US Housing Market Data Response Mortgage Applications (Apr.) Despite the latest fall back in mortgage rates, appetite for mortgage borrowing is still stuck in a rut. This supports our view that the cost of borrowing is not the problem. Instead, a number of long... 4th May 2011 · 1 min read
UK Housing Market Data Response Land Registry Repeat Sales Index (Mar.) The small gain in house prices in January is unlikely to signal an end to the weakening trend in house prices. Indeed, if our economic forecasts are correct, the downward pressures on house prices are... 4th May 2011 · 1 min read
UK Housing Market Data Response Nationwide House Prices (Apr.) & Mortgage Lending (Mar.) The fact that mortgage lending continues to run at incredibly low levels is weighing on house prices. But while prices appear to be slipping only slowly for now, job losses from the fiscal... 4th May 2011 · 1 min read
US Economics Update Fed's survey shows diverging demand for loans The Fed's latest survey of Senior Loan Officers shows a rapidly widening divergence between the strengthening demand for commercial loans and the falling demand for residential mortgages. 2nd May 2011 · 1 min read
Canada Economics Weekly Housing bubble a national problem The latest Teranet National Bank house price report, released last week, provided a timely counterbalance to the growing belief that Canada's housing boom is being driven solely by Chinese purchases... 2nd May 2011 · 1 min read
US Housing Market Data Response Homeownership & Vacancy Rates (Q1) The further decline in the homeownership rate in the first quarter provides yet more evidence that Americans are now less able and less willing to buy a home. The flipside is that the resulting... 27th April 2011 · 1 min read
UK Housing Market Data Response BBA Mortgage Lending (Mar.) The mortgage market remained in the doldrums in March. Approvals for house purchase data suggest that buyers remained largely inactive in the face of the growing squeeze on household incomes, fragile... 27th April 2011 · 1 min read
US Housing Market Data Response House Prices (Feb.) House prices have started to drop at a faster pace and on some indices are now falling at rates not seen since the financial crisis. In contrast to most forecasters, we always thought that prices... 26th April 2011 · 1 min read
US Housing Market Data Response New Home Sales (Mar.) We are hopeful that the increase in new home sales in March marks the end of the downward trend that had taken sales to a record low. But with existing homes being sold at much more competitive prices... 25th April 2011 · 1 min read
UK Housing Market Update What does the ratio of house prices to equities tell us? We often encounter the argument that low interest rates have made valuation metrics such as the house price-to-earnings ratio less useful as a guide to the sustainability or otherwise of prevailing... 21st April 2011 · 1 min read
US Housing Market Data Response Housing Starts (Mar.) The rebound in housing starts in March does little to hide the fact that homebuilding activity remains close to rock bottom. With both the demand and need for new homes still very low, housing starts... 19th April 2011 · 1 min read
UK Housing Market Update Will high inflation prevent nominal house price falls? The required correction in real house prices will not be delivered via above-target inflation. With earnings growth failing to keep pace with inflation, in order to close the gap between house prices... 18th April 2011 · 1 min read
UK Housing Market Data Response RICS Housing Survey & CLG House Prices (Mar/Feb) Very weak activity levels continued to exert a downward pressure on house prices in March. But while prices in London reportedly rose, in other regions the evidence suggests that the housing market... 12th April 2011 · 1 min read
US Housing Market Chart Pack Still in the doldrums The further fall in house prices at the end of last year has made housing look more under-valued relative to income than ever before. (See Chart below.) This appears to be attracting cash buyers and... 7th April 2011 · 1 min read
US Housing Market Data Response Mortgage Applications (Mar.) Continued low mortgage rates and favourable housing valuations are still failing to stimulate mortgage demand, with mortgage applications for home purchase in March still close to record lows. 6th April 2011 · 1 min read
UK Data Response Halifax House Prices (Mar.) Last month’s marginal increase in house prices is unlikely to set a trend for the rest of this year. With lenders further restricting the availability of credit and the fiscal squeeze intensifying... 6th April 2011 · 1 min read
