Recent Updates
- US: Consumer Sentiment (Aug-prelim), Import/Export Prices (Jul)
- US: Consumer Sentiment Detail (Aug-prelim)
- US: Vehicle Miles Driven by State (Jun)
- Bulgaria: Agricultural PPI (Q2) Central Bank Survey (Jul)
- Blue Chip: Blue Chip Economic Indicators (Aug)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Robert Brusca October 11, 2007
The UK RICs survey is a net balance survey and therefore samples the breadth of gains or drops across the area and dimension surveyed. In September the net balance for prices fell to -15 from -3 in August, a sharp month-to-month drop.Both sales expectations and prices are now dropping. Price expectations are dropping as well and the reading for expectations lies below that for prices, a signal in the past that price reductions could continue for some time.
The RICs assessment for housing is quite negative. Its the worst since late 2005 for prices and since early 2003 for sales.
RICS: House Prices and Expectations for Prices and Sales | ||||||
---|---|---|---|---|---|---|
Sep-07 | Aug-07 | Jul-07 | 3MoAvg | 6MoAVg | 12MoAvg | |
Prices | -15 | -3 | 11 | -2 | 9 | 22 |
Price Expectations | -20 | -13 | -9 | -14 | -5 | 11 |
Sales expectations | -9 | -4 | -6 | -6 | 2 | 11 |
New Sales | -28 | -20 | -17 | -22 | -11 | -3 |