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The market is locked, the owner is not low, the buyer expects better

-Of the 900,000 unsold homes, 210,000 are held by the bank.
"The housing prices will fall a further 7% by the end of 2012.
-Bankinter is expected that the first price increase is no longer seen in 2013.


The housing market is blocked. There are various reports that are suggesting. A study of Bankinter it stresses: "The housing prices continue to lock in a certain situation because the owners do not sell below an acceptable price and buyers wait for an opportunity arise better in the fall cycle.
Thus, although the 'stock' of homes fell by nearly 2% in 2010, for the first time in six years, there are 685,000 homes that are still pending buyer, to in addition to other 210,000 in the hands of the bank, a real bag of about 900,000 homes will put downward pressure on prices.


This circumstance has come to add the forecast interest rate rises , which discounts the Euribor and therefore hinder the access to mortgage credit, which remains "stuck".


In this context, Bankinter provides that property prices fall by between 1% and 1.5% quarterly rate until late 2012, with a further fall of 7%, completing an adjustment of 20% from their peak.


2013-2014: reactivation and recovery of the sector
Only the recovery of the economy and employment in the closing stages of next year relaunch housing demand at a rate of 350,000 homes annually, and together with the normalization of credit, will attend a stabilization of prices in these last months of 2012.


The bank estimated that the first increases in average prices of properties reveal ourselves in 2013 and only then open the door to the revitalization of residential activity in 2014.


The report notes that, currently, the supply of completed homes reached equilibrium with the final demand in a range of between 200,000 and 220,000 homes. This is explained by the rise of trades motivated by tax changes in 2010 and also by the slowdown of housing starts.


Bankinter means that, taking into account estimates of population growth and training of new homes remain constant, improving the economic situation will stabilize at 360,000 housing purchases in 2013, the structural level of housing demand in an economic standard.


Source: 20 minutos.es