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Real Estate Briefing 10.May 2013

Posted on 10 May 2013 by Laxman |  Email |Print

After a long and painful downturn in the housing market, home prices in many—but not all—regions of the U.S. are showing signs of recovery. According to Zillow, a real estate listing website, home values rose 5.1% across the U.S. between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. Most of the 10 housing markets on the list were disproportionately hurt by the housing crisis………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

The U.S. housing market continues to recover. This week, we learned that the number of homeowners who are newly delinquent on their mortgages has fallen to pre-2007 levels. Housing prices also rose 9.3 percent in February for the biggest year-to-year advance since May 2006. To top it off, Fannie Mae, the government-owned mortgage financier, said it is returning $59.4 billion to taxpayers after a record quarterly profit.
This newfound strength creates an opportunity to address two tax breaks that are expensive, distortive and unfair: deductions for mortgage-interest payments and local property taxes………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

The U.S. housing market’s recovery is gaining momentum, but there are still a number of issues for homebuyers to be cautious of.To get to the bottom of what’s really going on in the housing market, we talked to Gerri Willis, author of “Home Rich”, about the key things homebuyers need to know in today’s challenging market.
With the housing market gaining momentum, a housing market expert and author offers tip on what every homebuyer needs to know………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

Real estate enthusiasts are well aware of the seasonal strength usually seen in the business in the springtime. However, so far this season it has been hard to find sign of a spring fling, save perhaps in the performance of the iShares Dow Jones US Real Estate ETF (IYR), up 16% year-to-date through May 8.
As far as real estate data are concerned, we have seen only weak indications of better activity thus far. Perhaps the most compelling evidence so far came this past Wednesday, but it was a questionable sign at that. Real estate remains in need of confirmation from its monthly measurements………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

In some ways, Yosuan Crespo’s real estate office resembles any you might find in New York, London or Tokyo. There are slick posters of hot properties hanging from the ceiling, a steady stream of hopeful buyers and sellers and a constant clack of computer keys.
But Crespo’s headquarters in central Havana’s trendy Vedado neighborhood is actually somebody else’s breezy front porch. The computer’s only connection to the Internet is a creaky dial-up link, and Crespo is careful to say he’s not operating as a broker, since the job is still technically illegal………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

The housing market is at its strongest in five years, according to Barratt Developments, Britain’s biggest housebuilder. “The present market backdrop, in terms of consumer demand and mortgage supply, is the most positive we have seen for five years,” Barratt said in a trading update on Tuesday. “The group expects to deliver a significant year-on-year improvement in operating profit.”
The sector is benefitting from being the focus of Government attempts to get the economy moving, most recently through the Help to Buy package of shared equity funding and mortgage guarantees unveiled in the Budget………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

A new $23 billion rail link in London could transform the property landscape around key stations as developers pour in; analysts predict big price bumps for Tottenham Court Road and Canary Wharf.
Traveling at rush hour on the London Underground, with hundreds of bodies squeezed into overheated carriages on a network that just celebrated its 150th anniversary, can be so unbearable that commuters have nicknamed the experience “cattle class.”…………………………………Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

Valuations should be based on solid surmises rather than led by demand spikes. “It usually takes five or six years to recover from a downturn” — such a statement was repeatedly used by many after the Dubai property market’s decline in 2008… and they were right.
Dubai’s real estate market cycle shows strong signs of reversal for the first time since then and many stalled developments have resumed. Dubai is now gearing up for the next boom………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

A $500 million investment fund targeting distressed and stalled properties in Dubai should be operational by the end of the year, according to the fund’s chief executive.
Investment Corporation of Dubai (ICD), one of Dubai’s sovereign wealth funds, and Canada-based Brookfield Asset Management originally announced the formation of a $1 billion fund in 2011. The fund, described as the first of its kind to focus on Dubai, was promoted as a way to inject new liquidity into the market………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

The real estate market in Sharjah remains resilient and is one of the Emirate’s top performing sectors, according to the latest report from property firm Cluttons.
Residential apartments in popular areas have witnessed an average rental increase of 10 to 15% and in the commercial sector landlords are becoming increasingly flexible with their office leasing agreements, boosting demand………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

India’s real estate market is likely to continue to remain sluggish in the quarter ending 30 June and developers may have to drop prices to revive demand for offices and homes, according to industry reports and analysts.
The real estate sector remained weak in the year ended 31 March as investors, buyers and tenants kept away from a market that is bearing the brunt of delays in approvals, rising construction costs and high interest rates. New investments in the real estate sector across India slumped by about 55% in the March quarter to Rs.42,000 crore from Rs.92,600 crore in the corresponding period last year, according to a 6 May report by industry lobby group, Associated Chambers of Commerce and Industry of India or Assocham………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

A long time coming, consolidation in China’s property sector seems to finally be starting. State-owned Greenland Holding Group Co. late Wednesday said it bought a 60% stake in luxury property developer SPG Land Holdings Ltd. for US$389 million, the largest-ever acquisition of a controlling stake in a Hong Kong-listed Chinese real estate developer by value.
Policy tightening in China’s once booming property market has given well-funded real estate companies a leg up–they have the opportunity to buy out struggling developers or projects and in some cases, pick up prized assets along the way………………………………….Full Article: Source

Posted on 10 May 2013 by Laxman |  Email |Print

Did city prices stagnate in the March quarter? Or did they show moderate growth? Or perhaps they rose strongly? All three interpretations are possible, depending on which information source you choose to highlight.
The publication this week of the house price indexes from the ABS highlight how important it is for reporters to do more than simply parrot the figures from that single source, with their own inexpert interpretation. Data released earlier from other sources contradict those interpretations………………………………….Full Article: Source

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