Think USA Had a Real Estate Bubble, Check Out India
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
We are worried about the state of real estate and banking stocks traded on our exchanges, but our concerns are nothing compared to what happened Friday in India.
In one day the BSE Realty stock index fell 24%. One of the main stocks, Unitech dropped over 50%. The concerns in India are not that there is just underlying weakness in the market but that they have not been honest with shareholders and regulators.
So while we have worries, India has a meltdown on their hands.
Real estate stocks fell like nine pins on Friday as investors panicked and jettisoned their stocks at whatever price the markets gave them. Amidst free fall in the markets, stock prices of Unitech halved and settled at Rs 30.10 with a loss of 51.29%, unforeseen for a Nifty stock in a single day earlier.
The stock lost around 91% of its value from its peak price of Rs 547 that was seen during January 2008. Among realty stocks, Puravankara Projects, DLF, Orbit Corporation, Parsvnath Developers and Phoenix Mills had taken larger beating and these stocks were down more than 20%. Even the BSE realty index fell by 24% in a day. The markets on Friday disappointed after the Reserve Bank of India kept its key rates unchanged in its credit policy. via The Times of India
I saw this earlier today and thought the exact same thing, Tom. The politicians have been pushing homeownership for ...
I just found your blog and it's filled with great information. One of my goals this year is to update ...
Thanks for the kind words. I promise you the first year we did not have this level of readership. It ...
The limit on jumbo's is either 417,000 OR it is 115% of the median house price, not to exceed 150% ...
I like your blog and I have read many of your articles. I agree that it is amazing the ...
Yes, there are some deals out there. While there are some deals out there, I'm an agent looking for ...
With mortgage rates poised to drop to 4.5 percent all we need now is some tax incentives to help home ...
I think the overall interest in refinancing was definately high recently. However the problem is that although the rates dropped, ...
I have had great success using craigslist. Renters need to be careful and make sure they check out their landlord ...
This is the start of where the market can begin to level out.
Home owners will start to be able to ...
Comment by James Sanson on 26 October 2008:
The real estate bubble is international right now. Next year we will see Canada pop even though al of them are saying their banking system is better system then us their stupic Americans.
Pingback by Not Just the U.S. Real Estate Market | Jameson on 28 October 2008:
[...] Think USA Had a Real Estate Bubble, Check Out India - The Real Estate Bloggers - 26 October 08 We are worried about the state of real estate and banking stocks traded on our exchanges, but our concerns are nothing compared to what happened Friday in India. [...]