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- Has Ireland's world-beating housing bust ended? | MacroBusiness
Back in April, I wrote how Ireland's housing crash, whereby values had fallen by over 50% peak-to-trough, was reportedly the biggest property crash on record, wiping-out an estimated £257bn inequity (see below chart).
Finally, after six years of pain, reports are now emerging of a pronounced pick-up in housing activity and prices in Dublin — albeit from a low base — suggesting the Irish housing market might finally be on the road to recovery.
Easy does it.
Read the source article … http://www.macrobusiness.com.au/2013/09/ has-irelands-world-beating-housing-bust- ended/
- Real estate a bright spot for Sears' stock value | New York Post
Baker Street, a Los Angeles investment firm that is now among Sears's biggest stockholders, calculates that at least $7.3 billion of value lies in the company's top 350-owned stores and its top 50 leased locations.
analysts lately have argued that it would be complex and difficult for Sears reap a bonanza on its real estate, as there is limited demand for the mall-anchor locations of its Sears stores, which number more than 900 in the US.
Baker Street counters that "Sears' real estate value is highly concentrated in its top locations, which is critically important when thinking about monetization options."
Read the source article … http://nypost.com/2013/09/10/sears-ralli es-on-report-valuing-real-estate-at-7-3b /
- Buy-to-let showing no signs of slowing down | News | Property Reporter
Buy-to-Rent in the UK was strong in July.
• Total buy-to-let loans advanced increased to 15,200 in July, up 12% compared to June.
• Within this, 7,600 buy-to-let loans in July were for house purchase, up by 7% compared to June.
• In contrast to the picture in the home-owner market, buy-to-let remortgage lending grew more strongly than house purchase, increasing by 24% compared to June to £1.1bn.
Will this trend have continued for August and September…?
Read the source article … http://www.propertyreporter.co.uk/view.a sp?ID=12238&
- Turnaround Towns for Q2 2013 Includes Detroit
Most noteworthy is Detroit's ranking at No. 7. Though the city recently filed bankruptcy, the market nonetheless posted strong improvement in the second quarter. Its median list prices on realtor.com® were 37.8 percent higher for the quarter than they were a year ago, while inventories were down 26.5 percent. The market's median age of inventory is just 45 days, the second lowest in the nation.
"Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation," said Steve Berkowitz, CEO of Move. "We'll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won't be giving up without a fight."
How much of it was due to foreign and other buyers buying sight (in this case, site) unseen and buying properties that need to be demolished?
Read the source article … http://www.realtor.com/news/turnaround-t owns-for-q2-2013/
- Tech Sector Ignites Real Estate Markets, Anchoring Innovation Hubs- Jones Lang LaSalle
New centers of innovation: top tech markets
For every new innovation job created in a community, five additional jobs are created in the same metropolitan area. With high-tech incubators providing centers for these clusters to thrive, an increasing number of U.S. cities are relying on the high-tech sector for economic growth. In fact, the sector has not only stimulated real estate recovery and expansion, but it is also helping drive new construction. The top 12 markets tracked in JLL's report account for almost 50 percent, more than 23 million square feet of new construction.
Read the source article … http://www.us.am.joneslanglasalle.com/Un itedStates/EN-US/Pages/Newsitem.aspx?Ite mID=28851
- As Housing Rebound Helps More Retirees Sell Homes, Investors Prep for Increased Demand for Senior Housing – CoStar Group
Senior housing investment sales, which have been slowly creeping up this year, could see a big boost in activity in the near future. Investors in the sector see senior living assets continuing to benefit from the ongoing recovery in housing, which is making it easier for older owners to sell their homes in anticipation of moving to a senior housing facility.
Seeing this trend, several major public REITs are beginning to sell some of the their commercial assets, which are getting premium pricing in the current market, to raise money to redirect towards senior housing and care facilities, in expectation that the prices will rebound.
- Wells Fargo mortgage exec: No shadow inventory of property – Charlotte Business Journal
The head of Wells Fargo & Co.'s (NYSE:WFC) mortgage-servicing business says the San Francisco-based bank isn't holding a "shadow inventory" of foreclosed homes.
Michael DeVito, Wells' executive vice president and head of mortgage servicing, was asked about the issue following his remarks at the N.C. Bankers Association's American Mortgage Conference in Raleigh. For several years, real estate pros and investors have thought large banks and mortgage servicers have been delaying foreclosure or holding foreclosed properties, creating a shadow inventory of stressed properties still to hit the market.
DeVito said he couldn't comment on the market overall, but at Wells, the No. 1 servicer, no such shadow pool exists.
There is still a shadow inventory nationally. Provided the economy doesn't tank again, it will tend to continue to shrink.
Read the source article … http://www.bizjournals.com/charlotte/blo g/bank_notes/2013/09/wells-fargo-mortgag e-exec-no-shadow.html
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