A house which featured on a high-profile home makeover TV show has joined the ranks of foreclosed homes.

The Atlanta-area property appeared on an edition of the ABC reality show “Extreme Makeover” in 2005 and was built from the ground up for the Harper family.

According to the Washington Post, it took 1,800 volunteers a week to demolish the old family home and replace it with a larger two-storey property complete with appliances and furnishings.

The Atlanta Journal-Constitution says it will now go up for auction at Clayton County Courthouse on August 5 after the family used it as collateral for a $450,000 loan.

Quoted by the Journal-Constitution, an ABC statement read:

“Ultimately, financial matters are personal, and we work to respect the privacy of the families.”

The paper added the station said it advises each family to consult a financial planner after getting their new home.

A recent report from property website realtytrac.com said foreclosure filings were reported on 739,714 US properties during the second quarter of 2008 – an increase of 14 per cent on the previous quarter.

This means one in every 171 houses in the US has a had foreclosure filing in the last three months.

A Dubai-based real estate firm has announced it has generated a record return on investment (ROI) for speculators across all of its residential and commercial developments in the UAE.

Bonyan International Investment Group said buyers had particularly benefited from the Sama Al Jadaf community project, a 215-plot master development located in the Al Jadaf area in Dubai.

The project had seen over 30 per cent ROI from real estate bought by investors Al Omran, Bonyan said.

Al Omran general manager Majed Nasser Al Kimlass said:

“They offer one of the highest ROI among developers, which makes it a popular choice for local, regional and international investors seeking high-yielding investment opportunities.”

Bonyan added it believed the market is gearing up for another “cycle of intense activity” and is aiming to cater for first-time buyers in Dubai, Abu Dhabi and Ajman real estate markets, as well as investors looking to complement existing assets.

So far Bonyan has developed AED three billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower, and is currently undertaking regional projects with the aim of expanding its project portfolio to AED 15 billion inside three years.

A UK city council has been given £6.53 million to invest in transforming an empty tower block into a state of the art housing complex.

Manchester City Council has been awarded the cash by the Department of Health to develop existing council-owned tower block Whitebeck Court into 92 apartments for elderly people.

Around 40 per cent of the units will be offered up for sale to individual private buyers, although all purchases must be made by property investors over 50.

The council submitted one of 25 successful bids to the department’s ‘Extra Care Fund’ and was awarded the second largest allocation of funding in the country.

Councillor Basil Curley, executive member for adult social care, said: “This investment will allow the block to become a fantastic place for older people to live. It will give them the freedom to be independent while having top quality facilities to enjoy - the block will also become a hub for other people in the local community.”

Highlights of the plan include a rooftop jacuzzi and a roof sky lounge, surrounded by glass and giving fantastic views across Manchester.

The city council is working with Northwards Housing and Great Places Housing Group to get started on the works in Spring next year.

Robin Lawler, chief executive of Northwards Housing, said he was “delighted” the firm was being involved in the project.

A luxury US real estate development a stone’s throw from Disney World has gone on sale, with developers saying sale and rental profits are likely to be high.

The Windsor Hills Reserve lies just a mile and a half from the theme park in Orlando, Florida, and features four, five and six-bedroom villas.

A “gated resort community”, the development’s homes include private grounds, two-car garages and private pools.

Mark Wilson, product acquisition manager at Propertyshowrooms.com, which is marketing the project, said: ”

High-specification build quality also makes these villas very desirable both as investments and excellent holiday homes.

“In view of the location and high standard of these villas, I am confident that they will come out on top, both in terms of capital growth in the long term and rental desirability.”

It is thought the luxury homes will be popular with holidaymakers on short and longer-term vacations, with rentals expected to top more than $6,000 (£3,029) per month for the more lavish residences.

The weakness of the US dollar in international exchange rates could also tempt international property investors to consider the development. On current rates of $1.9 to £1, an American home worth $400,000 would set a British investor back just £201,965.

Rents in UAE state Abu Dhabi have soared by nearly 50 per cent in the space of just 12 months.

According to newspaper the Khaleej Times, a new report shows demand for quality apartments is now outstripping supply in the state.

The publication says research by property experts Asteco shows rents have shot up by 49 per cent in the last year.

As cited by the Times, the report reads:

“The most notable movement comes in the two-bedroom unit category with 66 per cent increase in rents over the last year.”

Growing incomes from record oil prices are thought to be behind the surge in real estate value in the Emirate, which saw a 167 per cent population growth from 1975 to 1985 thanks to the industry.

Regional property experts Sorouh say:

“The Abu Dhabi real estate sector has seen heightened activity over the past two years with numerous developments undertaken by the government.

“In 2005, the sector contributed five per cent of Abu Dhabi’s GDP and in terms of employment is second only to the general trade industry.”

Sorouh adds a lack of taxation on revenues or capital gains or transactional tax means real estate remains an attractive proposition for foreign property investors.

