UK Housing Market Data Response Mortgage Lending (Apr.) The latest fall in the Bank of England mortgage approvals numbers was surely driven at least in part by April’s one-off events. But underlying demand is clearly still weak. 1st June 2011 · 1 min read
US Housing Market Data Response Case-Shiller House Prices (Q1) The further fall in house prices in the first quarter means that on the Case-Shiller index prices have now fallen by more than they did during the Great Depression. On that occasion, the peak in... 31st May 2011 · 1 min read
UK Housing Market Data Response Land Registry Repeat Sales Index (Apr.) 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... 31st May 2011 · 1 min read
UK Data Response Nationwide House Prices (May) December’s producer prices figures revealed that cost pressures in the manufacturing sector are continuing to intensify. But this should not prevent consumer price inflation from falling back in the... 27th May 2011 · 1 min read
US Housing Market Data Response FHFA House Prices (Q1) The housing downturn has gone from bad to worse, with the FHFA index showing that prices in the first quarter fell at a faster rate than at any time since the height of the financial crisis in late... 25th May 2011 · 1 min read
UK Housing Market Data Response BBA Mortgage Lending (Apr.) Although April’s late Easter and Royal Wedding celebrations may have depressed mortgage market activity, today’s weak figures are consistent with the struggling economic recovery. What’s more, the... 25th May 2011 · 1 min read
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
