Real estate

Falling house prices increasing

2008-11-11T09:30:00.000-08:00

Some professionals believe that 50% of reservations are subject to cancellation due to refusal to grant a loan.

The reversal of the real estate market continues month after month. The latest figures from the observatory Group Releases From Individual to Individual (PAP) on house prices former reported a monthly decline of 1.67% on apartments and 1.17% on houses. "Apartments like houses now worth less than a year ago, with a respective decrease of 2% and 4.80%," says the study. An observation shared by Era Immobilier, which reported in its network of a price drop of 8% over the first ten months of 2009.

Officials of the network also noted over the same period a decrease of 6% more for sale. "The French property market, which experienced a gradual decline since the beginning of the year, appears to have entered a phase of congestion in the past three months, including Paris, a city that was hitherto spared by the downward trend in prices, "noted for its part SeLoger.com in its latest monthly survey on house prices old.

The advance accumulated the first months of the year still allows the capital to display a price increase on a year rolling (+ 2.9%, with an average price of EUR 7562 square meters) *. It is also the case in Bordeaux (+1.1%), in Pau (+ 1.9%) and Troyes (+4.8%). But some large provincial cities are already in sharp decline. Marseille shows a decrease of 2.2% over one year rolling, Lyon and Strasbourg decreased by 1.7%, Toulouse is down 3.2% and prices sag 0.3% in Nantes. To explain these declines, professionals pointed to the deteriorating situation on mortgages.

Deteriorating situation in Vote

Some believe for example that in the new 50% reservations are subject to cancellation due to refusal to grant a loan. "The requirement of banks on credit terms requires sellers to revise their prices, explains Conjoncture of PAP. However, monetary easing from the ECB and the state should loosen credit. "

The value of real estate Montreal down

2008-11-06T08:56:00.000-08:00

The economic slowdown could cause the rising vacancy rate office buildings in Montreal and a slight decrease in their value, according to Jean Laurin, President and CEO of GVA Devencore.

This would end a continuous rise in the value of real estate favorable to sellers of properties until 2008. Mr. Laurin believes that the owners patients will benefit from better prices when the economy will resume a normal pace of growth.

Slowdown of the occupation of offices

The vacancy rate in Montreal is 5.5%, while between 9 and 10% market balance in favor of negotiating buyers, "says Laurin.

He argues however that any layoffs could slow down the absorption of vacant, strongly linked to job creation.

Toronto has a vacancy rate of 6.8% and an average gross rental rate (including taxes and fees) of $ 45 a square foot. Montreal offers a gross average rental rate of $ 33 a square foot.

Large projects delayed

Over the vacancy rate is high, it is less advantageous for project developers to engage in new commercial buildings, "says Laurin.

Moreover, he added that some new construction projects could be delayed because of the difficulty of developers to obtain credit.

Former real estate: the increasing price decline since the beginning

2008-11-04T09:23:00.000-08:00

France is almost entirely affected by lower prices. Of the 85 cities comprising the barometer Seloger.com, only a dozen displays an increase in October. In Nice, Montpellier, Bordeaux or Poitiers and Rennes, the value per square foot increased by 0.5 to 3%. But everywhere else, prices stagnate or fall frankly.

"Despite a structurally strong demand, a significant decline in transactions and an initial downward trend in prices" acknowledges Jean-Fabrice Mathieu, general manager of Seloger. Success of the strongest declines for the past three months: Metz (-3.53%), Arras (-3.22%), Limoges (-2.78%), Troyes (-2.60%) or Chalons - en-Champagne (-2.57%).

This wave of lower gains even Paris, where the average price calculated by Seloger fell by 0.2% during the last three months, 7 562 € per square meter. All districts fell even more popular as the 19th (-1.1%) and 20th (-0.7%). Only exceptions sectors prestigious Louvre (LVR) and the Eiffel Tower, where prices are often disconnected from the market, rose by a further 1 to 2% over the last three months. In the end, the annual rate of increase in the capital continued erosion from 3.8% in September, it is now 2.9%.

Prices also fell in Marseilles and Lyon, respectively 0.4% and 0.8% over the last three months. Again, the decrease is almost all districts. Month after month, falling over one year is starting to become sensitive -2% on average in the two capitals.

Those responsible for this slump: banks. "They lend much less to future buyers, thus depriving the real estate engine of its main fuel, credit," said Jean-Fabrice Mathieu. But the boss of Seloger is reassuring: "The phenomenon is expected to continue in the coming months but lower prices should not exceed 5 to 10% nationally."

Real estate boom after the crash ?

2008-11-03T10:35:00.000-08:00

Missing our streets for years, the signs "for sale" refleurissent anywhere on the covers. Promoters do not know what to offer buyers: notary fees, kitchen, car, etc.. All these signs herald a reversal of trend, confirmed by the figures. Most indicators have moved from green to orange, if not red. In the former, for example, price increases in double figures are but a memory, and most observers forecast an increase zero or nearly zero by 2008. In addition, the forecasts are more openly pessimistic. Thus, Patrick-Michel Khider of Dairy and Bernard, co-chairs of Laforêt real estate, banking on a decrease of about 15% over 2 years. However, professionals anticipate more of a price correction that a market collapse similar to the 1990s. They argue that the offer is fueled by individuals who buy for housing or to invest, not by professionals of speculation. Another difference with the past, lower prices are not concentrated in the Ile-de-France. "We are moving towards a multi-tier prices could continue to grow or stagnate in the cities and on the Atlantic and Mediterranean, and lower in small provincial towns," predicts Philippe Stoltz, head of credit to the Habitat to BNP Paribas.
On the market for the old, build up stocks and prices do not move

In the past, signs of lower prices has often been the number of transactions, a decline that many professionals see now: according to the National Union of real estate professionals (SNPI), transactions have decreased by 13% between the 1st quarter 2007 and 1st quarter 2008. Over the same period, the Paris Chamber of Notaries has a "cold coup", with - 6.3% on sales of apartments in large ring of the Greater Paris - 9.8% in small crown, and -- 13.6% in Paris. And according to initial estimates, the decrease in activity would be even worse in the 2nd quarter. Corollary, property bring longer to sell - 8 months on average against 3 a year ago - and stocks are rising. "In spring 2006, I had 90 properties being sold, 2 years after I 215" is sorry Jean-François Buet, Speaker of the House Fnaim of Cote-d'Or. This weakness is due to the desertion of buyers for whom the sudden surge in interest rates decreased solvency, last year. In fact, until 2007, the surge in prices was offset by historically low interest rates and longer loans, sometimes reaching 25 or 30 years. But rising interest rates on long-term financial markets and the crisis of "subprime" (risk loans made to U.S. households) have forced since the summer of 2007, financial institutions rebuild their financial capabilities pulling up the rates at which themselves lend to borrowers. 4.35 to 4.50% in spring 2007 (without insurance), they reached 4.75% in autumn 2007 and now flirting with the 5%, a level that should stabilize until the end of the year. But the damage is done, and increase private credit less affluent buyers. And that, as banks have tightened the criteria for awarding loans. Seniority professional, personal, way of life or age of the family: they are assessed with great care. "We believe today the refusal rate loan at 25%, mainly among first-time buyers," says Guy Portmann, president of the France earth. As for creditworthy buyers, many different acquisition assuming a lower price, but due to a very uncertain global economic situation. "The classified ad in Le Figaro is an excellent barometer real estate ... I spent a Haussmann for an apartment of 120 square meters in a street pleasant sixteenth arrondissement, without mention of prices. Before such an announcement raised to 80 calls. Here, I do have one, "said Serge Bonamy, the real estate agency Bonamy.
The property premiums do not sell more

Expected by buyers who have reached the limit of their financial capacity, stagnant or falling prices is not yet supported by vendors. "At Dijon, buyers are looking for three pieces 150 000 €, but s'entêtent sellers to offer between 170 000 and 190 000 €," sighs Jean-François Buet. In the beautiful Parisian districts, "sellers are insisting on a range of 10 0000 to 12 000 € / m² while buyers are more willing to go beyond 9 000 € / m²," says Serge Bonamy. Previously, those assets premiums eventually be sold because, thanks to the continuing rise of prices, they will sooner or later the market level. But although this is no longer true, vendors are still waiting several months to review their claims on the decline. This wait is risky, because in the meantime the market could decline further, when costly and also the seller has acquired a new property before selling the previous one, by taking out a loan. On a loan of 200 000 € to 5%, wait 6 months to sell is almost 5 000 € plus interest, and € 10 000 after one year. Therefore, careful, many lawyers advise today to sell first and buy later.
Selective cuts on the horizon in 2009

Today, the property without flaw and offered for sale at fair prices continue to be sold virtually without negotiation and quickly, 3 or 4 months, sometimes much less. "In Paris, we sold in less than 15 days a loft of 675 000 € in the eleventh district and an apartment with terrace of € 1.4 million in the sixteenth. In the same district, a workshop artist has found takers in 48 hours. But it is true that we refuse systematically overvalued property. , "Said Nicolas Libert, founder of the agency Workshops, loft and Associates ... However, the market could tighten in the coming months, with fixed prices on certain types of goods or geographic areas "in Paris and Ile-de-France, for example, an apartment with defects - a ground floor Courtyard, for example - may fall by 10 to 15% on a year while the good quality standard will remain sluggish. In the provinces, poor housing could lose between 15 and 20%, and the conventional product stagnate or decline slightly, up to 5%. However, regardless of geographical location, the prestigious real estate should continue to increase by 5 to 10%, "says Olivier Bokobza, general manager of real estate space, a subsidiary of BNP Paribas. "When the market is uncertain, buyers prefer the blue chips," said Loic Hervé, director of housing at Gécina. Thus, rising fuel prices forced the housing eccentric and underserved should suffer more than those well placed. Similarly, the provincial towns where is the scheduled closure of a barracks, a hospital or a court will be among the first to see their prices fall. Specifically, unless you plan to acquire a prestige property - property seafront hotel, etc. - You have every interest not to rush you. "Today, buyers take their time and reflect a greater number of criteria: fuel, travel, school, etc.. "Says Komaroff Gwenaelle-Boulch, notary in La Chapelle-des-Fougeretz (35). Indeed, delay your purchase you will improve your bargaining power. For now, sellers are not inclined to cut prices, but the balance of power changed in a few months, especially if the property you covet is on the market long.
Promoters reduce their activity

