Tag Archive for ‘international housing’

The Impact of Negative Rates on Housing Markets in the Euro Area

According to information compiled by the European Mortgage Federation, the total amount of mortgage debt outstanding across the 19 countries in the Euro Area, those that have adopted the common euro currency, reached €4.46 trillion in 2014, an increase of €30 billion, 0.7%, from its level in 2013, €4.43 trillion. Despite a financial crisis that was global in impact, total… Read More ›

International Perspective: The VAT and Housing

***The following post was authored by NAHB’s Economics and Housing Policy Group’s summer intern, Emily Condos. Value Added Taxes (VAT) are a reliable source of revenue for many governments, with the United States being a notable exception with respect to their use. The taxation of housing is a key element in designing a VAT. An overly broad tax base with… Read More ›

An International Comparison of Real Estate Property Taxes

As a share of total taxes collected, real estate property taxes in the United States are responsible for a relatively high share of total government revenues. According to statistics produced by the Organisation for Economic Cooperation and Development (OECD), the average share of total government tax collections due to real estate property taxes (recurrent taxes on immovable property) was 3.347%. In contrast, for the United… Read More ›

Euro Area Mortgage Debt Outstanding Continues to Expand

In the US, the multi-year decline and the more recent moderate recovery in mortgage debt outstanding has been well documented. However, mortgage debt outstanding in the Euro Area has had a different experience. According to the European Mortgage Federation, and documented in Figure 1 below, mortgage debt outstanding has been rising in recent years. After recording year-over-year increases between 2002,… Read More ›

A Cross-Country Comparison of Homeownership Rates

In the United States, the majority of households own their home. NAHB analysis of international data indicates that the same is true across the European Union (EU). The vast majority of European households own their home as well. However, the incidence of homeownership across the EU is typically greater than the homeownership rate in the United States. The rate of… Read More ›

You Are Not Alone, I Am Here With You: Housing Starts Still Recovering Across Parts of the World

The continued recovery in housing starts, relative to a period considered normal, is not isolated to the United States. Figures from the European Mortgage Federation, the Canada Mortgage and Housing Corporation, and the Japanese Ministry of Land, Infrastructure, and Transport indicate that while housing starts have recovered in some countries, they are still recovering in many others. Figure 1 below… Read More ›

US Real House Prices In a Global Context: Is The Dress White and Gold or Blue and Black?

According to the Global Housing Watch at the International Monetary Fund (IMF), real house prices across the world continued to grow in the in the 4th quarter of 2014, however, global house prices remain below their pre-financial crisis peak. Globally, real house prices rose by 1.6% over the 4 quarters ending in the 4th quarter of 2014, 0.6 percentage points… Read More ›

Recent Homeownership Developments in the U.K.

Declines in homeownership rates are not just a concern in the U.S. In fact, homeownership declines in the U.K. have been relatively larger for younger households than the impacts experienced here. In the U.S., the homeownership rate for 25 to 34 year olds fell from 42.2% at the end of 2003 to 35.8% at the end of 2014, according to data from… Read More ›

Global House Prices Continue to Tick Up

House price appreciation has slowed in the past several months in the US. An international comparison places recent US price changes in sixth place. Global house prices rose 0.39% for the first quarter of 2014, as prices increased for the fifth consecutive quarter. According to the Globalization and Monetary Policy Institute of the Federal Reserve Bank of Dallas global house… Read More ›