Despite improvements in the negative equity rate, underwater mortgages are holding back the housing market in the United States from full recovery, especially in hard hit areas, a new report suggests.
The rate of negative equity among home owners dropped a full percentage point in the third quarter of 2015, from 14.4% to 13.4%, and down 16.9% from a year ago, according to the latest research from real estate firm Zillow.
Looking ahead to 2016 it looks as if the Spanish house market will continue to recover but the latest data shows it is still a rollercoaster and growth very much depends on location.
According to the latest figures from appraisal company Tinsa prices are still increasing with its latest index up by 1.9% in November year on year.
Average residential property prices in Auckland, New Zealand’s most populous city, increased by 4.2% in November month on month, the biggest rise since March 2014.
This took the average price of a home to $876,075 and marks a substantial monthly rise compared to the more modest increases seen in the last seven months.
A behind-the-scenes effort of Wall Street banks to take over the mortgage market is driven by advocates who switch between roles in Washington and the private sector.
Eight of America’s biggest banks, including JPMorgan Chase, Bank of America and Citigroup, had their long-term credit rating downgraded by Standard & Poor’s on Wednesday on the grounds they were less likely to get a government bailout in a crisis.
Stamp duty taxes on property in Australia have increased by 7.9% in the last six months and the bill is now equivalent to almost four months’ worth of earnings, the latest research shows.
According to the report from the Housing Industry Association in November 2015 the typical stamp duty bill nationally rose to $19,045 from $17,653 in June.
Sales in Aspen, regarded as the US’s premier ski resort, have reached an eight year high, and prices are up 3.9% year on year.
The data from Knight Frank residential partners Douglas Elliman shows that the resort, which covers four mountains, saw more than 80 properties changing hands in the first nine months of 2015, nine of which were above US$10.6 million.
A stable economic environment and growth potential has resulted in the commercial real estate market in Bucharest, Romania, gaining momentum with sales expected to be close to €800 million by the end of 2015.
This year has continued the growth trend begun in 2014 and saw a real estate market dominated by more courageous players, according to the latest analysis report from real estate firm Colliers International.
Pending home sales were mostly unchanged in the United States in October, but shifted marginally higher after two straight months of declines, according to the latest index data.
The figures from the National Association of Realtors (NAR), show that gains in the Northeast and West were offset by declines in the Midwest and South.
The Pending Home Sales Index, a forward looking indicator based on contract signings, inched 0.2% to 107.7 in October from an upwardly revised 107.5 in September and is now 3.9% above October 2014. The index has increased year on year for 14 months in a row.
Home price growth in Australian capital cities fell in November with the slowdown recorded the previous month in Sydney and Melbourne in particular continuing, according to the latest CoreLogic RP Data index.
Over the month, Melbourne values fell by 3.5% while Sydney values were down 1.4%. Hobart dwelling values dropped by 2.4%, Darwin values were down 1.3% and down 0.5% in Canberra.
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