The gloom also wins the properties for sale, with time to market increased from 10 to 12 months between May 2007 and May 2008. It whispers and in May, a major national developer has registered 11 reservations on its 40 programs, representing thousands of homes. Another, Kaufmann & Broad, broke new ground by putting up for sale on the site privée.com sale, specializing in the sale of major brands priced broken, 260 homes throughout France at a discount of 5 to 7% To "accelerate the start of marketing." Indeed, the number of homes available for sale (planned, under construction or already built) now exceeds 100 000, a level not seen since the crisis of the 1990s. Also, professionals wing reduce the number of building permits fell 15% in one year (April-June 2008/avril-juin 2007), and the starts of more than 28%. Most developers have created "disengagement committees" charged with eliminating, among current projects, whose viability is no longer assured. "For 18 months, on programs, we often reserve the option to cancel the transaction if we do not reach 30% of pre-ie bookings before the provisional date for starting the site , "Says William Truchy, Deputy Director General of Kaufman & Broad. "Rather than finding ourselves with a program unsold, we prefer to cancel the purchase of the land and pay the penalty to the owner of it," adds Gilles Bayon de la Tour, CEO of OGIC. As for banks, Guy Portmann notes: "some now require a rate of pre 50%, against 30% previously, to unblock the loans we agree."
The achievements of entry and high-end customer is always

However, as with the old, the new moves to a multi-speed market. The standard housing stocks accumulate in the cities where new construction - often intended for investors seeking défiscalisation - are plenty. Elsewhere, programs of good quality and well located continue to sell easily. Cogedim was recorded in the first four days of launching an operation standing in Garches (92), nearly 30 bookings on 140 homes for sale. In Hyères (83), more than half of Royal Palm Sea promoter of OGIC, located on one of the last land on the seafront, was commercialized in less than 6 months. The most expensive properties were sold first, some clients do not hesitate to invest over one million euros. With a more modest budget, the situation is the same in Troyes (10): the duplex the most expensive - about € 300 000 - that sold soon in a program of nearly 130 homes, marketed by Marianne Development. In contrast to the range of prices, programs of the National Urban Renewal (known areas ANRU) continue to sell well in Saint-Denis (93), Vaux-en-Velin (69), Vénissieux (69 ), Meaux (77), or in Grigny (91). Their buyers enjoy, according to resources, a VAT at 5.5% instead of 19.6% - which equates to 14% reduction in prices - and loans (PTZ) most important. A more interesting that, unlike the former, the price of new homes should not decline significantly in the coming months.
To stabilize prices of new homes

"In 1990, developers were forced to grant discounts of 15 to 20% in order to sell their housing stocks already constructed but empty, which is not the case today," said Emmanuel Parot, a financial analyst at Society Scholarship Gilbert Dupont. However, he "buyers are at the limit of their creditworthiness, so professionals will endeavor not reflected in their selling price for the additional cost of construction - from 10 to 15% - resulting from new requirements for energy saving and accessibility for the disabled. Professionals should rather cut back on their margins - around 11% currently - and negotiate the price of land, the main variable adjustment of the cost of a program. "The new land offered for sale are at prices somewhat lower than before. And whenever possible, we decline to renegotiate with vendors promises of land sales already signed, "said René Metz, president of Habitat Meunier. Therefore, if you plan to buy a good quality in the new, we should not expect lower prices in the months ahead. You may have to buy an ongoing program, including the building permit application was filed before 1 January 2007. After that date, in fact, the law of 11 February 2005 imposes new rules of accessibility for the disabled: area increased health clearances, and at least one chamber. An arrangement regret that some customers, which leads to a developer, under cover of anonymity, that such housing be lowest value them ...

The real estate market in the French Riviera appears to be stable

2008-10-29T10:14:00.000-07:00

While the financial crisis and real estate wins the world, a "diehard Gallic region" remains: Cote d'Azur. In contrast to the 50% decrease in sales volumes seen on French territory, the market seems Riviera, he will maintain, not without worry the main players in the property sector.

The major operations have almost disappeared while nearly 35 000 sq m of office will soon be available ...
Sophia Antipolis: except

Nearly 60% of sales operations for new offices took place in the area of Sophia Antipolis, an advantage for the Cote d'Azur region, which allows it not to give in to panic ...

Even if, for now, the implantation of large companies is not provided, the property remains attractive and dynamic business. The global supply of Sophia remains, however, promising in terms of facilities available.

The building Directory Finance Holding, inaugurated last Thursday, is a brief example. It markets a business center (56 offices) dedicated professions including real estate and 4,000 m2 of office space for rent "music." Stay tuned.

"Subprime": the reasons for continuing crisis

2008-10-28T10:25:00.000-07:00

The crisis of "subprime" continues to take a toll in the USA: it is estimated that each day between July and September 2700 Americans on average in 1200 against a year ago, have seen their homes before, because they can not cope to their monthly mortgage variable rate.

This figure shows that the measures taken by the credit industry and government have not helped many owners strangled by the subprime. The problem is far worse than many experts had predicted only a year ago.

More than four million owners had at least one month delay in repayment of their credit end of June, according to the Mortgage Bankers Association, and a record number of 500 000 were covered by a seizure.

Several reasons explain why the subprime crisis is so difficult to resolve:

-falling price of real estate:

A speculative bubble has inflated housing prices, leading millions of Americans to see their home as an investment rather than as a place to live. Today, prices dégringolent, especially in markets previously in vogue like California, Florida and Nevada. And the fall could continue another year.

The average price of housing in the United States declined at an annual rate of 9 percent in September to 191 U.S. $ 600, displayed down 17 percent from its peak, reached in July 2006, according 'National Association of Realtors.

Already 23 percent of owners have taken out a mortgage must repay more than the value of their homes, and this figure should rise to 28 percent in a year, according to Moody's Economy.com. If the majority will continue to repay their loans in the hope that the price is recovering well, others will throw in the towel, their leading credit agency to seize their homes.

-speculative investors:

The drop in prices had more impact on people who buy to invest. Less emotionally attached to a property where they live, they are more likely to stop honoring their credit. These investors were buyers of housing in five last year and almost one in three when the contract had its peak in 2005, according to the union estate agents.

Today, more than 30 percent of homes affected by a seizure are held by people living at another address, a sign that the property probably belong to investors, according to the company RealtyTrac.

-complex investment:

From the late 80s, Wall Street has found ways to turn mortgages into securities for sale to investors, who were attracted by the yield of these new financial products.

At the beginning of the decade, investors poured on the credit market. The mortgage risk and high interest rates - the "subprime" - were developed to obtain the amount of U.S. $ 600 billion in 2005 and 2006 instead of 160 billion in 2001, according to "Inside Mortgage Finance, a publication.

In this system, lenders have stopped worrying about the creditworthiness of borrowers, offering them ever more risky credits. And it seems hard to help borrowers in difficulty with this type of loan converted into a financial product. Their monthly credit are indeed divided among thousands of investors in the world, often reluctant to accept a substantial change in conditions of loans.

the loss of jobs:

No1 reason that explains why borrowers are in difficulty to pay their credit is the loss of employment or source of income, for example after a divorce or death of a spouse. Two years ago, 36 percent of refund arrears were related to a loss of income or unemployed, but that figure jumped to 45 per cent this year against a backdrop of rising unemployment in the United States.

-insufficient assistance to borrowers:

About one third of subprime loans whose terms have been modified in the third quarter of 2007 recorded again of late payments in the next ten months, according to a report by Credit Suisse.

The case of Maria Martinez, 57, administrative employee at the prison in Stockton (California), is typical of those owners who have been hand, but not enough: it has three months overdue repayment of a loan despite a relaxation of its credit terms earlier this year. She bought her house there are more than ten years to U.S. $ 76 000, but now must repay U.S. $ 230 000 because it refinanced its credit several times.

Until this summer, the interest rate on its credit stood at 8.5 percent. Under the amendment to its loan, it was reduced to 7.75 percent. Had she been eligible for more generous discounts, it would probably now in a better financial situation.

Crédit Agricole anticipates a decline in property prices French 15% by 2009

2008-10-27T10:12:00.000-07:00

Since early 2008, the French property market suffered a sharp correction, according to a study by Credit Agricole. The volume of transactions fell 20% in the first half while housing starts fell 10% in the first quarter and 28% in the second. The analysts expect the bank green on lower prices by 5% in 2008 and 10% in 2009.

The situation is better in the former, where sales volume fell by 15% in the first half, economists believe Credit Agricole. The prices were a "continuous braking" since 2004, especially the houses (-5.9% on average per year).

In contrast, the situation is more worrying in the new real estate, where sales fell by 34% over a year in the second quarter, after a fall of 28% in the second. This is not strange, because prices continue to rise in this market. Accordingly, prospective buyers no longer have the necessary solvency in the eyes of banks to invest in stone.

According to economists at Credit Agricole, the correction should be continued in the French property sector, but should not attend a market collapse. The green bank has identified five factors of declining sales. First, it is a solvency constraint growing and is reaching its limits, on the other hand, it notes that the rental investments are less attractive than before. For the bank, those two factors are at work for about two years.

Avoid a "downward spiral marked"

But three most recent have a negative impact on transactions in the property sector. First, the current economic climate, made of uncertainty, strengthens the attention of potential buyers. Then, the tightening of conditions for granting credit and expectations of lower prices have a negative impact on demand.

Faced with this gloomy situation, analysts Credit Agricole remain calm. According to them, a fall in prices "gradual but significant" is expected in the coming months, but the European support to the banking system should limit the breaks. They feel "the market fundamentals rather favorable", who should avoid "a marked downward spiral".

Housing : Sell with or without real estate agent?

2008-10-25T09:31:00.000-07:00

To find a buyer to the home, can the economy of a real estate agent? The debate is not new but now that sales are stagnating, it becomes crucial.

