Pound Declines on the Lowest Home Sales

The Great Britain pound continued to fall today against the other major currencies after reaching the all-time low against the euro as the home sales report showed the lowest level in the last 30 years.

The Royal Institution of Chartered Surveyors released its October issue of the U.K. real estate market survey. It showed that the quarterly number of completed sales per surveyor (real-estate agent) fell to the record low — 10.9 homes. It’s the lowest level since the RICS began to conduct these surveys in 1978.

Pound is still trading in the strong downward trend against the current Forex favorites — the U.S. dollar and the Japanese yen. The trend against the euro is less distinctive, but the pound is losing to its younger counterpart in the long-term. The traders expect the new rate cuts from the Bank of England, which is more tolerant to the lower interest rates than the European Central Bank.

GBP/USD fell from 1.5626 to 1.5586 as of 8:47 GMT today. GBP/JPY declined from 153.11 to 152.21, while EUR/GBP rose from 0.8160 to 0.8177 today after reaching 0.8210 yesterday — the highest level since the euro’s inception.

WING presents new sustainable office building

Hungary - WING Ltd. introduced its new sustainable office building named k3. Situated in the newest business centre of the capital, with its 17,000 sqm area coverage on the Könyves Kálmán Ringroad, K3 conforms to the international regulations of BREEAM . The A-class office complex offers sustainable and cost-effective solutions to all their future tenants through its environment conscious construction techniques. K3 will open its gates officially in March 2010.

The office building K3 neighbouring Népliget is now structurally complete. As the developer WING had its first presentation on location demonstrating the range of individual solutions the building offers for companies with green ideas. The greatest advantage of the project is that it pairs up cost-effectiveness with the idea of a pleasing and healthy work environment within the framework of environmental consciousness.

The 17.000 sqm office building consists of four towers offering 2,300 sqm office space for rent on each level. The building will be completed with a three-level car park.

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Stronger rand and relaxed lending criteria to strengthen property market

“Relaxed lending criteria and a stronger rand should assist the ailing South African property market in making a turn for the better,” said eLan Property Group CEO Mark Taylor. Taylor’s comment surfaced following debate on whether or not the Reserve Bank will cut the interest rate again.

After seemingly closing shop on high loan to value mortgages over the past few months, the banks are casting the net wider and opening up origination channels for their clients. Standard Bank will now be offering clients up to 100% on deals less than R1, 5million. First National Bank is offering clients up to 95% on deals less than R1, 5million and ABSA is doing up to 90% loans on deals less than R1, 5million.

Taylor said, “This should motivate the mid-level buyer and investor to enter the market once more. We are already seeing increased market activity compared to the same quarter last year especially in the Ballito area.”

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CitiMortgage Launches New Home Save Program for Unemployed!

You Read it Correctly!

The mortgage giant CitiMortgage has launched a plan to proactively eliminate foreclosures. The name of this program is the Homeowner's Unemployment Save Program! In all, this program is designed to keep current homeowners who are facing foreclosure in their homes.

So what's the BIG deal about this program? Well, it's the first home save initiative of its kind designed to help delinquent homeowners who are currently unemployed! Despite all the negative media characterizing the surge in foreclosures to undisciplined, irresponsible, spontaneous home buyers who "bought more than they could afford," for once we have a program geared at addressing the millions of hard-working homeowners throughout the country who simply encountered financial hardships due to a sad reality becoming more common today: Job Loss!

CitiMortgage's Unemployment Homeowner Save Program has three basic criteria for qualification:

1. Homeowners must have a Citigroup-based mortgage loan in which the home is their primary occupancy

2. The Homeowner must be at least 60days or more behind in mortgage payments

3. Homeowner must be currently unemployed or receiving unemployment benefits

Folks, people simply don't buy homes to lose them. And yes, there were some homeowners who bought more home than they could afford, but really---every foreclosure and even the majority of foreclosures can not be attributed to this.

Employers such as Bank of America, General Motors, Chrysler, California State Employees, Wachovia, and even the software mega-producer Microsoft have succumb to layoffs. And for those of us who reside in Mecklenburg county, Charlotte Mecklenburg Schools System will be slashing positions in the upcoming weeks! Folks, this is a domino effect and NO ONE is Immune! I don't know about you, but I think we are all in this together and the only way we will recover is to help one another. So, you don't think that empty house beside you does you any harm? Think Again!

If you would like more information regarding Citigroup's Homeowner Unemployment Save Program, you can contact them directly at: 1-800-283-7918

For more information & a FREE proactive program designed to save your home from foreclosure in North Carolina, please contact TeamJaclyn at 704-293-4275!