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Real Estate Briefing 07.May 2013

Posted on 07 May 2013 by Laxman |  Email |Print

Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.
The Green Street all-property index climbed 1 percent from the previous month and is 1 percent higher than the previous record, from August 2007, the Newport Beach, California-based company said today in a statement. Green Street’s index is based on its estimate of the value of portfolios of real estate investment trusts, which tend to own high-quality properties………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

For the millions of Americans who lost their homes in a foreclosure or short sale during the recession, things are starting to look up. In addition to receiving a piece of the $3.6 billion settlement that banks are distributing to borrowers who were wrongfully foreclosed on, some homeowners are now becoming “boomerang buyers” and re-entering the market after a foreclosure or short sale.
Neal Katz, a mortgage agent at All Western Mortgage in Las Vegas, says he fields calls from a number of people wondering how long they have to wait before qualifying for another mortgage. “The biggest hurdle is time,” he says. “Time is the only thing that makes things better.”……………………………………….Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

Six years after the start of the foreclosure crisis, American homeowners are paying their mortgages like the housing crash never happened.
First-time delinquent home loans fell to 0.84 percent of the 50.2 million mortgages in March, the first month below 1 percent since 2007, before a wave of defaults led to the financial crisis, according to a report today by Lender Processing Services Inc. The rate of first-time defaults, defined as loans that went from performing to at least 60 days delinquent, peaked at 2.89 percent in January 2009………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

Beth Heinen Bell and her husband, Christian — like a rising number of Americans — are ready to jump into the real estate market and become homeowners. Yet they’re running into an obstacle that’s keeping the national housing recovery in check: There aren’t enough homes for sale.
The housing shortage they face in Grand Rapids, Mich., a city known for its furniture industry and sleek downtown hospital complex, is fairly typical of what the country as a whole is facing this spring………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

The housing rebound has given new life to an old, but little-known sales practice called “pocket listings,” where agents reserve homes for serious buyers only.
Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and listings posted on real estate websites………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

New statistics on the real estate market show home prices have risen by about 9 percent over the past year. Does this mean that real estate is back? On April 30, the Standard & Poors/Case-Shiller Home Price Indices release showed that a composite of real estate prices in 20 major metropolitan markets had increased by 9.3 percent over the past year, the best annual gain since May 2006.
Does that mean the housing market is back to the heady days of the real estate boom? A quick reality check shows that not to be the case — which may be good news for would-be home buyers………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

My elderly mother is freaking out. Two weeks ago she put her small house on the market in the Las Vegas suburb of Henderson. The day she listed the house she received four calls, including an agent who assured he was on his way over with a buyer. Within days she had seven offers and eventually closed a deal for significantly more than her asking price.
“I’ve sold a lot of houses, but I’ve never seen anything like this,” she said. This is the state of the market in Las Vegas, once the poster child for the housing collapse. After a decade of frenzied construction, prices plummeted by more than 50 percent in most neighborhoods. Four years ago, at the market’s lowest point, more than 80 percent of the homes sold were foreclosure or bank-owned sales………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

The current slump in Canada’s housing market may be short lived. Canada Mortgage and Housing Corp. – with its pulse on the market as the country’s biggest provider of taxpayer-backed mortgage default insurance – expects the housing market to stabilize by July and then begin to pick up steam.
“We see some stabilization as of mid-year and some more momentum at the end of the year and into 2014, and that of course will be related to an improvement in overall economic conditions next year,” Mathieu Laberge, CMHC’s deputy chief economist, said on a call earlier Monday………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

The rate of increase in Swiss house prices slowed in the first quarter, research showed on Friday, suggesting moves by the government to deflate a property bubble are starting to take effect.
The UBS real estate bubble index rose 0.06 points to 1.17 points, lower than the average quarterly rise of 0.11 points over the past four years. A reading between 1.0 and 2.0 on the index means the market risks a correction, while anything over 2.0 indicates a bubble………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