That was twenty-four months, which means an eternity. In the meantime, the apartments were sold in a few weeks. Prices accompanied the pace, since buyers are saying, "buy it now. Tomorrow it will be even more expensive." In these circumstances it was not difficult to be the seller. From there to believe that a smarter professional, was not often crossed. But that is now to undo a transaction, it takes the time in months. As for the waltz price, it has stopped, or it began to turn the other way.

In most cities, the trend is downward. The context is more favorable to sellers. Therefore, the old debate again today: can they continue to fend for themselves or the time has come to call an agent?

"Those who pass through the private market saw an opportunity to pocket 5 to 7% commission in place of the real estate agent," says Gerard Bornot, founder of consulting firm Antologis. Especially when you measure what that choice really means: "The seller must reflect on its ability to conduct the transaction. Is he able to devote time? Will he choose the right media ads ? Will he have time to take phone calls, visits at any time of day, administrative and other diagnoses mandatory? Will it be able to control the identity and creditworthiness of visitors? It may happen that the visitor is not here to assess the quality of housing but furniture and ornaments ...", continues Gérard Bornot.

Finding the right price

And, most important question: how to establish the true value of the property? That is the key element of the moment. It determines a transaction quickly. In contrast, it is the cause of most accidents recorded after obtaining a loan. For Hervé Bléry, of Century 21 France, "an estimation error can be forgiven on a rising market but not in a market down." The assessment is even more difficult than all sectors do not behave the same way. "It was a patchwork of markets that do not react uniformly in terms of prices. Some continue to post increases of 5% and other decreased 10 or 15%," says Hervé Bléry. However, a fault lying just an estimate on the market is quickly disqualified in the eyes of buyers. Peel agency windows or ads on the Internet is not enough for a proper understanding of the market. While the Fnaim such as chambers of notaries and some networks regularly publish analysis, but they do than average values that are not necessarily representative of the property that we put on the market. On the neighborhood, a street, a building to another, prices vary according to objective criteria: exposure, sunshine, state benefits ... However, the difficulty of the seller wishes to set a price target. Ie free from all emotional. And that is that in most cases, the rub.

Inevitably, the good that we have always had more quality than the neighbor! A good real estate agent will normally range. But what, exactly, makes for a good professional? At his interest in the project, he spends time to assess the property and the arguments he advances to legitimize its estimate. "This is not to make shots but to have a pragmatic approach, for its part contends Bernard Cadeau, the boss of Orpi.

Better, as a precaution, contact several agencies located in the neighborhood long without simply conclude that gives the best price.

Housing: the FNAIM tries to reassure

2008-10-24T09:10:00.001-07:00

The National Federation of Real Estate, "in an atmosphere of extreme economic doldrums, while French households doubt the advisability of investing in real estate today wishes to recall three realities it deems" encouraging " .

First, the federation said that the housing market is a market needs, "and that studies show that even in times of crisis, French families aspire to high levels become homeowners. She believes that the residential real estate market is "in all cases", a robust market.

Then the FNAIM believes that the focus of declines, already registered in several markets, creates opportunities for households. "After ten years of uninterrupted increases, and only a few months of corrections, dealers can build on the achievement of high prices, leaving mostly a comfortable gain the benefit of owners. Acquirers, they are clearly resolvabilisés compared to prices in previous years, "says the professional organization that welcomes the return of margin trading which had totally disappeared for a decade."

Finally, the measures taken by the authorities "should, as soon as possible, ease the conditions for granting mortgage loans. The FNAIM insists that its 13,000 members to offer a very good banking practices observatory, and it will not fail to alert authorities if the relaunch plan did not, very quickly, better distribution of funds Real household.

"These findings will lead to restore the economic climate in the real estate sector and curb the movement of real-estate failures, which runs the country at risk of a deterioration of employment without precedent in our business" , Concludes FNAIM.

Housing: what the law will change Boutin

2008-10-23T09:26:00.001-07:00

The Senate has adopted, on the night of Tuesday 22 October, the bill of "mobilization on housing." The senators approved new rules for public housing tenants in housing, but did not want to relax the quota of 20% of social housing to municipalities imposed.

In early July, Christine Boutin, had unveiled his bill "Mobilization for housing; senators come to approve the outline. Now, only private owners may request a deposit to tenants. Old housing areas of downtown should be rehabilitated degraded and the state could identify new areas for building social housing.

Other points are significantly less positive. The guarantee system of rent by the community, which had been requested by the associations to bring the owners trust, is not expected. Above all, the law will reduce by 10% the maximum resources for access to social housing, the government intends to free up space by leaving the park who exceed the new caps. Under the pretext of ensuring a faster turnover of private park, the law will allow owners to evict their tenants more quickly. It may also worsen the plight of middle, too affluent to qualify for social housing, but not enough to lodge in private.

China will exempt from taxes real estate transactions

2008-10-22T09:31:00.001-07:00

BEIJING - China will exempt real estate transactions costs stamps (registration fees) and taxation on capital gains from 1 November to relaunch a property market flying from the wing, said Wednesday the 'New China agency.

Citing Minister of Finance, the official Chinese agency gave no other details, but the initiative was expected since the government media announced Friday that a meeting of the Cabinet had taken steps to revive the sector in difficulty, including aid for buyers and adjustments to sales tax.

The authorities are trying to avoid a crash of the real estate market while recent figures show a slowdown in property prices.

Real estate prices in 70 major Chinese cities fell 0.1% in August compared to July, the first decline recorded over one month since China began to face these in July 2005, said Dow Jones Newswires, citing official figures.

Depletion of the real estate market could increase pressure on the Chinese economy including the construction sector accounts for more than 20% of urban investment.

Local authorities in several regions of the country had already taken initiatives to give new impetus to the real estate market, including preferential terms for the purchase of houses and a relaxation of conditions for deliveries to the promoters.

Real estate transactions in free fall in the UK

2008-10-21T09:44:00.001-07:00

Credit crisis requires, the number of property transactions in the United Kingdom fell by half over the last twelve months, reveals a study of the British Directorate of Taxes and Customs (HM Revenue & Customs) released Tuesday.

59 000 properties have changed hands in September, against 126 000 a year earlier. A decrease of 53% yoy. It is far from the record of 154 000 transactions reached in December 2006 ...

Just under 750 000 sales have been concluded since the beginning of the year, against 1271 million in the first nine months of last year (41%).

7 estate agencies unite to face the crisis

2008-10-20T10:04:00.000-07:00

Buyers, sellers, real estate agents, all should win at this time of crisis. Several real estate agents Tournan-en-Brie and Gretz-Armainvilliers just signed a charter to work together. In all, seven agencies from four different (Century 21 Real Estate Project, the agency Michoux Patrick and Address) are concerned to Tournan-en-Brie, Gretz-Armainvilliers, Ozoir-la-Ferriere and Rozay-en-Brie .

"It standardizes the market, the goods are sold at a fair price '

In practical terms, a filed exclusively in one of the agencies briardes United Agencies is automatically offered for sale in other agencies. All goods entering into an agency under the charter are visited on Thursday morning by all agents, so that they know best to offer their customers. The property is sold at the same price in all agencies. In case of sale of an apartment or house by another officer that he who has returned, the Committee related to the sale is shared equally between the two agents. "This process avoids sellers to buyers as to all agencies in response to find similar proposals, provides Mirko Barac, one of the agents. And it prevents an escalation especially estimates of property by the agencies, and who want to convince the seller to go through them. This standardizes the market and the property is sold at fair market prices. "Already close to each other, real estate agents have formalized this joint work around a three-page charter. Mirko Barac, who had worked in agencies united in another area, knew the pitfalls of the system. "We let the opportunity to vote against the presence of one of us if he no longer plays the game, said Patrick Michoux, which operates a branch in Stevenage last thirty years. The aim is to encourage customers to continue to trust us, even in these times of crisis. "

At least five properties exclusively in these agencies were offered for sale from this partnership. This is the case with Carine Section, who sells his house in town with exclusive agencies in the United briardes. "Without reunification, we would have put up for sale in several agencies. We are winning in red tape and unnecessary visits. To many, I hope they sell my house soon, the real market price. "

Other agencies could reach the United briardes agencies in the future. "Provided they share our philosophy of business! "Conclude agents.

The British real estate steals record after record drop ...

2008-10-19T06:05:00.000-07:00

Eleventh consecutive month of decline, decline in price of 12.4% over a year ... The depression moved permanently on the French property market, according to figures released by Nationwide.

According to the credit specialist, who closely monitors the British real estate for 50 years, prices have dropped by 1.7% in September. The same pace as August. In sinistrosis present, it would almost good news: "The quarterly changes have also barely changed. This suggests we may have reached a low point in the fall in prices" hopes Fionnuala Earley, an economist at Nationwide .

This fall, he started a year ago, was surprised by its brutality. But "the current prices of real estate are still above 60% in real data to those of the early 2000s" tempers economist, who prefers to see the glass half full "price reductions are painful, but they help make housing more accessible, which is long-term positive for the market. "

But we must be patient: "The next two years will be difficult, but gradually the global economy will exceed its current difficulties, which should close the cycle of declining real estate" provides Fionnuala Earley. A crossing of the desert when the French market should not cut.

Real estate : Sellers will have to practice smart-pricing

2008-09-25T08:53:00.000-07:00

Finding lock on the real estate market: buyers and sellers agree more. 85% of those who want to buy deem overvalued prices, and almost all (93%) are now making a lower offer from 5 to 15% in price, according to an Ifop poll. Problem: Sellers remain inflexible and are still 78% do not want to significantly revise their selling prices to decline.

That prices are deemed high or too high, is not very surprising. But until now, buyers are the requirements of pliaient sellers, for fear of missing the boat. They were mostly persuaded to get themselves a profit eventually. The alarmist forecasts that have shower hope: 78% of French people now believe that the real estate market is doing badly and 44% of them expect a further price decline.

The ball thus change camp. The "potential buyers, aware that time is on their behalf, make offers below the asking price" is the broker Meilleursagents.com, sponsor of the survey. In Paris, they are even discounts up to 15% of the asking price.

