USA: secondary home sales increase
USA: secondary home sales increase. UK: the volumes of housing sales and approved mortgage loans are on the rise. Australia: prices of land designated for residential construction grow.
As of June, the volume of secondary housing sales on the US market has been increasing for the third consecutive month. Such trend was registered for the first time since early
2004, when the national residential property market has been experiencing a "boom". Over the period from May to June, the average sale price of a second home in the US has climbed from $174,700 to $ 181,800. In addition, the number of new single-family private home starts has also been increasing nationwide. That said the indicator was soaring at the fastest pace in 4.5 years.
According to the UK Home Builders Federation (HBF), in the first half of 2009, the volume of national housing sales has started to increase. Figures from the Council of Mortgage Lenders show that the overall volume of mortgages issued in the country has soared by
17%, June to May.
One of the world's largest banks - Bank of China - has started to issue mortgages on the domestic market of the UK, the loans are provided to indigenous Britons. Formerly the loans were mainly granted to representatives of Chinese diaspora living in the country. The loans are issued at extremely low, compared with the ones found in U.K., interest rates. They are barely 2.5% higher than the official dealing rate of the Bank of England.
Prices of land parcels for residential property construction are on the rise in Australia. The average cost of a parcel has increased by 7.4% in Q1 2009 (up to $141 thousand), compared to the preceding quarter.
In Q2 2009 Czech residential property prices have declined by 5.5% in comparison to the first quarter. The downward dynamics cannot however be attributed to all market segments. Top-quality properties located in good neighborhoods demonstrate price stability.
Over the same period, housing prices have also declined in Bulgaria. They have decreased by 10%, quarter-on-quarter, and by 22%, in yearly comparisons. The average cost per a square meter of local residential property has plunged to €551.2.
According to the Spanish Ministry of Housing, local residential property prices have plunged by 8.3%, in June, down to an average level of €1,920 per a sq. m. Tinsa, the Spain's largest appraisal company, says that prices have declined more significantly: the decrease over the last 12 months has worked out 10.1% nationwide. The volume of housing sales, according to the information provided by the National Institute of Statistics, have plummeted by 35%, compared to the similar period last year.
Dutch property prices have declined by 3.7% in June, year-on-year. Sales volume has decreased by 3.5%, June to May, and by 37%, compared to June 2008.
Over the first half of 2009, the volume of apartment sales in Vilnius, capital of Lithuania, has plummeted by 70%, year-on-year. Prices for apartment have also decreased by 17% over the same period.
The Wealth Bulletin edition has published a rating of streets with the most expensive luxury residential property in the world. The first place is occupied by the Avenue Princess Grace in Monaco, wherein the average cost of a sq. m. has amounted to $120,000. For comparison: in Moscow's district of Ostozhenka, which holds the ninth place in the list, a square meter of elite housing averagely costs $35 thousand.
Singaporean authorities have developed a new law. Effective January, 1 2010, private persons who sell not more than one local property within four years are exempt from income tax. Currently, there is no unified legislation in this regard, and each case is considered separately. If a private entity sells more than one property unit within four years, tax authorities would decide how large the tax would be.
A resident of New Jersey State (U.S.), who should have been evicted from her home due to mortgage loan non-payment, has invented an unusual way to settle her debt. She has decided to bake 100 apple pies and sell them for $40 each. The information about the woman's intention has appeared in the local newspaper, subsequently spreading over the web and attracting the attention of federal mass media. As a result, the woman has received more than 500 orders for her pies. One request has come from Hong Kong.
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