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The housing bubble is deflating

numbers are coming in the housing market.
is still too early to talk of crisis, but certainly
international tensions that come from the United States and inflation
tensions that are deeply concerned about the European Central Bank, have put up the last
years of real estate. To demonstrate this, the analysis provided by the institution
Research Report in Nomisma
estate market in the first half of the year, which shows a clear picture: the
time of sale of the houses have been extended up to six months and, for the
first time in 10 years , decreased real prices
growing by just 1, 1% after inflation.

numbers in hand. In 2007 there were 40 thousand housing Trading
less than in 2006 (-4.6%) and a decrease of 1, 2%
disbursement of loans. Not only
. Discouraged by rising mortgage interest rates and a
widespread credit crunch, there are very few families Italian
who intend to buy a home within the next twelve months: 1.8%
7% recorded in early 2000. A
to register the largest increases were still areas of
business, particularly business, while smaller
dynamism was found at the houses. According to the report
Nomisma, as regards the arrangements for purchase of the houses are
22.2% of the total families have an ongoing mutual
and match 5milioni 174mila and families. Of these, 89, 5%
(4.5 million) has a mortgage for the first house and 11, 9% for other houses.
The demand for housing is composed of 51% for the first house (in
trend increase from 2007, the result of requests for new
families and the transition from renting to ownership of the immigrant population
foreign) from 28% for the replacement, from 9% for the second
home and from 12% for investment.
in four big cities seen a fall in real house prices
last year, with declines ranging from -0.5% to -1%: this is
Milan, Bologna, Florence and Venice. Discounts on asking prices for homes grow
10% on the year and go to 12.2%.
The 13 large urban areas also see a decline in national
transactions by 9.3%, but had already begun to lose ground in 2006,
decreasing by 2.2%, while the intentions of purchasing a ' ;
home in the next year are the lowest level of the last real estate cycle
(1.8%), when they were 7% in early 2000.
The debacle of the housing market also affects
disbursements of loans: in the first five months of 2008 the flow of new loans fell
12.4% to 18.4 billion. At the end of 2007, the delinquency rate on mortgages of families
was 2%, up from 1, 5% at end 2006. A physiological level
historically, as evidenced by the study.
President Nomisma, Gualtiero Tamburini, however, has indicated that
in Italy "there is no risk of collapse as in the U.S. and Spain. The
our braking is less important than American
and situations of insolvency, given the cautious policies of banks and households,
mean the problem is under control. "
Source: http://miaeconomia.leonardo.it/