The sellers shine is beautiful, they will soon release ballast. Already the calls for more realistic increase for several weeks, from notaries and even real estate agents. This climate strangely recalls that of Great Britain earlier this year. "Most vendors seemed to ignore the growing competition for their well with other unsold homes" said Rightmove then.

This British site of ads then called smart pricing "if we want to avoid a period of stagnation, sellers must set prices more realistic now" to avoid having to sell them much later. These tips apply now for the French market.

U.S. home resales former continue to decline in August

2008-09-24T09:40:00.001-07:00

Home resales in the United States are divided on the decline in August, despite a further decline in prices, which attests to the difficulty of stabilizing a sector vital to the health of the U.S. economy.

The former home sales fell by 2.2% in August compared to July, reaching 4.91 million (annual rate), said Wednesday the national group of Realtors (NAR). It is a bit less than what qu'attendaient analysts, who relied on 4.93 million transactions.

The figures in previous months were revised slightly upward to 5.02 million units instead of 5 million originally announced.

After two months of successive growth, the return to declining sales of old housing was interpreted as a sign of the difficulties of the real estate sector to recover sustainably, then it is the epicenter of the financial crisis that has rocked the U.S. United for over a year.

The NYSE responded poorly to this publication, the Dow Jones falling into the red and losing 0.27% to 17H15 GMT.

"If these figures show some stability in demand, the winds that weigh on household income, tightening credit conditions and rising unemployment indicate a resumption of property sales is not expected before Spring 2009, "said Gary Bigg, an analyst of Bank of America Securities.

Thursday, the Commerce Department will release figures on new home sales for the month of August.

Last month, in the old, lower sales more concerned apartments (-8.2%) than houses (-1.4%).

"Sales remain limited if the credit tap is not open wider the mortgage market. And soon it will happen, the sooner we will see a large stabilization of home prices which in turn will help the economy recover" , Found Lawrence Yen, the NAR economist.

"There will be no economic recovery without an improvement in real estate," he added.

Nationally, sales fell 10.7% year on year, but median prices also fell, by 9.5% in August compared with the previous year, amounting to 203,100 dollars, said the NAR.

"The median price reflects an increased number of transactions related to mortgages at risk (subprime + +). Less than 10% of homeowners have subprime loans, but these loans account for a disproportionate share of sales on the market today," said Mr. Yun pointed.

"In addition, areas in which prices have fallen sharply, observe a reversal of trend, with sales again growing very quickly in some parts of California, Florida and Nevada," added the economist.

Florida and California are the regions that have experienced the biggest real estate boom a few years ago. They have since taken the brunt of the downturn in the sector, which is reflected in the levels of seizures of housing among the highest in the country.

On the side of stocks, the number of housing available on the market decreased by 7.0% in August to 4.26 million. It would 10.4 months to completely sell those stocks at the pace of sales in August, against 10.9 months in July.

Sales fell 5.3% in the West and 6.6% in the north-east. However, they increased by 0.9% in central and 0.5% in the south.

Slowdown of the real estate market in old Ile-de-France

2008-09-23T10:11:00.000-07:00

The latest figures published by the Chamber of Notaries of Paris Ile-de-France reflect the sharp slowdown of the housing market. The sales volume of old housing registered a drop - 14% in Ile-de-France between May 2007 and May 2008. The annual change varies by department - 20% for Paris - 8% for the department of Essonne.

All housing combined, the annual rise in prices in Ile-de-France fell below 5% increase (+4.8% at the end of May 2008), with prices showing an increase of 9.3 + % In the capital. On a quarterly basis, this means a stagnation or slight decline in prices. Apartment prices have risen in one year + 6.3% in May 2008 against +8.4% in May 2007), drawn by higher prices still strong in Paris (+ 9.3%). However, the observed last quarter (February to May 2008), prices of apartments fell significantly (from - 0.2% - 1.4%) in all departments, except in Paris (+ 1.5% ). On a year, house prices, for its part, continued to increase by 2.4%. But for the first time since 1999, the annual change in house prices fell in two departments: - 0.7% in the Yvelines and - 0.3% in the Val-d'Oise.

The sellers are abandoning the British property market

2008-09-23T09:18:00.001-07:00

While Fnaim called French sales to offer more reasonable prices, the British have adopted this practice long ago. Prices have fallen by 1% in September in Britain, according to the latest Rightmove survey. A decline less pronounced than in previous months (it stood at -2.3% in August and 1.8% in July) but now the annual fall to 3.3%.

According to the site of small ads, the UK market is unlikely to see the end of the tunnel as the global financial storm did not calmed down. "Real estate is in the dark, and will remain as financial institutions will not take up the disastrous state of the market in financing credits" warns Miles Shipside, commercial director at Rightmove.

"The lowest level of new items for sale"
Across the neck gives an idea of what might happen to the French market. "We have the lowest level of new sellers in the market for years" explains Miles Shipside. "It remains an activity base maintained by those who need to sell at any price because of a death, divorce and debt. But apart from these, vendors are becoming more rare. "

Problem: it is also because of them that prices continue to fall. Because to sell quickly, he must sell cheap and even cheaper than another salesman pressed.

Hence this analysis applies also to examine the French market: "even if the stock of goods to sell, what are the motivations of sellers and timely sales are dropping prices." In short, the market really be restored when the vendors will no longer fear to negotiate the price of their property on the decline.

Property prices still on the downside in the UK

2008-09-22T09:02:00.001-07:00

At first glance, the latest monthly report of the group Rightmove.co.uk ads, released Monday morning, could suggest that the worst is past for British real estate. Beware of hasty conclusions ...

The average price of houses and apartments offered for sale through Rightmove fell by 1% in September to 227 438 pounds against 229 pounds 816 in August. This fall, the fourth consecutive year, is less than half the decline of -2.3% recorded last month. Yoy, prices are down 3.3% from -4.8% in August. "Sellers who wanted to conclude the transaction in August, in the middle of summer, had to be resolved to practice more competitive prices," said Rightmove. The phenomenon is particularly marked in London, where prices for the sale, down 5.3% in August, returned 4% in September.

Are prices likely to move on? "The housing market is in limbo," Miles Shipside installment, commercial director at Rightmove. The leader n'entrevoit no improvement "as financial institutions have failed adequately to take control of the situation prevailing in the market for mortgage financing."

"We can talk of improvement when the level of stocks of unsold homes has started to fall on a regular basis," says Miles Shipside. "The decline in the number of new sellers prevents overflow, but if the number of homes for sale is a factor to consider is above all motivated sellers and speed of implementation of transactions that result in lower price.

Xerfi: price rebound in 2011

2008-09-20T11:09:00.000-07:00

The property prices in France should fall by 15% over three years (2008-2011), according to a study by the firm Xerfi. The trend affects the former (-14.5%), more than nine (-12.5% by 2013 for houses; -9% by 2010 for apartments). "The housing market has now returned," Xerfi analysis.

A "rollover" like hitting the U.S., Spanish and English is however excluded. "It would be wrong to equate the situation to French sinking of the stone Spanish, English, Irish or American, countries facing a real estate crash," says Alexandre Mirlicourtois, director of studies Xerfi. And return to announce a price increase during the period 2011-2015: +6% for the former% and 10% for the nine.

To substantiate his speech, Xerfi based on the peculiarities of hexagonal housing market: high population growth, a rate lower than owners of other European countries, a widespread practice of lending at fixed rates and household financial health .

The U.S. rescue plan would cap the repurchase of assets at risk

2008-09-20T11:04:00.000-07:00

Bill federal authorities to clean up the financial markets in crisis tops out at $ 700 billion on buying assets from risks associated with mortgage loans held by banks and private institutions "whose US-based".

According to the rescue of Wall Street, which Reuters obtained a copy Saturday, the government will ask the Congress authorization to increase its borrowing capacity to 11.3 trillion dollars. At the moment, the ceiling for federal debt is set at 10,615 trillion dollars.

Government intervention was "justified" and "essential" given the "precarious" financial markets and their "vital role in the daily lives of the American people", stressed Friday George Bush.

The announcement of the intervention of federal authorities Friday reversed the trend of U.S. capital markets and global, which closed sharply higher after a week of unprecedented decline since the 1929 crisis.

The specialized committees of the Senate and House of Representatives were informed Saturday that details of the bill, which Congress would vote probably early next week.

"This is a good starting point for a plan that could stabilize markets quickly," said the chairman of the Joint Economic Committee of Congress, the senator from New York Democrat Charles Schumer.

However, he felt that the paper "did not protect visible to taxpayers and homeowners." "We will have to do with the Treasury what he has in mind in these two areas," he added.

In his weekly radio speech, U.S. President acknowledged that the U.S. tax households would be involved.

"But I am convinced that this bold approach will cost less to American families that alternative. New tensions on our financial markets would cause massive job losses, ravaging pension funds, would further reduce property values and dry new loans for houses, cars and student scholarships. "

The British government is flying to the rescue of the real estate market

2008-09-19T09:34:00.001-07:00

Gordon Brown tries to regain the initiative. While his Chancellor of the Exchequer has just declared that Britain was living "the worst economic situation since sixty years, and while the OECD predicted yesterday a technical recession in the country in the second half, the first British minister introduced yesterday a plan to support the housing market in the amount of 1.6 billion pounds.

The plan suspends for one year including the 1% tax on real estate transactions of less than 175 000 pounds (or 215 000 euros). This measure will exempt about half of sales. This will be particularly felt in the north of England, a Labor stronghold, where housing is cheaper. The decision will cost 600 million pounds (740 million) budget. Downing Street has also introduced a series of measures to facilitate home ownership. In particular, and to help primoaccédants, the state will expand its aid to the "ownership" the buyer acquires a portion of housing, the rest belonging to the aid agency proposing loans representing 30% of the value of housing. And to avoid property seizures, owners can sell all or part of their homes and pay for rent.

Finally, a social housing construction will be accelerated. This comprehensive plan will be financed with funds Scheduled for two years, expenditure is simply accelerated.

