China Chart Pack Corporate defaults surge Corporate bond defaults in China have jumped recently, adding to worries about the economic outlook. July is on track to more than double the previous monthly record for the scale of onshore bonds... 19th July 2018 · 1 min read
US Housing Market Data Response Housing Starts (Jun.) Both single and multifamily housing starts recorded substantial declines in June. The fall of 12.3% m/m in total starts was the largest month-on-month drop since the end of 2016. Building permits were... 18th July 2018 · 1 min read
UK Housing Market Data Response UK House Price Index (May.) The UK House Price Index recorded a broad-based slowdown in May, with house price inflation cooling in every region over the last three months. 18th July 2018 · 1 min read
Canada Economics Weekly Bank still too sanguine about the housing market The Bank of Canada appears increasingly confident in the economic outlook, but we think that its forecasts for GDP growth will prove to be too optimistic. Following this week’s increase in the policy... 13th July 2018 · 1 min read
US Housing Market Update Americans have not forgotten that house prices can fall The share of Americans who point to high house prices as a reason not to buy looks elevated in relation to the level of real house prices and mortgage affordability. That may reflect memories of the... 13th July 2018 · 1 min read
Australia & New Zealand Economics Weekly Too early to sound all-clear on credit conditions Housing finance commitments have started to edge up again and suggest that house prices won’t fall much further for now. Households are taking the weaker housing market in their stride and APRA... 13th July 2018 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jun.) The national rate of house price inflation slowed to a near-five-year low of 2.9% in June. With house price inflation in Vancouver now plummeting back down to earth, the national rate looks set to... 12th July 2018 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jun.) New sales instructions rose for a second consecutive month in June. But with new buyer enquiries flat and the stock of homes for sale still close to a record low, a meaningful recovery in mortgage... 12th July 2018 · 1 min read
US Housing Market Chart Pack House price growth slows as demand weakens The recent drop in home buying sentiment, partly driven by concerns that prices are too high, is now evident in lackluster mortgage applications for home purchase. Applications fell 0.4% m/m in June... 11th July 2018 · 1 min read
Japan Economic Outlook Subdued inflation ties BoJ’s hands We expect GDP growth to be broadly in line with trend both this year and next. The labour market will remain very tight and wage growth may strengthen further. But sluggish demand after next year’s... 11th July 2018 · 1 min read
China Economic Outlook Domestic headwinds building Sentiment about China’s economic prospects has worsened recently as trade tensions have escalated. The tariffs announced so far won’t have a big impact though. Instead, we expect economic growth to... 10th July 2018 · 1 min read
Nordic & Swiss Economics Weekly Riksbank hawkish, Norwegian housing recovering The main event this week was the Riksbank meeting , at which the Bank reiterated that it expected to raise interest rates in December. And data released since the meeting support the case for the... 6th July 2018 · 1 min read
US Housing Market Update Rise in natural vacancy rate may support rental growth It is possible that the large number of new apartments entering the market over the past year has acted to increase the ‘natural’ vacancy rate. Uncertainty about achievable rents in new buildings... 6th July 2018 · 1 min read
UK Housing Market Chart Pack July 2018 Data revisions left Q1 GDP at 0.2% q/q, an improvement over the previous estimate but still weak. However the PMI data showed further improvement in June. As a result, economic growth is likely to... 6th July 2018 · 1 min read
Australia & New Zealand Economics Weekly Policymakers, housing and households As well as fretting about the rise in global trade barriers, policymakers in Australia are also becoming more worried about housing. And rightly so. After all, some of the most reliable leading... 6th July 2018 · 1 min read
US Housing Market Data Response Mortgage Applications (June) Demand for home purchase and refinancing both dropped back in June, as higher mortgage interest rates and inventory shortages weighed on housing market activity. With interest rates set to trend... 5th July 2018 · 1 min read
