HONG KONG, April 24 /PRNewswire-Asia/ -- Several pieces of data are released next week which should provide some clues about the near term outlook for the Hong Kong residential property market. The monthly survey of residential mortgage trends is due to be published on Wednesday 29th. This will indicate whether the housing market is seeing any 'green shoots' following some improved pieces of economic newsflow across the region in recent weeks.
US house prices may be reaching a floor
After a prolonged downturn, the housing market seems to be at or near a bottom. There is some good news, such as increases in home sales and an improvement in builders' sentiment. And last week's house price data from the OFHEO showed that house prices have risen for two consecutive months (by around 1%m/m).
UK mortgage approvals to continue modest recovery
Data released by the British Bankers Association (BBA) on Monday 27th will provide the first estimate of mortgage lending in March. The February figures showed the number of mortgage approvals climbing for the third consecutive month; from (an upwardly revised) 24,277 in January
to 28,179 - the highest level since April 2008.
Negative outlook remains for the Spanish housing market
Spanish mortgage approvals data for February are due for release on Tuesday 28th. In January, approvals rose by 3.4% on the month to 86,617 but they are still down by 38% y/y (and by 53% from their September 2005 peak).
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