Recent Updates
- Euro area: Flash Consumer Confidence (Oct), ECB Banking Lending Survey (Q4)
- US: Philadelphia Fed Nonmfg Business Outlook (Oct); Richmond Fed Mfg & Service Sector Surveys (Oct)
- Spain: Bank Lending Survey (Q4), International Trade Summary, Construction Permits (Aug)
- Macao: Visitor Arrivals (Sep)
- Singapore: Housing & Development Board Annual Report (2017)
- South Africa: Leading Indicators (Oct)
- Romania: Central Bank Balance Sheet, MFI Deposits,
- more updates...
Economy in Brief
U.S. Energy Prices Ease
Gasoline prices fell four cents last week to an average $2.84 per gallon (+14.6% y/y)...
FIBER: Industrial Commodity Prices Fall Further
The FIBER Industrial Materials Price Index declined 1.3% during the last four weeks...
Japan’s METI Sector Indexes Rebound But Still Lag
Japan's economy continues to fight for revival...
U.S. Existing Home Sales Continue to Weaken, Dragging Down Prices
The NAR reported that sales of existing homes during September declined 3.4% to 5.150 million...
Canadian Retail Sales Weaken As Inflation Slows
Canada's retail sales show relatively widespread deceleration...
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. It’s 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 |