Lower interest rates

The opposition has criticized a plan to rescue little too ambitious deal with the 10% drop in housing prices in one year. "It's a survival plan in the short term to the prime minister," said George Osborne yesterday, the Conservative MP in charge of the economy. Incidentally, he accused Gordon Brown not to have any fiscal space, having spent too during the boom years.

Economists also believe that the measures taken does not attack the roots of the problem real estate. "They will have no effect at the margin, said Peter King, of the Center for Comparative Housing Research. The Conservatives have tried to establish a similar rescue plan in 1991 (the last real estate crash, Ed), and it failed. "

According to economists, the current property crisis is primarily the reluctance of banks to lend to UK households since the beginning of the credit crunch, coupled with prices that remain historically high. The only way to really revive the housing market would be to lower interest rates. But the Bank of England, whose monetary committee meets from today, is blocked due to inflation of 4.4%, more than twice his goal. The output of the crisis may be long and painful. A bad omen for Gordon Brown, whose re-election is scheduled for 2010.

Real Estate / Great Britain: strong decline in mortgage loans granted in August

2008-09-18T09:42:00.003-07:00

The British households have contracted in August to 21.8 billion books mortgages, a marked decrease in amount: -12% compared to July, according to the Council of Mortgage Lenders. This is the lowest monthly rate since April 2005 (and the worst month of August since 2002, while the summer season is traditionally carries pure real estate).

Michael Coogan, director general of the CML, a professional organization whose members represent 98% of the market in property loans in the UK, said: "These figures represent increased uncertainty, both for lenders and for consumers in the market mortgage credit today. The lending institutions are earned by uncertainty about their own sources of funding and the cost thereof, while households do not know how far and how long housing prices will still decline. "

Morocco : The international financial crisis has no impact

2008-09-18T09:42:00.002-07:00

The wali of Bank Al-Maghrib, Abdellatif Jouahri said that "Morocco is not affected by the international financial crisis, which erupted following the bankruptcy of" Lehman Brothers' fourth largest bank in American business.

"We are not concerned by the international crisis because we do not have subprimes in our banks. We are not concerned by the real estate crisis and our banks do not have this kind of assets that caused the loss of the prestigious U.S. bank, "he said in a statement to the daily Le Matin du Sahara et du Maghreb, published Thursday.

Mr. Jouahri said that "our banking sector has not been involved in the acquisition of these mortgages and securitized by American banks", adding that "we are in a phase of overheated credits to individuals and businesses, and our banks are more active in retail banking. This protects them while ensuring their profitability. "

To limit the risks, he said, several measures have been taken including "the establishment of a code of ethics, prudential rules and internal audits," indicating that an international audit under World Bank was reached on all the procedures for managing foreign exchange reserves of the Central Bank of Morocco.

"The diagnosis on the procedures and rules is in conformity with international safety standards," said Mr. Jouahri, indicating that "a method of control and analysis of operational risks, based on the principle Self-evaluation by entities with their level of exposure "was adopted in this regard.

On the issue of any corrections, stockbroking, he said it "must not dramatize, but to communicate with intelligence".

"To avoid any drift or panic market, it is indeed the Government, regulators, the Executive Board of the Exchange, the Associations of stockbroking firms climb niche to communicate and inform the ins and outs of changes on the bourse and market, "he said.

Financial crisis: housing loans more expensive

2008-09-18T09:42:00.001-07:00

The financial crisis worsens conditions for refinancing of banks. Suddenly, they should logically increase the rates of housing loans. In September, however, these rates have fallen. "A mere parenthesis", according to professionals.

With the financial crisis, investors take their evil patience but quid borrowers? Following the new shock cashed earlier this week, Christine Lagarde immediately predicted "a higher credit." But as for contradict, the figures for online broker Empruntis showed, the same day, lower interest rates for housing loans of -0.05% -0.30% in all regions of 'hexagon. "It is possible that for reasons largely related to competition, some banks have actually lowered their rates in September. But it is, in my view, a parenthesis, as it is also their last chance to capture borrowers before at least 6 months (loan applications decreased sharply from late October until next spring). We must not forget that the loans signed today represent the GNP of tomorrow, "explains Michel Mouillart, economist and professor at Paris - X.

Most borrowers today have nothing to fear
"In France more than 80% of borrowers receive loans with fixed rates," says Michel Mouillart, economist and professor at Paris-X. Those who have current loans have nothing to fear from the likely increase in interest rates, their monthly payments do not move. "We are therefore very far from the situation of borrowers American, English or Spanish," concludes Michel Mouillart.

A rise ahead of the cost of property loans

But after this "bracket", the basic trend is expected to resume top. Since May, the rate of real estate loans were on the upside, rising 4.65% on average at the end of January to 4.98% at the end of August ", and they should continue along this path, according to Michel Mouillart. "The rise in interest rates for future borrowing is inevitable given the current conditions of financing and refinancing of banks. With the worsening financial crisis, resources have become scarcer and therefore more expensive," explains Does it still. The banks, they continue to swear that they have not tightened their credit terms. Nor do they want to embark on changes in rates ahead of mortgages, which for most of them, "will be linked to market conditions" ...

Brazil - Housing: rent increase

2008-09-17T09:09:00.005-07:00

Of the last 12 months to August, the cost of renting has increased by 11% in São Paulo. If the housing market is thriving, linking the launch of buildings and apartment sales, it is however unable to meet the demand for rentals. The overall increase in revenues (read our article: COMPANY - Ascension social every floor!) Allows families to leave the poorest areas and no longer live several to an apartment. Thus, rental rates are falling outside, in the poorest neighborhoods, while rising sharply in the neighborhoods typed''middle class''where the average rent for an apartment * 2 rooms rose from 395 to 481 governed in July, an increase of 22%. These families join the middle class can not afford to buy and seek to rent, but supply is not sufficient. In recent years, until 2006, few buildings''popular''have been built. There is thus little apartments 2 or 3 rooms now available for rent, which explains the queues and rising prices.

China : Lower property prices

2008-09-17T09:09:00.004-07:00

Ten days after the fall in property prices initiated by Wanker, the giant real estate in China, other agencies have also launched gradually promotions.

In recent days, an agency launched a housing project aimed at promoting the sale of 136 apartments, the minimum price is 8800 yuan per square meter. This price is 70 to 80% of those charged so far, 14 miles yuan. But the housing agency said that these are only promotions and it should not give any indication about the market situation.

However, although traders agree on a refund without condition, potential buyers are likely to booking.

Buyer

"The housing market is fluctuating. There are many apartments to choose. As I do not rush, so I am willing to wait. "

In Hangzhou, there are many real estate promotions. The building is subject to a discount of 28% for the studios. In addition, housing in the city also receive a discount. According to market observers, more and more real estate traders will confirm this trend in prices. According to the current situation, the downward trend in prices becomes a reality. But promotions on buildings with a discount of 20% or 30 seem to buyers in waiting.

Economic crisis: what it will change our daily lives

2008-09-17T09:09:00.003-07:00

The collapse of U.S. investment bank Lehman Brothers led, yesterday, a new wind of panic on global bourses. Paris, the famous CAC 40 fell by 3.78% in one day leading the banking in the depths: the action of the company has unscrewed of 10.78%, Crédit Agricole of 9.12% and Natixis to 14.61%! Bankers français thought out of the rut, it is not. French Banking Federation (FBF) plays firefighters stating that institutions are français "solid". However, the future remains bleak. Alan Greenspan, former boss of the American Federal Reserve, said that the crisis was "the worst since a century."
Financial Hurricane

The great fear is that this financial crisis contaminate the rest of the economy. To prevent this scenario, the U.S. hard. Nationalization of insolvent banks (Fannie Mae and Freddie Mac) to 200 billion dollars, creating a fund anti-bankruptcy by ten big banks for 70 billion. Nothing seems to stop the endless fall. The crisis has now arrived in France. François Fillon has lowered growth forecasts for this year: no more than 1%. Some economists fear even a beginning of recession. The jobs are starting to be threatened in the building suffered serious slowdown of the housing market. Bankers do not fund more programs developers if at least 50% of the apartments are not sold. The contagion effect is feared more destruction than job creation in the coming months in France.

Only good news yesterday: a barrel of crude has plunged to 90 dollars against 147 dollars earlier this summer. The financial effect to expect a collapse in demand for oil because the next economic downturn.

Tumble. The Paris Bourse fell by 3.78% in one day yesterday because of bank failures in the United States.

Crisis of the century. Some experts now consider this crisis more serious than that of 1929 and expect further tremors.
[QFORUM] Redoute sure the situation is worsening in France?
What impact on our daily lives?

Silver / investments.

The stock portfolios are poorly conducted since the beginning of the year. The CAC 40 lost more than 26%: What cool small savers. According to an annual survey published last week, only 2% of Français say they are ready to invest in the stock market.

The solution preferred refuge of investors remains the A booklet with all the openness to all banking brands its distribution, some new show returns: 7% gross for the Bank AGF for example is 4.97% net .

Banks.

Since the beginning of the crisis, French banks have already lost more than 20 billion euros. Known strong, healthy, away from U.S. turmoil, is being realize that this is not so simple. Their profits, which accounted billion, are for the most millions. Divided by 12 to the Banque Populaire, by 70 to the Caisse d'Epargne. Corporate Credit Agricole and use their shareholders to be bailed out. The job cuts are multiplying. But it is far from bankruptcy in the U.S..

Raw materials.

Wheat, rice, soybeans, corn, milk, coffee ... The common thread among all these raw materials is that they soared past two years. because of rising population, living standards in emerging countries and the development of bio-fuels. But that is accelerating since the subprime crisis because they have become safe for the stock market speculation.

Employment.

The crisis is not just financial. It infects all sectors of the economy are beginning to suffer seriously from tighter credit. The first affected have been clearly banking institutions. Calyon, a subsidiary of Credit Agricole announced 500 job cuts including half in France. Natixis (a subsidiary of the Caisse d'Epargne and Banques Populaires) will eliminate 800 jobs in-house and 800 more at its suppliers.

