US Housing Market Data Response New Home Sales (Apr.) The second consecutive strong rise in new home sales in April may even underestimate the recent rebound since the data exclude condo sales, which are probably performing better than sales of new... 24th May 2011 · 1 min read
UK Housing Market Focus Borrowers more exposed than ever to rising rates The low starting point for interest rates, the high share of mortgages at variable rates of interest and the record level of mortgage debt relative to earnings mean that borrowers are more exposed... 23rd May 2011 · 1 min read
Canada Economics Weekly Housing renovation boom on shaky ground Renovation investment has risen to historically high levels in Canada. This boom in renovation is another symptom of a broader housing bubble. The very high level of construction employment is another... 23rd May 2011 · 1 min read
UK Housing Market Update What does the outlook for housebuilding imply for land values? Housebuilding activity bounced back strongly in the first quarter, albeit from an extremely low base. However, we doubt that the recovery can maintain this momentum. Indeed, on balance, we believe... 20th May 2011 · 1 min read
US Housing Market Data Response Mortgage Delinquencies (Q1) & Existing Home Sales (Apr.) Despite the modest fall in the share of mortgages in foreclosure in the first quarter, over four million homeowners are still in serious danger of losing their home. Moreover, it is worrying that... 19th May 2011 · 1 min read
US Housing Market Data Response Housing Starts (Apr.) As most of the sharp fall in housing starts in April was due to the tornados that battered the south of the nation last month, homebuilding activity will probably bounce back in May. That said, at a... 17th May 2011 · 1 min read
US Housing Market Focus Rental market set to shine Over the next five years the rental market will be the best performing part of the residential housing market, with the multi-family sector doing particularly well. A sustained rise in rents is... 16th May 2011 · 1 min read
UK Housing Market Update House price-to-rents ratio - why the different messages? We have been asked why the house price-to-rents ratio compiled using a National Accounts measure of rents indicates that housing is close to fair value, while the Retail Prices Index measure suggests... 16th May 2011 · 1 min read
China Economics Update Strong Hong Kong growth stokes property bubble fears Hong Kong is on course for another year of above-trend growth after a strong performance in Q1, but its property bubble is growing. Prices could plausibly halve if buyers started to question how long... 13th May 2011 · 1 min read
UK Housing Market Data Response Mortgage Arrears and Possessions (Q1) Against a backdrop of subdued wage growth and a weakening labour market, the rise in mortgage possession cases seen in the first quarter of the year is unlikely to be the last. 12th May 2011 · 1 min read
UK Housing Market Data Response CML Buy-To-Let Lending (Q1) The share of buy-to-let in the wider mortgage market continued to rise in the first three months of the year. But that has more to do with the weakness of activity among owner occupiers than... 12th May 2011 · 1 min read
US Housing Market Chart Pack Price declines accelerating The latest evidence suggests that prices have started to fall at a faster pace once again. After having dropped by 1.0% m/m in both December and January, prices on the seasonally adjusted FHFA index... 11th May 2011 · 1 min read
UK Housing Market Data Response RICS Housing Market Survey (Apr.) The latest RICS housing market survey provides further evidence, if any were needed, that the house price outlook is weak. Most of the activity indicators deteriorated further in October and surveyors... 10th May 2011 · 1 min read
US Housing Market Update Outlook for condo prices not as bleak Recent news has highlighted the severity of the renewed downturn in prices of single-family homes. Although condominiums will not escape altogether, over the next year or so condo prices are likely to... 9th May 2011 · 1 min read
UK Data Response Halifax House Prices (Apr.) After stabilising in the past few months, the main house price indices again appear to be on their way back down. Given the weak activity data and the overvaluation in the market, this should come as... 9th May 2011 · 1 min read
UK Housing Market Chart Pack House prices will be dragged lower by job losses Last month’s housing market news-flow may have been slightly more positive than of late, but it didn’t change the underlying picture of a market that remains severely depressed. And if unemployment... 5th May 2011 · 1 min read
