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Real Estate News - January 2010
29 January 2010 - FT - U.K. house prices rise in January
UK house prices posted strong gains in January after weak advances at the end of last year, with year on year gains approaching double-digit territory, according to a closely watched index
29 January 2010 - Times - Soaring deposits keep first-time buyers out in the cold
You can have your own home, but the deposits demanded from young buyers are soaring.
28 January 2010 - Marketwatch - The 20 cities with the highest foreclosure rates in '09
he Las Vegas metropolitan area suffered a foreclosure rate that was five times the national average and the highest rate in the country in 2009, according to a report on Thursday by RealtyTrac, an online foreclosure marketplace.
28 January 2010 - Marketwatch - Treasury wants to speed up mortgage modifications
With expectations for millions of foreclosures on the horizon, the Obama administration is making changes to its $75 billion mortgage-modification program to speed up the conversion of troubled loans into more-affordable permanent loans, the Treasury Department announced Thursday.
28 January 2010 - FT - Bernanke wins new term as Fed chief
Ben Bernanke won a confirmation vote in the US Senate on Thursday, giving him another four-year term as chairman of the Federal Reserve after a debate that underscored the political and economic challenges that lie ahead.
27 January 2010 - Reuters - Federal Reserve Keeps Rates Steady
The Federal Reserve on Wednesday offered a guardedly upbeat view of the U.S. economy and renewed its pledge to keep interest rates near zero despite the objection of one policy maker.
27 January 2010 - FT - Echo bubble forming in commercial property market
Recent investor interest in some commercial real estate markets runs the risk of creating an "echo bubble" in property prices, warns Jacques Gordon, global strategist at LaSalle Investment Management.
27 January 2010 - FT - CQS warns over housing market and economy
CQS, one of the UK’s largest hedge funds, briefed clients on Tuesday about serious concerns over the outlook for the UK housing market and the prospects for a global economic recovery.
26 January 2010 - Wall Street Journal - Case-Shiller: Home Prices Declined in November
U.S. home prices fell in November, according to the S&P Case-Shiller home-price indexes, as yearly declines continued to abate. The indexes showed prices in 10 major metropolitan areas fell 4.5% in November from a year earlier, while the index for 20 major metropolitan areas dropped 5.3% on the year.
26 January 2010 - Reuters - U.S. deficit report highlights Obama's challenge
The U.S. budget outlook is "daunting," with deficits stuck at levels not seen since World War Two, congressional forecasters said on Tuesday in a report that lays out the challenge facing President Barack Obama as he seeks to boost the economy while cutting spending.
26 January 2010 - FT - FSA proposes new mortgage protection rules
Mortgage brokers will have to prove they are “fit and proper” and face ongoing regulatory oversight under proposals put forward by the Financial Services Authority. It also proposed new protections for borrowers who are behind on their mortgage payments, including a ban on monthly “arrears charges” for those who have already agreed to a repayment plan.
26 January 2010 - FT - Failing secondary properties pose danger to market
There is a large and growing gap between the so-called secondary or tertiary real estate that fills the towns and urban areas of the UK, and the prime stock of well-located modern property producing income on a long lease that is the exception, rather than the norm.
26 January 2010 - The Times - Land Securities thinks property derivatives would add value
Land Securities, Britain’s biggest commercial landlord is planning to plunge into the brave new world of property derivatives in the hope of boosting its returns.
26 January 2010 - Wall Street Journal - U.S. Existing-Home Sales Plunge
US sales of existing homes plunged last month, raising fears the housing market will not recover when government support stops.
25 January 2010 - Marketwatch - Stock market on alert over commercial real-estate exposures
U.S. stock-market analysts are pointing to a growing divide between banks, with regional players especially vulnerable to blow-ups in commercial real estate, as illustrated by the latest round of bank failures.
25 January 2010 - New York Times - Two huge housing complexes in Manhattan turned over to creditors
In the beginning, investors and lenders could not get enough of the record-breaking $5.4 billion deal to buy the largest apartment complexes in Manhattan: Stuyvesant Town and Peter Cooper Village. Now, three years later, they cannot get away from it fast enough.
25 January 2010 - FT - Signs of securitisation thaw in Europe
The European securitisation markets will slowly pick up this year but many existing deals are likely to see further downgrades as the weak economy and banks’ efforts to curb lending take their toll, Moody’s Investors Services has warned.
25 January 2010 - FT - Housing data fail to fulfil recovery hope
Some 55,000 US home builders journeyed to Las Vegas last week for their industry’s annual trade show, down from a peak of 110,000 people in 2007, and mirroring the near 30 per cent drop in house prices over a similar time frame – a stark reminder of the heavy toll extracted by the housing market collapse and financial crisis.
25 January 2010 - Marketwatch - Economy forces changes in thinking about retirement homes
If your idea of a dream retirement home is a luxury contemporary overlooking a championship golf course in the desert, you better be prepared for some mighty small block parties: When it comes to retirement living, golf courses are out.
22 January 2010 - FT - Private banks lead buy-to-let return
Standard Chartered Bank, Investec, JP Morgan and Rothschild are among the boutique banks to have recently signalled an interest in lending to wealthy clients with large buy-to-let portfolios
22 January 2010 - FT - Strict lending rules block borrowers
The number of mortgage products on the market has increased over recent weeks but strict criteria are still inhibiting approvals, brokers have warned.
22 January 2010 - FT - Merryn Somerset Webb: House prices should rise...but they won’t
Last year was full of surprises. For most of us, one of the biggest was the rise in UK house prices: according to Halifax, they ended 2009 around 4 per cent higher than they started it.
22 January 2010 - Wall Street Journal - Fannie, Freddie Losses May Hit U.S.
The U.S. government's move to deepen its ties to mortgage-finance giants Fannie Mae and Freddie Mac by agreeing to absorb unlimited losses for the next three years is igniting a debate over whether it should bring the business operations of the companies onto its books.
22 January 2010 - New York Times - Better Information for Mortgage Borrowers
Anyone who has shopped for a mortgage knows how confusing the process can be — loans come with different sets of fees, interest rates and closing costs, all of which must be untangled before you can figure out who’s offering the best deal. But comparison shopping may get a little easier.
21 January 2010 - Wall Street Journal - Goldman Subprime Fallout Hits Home
In Fort Mill, S.C., people hoped the subprime-mortgage industry would retool the economy. But jobs that popped up in the housing bubble have disappeared -- and residents are struggling to make ends meet.
19 January 2010 - Marketwatch - Fund manager sees another crash in house prices
Tom Forester, who predicted the 2008 house price crash is worried about another fall in the housing market, which he sees coming soon.