Norway’s giant government pension fund saw the market value of its real estate portfolio climb almost by half in the first three months of 2013 following a series of major deals. Norges Bank Investment Management (NBIM) - manager of the Norwegian Pension Fund Global - reported that the market value of the real estate portfolio stood at NOK 37 bn (€4.8 bn) in the first quarter of this year. This marked a 48% increase on the total of NOK 25 bn for the fourth quarter of 2012.
However, the fund’s investments in real estate returned -0.3% in the first quarter, down from a positive 0.49% for the previous quarter. In contrast, equity investments (62% of the fund’s overall holdings) returned 8.3%, while fixed-income investments (37%) returned 1.1%………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

According to the statistics that have been conducted in 2013 Saudi Arabia is a country of approximately 18 million citizens with a land area of about 1.96 million square kilometers (756,981 square miles). It has the second largest oil reserves, and the world’s biggest crude exporter, and also expects to become the top producer of refined products such as fuel and petrochemicals, so what’s the problem? Why can’t almost 60 percent of the Saudi citizens own their own houses given the fact that Saudi Arabia is a big country in the Arabian Gulf?
The land prices in Saudi Arabia’s main cities have jumped 50 percent in the last few years due to the absence of property tax, which have made the land owners keep their lands as a long term investment, whom the government nor the market can force them, owners of what are known as ‘white lands’ to lower their prices………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

With the property price crash of 2008/09, induced as it was by the global economic slowdown, now a thing of past, Dubai has emerged as the second hottest property market in 2012.
According to a just published Forbes ranking of ‘The Hottest Real Estate Markets On Earth,’ which ranks real estate markets in 2012 based on the average house price growth, Dubai is ranked at No. 2, second only to Hong Kong, which saw house prices shoot up by a whopping 23.6 per cent last year………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

Damac Properties, one of the hardest-hit developers during Dubai’s real estate market meltdown five years ago, launched a 28 million-square-foot luxury villa and condo project on the outskirts of the city last month. To fund construction, the company is using a financing model that should be familiar to anyone who has experienced or read about Dubai’s bursting property bubble: off-plan sales.
Hussein Sajwani, Damac’s chairman, said on Sunday that construction of its new Akoya project, which includes an 18-hole golf course managed by Trump International, will be 80% financed by customers. Damac is only putting up 20% of the cost, although it also used its own funds to pay for the land upon which it is to be built………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

China’s rocketing real estate market has decelerated since the State Council announced five new policies in March intended to curb the alarmingly rapid growth. Policies designed to stabilize housing prices and stifle speculation included a 20 percent capital gains tax, higher down payments, and increased mortgage interest rates in heated up markets, as well as curbs on second properties.
Some cities had experienced prices multiplying by factors of 10 recently, causing official concern, and locking prospective homeowners out of the market, CNBC reported………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

Direct investment in global real estate hit the highest level since 2008 in the first quarter, led by a surge in investment in Asia Pacific commercial property. More than $27 billion was directly invested in Asia Pacific commercial real estate in the first quarter, a 26 percent increase from the same quarter of 2012, according to the last capital flows report from Jones Lang LaSalle. Of the total, $20 billion came from domestic deals, while cross-border transactions in the region slipped 24 percent from a year earlier.
Japan is the “one [market] to watch,” said Stuart Crow, head of Asia Pacific capital markets at Jones Lang LaSalle. Investment in Japan property rose to $10.6 billion, up 32 percent year from a year ago and 38 percent from the previous quarter………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

The number of residential building approvals in Australia fell by 5.5% during March, the largest monthly decline since July of last year. The latest figures represent a disappointing reversal of the growth which occurred in February, according to the Housing Industry Association, the voice of Australia’s residential building industry.
‘The decline in approvals for units was particularly pronounced in March with a fall of 7.7% occurring. This is in comparison to the 4.1% decline in detached house approvals during March,’ said HIA senior economist, Shane Garrett………………………………………..Full Article: Source

Posted on 07 May 2013 by Laxman |  Email |Print

A senior figure has predicted a return to luxury home price growth this year despite a mini-crash around the globe in the first three months of this year. Property consultants Knight Frank found that the average price of prime residential units fell by 0.4 per cent in the first quarter of 2013.
Tokyo, Paris and New York all saw 10 per cent falls in luxury home values between the end of December 2012 and the end of March 2013………………………………………..Full Article: Source

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