Tag Archives: Real Estate

U.S. Homeownership Rate Falls to 20-Year Low

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“The U.S. homeownership fell to its lowest level in 20 years at the end of 2014—levels last seen when national leaders embarked on a broad push to expand homeownership in the mid-1990s.  Over the past year, President Barack Obama and other administration officials have voiced alarm that lending has gone from one extreme during the bubble—too loose —to the other—too tight—in the aftermath of the bust.  Officials have walked a fine line in attempting to bar a return of the reckless products and practices that allowed the bubble to inflate 10 years ago while loosening some standards elsewhere to provide broader access to homeowners without perfect credit or big down payments.”

http://blogs.wsj.com/economics/2015/01/29/u-s-homeownership-rate-falls-to-20-year-low/

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Report Predicts Increase in Sales of Private Greek Islands

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“Knight Frank, a real estate consultancy company, released a report on island real estate across the world, noting that Greece’s financial policies could lead to increased sales of the country’s islands.  One of the main aspects of the deal, and the sticking points of the negotiation, is a fund of 50 billion dollars worth of public assets that will be monetized through privatizations and other means over time. The fund will be controlled by the Greek government under the supervision of European institutions.  Considering that there are anywhere from 1,200 to 6,000 islands in Greece, and just over 200 of them are inhabited, Greek islands are likely to be used as a tool in this liquidation process.”

http://greece.greekreporter.com/2015/07/14/report-predicts-increase-in-sales-of-private-greek-islands/

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Warren Buffett and Alessandro Proto Reportedly Buy Greek Island

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“American billionaire investor Warren Buffett and Italian Alessandro Proto have reportedly bought the island of Agios Thomas for 15 million euros, according to Proto Thema.  Agios Thomas is located to the northwest of the island of Aegina in the Saronic Gulf of the Aegean Sea. The island is 1.21 square kilometers.  The two men completed the alleged purchase this past Thursday and plan to develop real estate on the island. In the past, Buffett, whose estimated net worth is 67.6 billion dollars according to Forbes magazine, had previously said that there are many opportunities in Greece and a lot of people who are willing to invest in the country.”

http://greece.greekreporter.com/2015/07/20/warren-buffett-and-alessandro-proto-buy-greek-island/

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Australian banks put brakes on investor lending

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“Under huge public and private pressure from regulators, the big banks are effectively raising interest rates for many new property investors by scrapping or scaling back lucrative discounts routinely offered.  The industry is also considering a tougher stance on deposits, after a subsidiary of the Commonwealth Bank of Australia said investors’ mortgages would get a maximum of 80 per cent of the value of the property – a decision that creates a 20 per cent buffer for the bank if there is a property crash. CLSA banking analyst Brian Johnson said it could lead to a period of no increases in house prices. National house prices rose more than 10 per cent last led by Sydney and Melbourne.”

http://www.smh.com.au/business/banking-and-finance/banks-put-brakes-on-investor-lending-20150521-gh6imi.html

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Central bank seeks to rein in Auckland housing market

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“Governor Graeme Wheeler is using loan restrictions to curb the housing market in Auckland, home to a third of New Zealand’s 4.5 million people, after last month ruling out interest-rate increases as inflation slows to near zero. Auckland house prices rose 16.9 per cent in March from a year earlier, compared to 3.2 per cent in the rest of the country, the RBNZ said today. Investors will be required to have a deposit of at least 30 per cent for any bank loan to buy residential property in the Auckland Council area, the Reserve Bank of New Zealand said in its semi-annual Financial Stability Report in Wellington Wednesday. The proposed new policy would come into force from October 1.”

http://www.afr.com/news/economy/monetary-policy/rbnz-seeks-to-rein-in-auckland-housing-market-20150512-gh0a26

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Auckland nears $1m average house price as experts warn of bubble

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“Small, one–bedroom apartments are selling for $800,000 and delapidated wrecks in barely desirable suburbs are fetching more than $1m.  Expensive land, and restrictions on building new and denser housing, has seen limited new stock come on the market. And a strong economy, record net migration, especially to Auckland, and banks happy to lend money in a market with significant capital gains, has seen people paying over the top of each other. The savage competition in the market has also been blamed for growing xenophobic and anti–Asian attitudes. About 8% of the Auckland market are identifiable cash buyers and likely to be foreigners, while investors are 45%.”

http://www.theguardian.com/world/2015/may/25/auckland-nears-1m-average-house-price-as-experts-warn-of-property-bubble

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This Is How Insane San Francisco’s Housing Bubble Really Is

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“Over the course of three years and four months, the median home price about doubled to $1,225,000.  The median home price is now 37% above the prior-bubble completely mind-boggling median price that afterwards everyone admitted had been based on totally crazy valuations.  This has a real impact on rents, with average asking rent in the first quarter hitting $3,458 a month, or $41,500 per year.  The median house prices range from $610,000 in Bayview, one of the more troubled neighborhoods, to nearly $6 million in Pacific Heights.”

http://wolfstreet.com/2015/05/19/how-over-the-top-crazy-san-franciscos-home-price-and-construction-boom-really-is/

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