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Real Estate Briefing 18.Mar 2013

Posted on 18 March 2013 by Laxman |  Email |Print

Federal Reserve Chairman Ben Bernanke’s efforts to revive housing are making real estate bulls even more bullish. JPMorgan Chase & Co. more than doubled its forecast for U.S. home price gains in 2013 to 7% this week, and predicts a more than 14% increase through 2015. Bank of America Corp. said last week property values will jump 8% this year, up from a prior estimate of 4.7% in a report titled “Someone say house party?”
The two biggest U.S. banks are predicting an accelerating rebound as homebuyers and investors rush to acquire a dwindling supply of properties and the Federal Reserve pushes down borrowing costs by buying mortgage bonds. ……………………………………….Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Sales of previously owned homes and construction of new houses probably accelerated in February, highlighting the strength in residential real estate that’s helping propel the U.S. expansion, economists said before reports this week.
Purchases of existing properties increased to a 5 million annual rate, the strongest since November 2009, and housing starts rose to a 915,000 pace, according to the median forecasts in a Bloomberg survey. Other data may show an index of leading economic indicators advanced for a third straight month………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Are we in a new housing bubble? One unscientific way to dismiss that fear is to know that people swept up in one don’t usually ask that question. While real-estate values may not warrant much more than a rise slightly faster than inflation, housing as an industry still could get much better.
Consider the National Association of Home Builders/Wells Fargo Housing Market Index for March due Monday. The index, which fell one point a month ago to 46, could tick closer to 50………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

I am asked from time to time to contribute to a group of people who forecast national house prices. A lot of me would like to help (after all, who doesn’t like being asked for his opinion), but I am never sure how to answer, because to me, there is no “national” house price.
To see why, take a look at the Case-Shiller Index for 20 United States metropolitan areas from 2000 until now. Take percentage changes in the index, and then find the correlations across metropolitan areas. If metropolitan areas moved in lock-step with each other, they would have correlations of one. If they have nothing do to with each other, they will have correlations of zero………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Housing market analysts predict there will be a 14 percent increase for U.S. home prices within the next two years. The Federal Savings Bank believes home prices will continue its positive trend especially after recent surprising housing data. Bank of America announced last week that it expects property values to increase by 8 percent this year, which is a significant increase from its previous forecast of 4.7 percent.
Many of the country’s largest banks believe there will be a rebound within the next few years as more first-time homebuyers and investors attempt to obtain properties. In addition, the Federal Reserve is keeping borrowing costs low by purchasing mortgage bonds. (Press Release)

Posted on 18 March 2013 by Laxman |  Email |Print

After a housing crash that saw trillions of dollars of wealth eroded, millions of Americans entered loan defaults and lost their homes, Fannie Mae and Freddie Mac, and massive government bailouts, the housing market may have seen a bottom, recent data suggests.
Data released jointly by the U.S. Department of Housing and Urban Development and the Census Bureau indicates that privately-owned housing starts in January were at 890,000, 23% higher than the January 2012 rate of 720,000. Looking ahead, privately-owned housing units authorized by building permits in January were at 925,000, 35.2% above the January 2012 numbers………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

The number of homes and condominiums sold in February is down nearly 10 per cent from February 2012 according to the Ottawa Real Estate Board. Home prices have only dropped slightly by comparison — less than one per cent for residential-class properties.
Last year’s changes to mortgage amortization — the federal government reduced the period from 30 years to 25 — chilled the market, says the real estate board, as did the fear of government job cuts, which continue to loom………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Europe is back on the radar of global cross-border investors and these buyers are set to be key drivers of the market in 2013, according to the latest European investment bulletin published by Savills.
The international real estate adviser noted that overseas purchasers have increased their presence predominantly in the UK (from 35% to 46% between 2011 and 2012), Germany (35% to 47%), Poland (90% to 96%) and France (42% to 45%), although there is a rise in appetite for the whole of Europe. ……………………………………….Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

At the property industry’s annual jamboree in Cannes, Angela Monaghan finds that the mood is upbeat, with professionals believing increasing demand will persist this year as investors continue to favour London.
As 20,000 property professionals last week descended on Cannes in the French Riviera for the annual party and networking event that is Mipim, the mood among the British contingent had lifted………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

London home sellers raised asking prices this month as the weakness of the pound fueled interest from overseas buyers during the spring selling season, according to Rightmove Plc. (RMV).
Prices sought rose 1.9 percent from February to an average 496,298 pounds ($752,000), the property-website operator said in a report published today. Asking prices in the capital have surged more than 41,000 pounds in the past year and are now pushing close to 500,000 pounds. Nationally, average prices rose 1.7 percent in March from February………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Paris home prices, which have risen 37 percent since 2009, are set to end their upward streak as French President Francois Hollande cuts property subsidies and raises taxes.
Government support for the housing industry ranges from lodging subsidies for students to tax breaks for renovation works and public construction, which totalled 45 billion euros ($59 billion) in 2011, or 2.25 percent of gross domestic product. Hollande is withdrawing some of that help as Europe’s second-largest economy is on the brink of a third recession in four years, hurting property investors such as Bouygues SA………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Switzerland remains one of Europe’s most stable and prosperous economies, an important safe haven for wealthy property investors and although new laws and taxes introduced some uncertainty to the market in 2012, luxury sales volumes have held firm, new research shows.
Demand is currently being driven in part by stronger demand from Euro based buyers, according to the latest Swiss Insight report from international property firm Knight Frank. The report points out that Swiss GDP growth is estimated to reach 1.2% in 2013 compared to -0.3% for the Eurozone so the economy is outperforming other countries in the area………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

