-billion in 2011.
“The Canadian real estate market has performed well since the recession, “said Jason Mercer, senior manager, market analysis at the Toronto Real Estate Board. “Save for a short period of price decline during the economic downturn in 2009, many markets across the country have experienced year-over-year price growth, including Greater Toronto, Canada’s largest metropolitan area.”……………………………………….Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

There are simple measures Congress can take to secure stable and affordable housing for ordinary Americans. Human communities are strongest when families are able to access decent shelter and work in their local neighbourhoods. Whichever country we live in and whatever our physical circumstances, our homes will always be the place that determines whether we – and our communities – thrive or become trapped in cycles of poverty.
Earlier this month, Habitat for Humanity presented a series of recommendations to the US Congress which is looking at the question of home ownership in a post-recession nation………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Struggling homeowners increasingly turned to short sales to get out from under mortgage debt last year. There were nearly three times as many short sales as there were sales of foreclosed homes in 2012, according to RealtyTrac. Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5% year-over-year, accounting for 32% of all home deals.
“We’re seeing fewer of the most disruptive sales, the [bank-owned foreclosures], hitting the market but there are still a lot of distressed property sales,” said Daren Blomquist, spokesman for RealtyTrac. “They’re shifting to short sales, though.”……………………………………….Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Home prices are up, the number of properties on the market is down and buyers are moving fast to take advantage of deflated prices. So is the housing market finally returning to normal?
Not exactly. Many of those real estate buyers aren’t your everyday bargain-hunters. They’re Wall Street and international investors. While the fast money is boosting the housing market, it also poses risks in a key sector of the economy that is just getting back on its feet………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Joel Shine, chief executive officer of Woodside Homes, raised $228 million in a debt and equity recapitalization in October, two years after the Salt Lake City- based builder exited bankruptcy. Investment bankers now are pushing closely held Woodside to sell stock publicly or issue debt as the home-construction industry bounces back from the real estate crash, he said.
“I hope the housing market is as good as the capital market seems to think it is,” Shine, who builds in Arizona, California, Nevada, Texas and Utah, said………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

The profitability and dominance enjoyed by US-backed mortgage giants Fannie Mae and Freddie Mac will limit policy makers’ motivation for winding them down, Fitch Ratings has said.
The warning comes as appetite to transform the state-backed companies into private sector entities wanes in Washington, where wrangling over budget, insurance and tax issues is likely to dominate the legislative calendar in the months to come………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Bank of China Ltd. has emerged as one of the largest foreign lenders to commercial real estate in the U.S. Now the state-owned Chinese bank is looking for ways to make even more loans in a quintessential American way: packaging its loans into securities that are in turn sold in a market where demand is red hot.
Bank of China’s interest in securitization coincides with an unprecedented start for the commercial-mortgage-bond market in 2013. The Federal Reserve’s low interest-rate policies have pushed more investors from relatively safer investments to those with higher yields and greater risks………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Demand for property costing millions of pounds has remained “extremely buoyant”, with a growing number of buyers looking for houses in prime locations, according to a new report.
Demand for property costing millions of pounds has remained “extremely buoyant”, with a growing number of buyers looking for houses in prime locations, according to a new report. Overseas buyers and investors looking for property in the most sought-after areas of London are driving the market………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

New regulations are prompting German insurance companies and pension funds to increase their exposure to property. Last year’s Christmas break was anything but quiet for the acquisition team of Allianz Real Estate. In December and January, the real estate arm of Germany’s largest insurance company acquired a number of assets at home and abroad.
Recent deals included the acquisition of the 33,000 m2 Medienfabrik office scheme in Munich for an estimated €90 mln. And the spending spree is set to continue………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Dubai’s real estate market, which is witnessing a resurgence this year, will get another major shot in the arm when the $1-billion Investment Corporation of Dubai (ICD)-Brookfield Dubai Real Estate Fund gets underway.
A move to start the fund was made on Wednesday with ICD and Brookfield Asset Management, the co-promoters of the fund, named Douglas Kirkman, Senior Vice-President of the Brookfield Property Group, as Chief Executive Officer of ICD-Brookfield Management Limited, the firm that will manage the fund………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Real estate got a shot in the arm from finance minister P. Chidambaram in the budget for the next financial year, but it was mostly limited to affordable housing. He proposed a Rs.2.5 lakh deduction on the total taxable income on home loans less than Rs.25 lakh. The deduction is applicable on loans from banks and non-banking financial companies (NBFCs).
Currently, the deduction on interest payment of home loans is Rs.1 lakh, irrespective of the amount. With this proposal, a Rs.25 lakh home loan will get a total tax deduction of Rs.2.5 lakh on interest payments. Property analysts tracking the real estate sector said that this would offer a welcome impetus to budget housing, first-time home buyers and to some extent, boost demand in smaller cities and the distant suburbs in metros………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

