Imminent end of the crisis is not worth waiting, experts warn. Inflate bubbles in the European and Chinese markets, real estate, new write is coming from European banks.
In many European countries, including France, Italy, Spain and the Netherlands, house prices have slowed the fall, and in Britain the past six months, grow, notes S & P. Comparing the cost of housing with rent and income buyers, S & P experts concluded that, for example, in France, prices of 18,5% above the average for the years 1997-2009. In Spain, the housing market is overvalued by 12%, while in Germany, by contrast, is undervalued by 12.5%. In Britain, the ratio of house prices and rents closer to the average, but the cost and revenue - 21% higher, reports Vedomosti.
"We are seeing some signs of stabilization in housing prices - said the chief economist at S & P Europe Jean-Michel Six, - but individually, the economy continues to show a mixed picture. Even in countries where prices are falling, they now die down. But the country where housing overrated, can not wait for the new price collapse in 2010-2011., He believes.
In China, more global problems. PRC authorities recognize that the market hard. "Problems of China's housing market are more fundamental and more ambitious than the housing market in the U.S. and Europe before the financial crisis - said the member of the monetary committee of the Chinese National Bank Daokuy Lee. - ... This is more than just a bubble.
In April, real estate in China, according to official statistics, increased by 12,8% year on year. To keep the market from overheating, the authorities limited the sale of unfinished homes, increased the minimum rates on mortgage loans and down payment to buy is not the first housing. As a result of transactions in major Chinese cities - Beijing, Shanghai and Shenzhen - in May, was reached at 60-70% less than in April, reports Bloomberg. But a market panic stop is not so easy.
By the end of the growth of Chinese economy will slow to 7-8% compared with 11.9% in I quarter., Predicts Professor of Economics at New York University, Nouriel Roubini. Overheating of the economy and asset market bubbles, not only in China but also in Brazil and India, he believes.
Another area of concern - apart from the overheating market assets - the banking sector in Europe. In the next half year, European banks will write off 195 billion in assets, warns the ECB. According to Royal Bank of Scotland, on the balance sheets of global banks settled debts of Greece, Spain and Portugal on 2 trillion. Euro. "We are talking about systemic risk and the possibility of spread of infection" - warned the chief economist at RBS in Europe Jacques Kelly.
European real estate market is on the verge of collapse
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