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Real Estate Briefing 20.Mar 2013

Posted on 20 March 2013 by Laxman |  Email |Print

Rising oil and gas prices have brought big oil, plenty of workers and lots of housing headaches to the nation’s fastest-growing boomtowns. Williston, N.D.: The small city of Williston, N.D., was once a sleepy farm town — until oil companies discovered ways to tap the vast Bakken formation believed to hold as many as 24 billion barrels of oil.
Dickinson, N.D.: Located on the southern edge of the Bakken formation, Dickinson is going through similar growth as Williston. In fact, out of all metro areas — large and small — last year, Williston is the only place in the country where the population grew faster………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

New U.S. home construction rose in February and building permits climbed to the highest level in almost five years, adding to signs of progress in the housing market that’s helping boost the economy.
Builders broke ground on 917,000 homes at an annual rate, up 0.8% from a revised 910,000 pace in January that was higher than initially estimated, the Commerce Department reported Tuesday in Washington. Building permits, a proxy for future construction, advanced 4.6% to 946,000, the strongest since June 2008………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

U.S. homebuilders broke ground on more houses in February, evidence of the recovering property market, U.S. Department of Commerce reported on Tuesday. U.S. privately-owned housing starts were at a seasonally adjusted annual rate of 917,000 last month. The level was 0.8 percent above the revised January estimate of 910,000, and was 27.7 percent higher than the level in February 2012.
Single-family housing starts in February were at a rate of 618,000, 0.5 percent above the revised January figure of 615,000………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

With property values rising, more than 200,000 homeowners in the United States returned to positive equity in their homes in the fourth quarter of 2012, according to a new study by CoreLogic. The number of homeowners that are still “underwater,” with negative equity in their homes, now stands at 10.4 million, or 21.5 percent of all residential properties with mortgages, down from 10.6 million at the end of the third quarter, the firm says.
“The scourge of negative equity continues to recede across the country. There is certainly more to do but with fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen,” said Anand Nallathambi, president and CEO of CoreLogic………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Residential real estate prices in the United States are set to end 2013 up an average of 4.6% and rise cumulatively by 22%, on average, over the next five years, according to a new survey.
The first quarter Zillow Home Price Expectations Survey also shows that the majority support policies that would allow certain underwater home owners to refinance at today’s low rates………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Has the U.S. housing bubble begun to reinflate? In the past several months, there has been a lot of speculation to that effect, but so far, no one other than David Stockman has really come out and committed to an affirmative answer. And even Stockman didn’t specify when such a new bubble in the U.S. housing market might actually have begun.
But what really sparked our interest in this topic today is the unexpected strength in the number of initial unemployment insurance claims being filed during the last several weeks, which along with the strength of the construction industry cited in the latest employment situation report, suggests that the U.S. housing industry is finally showing signs of robust growth, at least as measured by rising sale prices for homes………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Sovereign wealth funds, it is no secret, have been steadily building up a war chest of funds and all signs point to an unleashing this year. What may take some by surprise is the level of their wealth and the aggressiveness by which they will deploy their assets—especially as they step up their property investments.
One example is Norway’s Government Pension Fund Global, which recently acquired commercial real estate in the US, including Washington, DC………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

The Baby Boom generation that helped drive up home sales in recent decades will be part of its gearing down as seniors retire and settle down for longer in one place.
Canada’s aging population will have “important implications” for future housing demand in the coming decades, according to a new report from Scotiabank. That includes a slowdown in overall housing sales, balanced somewhat by a steady number of condos purchased as Baby Boomers downsize and more people wind up living alone………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

British house prices rose by an average 2.2pc to £234,000 in the year to January, as London’s booming property market grew still more split from the rest of the country. The headline UK price growth represented a slowing of the 3.3pc rate seen in the year to December, due to a 0.7pc monthly price fall in January alone, according to the Office for National Statistics (ONS).
Monthly movements can be volatile and the ONS said house price growth remains “relatively stable” across most of the UK. House prices are now at similar levels to mid-2008 prices, although they remain below their pre-crisis peak………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Irish bankers preparing for the biggest wave of foreclosures in the nation’s history are struggling with how to dispose of the homes as the central bank pressures them to go after owners of investment properties.
Ireland, which had the biggest real estate crash in Europe with a 50% plunge in residential prices since 2007, is only now contemplating significant repossessions. The focus is on the so-called buy-to-let market, or properties bought to rent, which jumped during Ireland’s decade-long real estate boom, and now account for more than a fifth of the 142-billion- euro (US$184-billion) mortgage market………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Demand for residential property increased in the first quarter of 2013, according to the FNB Estate Agent Survey released on Tuesday. The indicator for demand in the survey rose from the previous 5.89 to 6.57, FNB household and consumer strategist John Loos said.
“This is the highest level since the first quarter of 2007, which was just prior the big slump in the residential property market,” he said. On seasonally adjusted data, the demand rating also rose from a previous quarter’s six to 6.26 in the first quarter of 2013, the highest level since the first quarter of 2007………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