While affordable housing has been given due attention, issues relating to improved transparency and corporate governance within the real estate sector have been ignored. This was a moderately encouraging Budget in general, but tepid for the Indian real estate sector.
The setting up of the Urban Housing Fund by the NHB with an allocation of Rs 2,000 crore will infuse liquidity for urban housing, thereby boosting demand………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

The biggest housing bubble in history created by China’s rapid growth and the massive investment in real estate by its burgeoning middle class may be about to burst. One of the country’s leading commercial real estate moguls, Zhang Xin, tells Lesley Stahl that residential property development has reached the end of the road.
And with the prices of millions of existing housing units falling since last year, China’s largest residential builder, Vanke Chairman Wang Shi, tells Stahl he is seeing protests from angry investors and fears an Arab Spring-like uprising if the bottom falls out of the market………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

“China takes bifurcation to a new extreme. Not only are housing prices in the biggest cities moving in a different direction to those in smaller centres, there is also a glaring discrepancy in the amount of development being undertaken.”
“The country’s main metropolises – Beijing, Shanghai and Shenzhen, which each have populations of more than 10m – suffer from chronic shortages of housing for low to middle-income residents. By contrast, scores of smaller cities with populations of up to 3m face an increasingly severe oversupply.”……………………………………….Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

China’s new home prices rose for a ninth month in February, adding to concerns that the government may issue new property tightening policies.
Prices climbed 0.8 percent to 9,893 yuan ($1,590) per square meter (10.76 square feet) from December, SouFun Holdings Ltd. (SFUN), the country’s biggest real estate website owner, said in a statement today after a survey of 100 cities………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Japanese blue-chip firms, from electronics giants to brewers, are selling prime real estate to shore up battered balance sheets, stoking a resurgent property market. Some are moving into new offices to take advantage of relatively low rents.
Big downtown office buildings are coming up for sale as Tokyo’s property market regains growth momentum for the first time in almost five years, with plenty of interest among buyers, particularly Japan’s public real estate trusts, experts said………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Volume in Singapore’s property market is expected to decline following the introduction of January’s cooling measures, according to a recent report by property advisory firm DTZ. The primary market may be less affected by the latest measures than buyers of public housing, due to the extra incentives and discounts offered by developers.
DTZ predicted that investment demand for prime properties could also decline this year due to the new property tax structure, and the removal of the property tax refund concessions for vacant properties that was announced during the 2013 budget………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Is property still a good investment? The last few flat years in our property markets and concerns about the potential for future capital growth has some investors worried. They are wondering what’s ahead for property, especially as they’re hearing some commentators suggesting we’re in unprecedented times.
You just have to look back further: The problem is these people don’t have a big enough rear vision mirror. Some of us with grey hair see clear parallels with the past. So I thought that today I’d delve into my memory and see what we can learn from previous cycles to help you understand where our markets are heading………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Australian house prices have edged higher in February, with Melbourne bouncing back from a two-year slump and Sydney posting a minimal rise. Across Australia, house values rose in February by a combined rate of 0.3 per cent, suggesting the housing market is experiencing a mild recovery.
In Melbourne values were up 1.5 per cent. Sydney’s home prices appreciated by 0.1 per cent but Canberra saw a bigger jump of 1.9 per cent, as did Darwin (up 2.3 per cent), according to the latest figures from analysts RP Data Rismark. ……………………………………….Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

New Zealand’s banking system is at risk from property prices overheating if the country’s exports stop being worth so much or the kiwi dollar falls out of bed, says the international credit rating agency, Standard & Poor’s. S&P issued a report on the New Zealand banking sector saying “significant risk remains of a sharp correction in property prices.”
The rating agency, which assesses country and business credit-worthiness, noted the recent jump in Auckland and Christchurch property prices and suggested New Zealand is still vulnerable because of the run-ups in value seen in the mid-2000’s, before the global financial crisis, let alone the latest appreciations………………………………………..Full Article: Source

Posted on 01 March 2013 by Laxman |  Email |Print

Financial ratings agency Standard & Poor’s says there is a significant risk of a property crash in New Zealand. S&P, which has come in for criticism over its failures to adequately assess risk on many investments in the run-up to the Global Financial Crisis, said its “base case scenario” was for medium-term real estate prices continuing to stabilise at current levels.
But credit analyst Nico DeLange said: “We are of the opinion that a significant risk remains of a sharp correction in property prices occurring given the uncertain short-to medium term outlook for the global economy.”……………………………………….Full Article: Source

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