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Real Estate Briefing 09.May 2013

Posted on 09 May 2013 by Laxman |  Email |Print

Housing starts cooled in April, suggesting that home builders are scaling back construction in the wake of the decline in home sales. And, notably, the consensus estimate among economists for this important spring month was virtually bang on.
Starts came in at 174,900 on an annualized basis in April, a 3.5 per cent decline from March. Economists had been expecting starts to come in at 175,000 on average………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

The outlook for the major US property markets was broadly stable in the first quarter, consistent with the generally slow pace of both construction and absorption, the supply and demand components of real estate, according to Moody’s Investors Service’s Red-Yellow-Green quarterly property assessment.
“While overall levels of construction and absorption remained modest, strong revenue per available room or RevPAR growth from the hotel sectors pushed the overall composite score up to Green 68, a one-point increase over the prior quarter,” said Moody’s Vice President - Senior Credit Officer Keith Banhazl………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

The housing market recovery is gaining momentum, but it’s not your average homebuyer behind the push, it’s investors. Low interest rates and recuperating home prices have investors flocking to the market to find bargains and they’re pricing out traditional buyers.
But just like any competition, there are winners and losers in the recent shift and surge in the real estate market. “Investors are increasingly putting money into residential properties because they see it as a lucrative investment,” says Deonta Smith, an analyst at market research firm IBISWorld. “Investors are purchasing foreclosed and existing homes that need a lot of work, fixing them up and renting them until prices increase.”…………………………………Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

Thanks to the near-record-low interest rates, many Americans are ready to jump back into the housing market. Unfortunately, many are running into one obstacle—there aren’t enough homes for sale. That’s a good sign, though! After all, a leading indicator of economic growth is a healthy housing market, and a lack of housing should mean that builders can’t keep up with demand.
Part of the reason there is a lack of supply is that many people don’t want to sell. Many homeowners lost a lot of equity in 2006 when the housing market collapsed. Today, 21.5% of all residential homes in the U.S. are worth less than their mortgages………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

Most of us already realize “normal” is relative. Yet, we are only human. And as such, we can scarcely stop ourselves from the very-human behavior of seizing every available opportunity to try to quantify and define the term.
Thanks to the folks at real estate data company Trulia, we don’t need to try very hard to define what’s “normal” for the housing industry. They’ve done it for us with the Housing Barometer, a monthly report that charts how quickly the housing market is moving back to normal based on the performance of construction starts, existing home sales and delinquency-plus-foreclosure rates………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

The U.S. government’s Overseas Private Investment Corporation is investing $100 million in Paladin Realty Latin America Investors IV, a fund targeting housing development in Latin America. Paladin aims to build 12,000 affordable housing units for Latin America’s growing workforce, particularly first-time home.
With an initial closing of $75 million earlier this year, the fund hopes to reach a capitalization target of $400 million to $600 million, according to the release. “This new fund will continue Paladin Realty’s 15-year strategy of supporting affordable homeownership in Latin America and the growth of its housing industry,” OPIC chief executive Elizabeth L. Littlefield said………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

The Q1 2013 European logistics real estate take-up market continued to demonstrate steady performance, according to the latest analysis from Jones Lang LaSalle. Germany was once again the most active European market, whilst Spain was the only other market to demonstrate growth. Completions have fallen, but six million sq m of space under construction is the highest amount since 2008, demonstrating the confidence in the sector.
Occupier demand remained stable year-on-year in the first quarter of 2013 thanks to continued global supply chain realignment, largely based on a growing e-commerce sector. A total of 2.9 million m² of logistics units over 5,000 m² in size were taken-up in Q1 2013………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

Prices rose 1.1% over the month and 2% over the year, but significant constraints remain on housing demand, according to the bank. House prices continued on their upward trajectory in April, partly driven by a big drop in the level of new borrower’s mortgage payments in relation to their income over the past six years, according to the Halifax.
Property prices rose by 1.1% in April, the bank said. This followed rises of 0.5% in February and 0.4% in March and contributed to a year-on-year price increase of 2%………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

London is outpacing New York in the real estate market - especially with wealthy buyers from overseas, analysts say. InterContinental Hotels Group PLC is still waiting to sell the InterContinental New York Barclay hotel, one of its limited number of trophy properties, but it had no problem marketing another of its key assets in London recently.
The world’s biggest hotelier by number of rooms flagged the sale of the 87-year-old Barclay in early 2011 to take advantage of its location in the heart of midtown Manhattan’s exclusive East Side. It found an exclusive buyer, but the talks then broke down. Analysts said the property was “tired” and IHG was forced fund a renovation………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

The firm that owns more rental apartments than any other closely held company in Germany is getting nearer to an initial public offering, hoping to cash in on rising rents and demand for a stock with the potential to offer attractive yields in a low-interest-rate environment.
But the timing might have been better if Deutsche Annington Immobilien GmbH had moved earlier. The company, which owns about 200,000 apartments, mostly in Germany’s central and western regions, is planning to go to market in early July with its IPO………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

Rents will increase every five years due to the negative impact of recent decisions that obligate owners of vacant lands to either build or sell the land altogether. Owners not able to build on their vacant lands may be forced to sell, according to experts in real estate.
Talal Samarqandi, chairman of the Engineering Houses Commission at the Jeddah Chamber of Commerce and Industry (JCCI), said, “The percentage of vacant lands in Saudi cities lies at 50 percent. However, selling such lands will cause a rise in the price of housing units every five years because of the increase in the volume of sales.”…………………………………Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

Mainland home sales to grow at slower pace and prices to rise 5 to 10 per cent, says Moody’s. The mainland property market will continue to grow, but at a slower pace, while developers which focus on the mass market will experience strongest growth, Moody’s Investors Service said.
Its view, in a report released yesterday, echoed predictions by analysts that property prices will rise 5 to 10 per cent this year………………………………….Full Article: Source

Posted on 09 May 2013 by Laxman |  Email |Print

A surging New Zealand housing market is raising the risks to the country’s financial system, prompting a move to tighten lending rules for major banks, while an overvalued currency is hindering the rebalancing of the economy, the central bank said on Wednesday.
The Reserve Bank of New Zealand (RBNZ) repeated warnings that house prices are overvalued in some areas and banks have loosened their lending rules, which is leading to households becoming more indebted and more vulnerable………………………………….Full Article: Source

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