India Chart Pack BJP laying the groundwork for 2019 The result of India’s presidential election is due to be announced later today. It won’t have direct implications for the economy since the role of president is largely ceremonial. But the result... 20th July 2017 · 1 min read
Canada Chart Pack Vancouver housing remains in the doldrums Despite widespread claims by housing pundits that Vancouver’s housing market is recovering from last year’s slump, the incoming data so far this month continue to show that home sales there are... 19th July 2017 · 1 min read
US Housing Market Data Response Housing Starts (Jun.) Housing starts surprised on the upside in June, with the 8.3% m/m increase breaking a three-month run of declines. While rising material prices dented homebuilder confidence in July, very tight market... 19th July 2017 · 1 min read
UK Housing Market Data Response UK House Price Index (May.) House prices on the official index are rising faster than the other main measures, but that may partly be down to measurement issues. Nonetheless, the continued slowdown in London is consistent with... 18th July 2017 · 1 min read
US Housing Market Update Cautious appraisals holding down house price growth Experience suggests that with housing market conditions so tight, house prices should be rising considerably faster than their current rate of around 6% y/y. One reason why they are not may be that... 14th July 2017 · 1 min read
Canada Economics Weekly One more interest rate hike at most this year The Bank of Canada’s new-found confidence in the economy and forecast rebound in core inflation have prompted speculation that interest rates might rise much higher this year. But with household debt... 14th July 2017 · 1 min read
UK Housing Market Outlook Housing market outlook is subdued The economy appears to have regained some momentum in the second quarter. By contrast, the housing market has cooled. And with high house prices increasingly choking off demand and no scope for looser... 13th July 2017 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jun.) With active demand and supply both falling in June, the housing market is still softening. But the fact that the pace of decline eased off a touch may be a tentative sign that conditions won’t... 13th July 2017 · 1 min read
Europe Commercial Property Update Athens property still not without headwinds Athens recorded some of the highest property total returns in the euro-zone last year. And with the potential for prime rents to edge up and yields to fall, it could be one of the best performing... 12th July 2017 · 1 min read
US Housing Market Chart Pack Drop in housing starts not helping low inventory Lacklustre housing starts, which dropped for the third month in a row in May, will do nothing to ease the very low levels of inventory. In turn, low inventory is holding back search and sales activity... 12th July 2017 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jun.) The national rate of annual house price inflation rose to 14.2% in June, from 13.9%, driven almost exclusively by a further acceleration in Toronto. But the worsening slump in home sales and higher... 12th July 2017 · 1 min read
Japan Chart Pack Yen to weaken further US 10-year government bond yields have climbed to a two-month high in recent days and we expect them to rise further in coming months. By contrast, the Bank of Japan has underlined its determination... 11th July 2017 · 1 min read
US Housing Market Update Distressed sales are still distorting house prices The Case-Shiller index has reported a sharp easing in seasonally-adjusted house price growth in the early stages of this year. But there are good reasons to think that the legacy of the surge in... 7th July 2017 · 1 min read
UK Housing Market Data Response Halifax House Prices (Jun.) June’s 1% drop in house prices cooled the headline annual rate of growth to 2.6%. With buyer demand still falling and credit conditions unlikely to loosen, the outlook for house prices is subdued. 7th July 2017 · 1 min read
US Housing Market Data Response Mortgage Applications (Jun.) Mortgage applications for home purchase lost some steam in June, with the 0.9% m/m increase the smallest since February. With mortgage interest rates once again on the rise, and a severe shortage of... 6th July 2017 · 1 min read
US Housing Market Data Response CoreLogic House Prices (May) Annual house price inflation was a robust 6.6% in May according to CoreLogic. The chronic lack of inventory is behind the rise, and with limited chance of inventory levels improving this year, house... 5th July 2017 · 1 min read