The real estate sector in free fall, sees developers in difficulty, while real estate agencies closed by dozens each week. And when construction slows down, the whole economy that fails. Bercy expects only 1% growth in 2009.
The possible scenarios

Optimistic: Except for a decline in results for 2008 of western banks, resulting in substantial job losses in this sector, the sub-prime crisis will have a profound impact on the U.S. economy and housing market. Passing therefore limited, and exchanges rising again before the end of the year.

Median: Although the crisis is only temporary, the world economy struggling to recover from the bankruptcy of big names in American finance. Scholarships are experiencing slow growth, and strong in fits. Europe is no exception: contraction of credit, household consumption mast, growth will not be there in 2009.

Pessimistic: The subprime crisis leads to depression cascade. The trust has disappeared. U.S. households can consume more, leading to their suppliers (China, India, etc.). In a sudden growth of a hitherto in double figures. The loans between banks is dry, including Europe. Business investment is drying up, speculation plays out on raw materials. The spiral of depression is triggered. Until when?
In your opinion. Do you fear repercussions in your life?

Guy, 50, an entrepreneur, Balma. Diversified investments. It is very disturbing what is happening. One wonders where it will stop. I have some investments, but fortunately enough diversified to not suffer too the crisis. Never put all your eggs in one basket. What surprises me is that no expert can to anticipate what is happening ...

Vanessa, 31, secretary, Toulouse. On housing. I do not have the means to play on the stock market, so I'm not worried about that side. As against, I try to buy a appart'avec my friend, and we can not find a bank that we are ready. A banker told me it was from the U.S. subprime, they had tightened the conditions in France now. It's really anything.

Michel, 64, retired electrician, Aucamville. Actions. It worries me very much, but I do not understand much to this crisis. To compensate for my early retirement of craftsman, I invested a little in equities. I trust my banker to manage it, but I wonder if it includes something too because I lost more than I did not win at this time.

Maeva, 25, student, Toulouse. To barter? It's really sad for all those poor people in the United States who find themselves on the street because of interest rates too high. But I admit that it does not displease me to see the giants of finance as falling house of cards. Capitalism is based on wind, and it is now realizing it. It will perhaps have to return to barter!

The European office property resists economic slowdown

2008-09-17T09:09:00.002-07:00

"EU markets for office property resistant to the slowdown in the global economy, but questions remain about the true extent of the slowdown in demand by the end of 2008," said in its latest survey * Commercial Real Estate Cushman & Wakefield.

A slowdown in relative ...

After a very good year 2007, the European office property will not suffer a slight decline in the first half of 2008, despite fears of repercussions of the economic slowdown and the many alarmist forecasts growth of the economies in the euro area. "The total take-up in Europe during the first six months of the year has recorded a slight decrease compared to the same period last year," says the analysis. With nearly 5.8 million square meters, the total demand placed in major European markets and has accused a decrease of 6% over the first half of 2007, registering an increase even compared to the first six months of 2005 (+ 33%) and 2006 (+ 10%).

The largest decreases were observed in Amsterdam (-44%), Milan (-31%) and Dublin (-19%). Among the greatest cities in volume of calls placed, London shows a fall of 18%. Paris fell by 11% over the first half of 2007. In case, a decline of the major service sectors (QCA Paris, Paris Rive Gauche, La Defense).

Also ranking first in terms of demand, with 1 225 321 m² leased or sold in the first half of 2008, Greater Paris was followed by Moscow (938 145 sq m of take-up in the first half of 2008) and Munich (392 000 m² ). The most dynamic markets are conducted by the cities of Prague (+89%), Rome (+68%) and Frankfurt (+44%).

Rents remain high, averaging close to 1 800 € / m² / year in London, which remains the most expensive city, followed, as in the first half of last year by Moscow (1 000 € / m² / year) and Paris (800 € / m² / year).

... but should be confirmed in the second half

Cushman & Wakefield anticipates the second half for a downturn "all the more possible that the threat of a recession, we still can not predict the duration, now weighs several euro area economies, but without great seriousness given fundamentals "healthy". The forecasts remain optimistic for Central Europe, more worrisome for the markets already covered by the crisis in the housing market (Spain, Ireland) or dependent largely on the financial sector (London).

The situation is "more worrying" for markets in Dublin, Madrid and Barcelona, where supply continues to grow as demand falls, compared to Moscow where supply, an increase of 207% is well absorbed by the application.

A.R.

* study of 19 European cities surveyed by Cushman & Wakefield as "major European markets - total take-up of sample: 5 800 000 m².

The crisis overtaking real estate office

2008-09-17T09:09:00.001-07:00

In turn, real estate offices plunges a casualty of financial crisis. Investments dropped by 54%, to 8.4 billion euros in the first eight months of the year compared to the same period of 2007. In Ile-de-France, the drop was even 60%, while the regions have concentrated near a three-resistant rather well. The year should end around 12 billion euros, according to real estate consultancy CB Richard Ellis (CBRE).

Half of transactions in the first half following arbitrage investors. Only eleven large transactions (over 100 million euros) have been identified, against 46 last year. According to CBRE, lower prices is not over and buyers prefer to wait. Among the few exceptions is the sale by Generali to German KanAm a building in Saint-Denis for 115 million euros. Very present past two years, German funds confirm their interest in France where they represent 15% of investors. The resurgence of français (44%), including many institutional offsets the withdrawal of English and American.

At Defense, where only two transactions were completed, the volume of investments has been divided by three. With doubts about the financial closure of several projects. "Of the dozen laps of Defense planned by 2012, if fate three or four, it will be well," said Denis Samuel-Lajeunesse, president of Cushman & Wakefield France. Last year, in the same period, Unibail sold towers Heart Defense for record sum of 2.1 billion euros and Lehman Brothers atemi ... The bank, bankrupt, was installed earlier this year Paris, Place d'Iena. She had chosen brand new premises with the highest market rents (850 euros / m² year). A large law firm would be takers.

Cost savings

The fall is less brutal in arrivals (-21% in Ile-de-France), the market still boosted by companies looking for cost savings. "Real estate remains a variable adjustment," says Denis Samuel-Lajeunesse, who has identified 80 applications exceeding 4 000 square meters by 2010. Banks have accounted for 40% of demand placed in the first half. In February, LCL has leased 60 000 sq.m in Villejuif, near Paris. For its part, Prisma Presse save 3 million per year by moving to Asnières. However, the Ile-de-France lack of new or renovated, especially in the Golden Triangle and the defense where the only transaction size is the location of Suez by 67 000 m² of the tower T1.

The U.S. housing slump in the same in 1991

2008-09-17T09:09:00.000-07:00

Yet American manufacturers were beginning to believe. The index NAHB / Wells Fargo Housing Market which measures their level of confidence grappillait two points in September, 18 against 16 this summer.

But their renewed optimism was immediately shower by the figures: they still fell by 6.2% as corrected in August, according to figures published by the Department of Commerce. On an annualized basis, housing starts reached 895,000 units, representing one third less than the same period last year.

The construction market reached its lowest level since January 1991. At that time, the United States already knew their most serious crisis since the real estate 30.

And the future looks no more resplendent as the number of applications for building permits fell to an even faster pace, down from 8.9% in August compared to July. On a year, the drop in the number of permits reached 36%!

American manufacturers relied heavily on the rescue of Freddie Mac and Fannie Mae. The bailout of mortgage institutions could furnish the new home market back on track, offering more favorable rates to borrowers. This will be a priori not sufficient to draw the U.S. real estate slump.

London starts to relaunch the British property market

2008-09-16T09:52:00.001-07:00

The British government announced Tuesday it would remove for one year the estate tax on smaller properties, to try to revive a market that saw prices fall by 10% in one year. The housing valued at 175,000 pounds (218,000 euros) will be exempt from this tax from Wednesday, which could allow buyers to save up to 1750 pounds. The measure will apply to homes purchased between Wednesday and 2 September 2009 inclusive.

The average price of a home in the United Kingdom was 177,231 pounds in July, according to the latest figures provided by the bank that specializes in mortgage Halifax. According to figures from the Nationwide Mutual Bank, another sector specialist, it was 164,654 pounds. The property tax is 1% for property worth between 125,001 pounds and 250,000 pounds, 3% for properties between 250,001 pounds and 500,000 pounds and 4% thereafter. She reported budget of 13.4 billion pounds for fiscal year completed by the end of March, representing 2.6% of revenue in the country.

Prime Minister Gordon Brown met Tuesday morning a first-time buyers. "The owners need to know that we will do everything we can to continue to advance the market," he told the press. He listed "aid to stamp duty," but also "special assistance for first-time buyers, assisting the construction of social housing and assistance for people experiencing difficulties." "That is what the government should do to help us overcome what is a difficult situation and demonstrate that our economy is resilient and will overcome these problems," he said.

Tuesday, the Organization for Economic Cooperation and Development (OECD) has predicted, according to many economists, a technical recession in the United Kingdom later this year. The Ministry of Finance has estimated that the freeze would cost the government around 600 million pounds, leaving hear that 500,000 people could benefit. About half the 90,000 monthly real estate purchases in the country relate to purchases of less than 175,000 pounds, but goods at a lower cost than 125,000 books are already exempt from this tax, called "stamp duty".

Vaucluse and Avignon resist the decline in real estate

2008-09-16T09:50:00.000-07:00

An article by provence.com reports on home sales in the Vaucluse and Avignon in particular.

For the president of the Chamber of Notaries Vaucluse and the chairman of the FNAIM Vaucluse, the property crisis does not seem to affect the department. In any case unless the French average.

The president of the Chamber of Notaries did not notice any drop in sales at least not 25%. However, it does not hide the fact that for sale, it must review property prices to decline given the financial and rising rates.

The real estate market in the Vaucluse is very heterogeneous. It certainly continues with its wealthy clientele that is always ready to save as much money on the table.

In contrast to cities and remote villages, sales fall and transactions become difficiles.Le Vaucluse is far from being the last department to resist tensions on the real estate market.

The real estate market in Iraq resumes

2008-09-16T09:47:00.000-07:00

Still dying a year ago, the real estate market in the Iraqi capital has been significantly boosted in recent months by the decline in violence, but requests for housing shows that Shiites and Sunnis remain deeply divided.

