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17. April 2010 by Dan Walkow, CFA, CMT.
Chinese authorties take further action to rein in runaway real estate prices. Under the new rules, down payments for second homes must be at least 50 percent, up from 40 percent, and mortgage rates can’t be lower than 110 percent of benchmark rates, the State Council said. Banks should also raise down payment ratios and rates for third homes “by a broad margin,” it said.
Read more here.
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31. December 2009 by Dan Walkow, CFA, CMT.
What could derail the global recovery? How about a Chinese real estate bubble leading the charge.
Real estate in China has been on fire and is reaching classic bubble-like proportions, some much so that Chinese officials are trying to put the brakes on so as to aviod a America-style real estate collapse.
From Bloomberg
Millions of Chinese are pursuing property with a zeal once typical of house-happy Americans. Some Chinese are plunking down wads of cash for homes. Others are taking out mortgages at record levels. Developers are snapping up land for luxury high- rises and villas, and the banks are eagerly funding them. Some local officials are even building towns from scratch in the desert, certain that demand won’t flag. And if families can swing it, they buy two apartments: one to live in, one to flip when prices jump further. Read more here.
The question is how much of a global ripple effect will ensue….
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26. November 2009 by Dan Walkow, CFA, CMT.
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8. November 2009 by Dan Walkow, CFA, CMT.
There was a new tax break for corporations enacted for corporations in the USA this past Friday which extends the time a company can carry back its losses from two years to five years.
This works out to hundreds of millions of dollars courtesy of American tax payers.
Ironically enough some of the primary corporate beneficiaries are real estate companies who over built in the first place. I guess it is good to have friends in high places…
Read more here.
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2. November 2009 by Dan Walkow, CFA, CMT.
Canadians in the housing market will pay less in realty commissions and fees if the federal Competition Bureau has its way. Read more here.
In a landmark investigation, the bureau has concluded the Canadian Real Estate Association has anti-competitive rules and must change its ways, according to documents obtained by the Toronto Star.
Details of a settlement have yet to be decided, but the bureau’s findings are expected to have a profound impact on the real estate industry – by permitting more innovative discount brokers into the market while allowing sellers to list their properties less expensively on the Multiple Listing Service.
Its about time, MLS has had a lock on real estate commissions for far too long. Lets see some competition!
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1. November 2009 by Dan Walkow, CFA, CMT.
Foreclosures are beginning to flare up in suburban and secondary metro markets for Q309, according to a report from RealtyTrac.
Dramatic increases in foreclosures from a year ago came in suburban areas previously believed to be more stable, such as Boise, Idaho, up nearly 22% from Q209. Another area, Provo, Utah, is located a distance of 45 miles outside Salt Lake City and rose nearly 11% in the same period. RealtyTrac provides an online marketplace for foreclosure properties with more than 1.5m default, auction and REO listings.
In several states, foreclosure activities drifted toward new focal points, such as smaller towns with previously self-sustaining industries. Chico, California in Sacramento Valley, and agricultural hub, had a 98% increase in foreclosures from Q308, according to the report. Read the whole thing here.
We are not done yet!
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1. November 2009 by Dan Walkow, CFA, CMT.
Federal investigators reported Thursday that imported Chinese drywall that homeowners have linked to health problems and odors had higher levels of some chemicals than its domestic counterparts.
The investigators, however, were unable to link the chemicals, sulfur and strontium, to the health problems and smells in thousands of homes built during the recent housing boom, and said further testing was under way to determine any possible connection.
At this point in time it is difficult to determine whether this drywall issue is another form of US protectionism or if there is really a problem with imported Chinese drywall.
The government’s investigation into Chinese drywall is the largest in the history of the product safety commission, costing $3.5 million. It also puts a renewed spotlight on problems related to all types of products imported from China. Millions of tainted toys made in China had to be recalled in 2007 and 2008; problems were also reported with imported pet food. More here.
Reminds me of the asbestos issue of yesteryear. In any event this ought to be fodder for the lawyers as the lawsuits start to emerge.
If you are thinking of buying a house or condo check it out check it out closely. Vancouverites who have had to deal with the “leaky condo issue” have learned this lesson the hard way!
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11. August 2009 by Dan Walkow, CFA, CMT.
The Washington D.C.-based National Association of Realtors says 23.6% of all international homebuyers in the United States last year were Canadian, up from 11% in 2007. It’s no wonder. During the same period, the median price of U.S. vacation homes fell to US$150,000, for a 23.1% drop in price.
Canadians acclerate their US Real Estate buying. Recently I met and chatted with Ozzie Jurock who has a very good website regarding real estate. Check it out at www.jurock.com.
See the Financial Post on Canadians buying real estate in the United States here.
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27. July 2009 by Dan Walkow, CFA, CMT.
This one was a no-brainer. A few years ago I was in San Diego on a business trip and had a chance to visit Bosa’s show room displaying suites in their new condo building. As I chatted up the salesperson or should I say she chatted me up I could not help but think that how could one in their right mind pay so much for so little. Nose bleed prices! This was a short sale opportunity if I ever saw one.
Of particular interest was that some of the bigger players were Canadian real estate developers such as Bosa and Pointe of View Developments.
Well if you like them then you have to really like them now. Many are trading at half the price with several hundred in forclosure. Maybe time to sniff for a deal…
See the full article int he LA Times here.
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15. July 2009 by Dan Walkow, CFA, CMT.
Contrary to the devastation, and continuing dim outlook for real estate in the USA Canada is a relative bastion of stability. Why? Two major reasons are low interest rates and the non-deductibility of mortgage debt. Canadian’s tend to be much more conservative than their American cousins when it comes to real estate financing and the excessive leverage seen in US markets is not as prevalent in Canada.
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