US Economics Weekly Uptick in incoming data not enough to sway the Fed Since the Fed signalled at the last FOMC meeting three weeks ago that it was poised to act, the incoming economic data have, somewhat ironically, suddenly started to improve. Despite the recent uptick... 17th August 2012 · 1 min read
UK Housing Market Update Are more forced part-time workers a risk for arrears? Although it is impossible to be sure, the trend towards ever greater numbers of people working part-time out of necessity rather than choice may have halted the downward trend in mortgage arrears. At... 17th August 2012 · 1 min read
US Housing Market Update Land values poised to recover The recent rise in residential land values is unlikely to be a one-off. Admittedly, with the level of new home sales still low and house prices gains to remain fairly modest, the pace of the initial... 16th August 2012 · 1 min read
US Housing Market Data Response Housing Starts (Jul.) Housing starts fell slightly in July, but the forward-looking indicators rose once again. The upshot is that homebuilding will continue to support the wider economic recovery. 16th August 2012 · 1 min read
UK Data Response UK Cities & Regions Data Response The ONS data confirm reports from other sources that back in June, the London housing market remained strong. However we are less confident about some of the apparent strength reported for some other... 14th August 2012 · 1 min read
UK Housing Market Data Response RICS Housing Market Survey (Jul.) Activity in the housing market declined again in July, with a particularly large fall in newly agreed sales. Although demand and supply remain fairly well balanced, surveyors continue to expect... 14th August 2012 · 1 min read
UK Housing Market Data Response RICS Lettings Survey (Jul.) Tenant demand growth continued to soften over the second quarter of 2012, but given a slight drop in letting instructions surveyors still expect rents to grow modestly. Very weak demand in London may... 10th August 2012 · 1 min read
UK Data Response Producer Prices (Jun.) & Construction Output (Q2) Although July’s producer prices figures disclosed the first rise in input price inflation since February, we doubt that this is a sign of an emerging consumer price inflation threat. Indeed, the... 10th August 2012 · 1 min read
Canada Economics Update Housing investment cycle may have peaked The surge in housing starts, driven entirely by hi-rise condominium construction despite already high inventory, is now glaring evidence of overbuilding. Anecdotal evidence, meanwhile, points to... 10th August 2012 · 1 min read
US Housing Market Data Response Mortgage Delinquencies (Q2 12) The sharp slowdown in jobs growth seems to have fed through rapidly to the mortgage delinquency rate, which rose for the first time in a year in the second quarter. There was better news on the... 9th August 2012 · 1 min read
UK Housing Market Data Response Mortgage Arrears and Possessions (Q2) Any adverse effects from the deepening recession appear to have been more than offset by lender forbearance, allowing the level of mortgage arrears to hold steady and fewer homes to be possessed in... 9th August 2012 · 1 min read
UK Housing Market Data Response CML Buy-To-Let Lending (Q2) Lending to the Buy-to-Let sector was rather stronger than for the mainstream market in the second quarter of this year. That seems consistent with reports that, although the strength of tenant demand... 9th August 2012 · 1 min read
UK Housing Market Update Why is remortgaging so weak? While tight credit conditions are keeping all housing market activity subdued, the narrowing of the spread between Standard Variable Rates (SVRs) and the rates available for new loans helps explain... 8th August 2012 · 1 min read
US Housing Market Data Response CoreLogic House Prices (Jun.) CoreLogic’s measure of house prices posted another strong gain in June. But unlike in recent months, the latest rise was marginally weaker than we would expect in a typical June, meaning that... 7th August 2012 · 1 min read
US Economics Update Fed will want to satisfy surging mortgage demand The surge in demand for residential mortgages reported by the Fed’s latest Senior Loan Officer Survey could further encourage the FOMC to launch QE3, and perhaps some kind of Funding for Lending... 7th August 2012 · 1 min read
US Housing Market Chart Pack Don’t fret about June’s weak sales figures Home sales fell by 5.6% m/m in June, the largest monthly decline for 16 months. But this is unlikely to signal that the recovery in housing demand has run out of steam already. For one, pending home... 6th August 2012 · 1 min read
