Global housing market fares poorly in second quarter: report

Miami /
Sep.September 02, 2011 02:47 PM

alternate
text
source: Global Property Guide

The world’s housing markets were ostensibly weaker on balance during the year ending in the second quarter of 2011 than in previous years, according to the first-ever published residential market survey covering the second quarter by the Global Property Guide.

The Unites States and European housing markets fared particularly poorly, the report shows. U.S. home prices fell by over 9 percent since the second quarter of 2010 and home values were pushed down by foreclosures despite the lowest mortgage rates in half a century. The key factor driving U.S. foreclosures was the persistently high unemployment rate, the report says, which stood at 9.1 percent in the second quarter.

Few European housing markets improved; the worst-hit countries were Ireland, Greece and Spain, all of which performed worse than in 2010.

Globally, more housing markets experienced price falls than rises. Out of 26 countries with price falls, 18 saw accelerated rates of decline.

“House prices are still over-stretched in many countries, and developed world economies are still weak, so price-falls were to be expected,” said Matthew Montagu-Pollock, publisher of the Global Property Guide. “Low interest rates will be positive for housing, but only if the underlying economies recover. And recovery will ultimately bring a sting in the tail because higher inflation would eventually bring higher nominal interest rates, choking strong upward house price movements.” — Katherine Clarke


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...