Housing Choice Voucher Program
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The Planet's Housing Markets Were On Balance Weaker In The Year Ending In The Second Quarter Of 2011, According To The First-Ever Published survey Covering The Q2 2011 data.
The planet's housing markets were on balance weaker in the year ending in the 2nd quarter of 2011, according to the very first made public survey covering the Q2 2011 information, released today by the Global Property guide, which traditionally publishes world housing info ahead of other research houses.
Few European nations ' markets rose, most dropped, and many worse-hit nations such as Ireland, Greece and Spain performed much worse this year than last year. The US figures were also upsetting, due to high unemployment.
Globally, more housing markets experienced price falls than rises.
Only 13 out of 39 states which have so far released info for the period saw house price increases in the year to end Q2 2011.
Out of 26 nations with home price falls, eighteen saw speeded up rates of decline.
The World Property Guide's statistical show uses price changes after inflation, giving a practical picture than the more upbeat nominal figures often favoured by real estate agents.
HK had the highest increase among all countries surveyed by the World Property Guide, regardless of cooling measures implemented by the govt. House prices were up 19.76% over the year to finish Q2 2011, after inflation, with a quarterly rise of 3.51%.
The base dynamic has been Hong Kong's very robust business growth, with GDP up 5.1% over 12 months earlier, and very low interest rates coming from the HK dollar's peg to the US buck.
In thailand, single-detached homes rose impressively by 7.75% during the year to Q2 2011, after inflation, after last year's fall of 4.83%.
Thai home prices skyrocketed by 18.29% during quarter 2. This rise probably resulted from the 0 interest loan scheme launched by the Governing body Housing Bank (GHB), aimed at increasing home ownership among lower and middle class earners. But it ought to be mentioned the Thai home price database is dated and unrepresentative.
Western european housing markets have been feeble
Costs of homes in Europe often slipped lower during the year to the 2nd quarter of 2011. In reality most Western european countries experienced faster rates of decline than last year.
The information can be grouped into a few categories : a) faster declines this year than last, b) recoveries last year which have turned into declines, c) continued declines, but not as serious as last year, and d) actual recoveries (a little category).
A few European nations which saw home price falls last year performed worse this year
Ireland had the worst home price decline among all reporting nations in our survey over the twelve months to Q2 2011. Home prices were down by 14.84% yearly, a worse decline than the 11.83% fall the year before.
Western european nations which experienced weaker performances than the previous year include Netherlands (-4.07%), Slovak Republic (-6.49%), Croatia real estate (-6.55%), Spain (-8.43%) and Athens, Greece (-9.88%) (all figures inflation-adjusted).
Some Western european countries which recovered last year, sunk back this year
In Latvia, standard type residences in Riga fell by 5.40% yearly, after a solid comeback since Q2 2010. Quarter-on-quarter, house prices were down by 3.80%.
In Britain, average house prices were down by 5.33% yearly, after rising 6.04% the year before. The housing market began bouncing back as early as Q4 2009, but started falling again in the last quarter of 2010. The price-falls in the UK are fascinating, because UK interest rates have been low and sterling has fallen, enticing foreign purchasers.
In Sweden, home prices dropped by 1.35% over the year to end Q2 2011, likely because of the 85 percent mortgage ceiling introduced last year.
In Portugal, home prices have been falling since Q3 2010, and during the year to Q2 2011, prices dropped by 5.67%.
In Germany, apartment prices have been slowing since the first quarter of 2011. During the complete year to Q2 2011, prices dipped by 0.65%.
In Finland, home prices rose, but were up a trifling 0.18% yearly, down from 10.24% expansion over the same period last year.
One or two Western european states have seen their housing markets recover
Norway led the little group of European nations which experienced house price increases, up by 5.93% over the year to finish Q2 2011. Norway's home market started to rebound in Q3 2009 and has not slowed, driven by low interest rates and robust industrial expansion (4.80% over twelve months earlier).
Housing markets in Estonia (Tallinn), France and Iceland rose during the year to end Q2 2011 after suffering home price falls in the year before. In Tallinn, house prices were up 4.94% year-on-year, after last year's fall of 0.66%. In France (information is from FNAIM), costs of existing dwellings rose 4.65% year-on-year, after a fall of 1.71% the year before. In Iceland, house prices rose a little by 0.60% annual, after falling by 9.04% during the previous year.
After a decade-long decline in the 1990s, the housing market in Switzerland has been stable since 2k. During the year to Q2 2011, residence prices rose by 2.19% yearly, up from 0.92% the year before.
Israeli housing market softening
Israel home prices were up 5.40% yearly to Q2 2011, but the pace is slowing thanks to the steps taken by Bank of Israel. These include rate of interest walks (now 3.25%) and the new limit on prime interest based mortgages (33% of the property's price).
During quarter 2, Israeli house prices dropped by 3.38%, the most steep decline since the last quarter of 2008. Similarly, the continuing increase in the number of building starts, and steps taken by the Ministry of Finance in real-estate taxation, are predicted to be reflected in house prices in the course of the coming year,writes tagza.com.
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