Tag Archives: Property/Assets/Rights

Firms Flock to Foreclosure Auctions

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“The business of buying foreclosed homes, renovating and renting them out is morphing from a largely mom-and-pop business into the next big thing on Wall Street. Investors who once chased only big-ticket deals now are buying houses one at a time.  According to investment bank Jefferies & Co., major financial firms led by Colony, Blackstone Group Och-Ziff Capital Management and Oaktree Capital Group LLC have raised more than $8 billion to buy houses, largely in markets pummeled by the housing crisis.”

http://online.wsj.com/article/SB10000872396390443696604577644700448760254.html

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Housing recovery advances as resales hit two-year high

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http://s1.reutersmedia.net/resources/r/?m=02&d=20120919&t=2&i=654553233&w=460&fh=&fw=&ll=&pl=&r=CBRE88I114U00

“Home resales rose in August to their highest rate in more than two years and groundbreaking on new homes also climbed, signs that a budding housing market recovery is gaining traction.  That was well above economists’ expectations and the fastest rate since May 2010 when activity was being supported by a home-buyer tax credit.  The U.S. economy has grown at a lackluster pace this year and has struggled to create jobs, but the housing sector is a relative bright spot for the first time since the 2007-09 recession.”

http://www.reuters.com/article/2012/09/19/us-usa-economy-housing-idUSBRE88I0OR20120919

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Marc Faber: Fed Monetary Policy Will Destroy The World

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“09/14/2012 Bloomberg interviews Dr. Marc Faber – Gloom, Boom and Doom Report Publisher.”

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Argentines Turn Cash Into Condos in Miami

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“Economic and political uncertainty around the globe are benefitting real estate in the United States, especially in Miami and New York, the two ‘safe haven’ American cities foreign investors usually look to first.  In Argentina, a weakening peso and 25% inflation have spurred many affluent Argentines to move their money into American real estate by expensive and sometimes illegal means.  Some Argentines have been willing to pay a black-market premium of up to 40% to convert their money into dollars at home, and a commission of up to 7% to transfer funds abroad through a currency exchange house, an illegal transaction.”

http://www.nytimes.com/2012/09/16/realestate/argentines-turn-cash-into-condos-in-miami.html?_r=1&pagewanted=all

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It’s Now Cheaper to Buy Rather Than Rent in Top 100 U.S. Cities

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“Trulia Research released today its Summer 2012 Rent vs. Buy Report, which provides the inside scoop on whether buying a home is more affordable than renting in America’s 100 largest metropolitan areas. With a 3.5 percent mortgage, itemized deductions at the 25 percent federal tax bracket, and a seven-year time horizon, home ownership is cheaper than renting in all of the 100 largest U.S. metros by a wide margin.”

http://www.economicpolicyjournal.com/2012/09/its-now-cheaper-to-buy-rather-than-rent.html

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US Housing – Surprising Numbers

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“Of all the major markets surveyed, Hong Kong came out as the least affordable at 12.6. Vancouver, Canada, was the second most unaffordable with a median multiple of 10.6 All the markets of Australian and New Zealand were severely unaffordable — which perhaps leads you to the next bursting housing bubbles.  The US, by contrast, dominates the affordability rankings with several cities below 2 and most in the range of 2-3.  US housing is a buy. It is a cheap asset. Look to buy a house and rent it. By the time the mainstream gets onto the idea, the bottom will be years behind us.”

http://dailyreckoning.com/us-housing-surprising-numbers/

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Fitch: rising delinquency rates pose looming threat for FHA

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“Worsening delinquency trends for home loans insured by the U.S.  Federal Housing Administration (FHA), evident on large banks’ balance sheets in the second quarter, may point to more trouble ahead for the FHA as the agency seeks to shore up its loss reserves.   This may eventually force the FHA to look for  opportunities to put back some defaulted loans to the banks, particularly if the  agency’s funding status worsens and U.S. home prices fail to rebound quickly.”

http://www.reuters.com/article/2012/08/16/idUSWNA358920120816

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The Federal Reserve’s Cargo Cult Magic: Housing Will Lift the Economy (Again)

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“Lower rates were supposed to spark a re-financing boom that would free up billions of dollars as monthly mortgage payments dropped, but oops, very few homeowners are creditworthy now that having a pulse and the ability to lie are no longer sufficient to get a mortgage.  The Fed can funnel trillions to banks, but it can’t force them to lend money to uncreditworthy borrowers putting up phantom collateral.  So the Fed is back to the game of goosing phantom assets higher with perception management.”

http://charleshughsmith.blogspot.com/2012/09/the-federal-reserves-cargo-cult-magic.html

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Fed Pulls QE3 Trigger; Will Buy Mortgages in Effort to Lower Rates

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“The Federal Reserve fulfilled expectations of more stimulus for the faltering economy, taking aim now at driving down mortgage rates.  The Fed said it will buy $40 billion of mortgages per month in an attempt to foster a nascent recovery in the real estate market. The purchases will be open-ended, meaning that they will continue until the Fed is satisfied that economic conditions, primarily in unemployment, improve.  Enacting the third leg of quantitative easing will take the Fed’s money creation past the $3 trillion level since it began the process in 2008.”

http://www.cnbc.com/id/49018964

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Construction and Real Estate Hinder China’s Growth

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“Central government investment spending fell late last year and early this year as the economic stimulus put in place in 2009 wound down.  Cities across China borrowed and spent huge sums over the last several years and now find themselves financially stretched. To make matters worse for them, the real estate slowdown has hurt their crucial revenues from sales of government-owned land, as falling prices have made developers reluctant to buy more land and build more buildings. Yet for consumers, inflation actually picked up slightly in August, creeping up to 2 percent, from 1.8 percent in July, as food prices kept rising.”

http://www.nytimes.com/2012/09/10/business/global/10iht-yuan10.html?_r=1&pagewanted=all

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