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U.S. foreclosures jump 57% in 12 months
The number of U.S. homes facing foreclosure jumped 57 percent in March from the same month a year earlier to 234,685 properties nationwide, according to figures from RealtyTrac. The report, drawn from the largest and most comprehensive national database of foreclosure and bank-owned properties, shows one in every 538 U.S. households received a foreclosure filing during the month.
"The March numbers show that overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year," said James J. Saccacio, chief executive officer of RealtyTrac. Read more - Americas
IMF sees 20% drop in Spanish house prices
Spanish house prices are “overvalued” by as much as 20 percent, the International Monetary Fund (IMF) states in a new report that warns that Spain will suffer more than any other European economy from the current global real estate slump.
“The slowdown in property investment will have more serious consequences in Spain than in any other European economy,” Roberto Cardarelli, one of the authors of the IMF’s World Economic Outlook said. Read more - Europe
Rush to rent as Britons turn their backs on home ownership amid property slump
The UK is losing its love affair with home ownership as falling house prices and money worries encourage people to drop off the property ladder and become renters, a new survey reveals.
Fears that UK real estate prices will continue to fall has led to almost one in five home movers considering the option of cashing in and moving into rented accommodation. And 14 per cent of those looking to move say money worries are forcing them to think about dropping out of the property market and into rented so they can free up some much needed cash. Read more - Europe
Russia, Germany, Turkey seen as best property investment bets in 2008 as London lags
Moscow and Istanbul ranked first and second, respectively, as this year’s top real estate markets in Europe for both investment and development prospects, according to the highly regarded real estate forecast Emerging Trends in Real Estate Europe 2008.
Hamburg and Munich held the third and fourth spots as top investment markets, and the two cities switched places as the third and fourth top development markets. Paris, which held the top investment rating in past years, slipped slightly, taking fifth place for investment prospects and sixth place for development prospects.
According to the report, the changeup in the top markets suggests a desire by industry professionals to branch out of “Old Europe” cities and “investigate new markets and diversify current holdings and developments.” Read more - News
UK, Denmark, New Zealand: facing a crisis of their own?
The United States is not the only country suffering the fallout from excessive levels of debt and the end of a real estate boom - others may be in even worse shape. The economies of the United Kingdom, Denmark and New Zealand face the greatest risk from a combination of weakening real estate prices and rising interest rates. Read more - News
Chinese property market sizzles despite efforts to cool boom
House prices climbed 7.1 percent on average in 70 medium and large Chinese cities in a sign that the Beijing government’s efforts to cool the country’s sizzling real estate market have had limited effect. Read more - Asia
Manhattan real estate bucks U.S. downturn
Real estate prices may be going into freefall in some areas of the United States, but so far Manhattan has managed to buck the national trend, with year-on-year price growth close to double digits, according to new market reports. Read more - Americas