China Home Prices Fall at Faster Pace Despite Revival Efforts
China’s home prices fell at a faster pace in April, underscoring why the government is stepping up efforts to tackle the years-long property crisis.
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China’s home prices fell at a faster pace in April, underscoring why the government is stepping up efforts to tackle the years-long property crisis.
Shares of Chinese property developers extended a rally as investors expect Beijing to unveil more policy support after a Friday meeting to salvage the beleaguered market.
Professionals who thought they’d won a secure place in the rising middle class are now looking for work and scraping by.
New York Community Bancorp said Julie-Ann Signorille-Browne has resigned from her post as chief operating officer — a role she was promoted to in September last year.
Country Garden Holdings Co. is set to begin a major legal battle on Friday, squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer.
Oct 29, 2019
Bloomberg News
,Home prices in 20 U.S. cities declined in August from the prior month for the first time in a year, reflecting moderation in some once-hot real estate markets.
The S&P CoreLogic Case-Shiller index of property values fell 0.2 per cent during the month, compared with estimates for a 0.1-per-cent decline, after no change in July, according to data Tuesday. Prices increased two per cent from August 2018, matching the year-over-year gain in the prior month but slightly below the median estimate of economists in a Bloomberg survey. Nationally, annual home prices were up 3.2 per cent after a 3.1-per-cent increase in July.
KEY INSIGHTS
• Although mortgage rates are hovering near a three-year low, tepid wage gains are limiting buyer enthusiasm in markets such as Las Vegas and New York. Meanwhile a shortage of affordable inventory is keeping prices elevated.
• Price gains may firm in the coming months amid recent signs of strength across the sector. The median sales price for previously-owned homes saw the biggest annual gain since January 2018 last month as new home sales steadied, according to separate reports recently.
• Phoenix, Miami, Seattle and Tampa led price gains in August from a month earlier.
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• All 20 cities in the index, with the exception of San Francisco, showed year-over-year gains. Prices there fell 0.1 per cent from August 2018.
• Prices in 17 cities rose from the prior month on a seasonally adjusted basis. In New York, home prices fell 0.4 per cent from July, while in Las Vegas, they dropped 0.1 per cent. In Detroit, prices were unchanged month over month.
--With assistance from Chris Middleton.