Bungalow designs usually more popular with older people are being snapped up by a younger generation of property investors, according to one UK developer.

Gladedale said units in its Lincolnshire project, Trustcote Grange, were proving popular with people of all ages.

The development, near Caistor, features bungalows with two bedrooms for £155,995 which are reportedly proving a hit with people more used to apartment or loft homes.

Gladedale said easy commuting distances to Scunthorpe and Grimsby could also be behind the high demand for “life on the level” in Trustcote Grange.

Gladedale Lincoln sales director Maureen Hynes said:

“With the Lincolnshire Wolds on the doorstep and a great quality of life available in this location, we are not surprised that the townhouses and family homes have sold well.

“Bungalows are always particularly sought after however. There’s just something about being able to wander from bedroom to living room that seems very cosy and intimate. Having windows all around also means that the light is excellent.”

Earlier this month the Daily Mail reported bungalows are becoming popular with young families as they often come with bigger gardens. The paper also said the format is easier to extend, making them an attractive investment for buyers prepared to spend money on upgrading them.

British nationals who moved to Dubai and took up residence there are creating a new demand for new homes for sale, according to one expert.

John Charcol Dubai says ex pats who have moved to the Emirate are now looking to buy properties rather than rent them.

Soaring rents appear to be encouraging Brits to splash out, even among those who did not move to the UAE with a view to investing in property.

John Charcol Dubai chief executive Chris Dommett said:

“The era of pumping hard-earned income into oblivion for rent is dissipating within Dubai’s expat community as educational awareness of the local mortgage market increases and home lending services become more accessible.”

The firm also said the growing volume and variety of Dubai mortgage options, coupled with low interest rates, are also enticing a growing number of ex pats to tap into the region’s booming real estate industry and invest in their own property.

Property investors looking to sell homes they have bought in Dubai could find the house-hunting ex pats create a new sales market.

English house prices fell one per cent in June with even London recording a significant 2.5 per cent drop.

Latest figures from the Land Registry show prices have declined for the tenth consecutive month while sale completions are now 39 per cent down on April 2007, at 57,831 compared to 95,223.

The North East bucked the downward trend by being the only region to record growth at 1.4 per cent month-on-month.

Prices in London fell more than any other region in England and Wales, taking the average house price in the capital to £345,136. The average price overall stands at £180,781.

The West Midlands was the area with the biggest year-on-year fall, recorded at 2.3 per cent.

There was some good news for property investors on Monday as the National Housing Federation commented on an independent report showing the UK will recover in 2010 to take the average house price to £274,700 by 2013.

Quoted by the Daily Telegraph, David Hollingworth, of mortgage broker London and Country, said:

“The Land Registry figures add to the growing catalogue of data reflecting falls in prices from one month to the next.

“The figure that will concern many is that London is shown to have suffered the largest regional change, falling 2.5 per cent. Often used as a barometer for the market, if London is not faring well then it provides little comfort for the general housing outlook.”

An independent economic report has said the average house price in England will rise by 25 per cent after the market stages a recovery in 2010.

The National Housing Federation (NHF) said the study by Oxford Economics shows prices will continue to fall into 2009 but will rapidly increase again by 2011.

By 2013, the average house will cost £274,700, according to the statistics.

Demand is expected to eventually surge again as at “least” 223,300 households are expected to form each year to 2026.

NHF chief executive David Orr said:

“Demand for housing is going up, while the supply of new homes is going down. This means that as soon as the economic outlook improves house prices will resume their previous upward trajectory.

“People are living longer, they’re delaying getting married and they’re more likely to get divorced - meaning we now have more households than ever.”

He added even though house prices have fallen, affordability has not improved “one iota” and called on the Government to work with housing associations to ensure housing targets are met.

The report by Oxford Economics, called Home Truths 2008, said:

“Demands for 25 per cent deposits are now common and Bank of England interest rate reductions and liquidity injections have done little to loosen mortgage lending terms.

“First-time buyers are consequently in as difficult a position as they were at the height of the market.”

The news comes as figures from the Land Registry showed prices fell by an average of one per cent in June.

America’s foreclosure phenomenon is showing no firm signs of easing, according to new figures from a real estate specialist.

Leading property website realtytrac.com said foreclosure filings were reported on 739,714 US properties during the second quarter of 2008 - nearly 14 percent increase on the previous three months.

This figure is also a 121 per cent rise on the second quarter of 2007 and shows one in every 171 American homes have received a filing over the last three months.

States in the south west are seeing particularly steep figures, with Nevada, California and Arizona producing the highest foreclosure rates.

Realtytrac chief executive James Saccacio, said:

“Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity.”

The Stockton area of California is seeing the most activity, with one home in every 25 going through foreclosure.

Despite a nearly 15 per cent decrease in foreclosure activity in the second quarter, Colorado posted the nation’s fifth highest foreclosure rate — one in every 129 households.