In a few months, housing prices have doubled in some neighborhoods of Baghdad and many goods are purchased or rented just put on the market, real estate agencies reported.

"Last year, there were many properties for sale and no buyer. Now the opposite is true, there is not enough supply. Once a property is sold, it is sold, "says Abdullah Jassim, the agency Noor al.

However, many Shiites and Sunnis seek to live in neighborhoods where people live as members of their community. This tends to accentuate the rise in real estate.

"There are now areas reserved for each community. Everyone knows that if you go in this neighborhood, you belong to, and if you go to another, this one," says Mahmoud al-Mokhtar.

Many Iraqis have fled their homes to face the outbreak of violence that followed the attack against the Golden Mosque of Samarra shrine of Shiite Islam, in February 2006. Iraq has about 2.8 million displaced, the majority are from Baghdad.

DIFFICULT return from exile

Today, the Shiites who, for example, fled the district of Karkh, want to return to live in the district of Roussafi with their coreligionists, is a real estate agent. Roussafi least twice as large as Karkh, demand has pushed up prices.

Even at Karkh, Haifa Street where he was recently seen as a haven for al Qaeda, prices have doubled in six months, says Monawar al Zubaidi, real estate investor. An apartment "luxury" of 150 m2 with three bedrooms there now costs 130,000 dollars (92,000 euros).

Iraqis returning from exile abroad represent about 20% of housing in Baghdad, said Zubaidi. According to Mokhtar, they are surprised by the surge in prices during their absence.

"Nothing can be done with Iraqis returning from abroad. When I watch their houses, they can not believe their prices and ask me how he could pay as much. They tell me 'at that price, I can buy a villa in Tunisia ", said Mokhtar.

If focus on improving security in Baghdad to invest in stone should be paying, some real estate agents note that rely on lasting Division of religious communities could be more.

"There are Sunnis who buy houses all the Shiites in Sunni neighborhoods, and vice versa. They invest, knowing that the Sunnis want to live with Sunni and Shiites with Shiites," Zubaidi.

All sectors of Baghdad does not know this. In the predominantly Sunni district of Hay al Djamia once upscale, instability keeps prices low.

"Last week, a Shiite family returned to Hay al Djamia. They received a message telling them they had 72 hours to leave. The army is not much against it," says Mokhtar.

France: property sales fall in province

2008-09-15T10:12:00.000-07:00

The echos.fr returning to the drop in home sales in the province.

In the first six months, property sales in the former fell by 25% in the province. The media have talked a lot about a decline in sales in recent times but throughout the whole of France, the Paris region. But the figures outside the Paris region panic meters. Cities such as Lyon and Marseille, which could suggest they resist thanks to strong demand, are also affected by the drop in sales in the former estate.

Thus, Lyon displays in the first smestre -15% of sales and Marseille -30%!

But the Ile-Defrance also beginning to feel the effects of rising rates of credit and bank failure. In August, notaries announced for the region "capital" of trnsactions a decline of around 14%.

And housing prices dan it all begin to fall, too.

Miami: Donald Trump sold off its towers ...

2008-09-15T10:11:00.001-07:00

Miami is well known for its beautiful towers providing a point of view over the ocean. Yet the real estate market in Miami has become difficult his last years with the financial crisis and real estate in the USA.

Not all the building but then sell. Donald Trump, the famous American billionaire has launched a program called the Trump Towers Miami. This property is composed of 3 towers of 43 storeys each.

The problem with this program? Ben 3 rounds of 43 floors, it's still 813 apartments for sale! And now 550 of them seek an investor. Donald Trump is therefore appeal to his partner on this project: Michael dezer, an American promoter. And it becomes VRP luxury. He took his suitcase and went to the 4 corners of the world to sell the luxury of this project. Recently he was in Paris.

The price of this housing project for the occasion have fallen by 50% in 2 years. The apartments range between 500,000 and 1.5 million dollars.

According dezer this project is a boon for capital investment because prices should rebound quickly and multiplied by 2. See ...

Real Estate : FNAIM the face of market correction

2008-09-15T09:17:00.001-07:00

According to the FNAIM, the brutality of the slowdown in activity, as observed in the real estate market of new homes on the old, surprising most observers warned, including those who today accuse estate agents want at any price support an optimistic speech on the grounds of preserving their interests.

Provided, of course, weakening the morale of households, inflation weighs on sustained buying power, fears of a further deterioration of the labor market, growth prospects limited by the contraction of consumption, and more, tightening the conditions for granting credit consequence of the global financial crisis, weigh, increasingly, day after day, on the expression of the application.

In a market where the trend is now proven (-1.5% decrease in prices in August), households no longer hesitate to bet on lower prices even higher in the near future .

In this context, and while the sellers have not yet incorporated the need to moderate their financial claims, the market for the former demonstrated wait.

Moreover, the logic of operation are disrupted. If buyers yesterday accused "passively" price increases, their bargaining power is now strengthened in a market open to a range of wider choice and time of reflection longer. And if improvements in credit conditions have allowed yesterday to cope with pressures on prices recorded only a downward correction in prices seems likely to resolvabiliser customers. The property market will adjust to meet strong demand waiting to be solvabilisée.

To avoid blocking mechanical market stands today, urgent action should be initiated:

-by public authorities, to contribute to the development of a healthy national banking system, characterized by prudential criteria protectors of borrowers,

-by banks to loosen conditions for granting loans relay and wider credit,

and by real estate professionals themselves, to reconcile the interests of buyers and sellers and ensure delivery of transactions.

"But the urgency to act is also the need to save the housing policy, the need to halt the destruction of jobs in real estate services and construction, revealed today by the French Federation of Building and the drop in growth, the same growth as real estate was involved in support for ten years, "concludes the FNAIM.

The turmoil developers Will it lower prices?

2008-09-14T00:34:00.001-07:00

The setting receivership Céléos group, last week was the effect of a bomb. After several months of Coué method, real estate professionals are reminded of the stark reality: the market is undergoing a massive slowdown, and threats of bankruptcy, both promoters than among real estate agents, are real.

More remain unsold housing units completed
Last undermined by the economy, treasury promoter Breton has not resisted the collapse of new home sales, down more than 30% since January. And despite the good results posted in previous years.

"The economic model of construction based on rapid sales," says Emmanuel Parrot, an analyst at Gilbert Dupont. "Before you build a 100 housing, a promoter already sells 30 to 40 properties. Then he bought the ground and launching construction, during which he will eventually sell the remaining 60 dwellings. Car financing for the transaction, the developer has entered into short-term loans, which must be repaid quickly. "There is now a" physical inventory "of new housing" is Emmanuel Parrot, ie goods that have been completed without any takers. Rare in recent years, they now represent 3.5% of total new homes for sale, according to figures from the Federation of promoters manufacturers. A shortfall that plombe treasury of the most fragile and least foresight.

Slowing construction ... and lower prices
Consequently, the warnings on results have proliferated since the end of the first half. Kaufman & Broad, one of the giants of the sector, had warned in June cautioned that the market downturn would affect its sales. As a result, the group was reviewing New manufacturers to lower its objectives, creating mistrust among investors. In one year, the share was divided by 10.

"Now it is little room for maneuver," Emmanuel Parrot. Slowing the building of new programs, as did Kaufman & Broad by abandoning a project in three. And lower prices. It is their only real variable adjustment. " Except that it is not easy to cut back on its margins when the situation is already difficult. According to the analyst, developers will address first in physical stock. If it continues to grow, they will be forced to break the price to complete the sale of programs. Operations discounts, which ultimately could lead the rest of the market down.

The liquidation of developers today turnaround could also drop prices. It is the opinion of Master Bazaille, president of the Institute of notarial real estate. "A judicial liquidator is seeking to quickly sell the assets of the company. If a developer leaves many homes unsold in a sector where supply is abundant, frankly it will lower prices, which affect the rest of the market."

The state expects to turn
A buyer has already reniflé good case. It is the State, which could take the opportunity to acquire new housing at moderate prices. "The government will accelerate housing resales of their occupants, to find cash and enable social landlords to buy programs for developers," says Me Bazaille yet.

The era of cheap shopping should also take a long time. "We can expect many years of difficulties for developers because of the strong inertia of the real estate market," provides Emmanuel Parrot. "For now we see the slowdown, but not yet the decline in prices which will mark the second cycle," added the analyst who slips a confidence "in Kaufman & Broad home Nexity, it does not exit crisis before 2010.

The collapse of British model

2008-09-14T00:32:00.000-07:00

The famous economic miracle of Britain, served by Tony Blair and aficionados of social liberalism as a model for Europe, is collapsing. The facts are stubborn and everyone is now forced to agree that "the land of wonders" created by Blair and his Chancellor of the Exchequer Gordon Brown, now Prime Minister is more serious than halted. His trademark: flexibility across both praised by Nicolas Sarkozy during his visit to London a few months ago, has become synonymous with nightmare for much of the population.

Linked to the economy

United States

The economy went into recession, according to research institutes whose analysis is shared this week by the European Commission. The new Chancellor of the Exchequer, Alistair Darling, speaks itself the economic situation "more dangerous since sixty years. "

Linked closely to the economy of the United States, Britain suffered the harsh consequences of the subprime crisis and the phenomenon of contraction of credit "credit crunch". The housing market is experiencing a very deep crisis aspects often very similar to that which prevails in the United States and disastrous consequences for millions of families.

The country is heavily indebted, and its citizens are also: The total individual debts exceeded last year for the first time, the amount of gross domestic product (GDP) of Britain: either 1 330 billion books (1 600 billion euros). In other words, in 2007, 60 million British banks were more than the value of everything the country produces in a year!

The debt was encouraged by banks. With the crazy house prices, money was obtained easily, consumers borrowing more and more, including to offset the stagnation of wages which prevented access to a higher standard of living. Today with the bursting of the housing bubble, it turns around.

Previously, the Labor Party - influenced by its roots in Protestantism - calls for a sober behavior where one does not spend more than what was in his pocket. But with financialisation banks are left go to the euphoria of easy gains by issuing credits ultrarentables initially but that many customers are now unable to repay.

