London house prices 'on the rise'

The September data from the Land Registry's House Price Index has revealed that Property prices in the UK are continuing to rise steadily, which could mean that becoming a homeowner is out of reach for some Britons.

Indeed, the average property price in September increased by 0.9 per cent, in contrast with the 0.5 per cent rise seen in August.

This means the average house price in England and Wales now stands at £158,377.

Meanwhile, in London, property values have risen the most, increasing by 1.3 per cent between August and September.

The average property price in the capital now stands at £314,954.

Such a figure could prompt Britons to consider flats to rent in Blackheath or another part of London as this could be a significantly cheaper option to buying.

Research by Lloyds TSB recently revealed that 23 per cent of parents plan to use their savings to help their children buy their first home.

Florida Existing Home & Condo Sales Up in May 2009

Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housin May existing-home sales continue rising trend, says NAR.

Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.

Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.


Florida’s median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to lower the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.

Parsvnath aims Rs 5,300 cr revenue

Real estate firm Parsvnath Developers said it expects a revenue of over Rs 5,000 crore in the next two and half years and is looking to raise about Rs 500 crore this fiscal by selling equity at project level.

The company plans to cut down its debt to Rs 800-900 crore by March next year from the exiting Rs 1,420 crore.

"We have put construction of 42 million sq ft on fast track. In the next 24-30 months, we are expecting to realise Rs 5,300 crore from the sale of these areas," Parsvnath Chairman Pradeep Jain said on the sidelines of a NAREDCO function on affordable housing.

Jain said out of this 42 million sq ft area, 97 per cent is housing. The company has sold 35 million sq ft and expects to sell the remaining area in 6-9 months.

"From this 42 million sq ft of saleable area, we expect a total sales realisation of Rs 8,150 crore. The company has received Rs 2,850 crore from the buyers and the rest Rs 5,300 crore is receivable over the next 24-30 months," he explained.


Asked about company's fund raising plans, Jain said it was not looking to raise more funds through private placements of shares but is in talks with private equity firms for sale of equity at project level.

"By the end of this fiscal, the company will be able to raise Rs 500-600 crore by selling stakes at project level. We have already raised Rs 115 crore from a housing project in Delhi," he said, adding that the company is about to finalise two private equity deals.

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Housing risks still lurk even as buyers return

On the surface, a glimmer of confidence is returning to the battered U.S. housing market, after more than three years of gut-wrenching defaults, price slumps and foreclosures.

But investors and homeowners in California, the most populous U.S. state and a benchmark for housing across the country, are bracing for another fall as emergency government support measures fall short or expire.

"All that has been achieved is to put off the real pain until later on," said Mark Jacques, a mortgage broker in Corona Del Mar, California. "I'm hunkering down for the storm."

California led the United States when housing prices soared early this decade, spurred by an array of public policy incentives to encourage home ownership. The boom fueled a frenzy of lending and spending that drove the U.S. economy.



But California proved to be the epicenter of reckless lending that pushed housing throughout most of the United States over a cliff in 2007, triggering a credit crisis that plunged the world economy into recession.


The sobering view now from ground zero of the U.S. property market underscores the problems faced by President Barack Obama as he tries to fix the U.S. economy.


Washington is trying to stem rising numbers of homeowners who cannot afford their mortgages as job losses mount.

Housing prices have fallen to levels not seen since 2003. But even investors pouring millions of dollars back into real estate say it may take up to four more years for California's housing market to settle.


The reasons why -- rising foreclosures, joblessness and tight credit -- are not unique to the state and may have already slowed a recent recovery in places like Florida.


A first test of the U.S. housing rebound could come with the scheduled November 30 expiry of an $8,000 tax credit for first-time buyers.

Amaing Plat for Sale in Burns City

Address: 146 NORTH MAIN ST, Burns WY 82053 Laramiecounty
Price: $152,000
As-Is Value: $152,000
Bed/Bath: 3/2.00
Sqft: 1,549
Year: 2004
FHA Financing: Insured (IN)
203K Eligible: Yes
List Date: 10/2/2009
Bid Deadline: 10/12/2009 at 23:59:59 Pacific Time
Eligibility: Owner Occupant
Government
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Property Condition: Click here to view the Property Condition Report
Status: Property Available for Bidding
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Sun sets on Sole

Sole, the Flagler Village condominium development is Fort Lauderdale's high-profile version of the housing bust, and many who had hoped to ride the housing boom to revamped urban luxury there are now in financial distress.

The city had declared the area a blighted slum, but many hip, affluent buyers were nonetheless willing to pay up to $440,000 for an urban pioneering opportunity in the new project. Ravaged by foreclosures, the development has since become a locus for renters and vulture buyers.

Units that sold at the top of the price range have changed hands more recently for as little as $125,000, a 70 percent discount.

Real Estate Investment World Brasil: Sao Paulo

Brazil is booming. Abundant natural resources, an investment grade rating, a rapidly growing middle class, increased availability of credit and significant infrastructure investment have placed Brazil at the forefront of the world's stage.

Brazil is expected to rebound more quickly. Across the country, population growth remains steady and demand for housing and retail centers continues. So far consumption trends in Brazil have fluctuated very little. The Brazilian real estate market continues to present many favorable long-term investment opportunities.

tart: 1 Feb 2010 - 00:00	End: 3 Feb 2010 - 23:59
Location Hotel Unique NA Sao Paulo, SP Brazil