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February 12, 2019

Spain | Residential sales down in 4Q18

In December, neither sales nor mortgage origination made up all the ground lost in October and November, ending the quarter with a loss. This was in a context of job creation, but lower household confidence and greater uncertainty in the sector. New housing permits rose in November after falling for three months.

December 5, 2018

Spain | Rise in home prices eases in 3Q18

Home sales grew in September, but at a slower rate. Credit approvals for home purchases nevertheless rose more in October than in previous months. Prices continue to trend upwards, but less sharply in Q3 2018. While building authorizations fell in September, the industry did continue creating jobs.

November 19, 2018

The size of cities

Edward Glaeser, one of the best economists to study the growth of cities, has called them "humanity's best invention". However, many of us who live in large urban areas are also aware of the negative externalities generated within them. This suggests the possibility that there is an optimal city size, where benefits and det…

November 8, 2018

Spain | Demand continues to encourage new residential investment projects

The Spanish real estate market continues to perform well. Job creation intensified in October, confidence rose in September and financial conditions remain favourable. Home sales thus grew in August and, while approvals suffered a bit of a correction that month, residential investment has risen substantially in Q3 2018.

July 4, 2018

Spain | Home sales up as 2Q18 begins

The macroeconomic situation continues to favour home sales. Meanwhile, the issuance of new construction permits in April corrected for some of the growth of the two preceding months, although employment in the sector is still rising. This comes on the heels of a first quarter in which home prices went up in all regions, alb…

March 27, 2018

China | How resilient is the economy to housing price fall?

Real estate fluctuations have important implications for growth and business cycles in China. We investigate how vulnerable are four economic sectors including government, banking, enterprises and households to the prospective price slowdown in the housing market by analyzing the exposure of these sectors on the housing mar…

December 18, 2017

U.S. | Tax reform and home prices: Is there a cause for concern?

The net effect of the proposed tax changes on house prices will be limited. Doubling the standard deduction will increase the incentives to rent. The lower cap on mortgage interest deduction can lower prices of homes in higher price ranges over time. Other tax proposals will tighten housing market conditions and generate up…
  • Geography Tags
  • USA

March 17, 2016

U.S. | Not all booms are created equal: home prices vs. fundamentals

No signs of a national bubble, despite a 19% increase in home prices since 2012. Home prices in line with fundamentals in most large cities. Resilience to adverse shocks varies significantly by city
  • Geography Tags
  • USA