Australia & New Zealand Chart Pack The inflation worm has turned The recent rises in underlying inflation suggest that the period of extremely low inflation in both Australia and New Zealand has come to an end. Underlying inflation, which excludes the temporary... 1st May 2017 · 1 min read
US Housing Market Update Explaining the divergence between pending and existing sales The gap that has developed between pending and existing home sales looks to be one more consequence of very low inventory levels. With such limited choice, buyers are increasingly reluctant to pull... 28th April 2017 · 1 min read
UK Housing Market Data Response Nationwide House Prices (Apr.) & BBA Mortgage Lending (Mar.) Mortgage approvals for house purchase fell in March and that subdued demand was, in turn, reflected by a modest dip in house prices in April. The main reason for this slowdown is high house prices... 28th April 2017 · 1 min read
US Housing Market Data Response Homeownership & Vacancy Rates (Q1) The homeownership rate edged up in the first quarter of 2017, but a recovery has been held back by the low number of homes available to buy. In turn, the shortage of existing homes is, in part, down... 27th April 2017 · 1 min read
UK Housing Market Update Why are new buyer enquiries so subdued? The subdued level of new buyer enquiries could be seen as further evidence of the headwinds facing households this year. But we think it is best viewed as a sign that recent distortions have worked... 26th April 2017 · 1 min read
US Housing Market Data Response Case-Shiller Prices / New Home Sales (Feb./Mar.) The pace of house price gains slowed in February according to Case-Shiller, with the smallest month-on-month rise since July last year. But a strong rise in new home sales in March has pushed down... 25th April 2017 · 1 min read
India Chart Pack Sensex rises to record highs Indian equities have rallied over the past few months, with the benchmark Sensex stock index hitting an all-time high in early April. This reflects in part a broader pick-up across most major EM... 25th April 2017 · 1 min read
US Housing Market Data Response Existing Home Sales (Mar.) Existing home sales delivered an upside surprise in March, reaching their highest level in almost a decade. Yet that rise needs to be seen in the context of the previous month’s sharp drop and sales... 21st April 2017 · 1 min read
US Housing Market Update Has the shift to single-family starts stalled? Following a dip towards the end of last year, the share of multifamily starts has recovered and builders have become more optimistic towards the sector. Our expectation for a shift toward single... 20th April 2017 · 1 min read
UK Housing Market Update Housing supply boosted by change of use Net additions to the dwelling stock reached an eight-year high in 2016. Traditional completions still dominate, but changes to the permitted development rules in 2013 seem increasingly to be bearing... 20th April 2017 · 1 min read
US Housing Market Data Response Housing Starts (Mar.) Although larger than expected, the 6.8% m/m drop in starts in March was not significant given the instability of the monthly data. Looking ahead, high home-builder confidence and a chronic shortage of... 18th April 2017 · 1 min read
Canada Economics Weekly Bank won’t raise interest rates to cool housing speculation The Bank of Canada confessed this week that speculation is partly responsible for the recent upswing in house prices, but doesn’t believe that higher interest rates are a solution to the problem. The... 13th April 2017 · 1 min read
US Housing Market Update Where will new single-family homes be built? For the most part, states with strong income growth and low homeowner vacancy rates will see the largest gains in single-family housing starts. The majority of those are in the West, although Florida... 12th April 2017 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Mar.) Despite a further acceleration in Toronto, the national rate of annual house price inflation eased to 13.0% in March, down from 13.4%, reflecting the continued slowdown in Vancouver and falling house... 12th April 2017 · 1 min read
Australia & New Zealand Economic Outlook Australia won’t benefit much from global recovery The latest data suggest that we are right to be more downbeat than most on the outlook for Australia this year but more upbeat than most on the prospects for New Zealand. While both economies will... 12th April 2017 · 1 min read
Japan Chart Pack Price expectations too weak to reach 2% inflation The labour market continues to tighten and firms are reporting the most severe capacity shortages in years. Underlying inflation is therefore set to recover after approaching zero at the start of this... 12th April 2017 · 1 min read
