Tag Archives: Property/Assets/Rights

Federal Housing Finance Agency Unveils Plan to Loosen Mortgage Rules

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“Tight credit policies after the housing market crash have kept too many deserving people from qualifying for mortgages.  Now the government is taking steps that it says it hopes will allow more first-time buyers and lower- and middle-income Americans to get home loans at low rates.  On Monday, Melvin L. Watt, the nation’s chief housing regulator, announced a program offering more reassurances to mortgage banks that fear they could suffer unpredictable losses on the loans they sell to the government.  Separately, he disclosed that efforts are underway to allow borrowers to receive government-backed loans with much smaller down payments than are now required.”

http://www.nytimes.com/2014/10/21/business/economy/federal-housing-finance-agency-unveils-plan-to-loosen-mortgage-rules.html?_r=0

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Iraq Voids Real Estate Sales in ISIS Controlled Areas

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“The Iraq Ministry of Justice issued a statement on August 22 declaring that all real estate sales in Mosul and all areas under ISIS control since June 10, the day that ISIS captured the city, are null and void and will not be recognized.  Ms. Pascale Warda, former Minister of Immigration and Migration, confirmed that some Iraqis are exploiting the current conditions of the Christians and buying their properties below market value. In an interview, she said that ‘such despicable trends indicate that, one way or another, the perpetrators are carrying out the objectives of the terrorists and insurgents by taking advantage of the emergency circumstances experienced by the Iraqi minorities.'”

http://www.aina.org/news/20140825012457.htm

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Home Ownership for Young Americans Is Falling. So What?

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portallogo3

“The government owns Fannie Mae and Freddie Mac. It subsidizes mortgage rates: low. They should use the home they bought as a starter home as an investment property. This is sensible investing. But this is not what most people do.  Young people who live in areas in which they cannot afford to buy a home are making a mistake, to this extent: they could have begun to develop equity by purchasing the first home with a 30-year mortgage. That is a tremendous opportunity missed. But they were going to miss it anyway. They were not going to use the property as an investment property. They were going to get on the treadmill of social status, buying ever larger houses in ever nicer neighborhoods.”

http://www.garynorth.com/public/12755.cfm

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Citic Securities: Interest in Chinese REITs High

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“Interest in Chinese REITs is high following Citic Securities Co.’s listing of the country’s first exchange-traded REIT last month, according to the general manager of a Citic Securities subsidiary.  Citic Securities Co. listed the REIT, called the Citic Qihang Specific Asset Management Plan, on May 21 after raising $835 million at the end of April from a handful of institutional investors. The REIT is underpinned by two office buildings originally owned by Citic Securities in Beijing and Shenzhen.  Citic Securities is now preparing to launch dozens of other REITS on behalf of state-owned investment companies, industrial companies, financial institutions and property developers.”

http://blogs.wsj.com/moneybeat/2014/06/03/citic-securities-interest-in-chinese-reits-high/

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China’s falling real-estate prices trigger protests, clashes

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“The sharp drop in China’s housing prices has led to an outburst of anger among property owners, leading to violent clashes in some cases, according to local media reports Tuesday.  In one case, scores of property owners surrounded a Shanghai sales office of Greentown China Holdings Ltd. to protest the developer’s 25% cut to prices within a five-day period, according to a report on the NetEase news portal site 163.com.  Protesters held banners with slogans such as ‘You cheated us!’ and ‘300,000 yuan [$48,750] worth of assets evaporate within five days — years of work in vain!’ according to photographs of the demonstration posted on the site.”

http://www.marketwatch.com/story/chinas-falling-real-estate-prices-trigger-protests-clashes-2014-08-26

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Cairo property prices lead many to live in cemeteries

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“Finding a home in a place where house prices are rising is a problem shared by many around the world.  In the Egyptian capital, Cairo, rising prices have forced almost two million people out of their homes over the years.  What is unique in this city, though, is that many now live in cemeteries.  The problem has existed for about 50 years and its one that the government is struggling to get to grips with.”

http://www.bbc.com/news/world-middle-east-28854123

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Germany sees dizzying rise in housing prices

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“Major cities like Frankfurt, the financial capital, Munich with its famous beer gardens and proximity to the Alps and Stuttgart, the home of Mercedes and Porsche, are becoming increasingly attractive as a place to live and work. Germans from rural settings and immigrants are flocking to the cities.  But like in London, an equally potent driver of the property market in Germany is the good old ‘search for yield’.  Contrary to the U.K. though, it’s not Germany’s capital that is seeing the highest prices.  According to research from B+D, the most expensive properties in Germany are found in Munich (an average 4,800 euros ($6,427) per square meter).”

http://www.cnbc.com/id/101926645

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UK house prices in June reach new record high

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“The Office for National Statistics data showed the annual growth rate had fallen from 10.4% in May, but prices rose by 0.5% on the month to a record £265,000 for the average property.  The amount paid by first-time buyers was 12% higher than in June 2013, at an average of £204,000 – the biggest rise since 2010.  Although recent figures from the Council of Mortgage Lenders suggest first-time buyers have been re-entering the market, campaign groups warned that homes were getting further out of reach for those forced to rent.”

http://www.theguardian.com/money/2014/aug/19/uk-house-prices-record-high

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Monaco $400 Million Penthouse Secrecy Booms

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“Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.  New levies on luxury homes in London and a U.S.-led global crackdown on hiding assets will also probably attract the affluent to Monaco, which already counts pop stars, Formula One drivers and Russian billionaires among its inhabitants. One in three of Monaco’s 38,000 residents are millionaires, according to a study. As that number increases, home values will rise by about a fifth by June 2015, according to London-based Savills.”

http://www.bloomberg.com/news/2014-08-19/monaco-400-million-penthouse-secrecy-booms-real-estate.html

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Sultan of Brunei angers gay activists with bid for top New York hotels

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“The controversial Sultan of Brunei is the leading bidder to buy New York’s Plaza Hotel and London’s Grosvenor House, angering gay rights activists who say he is a homophobe whose policies call for the stoning death of homosexuals.  The $2.2 billion sale, which is still being negotiated, would also include downtown Manhattan’s Dream Hotel.  Selling the luxury hotels is Indian tycoon Subrata Roy, who remains jailed in India and is hoping to use the proceeds from the deal to cover his $1.6 billion bond, the Times of London reported.  If the sale is finalized, Sultan Hassanal Bolkiah would join two other investors who already own the property, according to the the New York Post.”

http://www.dailymail.co.uk/news/article-2726852/Homophobic-Sultan-Brunei-bidder-buy-Plaza-Grosvenor-House-hotels-angering-activists-anti-gay-policies.html

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