US Housing Market Focus Single-family rentals: the next big thing? The housing crash has created the ideal conditions for institutions to invest in single-family rented housing. But this looks like a one-time opportunity. As house prices recover, so investor interest... 1st October 2012 · 1 min read
Canada Economics Weekly Odds stacking heavily against condo soft landing Slumping home sales is casting a dark shadow over prospects for new housing construction. Although the recent surge in multi-unit housing starts might sustain the elevated level of overall housing... 1st October 2012 · 1 min read
US Economics Weekly Burgeoning housing recovery won't transform GDP growth The promising recovery in the housing market will continue during the fourth quarter and next year. But because housing accounts for only a tiny share of GDP, the recovery won’t transform the US from... 28th September 2012 · 1 min read
UK Housing Market Data Response Land Registry Repeat Sales Index (Aug. 12) House prices were flat in August according to the Land Registry, and even prices in London showed no change. But demand for £2m+ houses as a perceived safe asset continues to grow, despite the... 28th September 2012 · 1 min read
US Housing Market Data Response New Home Sales (Aug.) New home sales declined fractionally in August. However, with the new-build premium sharply lower and mortgage rates falling to record lows, we expect them to resume their upward trend before too long... 26th September 2012 · 1 min read
US Housing Market Data Response Case-Shiller House Prices (Jul.) The sixth successive monthly rise in house prices in July supports our view that, even with the broader economic recovery struggling to gain traction, the housing recovery is sustainable. 25th September 2012 · 1 min read
UK Housing Market Data Response BBA Mortgage Lending (Aug.) The recovery from June’s sharp dip in mortgage approvals continues, but the broader picture remains one of a subdued lending environment. There is no sign as yet that Government efforts to revive the... 25th September 2012 · 1 min read
US Housing Market Update NAHB index overdoing the homebuilding recovery The homebuilding sector is recovering and we expect housing starts to post a decent year-on-year gain both this year and next. Nevertheless, a surge in starts on the scale implied by the NAHB... 21st September 2012 · 1 min read
UK Housing Market Update How will we know if the Funding for Lending Scheme is working? It is far too early to make a robust assessment of the impact of the Funding for Lending Scheme. But the spreads over wholesale funding costs that lenders charge on mortgages will be a key indicator... 21st September 2012 · 1 min read
Canada Economic Outlook Housing correction only just beginning Canada's already lacklustre rate of economic growth is only going to slow further as the housing correction intensifies. Home sales are now falling sharply and it is only a matter of time before... 20th September 2012 · 1 min read
Canada Economics Update Housing correction begins in earnest The decade-long run-up in home prices, which has seen prices rise in some cities by over 150%, is now going into reverse, with national home prices falling in August for the first time in more than... 19th September 2012 · 1 min read
US Housing Market Data Response Housing Starts & Existing Home Sales (Aug.) Consistent with our view that the housing market is experiencing a sustainable recovery, today’s data releases showed a further improvement in housing activity. 19th September 2012 · 1 min read
UK Housing Market Update Stamp duty – What impact has the 7% rate had? Early indications are that the introduction of a 7% stamp duty rate on property valued at £2m or more has had no detrimental impact on activity in this market segment. Indeed for this part of the... 19th September 2012 · 1 min read
Canada Economics Update Housing bubble bursting? The recent slump in home sales suggests that a housing correction is underway. Assuming that sales continue to trend lower over the remainder of this year, then the typical lag relationship between... 17th September 2012 · 1 min read
US Housing Market Update How positive is QE3 for housing? Further MBS purchases by the Fed won’t engineer the same drop in mortgage interest rates that earlier rounds did, and with mortgage-dependent buyers playing a relatively marginal role in the housing... 14th September 2012 · 1 min read
UK Housing Market Focus Where next for the new-build premium? The new-build premium tends to move inversely to house prices, due to housebuilders’ pricing strategy and changes in affordability. Given that house prices are likely to drift lower over the next... 13th September 2012 · 1 min read
