Study Group: Homebuilding Experts (United Kingdom)

GLG News^SM Analyses by this Study Group's Leading Experts(?)

Tax Lien Certificates Offer Stability During Unstable Times

October 1, 2009

Analysis by:Howard Liggett, President and CEO,

Analysis of:Tax Bills Put Pressure on Struggling Homeowners | www.nytimes.com

Present estimates of  unpaid property taxes in the United States place the figure as high as $15 billion annually.  The choices available to government officials for remedying this shortfall are limited.  Counties and cities could increase the tax rate,borrow (maybe) the necessary capital,reduce services (again) or sell the tax debt to investors willing to take the risk they will be repaid.  The first three options are distasteful to most property owners,particularly those who pay on time.

Recovery in UK housing production could trigger further land bank write downs

August 6, 2009

Analysis by:Jon Watson, Principal,

Analysis of:Taylor Wimpey takes further £527m writedowns | www.ft.com

Taylor Wimpey's results (5 August) show a further write down of £527m on their land bank and work in progress. The following day, Bellway launched a £45m rights issue to finance further land purchases (http://www.building.co.uk/story.asp?storycode=3146488&origin=bldgdailynewsletter). These different responses to the problem of writing down the value of sites purchased at the height of the housing land bubble in 2006/7 could have significant consequences as the market recovers.

Foreign & Domestic Investors Positioning For Florida Distressed Real Estate Deluge

June 8, 2009

Analysis by:Howard Liggett, President and CEO,

Analysis of:IS IT A GREAT TIME TO BUY PROPERTY IN FLORIDA NOW? | www.overseaspropertymall.com

South Florida's depressed real estate market is still about six months from rock bottom, but now bargain hunters are out in force. At a recent conference, real estate brokers and lawyers agreed the sharpest declines in value and the highest spikes in foreclosures will hit once most of Miami's new condo units are built in late 2008 and into 2009. Still, several brokers are noticing that distressed properties are starting to sell, and buyers - especially foreign buyers - are already eyeing the market to make sure they don't miss a feeding frenzy for cheap real estate. The trifecta of the housing glut, the subprime crisis and the weak dollar has made South Florida real estate attractive again - but for a very different reason than in 2005.

South Florida's Real Estate Armageddon Presents Huge Acquisition Opportunities

January 15, 2009

Analysis by:Howard Liggett, President and CEO,

Analysis of:Nonresidential Construction Seen Falling 11% in 2009 | www.cnbc.com

South Florida's commercial and residential real estate markets suffered in 2008, and the New Year doesn't figure to offer much relief. Continued foreclosures and the weak economy will continue having an impact on prices and number of properties available with only aggressive sellers disposing of properties. Although home sales started picking up this past summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors. All this carnage creates an opportunity for those positioned to take advantage of the adjustment in prices, and higher expected returns.

Valuation Vendors Critical to the Home Sale Rebound

December 12, 2008

Analysis by:Howard Liggett, President and CEO,

Analysis of:U.S. Eyes Plan to Lift Home Sales | online.wsj.com

As markets change,servicers and lenders need to choose a valuation company that can quickly and easily adapt.  Questions to ask include: Does your valuation vendor use a quality evaluation logic that can be changed on the fly?  The preferred valuation model would weigh more heavily on comps in an appreciating market and listings in a declining market.

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