Tuesday, 19 June 2007

Housing market: Down in the US but still up in the UK

The US housing market remains weak. Reuters reports:

Sentiment among U.S. home builders slid in June to the lowest level in more than 16 years as tighter lender practices and rising mortgage rates crimped sales, the National Association of Home Builders said on Monday.

The NAHB/Wells Fargo Housing Market index fell two points to 28 in June, the lowest since it hit 27 in February of 1991, the group said.

As I've said before, the housing market will take a while to recover, especially with the prevailing trend in interest rates.

The UK housing market appears to be holding up better, although there are signs of moderation. Again from Reuters:

Asking prices for homes in England and Wales picked up modestly from mid-May to mid-June but property inflation held below peaks scaled earlier this year, a survey showed on Monday.

Property web site Rightmove said prices rose an annual 13.2 percent during the month. This compares with the previous month's 13.1 percent rise and four-year highs of 15 percent in late March/early April.

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