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Daily Economic Report – 23 May 2008
Sunday, May 25, 2008 (97 reads)
• MBOWENI CONTINUES HINTING THAT INTEREST RATES WILL CLIMB IN JUNE
• OIL CLIMBS TO RECORD HIGH ABOVE $130/bbl, UP 15% IN MONTH SO FAR
• HIGH PLATINUM PRICE REDUCING CHINESE JEWELLERY DEMAND
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Housing market correction or crash - jittery consumers appear to flood market in property dump panic.
Sunday, May 25, 2008 (167 reads)
THERE APPEARS TO BE PANIC on the home front in South Africa. Industry players say the market's been flooded with housing stock since January, raising concern that this country's housing slump could be far more painful than had been anticipated. Finweek reports this week that realtors say SA's housing correction is far deeper and far wider than generally perceived and that the market could even be heading for a crash. The magazine says that SA's housing market has moved so rapidly over the past two months that statistical information available from banks and economists is outdated - it suggests that real time trends emerging at auctions provide a more reliable picture of the current state of SA's property market.
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Homeowners turn to renovations --- FURTHER LOANS!
Saturday, May 17, 2008 (163 reads)
Prop24.com 2008/05/12
Higher interest rates and the National Credit Act (NCA) may well have forced consumers to think twice before moving house or buying investment properties but it hasn't stopped them from upgrading existing homes.
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Standard Bank downplays house slump
Saturday, May 17, 2008 (149 reads)
Business Report May 11, 2008
By Wiseman Khuzwayo
Johannesburg - The residential property market is expected to suffer a relatively mild cyclical downturn rather than a full-blown recession, according to Standard Bank.
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ABSA - Home Loan - Absa House Price Index
Saturday, May 10, 2008 (168 reads)
Nominal house price growth of 8,7% year-on-year was recorded in the middle segment of the market (see explanatory notes) in March 2008, compared with a revised growth rate of 9,5% in February. Average nominal house price growth came to 9,5% in the first quarter of the year (12,4% in the final quarter of 2007). These trends in house price growth are according to the latest Absa House Price Index, which indicates that the average price of a middle-segment house was about R980 400 in March this year.
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ABSA - Home Loan - Mortgage advances growth slowing down further
Saturday, May 10, 2008 (100 reads)
In February 2008, year-on-year growth of 23,1% was recorded in mortgage advances by monetary institutions (24,5% in January), according to data released by the South African Reserve Bank. This brought the total amount of mortgage advances to R871,5 billion in February. On a month-on-month basis, mortgage advances growth was lower at 0,8% in February from 1,2% in January.
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