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.
The Geraci-Chenoweth-Gutierrez-Wood Team, or GCGW, of Voit Real Estate Services, has announced the completed $18.1 million sale of 45 acres of industrial land in Riverside, Calif. on behalf of LNR Property Corporation of Newport Beach, Calif.
Voit Real Estate Services, a commercial real estate firm with 38 years of expertise in commercial brokerage, asset and property management, construction and development, is expanding its operations based on client demand with the opening of a commercial real estate office in Southern California’s Inland Empire, according to Kurt Strasmann, Managing Director of Voit’s Orange County region.
More on VOIT REAL ESTATE SERVICES OPENS INLAND EMPIRE OFFICE
So, the organization most responsible for the current financial crisis, the US department of Housing and Urban development, has decided to blow a couple more million dollars of borrowed money for “housing counseling and training.” Dear me – I wouldn’t trust these guys to teach a five-year-old how to tie his shoe laces, so another five million dollars will get thrown into the black hole of the housing disaster.
Almost one-third (31%) of independent landlords plan to buy additional rental property by the end of 2012, according to a survey released today by The National Association of Independent Landlords.
The top reason, cited by 68% of those planning a purchase, is that current prices make rental real estate a good investment. Other reasons include pricing low enough to allow them buy a retirement home (8%) or a vacation home (8%) that can be rented out to earn additional income until needed.
More on LAtional Association of Landlords Members Plan to Buy More Real Estate Withion Two Years
The National Association of Home Builders just released its latest numbers on the housing market. The overall index slumped to 13 from 14, compared with expectations for a slight increase. That’s the worst level going all the way back to March 2009.
Well the laughs continue in the US real estate market – one of the major instigators of the financial crisis – the US Department of Housing and Urban Development (HUD) is charging a bunch of local realtors and property owners with “housing discrimination” in Chicago. Apparently some one refused to sell (as if) a house to a black couple. Not seeing it myself as the home was on the market for at least two years and you have to think they were getting pretty desperate considering the amount of investment property for sale in Chicago. Still – you never know in the US real estate market - In any case – this is the official HUD press release.
More on HUD CHARGES CHICAGO REAL ESTATE GROUP AND PROPERTY OWNERS WITH HOUSING DISCRIMINATION
For this considering investing in real estate in the US, the figures seem “interesting,” at the moment and another drop in pending home sales does not point to bottom being reached any time soon. According to Mike Larson, real estate and interest rate analyst at Weiss Research:
A recent announcement by the HUD secretary has just thrown another spanner in the mix as far as investing in US real estate goes. Already, far too much interference by the US Government Inc has skewed and in many cases destroyed the independent nature of the real estate market. Once one takes into consideration the fact that US banks own 22 million residential properties, and HUD foreclosures are mostly sat rotting, the introduction of $65 million seems like a drop in the bucket, and we suspect that most of this will vanish into a few select pockets in any case. Regardless, this is the announcement:
Things in Dubai seem as dire as ever, the crash continues to take its toll with the amount of foreclosures in Dubai still climbing and developers struggling to stay afloat. The latest news fro Dubai concerns Dubai Holdings subsidiary, the Dubai Holding Commercial Operations Group, which has just been granted a two month extension to their revolving credit facility of $555 million.
More on Dubai Property Investment :: Dubai Holding Gets $555 Million Credit Extension
