The spotlight will soon turn on to the property analysts across the country to give their 2011 predictions for the market. But with the unpredictability that saturated the industry in 2010, many will be apprehensive about giving concrete opinions regarding how the market will evolve over the next 12 months.
An interesting report released by Coldwell Banker points to some increase in activity on the real estate sector amongst that under-rated group – singles. Although I remain firmly convinced we are nowhere near a recovery phase yet – let’s be honest – the US banks are sitting on twenty-two million foreclosure properties and merely hanging on to them to keep prices inflated – this is an interesting report:
More on Coldwell Banker Real Estate survey of 1,000 single homeowners
Asking prices for houses in the UK dropped in June, after rising consecutively in the preceding four months, a report from the property website Rightmove showed Monday. With sales volumes considerably off compared to last year, it would appear sellers are finally coming to terms with the realities of the market. The average asking price of property slipped 0.4% month-on-month in June, after rising 2.4% in May. The average asking prices declined to £226,436 from £227,441 in the preceding month. Despite the fall in June, the asking prices have increased 6% since January, Rightmove said.
The Times, which has apparently become a government press release farm, is all excited about a new mortgage product by government-owned Lloyds TSB. “First-time buyer deal breaks mortgage deadlock,” says the Times, and the lead in is “Lloyds TSB earns praise for new 95 per cent LTV.“
Investing in U.S. real estate has never been more complicated or more confusing.
Sales of existing homes in the U.S. unexpectedly rose 5.1% in February, but prices of existing homes fell another 15%. Most of the homes were sold to first time buyers, and nearly half of the properties sold (45%) were distressed in some way.
West Australia specifically set up Keystart to assist first-time buyers who may not be able to get a mortgage from a traditional lender. Why then is Keystart rorting those people?
The Reserve Bank has just dropped interest rates 0.75% this month but KeyStart is only passing on 0.5%. Keystart currentlt has an interest rate of 7.26% but the big banks have rates as low as 7.07%. What gives – remember this is a government agency! It has a credit rating of AAA because it is backed by the WA government!
More on Interest Rate Cuts Not Passed On To Those Who Need Them
