New GhostConvey support Number
Since the beginning of August the new support number for GhostConvey has been 08611 Ghost (08611 44678). The old 0860 convey / 0860 266 839 number which is still being used will be decommissioned on 30 Dec 2011.
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FNB Property Barometer - November 2011 House Price Index
FNB - South Africa
These are the “hard work” processes that are crucial to a healthy property market, but whose benefits are only felt with a long time lag. These are the positive developments that are expected to continue in 2012. But these processes that have to take place to lay the foundation for recovery are slow. The “text book” big property cycle spans an average of 15-20 years. Given that 1998 was arguably the last big cycle bottom point, we are now 13 years into the current cycle. This would suggest a few more years of eliminating the various excesses and imbalances that exist before the market can flourish. 2012 promises progress in reducing the “excesses”, but it seems too early to expect this to translate into improved price performance.
Residential property's shadow inventory to depress market
Iol.co.za - South Africa
Estimates of residential property's shadow inventory vary widely, but one thing analysts do agree on is that the overhang is massive and will likely weigh on market dynamics for the next 18 to 24 months.
Auction Alliance, the country's largest auctioneer, defines the shadow market, as properties which are in mortgage distress and will still hit the market.
Measurements of soon to be repossessed and foreclosed homes that have yet to hit the market range from 10 000 to as much as 50 000, says Alliance." We believe that the number of houses which are to be foreclosed on over the next 12 months is around 25,000. Much of the discrepancy stems from the different calculations used and how they determine which loans will inevitably default and sink into the shadows", explains CEO, Rael Levitt.
Report back on USA's NAR Conference shows SA housing market coming through recession better than that of USA - but their market is improving
Rawson - South Africa
The 90-strong South African contingent at the USA’s National Association of Realtors (NAR) annual conference, held recently at Anaheim, California, was the largest from any country (other than the USA itself) – and the Rawson Properties franchise group was the largest corporate group of any from South Africa, reports Tony Clarke, managing director of Rawson Properties, who initiated the visit and hosted the Rawson party.