Link: http://www.windhoekberg.co.za

Velddrif - Hank McGregor powering into the canoeing history record books by winning his seventh title in the Windhoek Berg River Canoe marathon, edging past the record of six wins that he had shared with Robbie Herreveld, while Robyn Kime dominated the ladies race over the four days, finishing over an hour ahead of nearest rival, Donna Winter.

McGregor blasted into the finish at Velddrif victorious, without another boat in sight. “I am really happy. My dad was here for my first win, and now he was here for my seventh. It’s a really special moment.” said the champion.

Second placed King praised McGregor saying, “Hank deserves it. He is a true professional. No one can match his skill, racing mentality, and experience.” Heinrich Schloms raced a skilled and consistent race over the last four days, to finish in third overall.

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(from Property Trader)

According to mortgage originator ooba, the average house price rose 6,8% year-on-year in June to R837 599 (from R784 427 in June 2009), and the outlook for the SA residential property market remains positive.

“House prices are continuing to increase, albeit at a slower pace than in the past few months,” says ooba CEO Saul Geffen “We have seen a sharp recovery in house prices during the first half of this year and we are still seeing an easing in lending criteria, which is good news for potential homebuyers and the property market in general."

The ooba statistics also show that as a percentage of purchase price, the average deposit paid by home buyers has dropped from 22,5% of the price to 17% in the past year, and that the average approved bond size has increased 14,3% yoy to R695 381.

Nevertheless, the average bond decline ratio is still sitting at just under half of all applications (48,8% in June), the originator says.

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Link: http://www.overberg.biz

INTERNATIONAL

- US quarterly earnings got off to a good start with better than expected results from benchmark companies Alcoa and Intel. However, earnings are a lagging indicator, and the outlook presented on release is often more important, illustrated by JPMorgan which although beating expectations issued a cautious outlook, causing the share price to decline.

- US wholesale sales unexpectedly fell in May by 0.3 % month-on-month the 1st decline since March 2009 and against a 0.5 % consensus forecast increase. Total inventories increased 0.5 % higher than the 0.4 % consensus forecast, taking the inventory-tosales ratio, a measure of how long it would take to sell stocks at the current sales
price, to 1.14 months from April’s 1.13 months.

- The Philadelphia Fed reported a weaker than expected factory activity index, dropping in July to 5.1 against a consensus forecast 10. The New York Fed reported its manufacturing index fell to 5.08 against a consensus forecast 18.

- US producer price inflation fell for a 3rd straight month in June by -0.5 % year-on-year after falling -0.3 % in May and more than the consensus forecast -0.1 %.

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(Article from Property Trader)

Despite the recent increase in market activity and uptick in prices, the
recovery of the property market still hangs in the balance - and will be
tipped one way or another by the banks.

That's the word from mortgage originator Property Factor, which says in its
latest newsletter that while the banks are advertising 100% bonds, the
success rate of applications for such bonds is actually only around 3% to

4%. The truth, it says, is that most buyers are still required to put down a
deposit. "And the higher the deposit, the better the chance of obtaining
bond approval and the more favourable the interest rate will be."

The company also says that banks' internal scoring systems have been
tightened, and if applicants don't meet the minimum scoring, which is
calculated by computer, their applications will immediately receive a
non-negotiable 'system decline'.

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