The Minister of Economy and Planning Mohammad Al-Jasser said, “We will not overcome the issue of housing through exaggeration while ignoring achievements. What we are looking for rather is to be accurate when stating new data and not exaggerating the issue of lacking houses in the Kingdom.”
He added that the housing projects would provide new job opportunities to the public. The government, he said, would look into all issues related to urbanization that includes the issue of pollution, and increase in crimes, need for water and power supply, as well as other challenges. He said: “Providing houses will help create political and social security.”……………………………………….Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

The demand for suitable real estate from international luxury labels looking to enter or expand their operations in India continues although last year was not remarkable in terms of sales. “2012 was neither bad nor a great year for luxury brand retailers,” said Amitabh Mall, partner and director at consulting firm Boston Consulting Group, but the demand for appropriate space continues to be a primary challenge for key luxury labels.
In 2011, the local luxury market saw a robust 20% growth to touch $5.8 billion, according to Indian Luxury Review 2011, a report prepared by lobby group Confederation of Indian Industry, or CII, and consultancy AT Kearney………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

China’s new home prices posted the broadest advance since December 2011, a test for new Premier Li Keqiang as he seeks to prevent a bubble without damping economic growth.
Prices climbed in 62 cities of the 70 the government tracks in February from a year earlier, the National Bureau of Statistics said today. Beijing prices jumped 5.9 percent from a year earlier, while they advanced 8.1 percent in Guangzhou………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Beijing has seen a surge of secondhand house sales recently in the wake of a new housing policy which imposes higher income tax on home sellers. The policy, released as a package by the State Council on March 1 in an effort to control housing prices, orders that all home owners be levied a 20-percent tax on capital gains. Prior to the new rules, income tax was 1 percent to 2 percent of the sale price.
According to a March 11 National Business Daily report, data on the website of the Beijing Municipal Commission of Housing and Urban-Rural Development shows that a week after the policy package was released, the number of contracts signed for second-hand housing came to 9,400, a 140.5 percent increase from the week before, and a 279.5 percent increase compared to a month ago. ……………………………………….Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Public housing policy is headed towards a serious revamp. After 50 years, the time is ripe to revisit old assumptions and examine existing policies, National Development Minister Khaw Boon Wan said in Parliament last week.
Some old assumptions no longer hold. For one thing, singles will be allowed to buy subsidised new Housing Board flats. Current policy allows them to buy only from the resale market. They get a cash grant of $15,000 from HDB if they earn $5,000 or less. Last Friday, Mr Khaw announced that singles aged 35 and above, and earning up to $5,000, will be allowed to buy two-room new flats in non-mature estates. These restrictions might be relaxed over time, he hinted………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

While low interest rates have boosted prices in many residential markets across Australia, they remain below earlier peaks in most markets, the Reserve Bank of Australia has noted. The general improvement in sentiment was apparent in auction clearance rates, the bank assistant governor (economy) Christopher Kent said in an address to The Australian Institute of Building last week.
“After falling sharply in 2011, these rates recovered to around average levels in both Sydney and Melbourne in late 2012 and they appear to have increased further early this year,” he said………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

Fears that the housing market in New Zealand is overheating has raised concerns that mortgage interest rates will increase sooner than expected in a bid to cool the market, according to economists.
Some property experts are predicting that prices will rise by 9% this year with some already increasing by 1.7% in the last three months and 6.3% in the last year. Now economists are saying that the current interest rate of 2.5% will have to be increased by the end of the year to help control the property market………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

The current housing market recovery is the weakest cyclical upswing since the late 1980s, according to ANZ. The following chart, prepared by ANZ in its March quarter research report, compares the current upswing in house prices (which began in February last year) with four other cyclical upswings.
The previous housing market upswing between February 2009 and February 2010 was both the most rapid and shortest-lived, following on from 425 basis points cut from the cash rate between September 2008 and April 2009 as the RBA took drastic steps to keep credit markets flowing in the wake of the GFC………………………………………..Full Article: Source

Posted on 18 March 2013 by Laxman |  Email |Print

The Reserve Bank is looking to introduce new economic tools to cool down the housing market. Interest rates are set to stay steady until the end of the year, easing pressure on mortgage holders, but the Reserve Bank and the Government are looking to introduce new economic tools to control rising prices.
Economists say the Reserve Bank cannot raise the Official Cash Rate without hurting farmers, exporters and businesses. “The Reserve Bank is in a catch 22 situation. It needs to push up the Official Cash Rate to cool down the housing market but if it did that it would hurt the rest of the economy and push up the New Zealand dollar,” Interest.co.nz’s Bernard Hickey said………………………………………..Full Article: Source

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