In total, Britain has become a very balance of trade deficit. This country which boasted of being "the world factory" is a long time over an industrial country, it has become a haven of financial services. Blair saw the growth of the City a way to grow wealth of the whole country. The landing is quite painful.

unions raise the tone

Faced with this fiasco, trade unions (which yesterday completed their annual conference in Brighton) have decided to raise the tone. In an interview with humanity (our edition of 8.09), Tony Woodley, Joint Secretary General of large union Unite, welcomed the death of "Blairism", while regretting the harm he has done the country.

The only trade union confederation (TUC) has decided to mobilize to ensure that employees do not pay the heaviest to the crisis and prevent leakage ambitions ahead of Prime Minister Gordon Brown. Delegates adopted unanimously, an action plan for increases in real wages in the public sector. And, while acknowledging the global nature of the crisis which the government can not be considered the sole accountant, they pointed a number of claims.

"The government must show that it is on the side of employees by ensuring that the costs of recession are borne by those who can afford it," said a statement approved by delegates. Trade unionists are calling for a strong regulation of the financial sector, restructuring the system of income taxes and tax increases for the rich, a tax on exceptional profits of companies that are enriched in the energy crisis, a major program construction of social housing ...

Against the advice of the government, the trade union confederation insists that the country's economy was too dangerously exposed because of its dependence on City. And it does not accept "the neoliberal approach" official reluctant to seek ways to more closely regulate the financial sector.

Mark Serwotka, general secretary of the PCS union in the public sector, many of whom have now reached dramatic loss of purchasing power, has even launched in the form of spite against the Labor Party: "It may be that we miss accuses the Tories (Conservatives), but the fault will return to Gordon Brown and the Labor government. If the Tories win the election, the government has sought. "

Brown acknowledged this week that the Labor needs to "rethink" its policy. How far will he his own recommendation? Next step in this debate more heated around the crisis: the Labor Party congress, which opens in Manchester on September 20.

FNAIM Index - declining real estate 1.5%

2008-09-13T08:00:00.000-07:00

The FNAIM has just published the changes in its index of house prices and ... it is down 1.5%. With this figure confirms qu'annonçaient already some real estate sites, the decrease of real estate thus reached France.

A first summer decline in July and a second in August, the market immobileir faces serious difficulties.

In August, the price of apartments fell by 1.9% and 1.1% of homes. What is important is the overall decline which becomes indistinguishable depending on the type of property as early in the year when house prices fell more than apartments.

For FNAIM, housing prices over one year remains slightly positive with 0.8%.

London affected by the decline in wages of Traders

2008-09-12T09:04:00.000-07:00

In London and New York, the financial crisis because of damage. The stock markets, the economic climate is sluggish and salary traders ... fall.

The effect on real estate? The upscale neighborhoods of these two cities see property prices fall.

A New York-such as sales of luxury homes are down 25%!

In London, in the upscale neighborhoods, housing prices fell by 1.6% over a year.

Yet, considered untouchable chic these neighbourhoods are not insensitive to the global context.

Often there is a correlation between the evolution of wages traders and evolution of house prices of luxury in these two cities.

The U.S. property market remains very fragile

2008-09-11T09:15:00.001-07:00

The rescue "Fannie" and "Freddie" avoids further aggravate a situation weighed down by credit ratings high.

With the grip of Fannie and Freddie, Henry Paulson, U.S. Secretary of the Treasury, is trying to prevent the property market, a mainstay of the economy from collapsing further. The task is difficult facing the worst crisis of habitat since 1930.

Lower transactions

"Private investors are no longer willing to provide capital to the mortgage market rates that U.S. consumers could follow," says Susan Warton, a professor at the University of Pennsylvania. Interest rates on loans for housing have therefore not followed the declines in rates applied by the Fed, the U.S. central bank. At 6.14% for a conventional mortgage to thirty years, the rate remains close to the rate charged a year ago, "says an American analyst. The prices are a deterrent for new purchasers of housing and they continue to stifle the millions of consumers who have subscribed to a variable rate loan.

More than 9% of housing loans to households comprising 1 to 4 people include at least one unpaid trafficking, said the latest survey of Mortgage Bankers Association, a group of credit real estate. As the transactions, they have already suffered a decline of 15% since mid-2006. A further decline of 15% is to be feared "by the end of 2009, analysts believe the Lombard Odier Darier Hentsch. To this date, and not before, they argue, that we can expect a stabilization of the housing market across the Atlantic.

The resumption of Fannie and Freddie should allow itself with smooth, the slowdown of the market. The two agencies, which half refinance mortgages American (more than three-quarters the past two years) are requested to significantly reduce their activity. Their outstanding mortgage loans, which are now 5 200 billion for the two agencies should be reduced in the medium term, to 250 billion dollars for each.

Property in France: transactions collapsing, prices fall

2008-09-10T09:38:00.000-07:00

After barometers and forecasts, the reality confirms the change of era of real estate: the number of transactions tumble, while prices are starting to melt.

Fall of 30% of transactions in Marseilles

The notaries in France have opened the ball yesterday, with a note of the situation rather alarmist tone. The latest survey in the first half of 2008 show a "very substantial decline in the previous volumes on all major provincial cities." Just for once, the reality could even exceed forecasts: "The decline in volume is greater than what was announced by the media, order an average of 25%. What we would reduce the volume of years 1993-1994 ", indicate notaries. So far, the figures showed a decline of 15 to 20% "only".

Marseille is one of the cities most affected, with a fall of 30% of transactions recorded in the first half, while Lyon and Toulouse limit insensitive to -15%. Between the two, Paris, where sales are down 20% annual rate, according to figures released last week by the Paris notaries.

Two months down the index Fnaim

As for prices, they fall slowly but surely. In August, the value per square foot fell 1.9% for apartments and 1.1% for houses, according to the latest monthly index prices of the former published by the Fnaim. All goods together, the decline was -1.5% monthly rate. The quarterly trend now rocking in the red at -0.5%. Rest annual developments, which stands just above 0 to 0.8% against 1.2% in July. It continues its slow erosion, virtually uninterrupted since February 2005. At that time, prices flambaient of 15% per annum.

Property: Dubai slows too!

2008-09-09T10:08:00.001-07:00

Emblem of the vitality of the luxury property market, property market in Dubai seems to be starting to give some signs of slowing ...

Major real estate companies listed on the stock exchange have fallen in recent days. The giant Emaar, which built the tower Burj Dubai tower-highest in the world has lost 8% of its value during the last trading session.

The difficult situation of the property therefore would spare no major capital, and after New York, London or Paris, Dubai is in turn affected by the international financial crisis. In addition to the reversal of the market, the mass delivery of thousands of new apartments for sale, confusion regarding the new visa policy for foreign owners of property, and recent corruption cases have also served the local real estate marketing.

The Saudi Arabian bank Samba recently made public a report in which it warns its customers about the volatility of the real estate market in Dubai. It advances and the situation is unstable, and directed the decline until 2010 ...

Prices of real estate: -15% in three years, "purgatory, but hell no"

2008-09-09T10:03:00.000-07:00

"Large cracks are not a crash." That is the opinion of Alexander Mirlicourtois, director of studies at Xerfi, in the last letter published by the Bureau of Economic Analysis. He said the price decline is no doubt, but it should not exceed 15% over three years. And redécollage is planned for 2011.

U.S. Real Estate: Promises sales down

2008-09-09T09:31:00.000-07:00

The grouping of U.S. real estate agents had indicated that promises sales of real estate were distributed to the decline in July.

On a month, the index decreased by 3.2%, representing a decrease of 6.8% over a year. What is important to note is the great variation of this index, which in some regions is positive and in other negative. Some geographical areas have probably reached the floor for probably prepare a rebound phase.

Fannie Mae and Freddie Mac during rescue

2008-09-08T10:20:00.001-07:00

The USA have decided to put the package to save Fannie Mae and Freddie Mac. Each of the companies are expected to reach about one hundred billion each. The U.S. taxpayer will remember the crisis subprimes. This is neither more nor less than a large recapitalization of banks in most capitalist country in the world.

The U.S. stock market has not erred in analyzing this announcement. The two banks were depressed by almost 80% on Monday.

Century 21 sees the future of the real estate down

2008-09-07T07:17:00.000-07:00

Century 21 has created the surprise last week by issuing its opinion on the future of real estate in France, he sees the future so pessimistic.

Century 21 had indicated that during the last 3 months, property prices have fallen by around 2%. The decline was the largest for apartments with a fall of 4.72% during the summer period.

The rest of the year should continue on this trend but also could worsen in 2009. What do fear the worst.

However Century 21 sees no real estate crash on the horizon but simply a big correction.

Housing: rents slow

2008-09-06T08:06:00.000-07:00

The property prices are trending downwards, we know already. However, it was expected to hear from rents. What is it?

Rents continue to rise in France despite the declining prices of houses and apartments. During the first 8 months of the year, rents have shown an increase of only 2.1%.

But this is to put in a particularly difficult situation facing the U.S. real estate crisis but also in Europe. This figure means that real estate in France is not so bad after all. Indeed, if rents remain on the rise, the housing market quickly attract new investors seeking good returns. Because higher rents and lower prices inevitably lead to higher rental yields.

But be careful, let us not forget that the Government has put a thorn more in the foothills of investors simply adding 1.1% of additional taxes to finance income of active solidarity.

Inflation should calm down his side this winter and prices find more affordable levels and thus provide a better purchasing power of households.

Finally, the ECB could towards the beginning of next year lower its rates and thus make the cost of money cheaper for borrowers in search of a property

The decline in real estate grew in the UK

2008-09-06T08:05:00.000-07:00

The bank Halifax has just know that in August, housing prices in the United Kingdom have shown a decrease of 10.9% over a year.

This evolution of house prices brings the price per square foot at the same level as in February 2006.

However, the Halifax bank said that the market could resist, especially through the proper figure of employment. But beware, if returned to power in unemployment, this would be the real estate crash almost assured.