IRVINE, Calif. – July 14, 2011 – RealtyTrac® (http://www.realtytrac.com/gateway_co.asp?accnt=137300), the leading online marketplace for foreclosure properties, today released its Midyear 2011 Foreclosure Market Report, which shows a total of 1,170,402 U.S. properties received foreclosure filings — default notices, auction sale notices and bank repossessions — in the first six months of 2011, a 25 percent decrease from the previous six months and a 29 percent decrease from the first half of 2010. The report also shows that 0.90 percent of all U.S. housing units (one in 111) had at least one foreclosure filing in the first half of the year.
Foreclosure filings were reported on 222,740 U.S. properties in Ju Get more info…
A summary of trends and transactions in all sectors of the Irish Commercial Property market at mid year 2011.
Despite the economic backdrop, transactional activity in the occupier sectors of the Irish commercial property market has been impressive in the first six months of 2011 and there are many unfulfilled requirements for accommodation in the office, retail and industrial sectors. However, the investment sector remains in paralysis, largely due to uncertainty regarding impending retrospective changes to upward only rent reviews in business leases.Key Highlights § Take-up in the Dublin office market reached almost 85,000m2 in the first half of 2011 compared to approximately 50,000m2 in the same period last year – an impressive level of activity considering the economic climate.§ Intense tenant negotiation is continuing to force prime rental values down with prime headline office rents in the Dublin 2/4 postcode now in the order of €323 per square metre. This represents a 52% decline from peak levels in 2007.§ While conditions in the retail sector remain fragile, many retailers are now beginning to report signs of stabilisation and there are many retailers looking to take advantage of current market conditions to roll out new entry and expansion plans. Much of this activity is focusse
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Brazils economy has continued to grow at a rapid rate in the first quarter of 2011.
This growth is fuelled by record lows in unemployment rates, higher wages than ever, which have allowed families to increase spending, and a growing middle class keen on borrowing and with aspirations for homeownership.
Recent figures from the Brazilian Census Bureau, or IBGE, revealed that Brazils gross domestic product (GDP) expanded by 4.2 per cent in the first quarter this year compared to the same period in 2010.
The figure was below the 4.5 per cent expansion which was predicted last year and a significant sign of the economy slowing when it is compared to the five per cent year-on-year GDP figure from the fourth quarter of 2010.
However, in spite of these figures, the Brazilian economy experienced a boom in the first quarter, swelling 1.3 per cent compared with just 0.8 per cent growth in the fourth quarter, the IBGE revealed.
In a statement, Central Bank president Alexandre Tombini said that the figures “confirm that the Brazilian economy is in a cycle of sustained expansion, at a pace that is harmonious with internal and external balance”.
The data illustrates that the rapid pace of growth seen in 2010 has carried on well into this year, despite GDP showing figures to the contrary.
Furthermore, the growth seen in the north-east has been greater than that seen in the country as a whole, as the region has traditionally been considered the poorest part of Brazil.
The north-east is now considered by investors to be the star economic performer of Brazil, experiencing local GDP growth of 4.2 per cent a year in the last decade, compared to a country-wide average of 3.6 per cent
As a result, Brazil is pulling in increasing attention from domestic and international investors seeking out a good return in the attractive growth climate.
It is thought that a number of measures put in place by the Brazilian government to dampen inflation by reining in credit, including raising bank reserve requirements, increasing taxes on short-term overseas loans, as well as boosting the interest rate, may have caused figures to show that growth slowed when it accelerated.
The full impact of the changes, which were all brought in during the first quarter, is unlikely to be felt until later in the year, with a poll by the Central Bank predicting that the economy will grow by just four per cent overall in 2011.
In addition, the country is seeing huge rises in house prices, caused by a surge in demand from the growing middle classes combined with a shortage in affordable housing stock.
This increase in access to credit and mortgages, as well as an increase in those with aspirations for homeownership has seen Brazilian property become a very viable investment option.
However, the majority of Brazilians who take out a mortgage do so while the house is still on the drawing board, meaning that by the time they move in they have already paid of a significant proportion of their loan.
This means that house prices would have to fall considerably before homeowners became trapped by negative equity.
Ailse MacFarlane, managing director of Landcorp International, a global property development company, supports this positive view and claims that in the current climate in which many countries are struggling to recover from the recession, Brazil stands out to investors.
“Brazil has been under the watchful eye of savvy investors during the economic crisis to see how well it would cope and its passed the test with flying colours,” she said.
“It used to be unknown territory for investing but is now proving to all that its a country with enormous investment potential.”
The Latin America country is still thriving in the current economic climate, with the property boom showing no sign of stopping.