The lack of a regulatory framework in Saudi Arabia’s property market continues to be a major factor contributing to the affordable housing problem in the kingdom, according to a new report by CBRE.
Affordable housing, which remains largely out of reach for the majority of the population, has emerged as the key issue over the past few years in the kingdom’s residential market. About 60% of the Saudi national population lives in rented accommodation, as high land prices make it difficult for developers to meet the price requirements of mid to low-end sectors of society who wish to buy a property, the report said………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Property and retail markets could stand to benefit from growing investor interest in the UAE’s niche healthcare real estate segment, analysts and developers say. “It’s a sector of the market that traditionally has not been catered for by real estate investors but now there’s more investor interest in this segment,” said Craig Plumb, head of research for Mena at Jones Lang LaSalle.
A combination of government spending and a crowded traditional property market in the region is prompting investors to seek opportunities in healthcare real estate, which includes hospitals, clinics, medical universities and medical towers, he said………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Latest statistics show that prices for new houses rose more steeply in more Chinese cities in February, putting the government in an increasingly complex situation of regulating the bubble-ridden market.
Of a statistical pool of 70 major Chinese cities monitored by the National Bureau of Statistics or NBS, 66 cities saw new house prices increase within 3.1 percent in February from a month earlier, while three saw prices remain unchanged and only one reported price falls. The figures indicate warming in the housing market since January, when 53 cities reported a growth margin of no more than 2.2 percent………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

Home sales in the secondary market have plunged to historical lows, hit by increased mortgage rates and developers’ competitive pricing strategies on new developments that have lured home seekers away from the second-hand housing sector.
With buyers sidelined as they await clearer pricing signals, analysts and property agents believe demand will not pick up again until prices in the mid- to mass housing markets fall by 10 per cent or so, and by more in the luxury sector………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

South Korea’s protracted housing slump is causing a headache to its new government. President Park Geun-hye faces a challenge in boosting stagnant property prices, which has been holding back domestic consumption in Asia’s fourth-largest economy.
South Korea’s house prices have been flagging for the past two years and are showing no signs of recovery this year with the economy forecast to grow only 2.8 per cent after last year’s estimated 2.0 per cent expansion………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

More Chinese residents find property prices too high and “hard to accept” even as the government rolls out extra measures to cool the housing market, a central bank survey showed.
More than two-thirds of those surveyed, or 68 percent, said prices are too high, the highest percentage since the final quarter of 2011, the People’s Bank of China said in a quarterly release today. More than a third, or 34.4 percent, said home prices will rise in the coming three months………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

South Korean housing sales at the lowest levels since 2006 are increasing the urgency of President Park Geun Hye’s plans to bolster the market, just as China, Singapore and Hong Kong enact cooling measures.
Transactions fell 14 percent to 47,288 in February, the least for that month in seven years, according to the land ministry. Prices are also sliding, with values in Seoul lower than any time since March 2008………………………………………..Full Article: Source

Posted on 20 March 2013 by Laxman |  Email |Print

The stellar growth in residential real estate last year was driven by strong demand. Thanks to favourable drivers including solid consumption, momentum from housing purchases after the great flood, tax incentives for first-time home buyers, and access to consumer credit, the real estate market has been upbeat.
The residential real estate market size in Bangkok and its vicinity now surpasses 300 billion baht, or a compound growth rate of 10% a year over the past five years. Nonetheless, various Bangkok-based developers are eyeing opportunities beyond Bangkok, raising interesting points: why do Bangkok-based developers need to expand to the provinces and will they be successful in establishing their franchises?……………………………………….Full Article: Source

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