Property agents feeling the pinch as market cools

[Runifyouhaveto]

Fears escalate as private residential investment sales hit 5-year low in Q2
The fall in Singapore’s property investment sales in 2Q 2014 was led by the plunge in the sale of residential properties. In fact, the residential sector suffered the deepest cut with total investment sales thinning by 22.5% QoQ to $1.96 billion from the $2.53 billion transacted in 1Q 2014

http://sbr.com.sg/residential-prope...sidential-investment-sales-hit-5-year-low-in-

 

[krafty]

when will it bottom out? heard that mr quek has asked for less curb on property prices...do you think the pappies will relent?

 

[xebay11]

Good! Waiting to grab some more properties.

 

[Runifyouhaveto]

when will it bottom out? heard that mr quek has asked for less curb on property prices...do you think the pappies will relent?

Dear Leader thinking of upgrading your HDB?
Dont need consider BTO, just look at resale.

 

[Runifyouhaveto]

Private home resale prices fall 1.4% in June to hit 18-month low

http://business.asiaone.com/news/private-home-resale-prices-fall-14-june-hit-18-month-low

 

[krafty]

no, not looking, just giving my humble thoughts..and i dun like 2nd hand...

Dear Leader thinking of upgrading your HDB?
Dont need consider BTO, just look at resale.

 

[Dragonhead]

really? From my banking sources, i know there are a few small cases of foreigners who run road and default on car/condo loans, but these are very minor. I am truly surprised that you said that there are margin-calls/forced-sellings by banks now because the current interest rates environment is very low, bankers usually ask loan borrowers to try to pay interests first and ignore principal repayment, to buy time.

So the weakest borrowers went on to draw cash from their credit cards to pay the home-loan interests, (effectively sink deeper into the hole) to avoid forced sellings.


On another front, i know small-time developers who rebuild 1-4 units of landed really kanna problems and forced-sellings are scheduled.

Looks like the lenders are now stuck with toxic mortgages. These are not few small cases. It is a case of default which affects across the lending platform. An indication of this happening is when foreigners run road leaving behind unpaid credit card debts, unpaid vehicle loans, housing loans, etc. When a debtor fails to pay up on his credit card debt, it is a domino all the way along his debt trail.

 

[numero uno]

Looks like the lenders are now stuck with toxic mortgages. These are not few small cases. It is a case of default which affects across the lending platform. An indication of this happening is when foreigners run road leaving behind unpaid credit card debts, unpaid vehicle loans, housing loans, etc. When a debtor fails to pay up on his credit card debt, it is a domino all the way along his debt trail.

has already happened in sinkieland ala Dubai 2008. heard quite a few china speculators are uncontactable ie ran off back to china. banks are panicking. alot of worms would be out in a few months. hold tight and enjoy the show

 

[Runifyouhaveto]

just in......

Reuters: Singapore June private home sales down 73 pct from year ago
http://in.reuters.com/article/2014/07/15/singaporeproperty-homesales-idINS8N0O700Y20140715

 

[Runifyouhaveto]

has already happened in sinkieland ala Dubai 2008. heard quite a few china speculators are uncontactable ie ran off back to china. banks are panicking. alot of worms would be out in a few months. hold tight and enjoy the show

my sources reveal that it is still worthwhile for most foreigners to offload their properties before leaving Singapore because of paper-gains or at least, the losses are still lower than the 20% downpayment that they paid = some money back if they offload.

The running-away issues is mostly happened on car-loans because if they sell a new car within 2-3 years, they have to top-up the steep difference between the resale-price vs % of loan-serviced so far. Car-towing business grew this year.

Another real problem is credit-card defaults.

 

[sleaguepunter]

a friend working for an ah tiong company told us friends that his company may have issue paying salary this month. dunno he bluffing or not, but according to him, company transfer most of the fund back to motherland after the scandal of the commodities mortgage news broke. he now scanning recruitment pages to jump ship.

 

[Runifyouhaveto]

The running-away issues is mostly happened on car-loans because if they sell a new car within 2-3 years, they have to top-up the steep difference between the resale-price vs % of loan-serviced so far. Car-towing business grew this year.

went drinking last night. ran into a regular drinker there.
I think the amount of money that he spent on drinking can easily help him finance a car loan every month.
of course, good drinkers don't drive.

 

[YanDao]

They will relent when pappies feels the pinch on their own property.

when will it bottom out? heard that mr quek has asked for less curb on property prices...do you think the pappies will relent?

 

[Runifyouhaveto]

Barclays: We maintain our negative stance on the Singapore residential sector and estimate prices will fall 5% in 2014 and 5-15% in 2015 as interest rates rise, coinciding with the peak in supply.
http://sbr.com.sg/residential-property/in-focus/residential-reits-face-severe-sales-slowdown-in-2h14

 

[Runifyouhaveto]

Housing Board flat owners who sell their flats are no longer required to move out immediately once the transaction is completed. The HDB has tweaked its policy to allow sellers to stay temporarily in these sold flats for up to three months.

http://www.straitstimes.com/news/si...-sold-flats-three-months-if-buyers-agree-2014

 

[Satyr]

went drinking last night. ran into a regular drinker there.
I think the amount of money that he spent on drinking can easily help him finance a car loan every month.
of course, good drinkers don't drive.

He probably smokes as well ?

 

[Runifyouhaveto]

He probably smokes as well ?

social smoker

 

[Runifyouhaveto]

Developers' pessimism deepens in Q2
Rising construction costs, inflation, interest rates seen roiling market

The NUS-Redas Real Estate Sentiment Index Survey's Future Sentiment Index - which measures sentiments towards the market outlook over the next six months - fell to 3.4 in Q2 compared with 3.9 in Q1. A score under five indicates deteriorating market conditions while scores above five indicate improving conditions.
http://www.businesstimes.com.sg/premium/singapore/developers-pessimism-deepens-q2-20140723

Big developers are fine, sitting on massive profits for their projects under construction. The small builders, eg rebuilder of a few units are in financial difficulties.

 

[Satyr]

That is what exactly i am harping about all along. You spoke my mind. We have nothing to brag about. At least , Japan and Korea has their own R & D to brag about. They churn out product after product. All are world beaters. Here we have graduate who are engineer trained becoming agents. Frankly speaking , all these talk about licensing is hog wash of agents. It does not help in anyway to the economy.

Today's article came out bragging that Singkie's Education are top notch. They are problem solvers. To me, it a total hogwash. If we are truly thinkers and problem solvers. We would not be resorting to importing people and collecting rental to sustain the economy.

This greedy government still dare to pay themselves 18 months of bonuses. I say Balls to all these civil servants and politician.

Quite true. The only true innovations I see in Singapore are in governance and indirect taxation. The resident population is squeezed every which way for the good of the state. There is lip service to innovation but when technologists leave to become housing agents you know something is wrong. Anybody can be an agent. Just how many have the science and math skills to be engineers ?

 

[numero uno]

Quite true. The only true innovations I see in Singapore are in governance and indirect taxation. The resident population is squeezed every which way for the good of the state. There is lip service to innovation but when technologists leave to become housing agents you know something is wrong. Anybody can be an agent. Just how many have the science and math skills to be engineers ?

thats why sinkieland is condemned. there is NO innovation and talent. why? that because garmen promoting useless pseudo industries like properties and property agents . any idiot can be a prop agent. once when people realised it is nothing but a ponzi scheme/scam or once the old man is no longer around the house of cards would crumble.