cancel the mortgage the house will not change bank loans
The evolving vision of how the housing market not only negative conclusions can be drawn. Data for price developments, the economic variables that influence the behavior of the demand or the regulatory environment, all in all a glimpse into some trends that make me optimistic.
AceytunoJuan Fernandez, CEO of Evaluation Society and an expert on the housing market, explained EXPANSION key to understanding how the environment is behaving and future projections.
How do you interpret the data from the latest Housing Market Bulletin News of the first half of 2011 in which there is a general trend of falling prices
It is a recognition that the sooner prices return to the path of equilibrium values, unsustainable level of economy we have now, the level of unemployment, the level of funding and interest rates, before the activity will recover. It is perfectly compatible, and in fact is going to happen, prices continued to fall and recover the activity of the purchases.
offers the market situation for the retraction of the claim
None of the variables that drive the price-income families linked to employment, funding banking and interest rates, expected or able to predict a radical change in the trend. If those variables remain push prices down and they throw in demand, which is good for business.
What if all the factors evolve, for example, low unemployment, but conditions remained harsh funding
may be a restriction, but there will be demand, and people seek ways to get that funding and banks will find that having less unemployment, give more loans. Even with many limitations, housing is economy at its best.
trend in the market the lower prices for new housing?
good news down the price. It was bad news year after year values ??were rising. We did not invent. Another thing different is that to have a rational explanation, mathematical or not. In many cases, had it and had a wealth effect, speculative ? This causes abnormal situations arise in the market overvalued. The first matches will be the first out.
What does it mean to be an absorption of stock in the coming semesters?
Excel spreadsheet endures it all and can do any calculation assumptions, but nobody really knows what going to happen. I feed the wisdom and rigor in the sense that a holder of 700,000 units of stock [new and used housing] does not mean anything, is a macroeconomic data, which can be used for a comparison between countries, but the point is where are those homes, at what price, what quality, surface and strength and if they match where the demand will be purchased. Otherwise, no.
How do you rate data published by the Ministry of Development to show a reduction of 0.08% stock
is good for the stock down, yes, it begins to absorb the demand and is good for the economy and indirect jobs in the industry, decoration, furniture, etc. .- but we do not know enough.
Is the market needs some kind of incentives, fiscal or legislative
The more free market work better. The grants they do is influence a market that already works well and in the case of tax incentives, anyone who joins enter the next day the price of housing. The market must be left without influence. Politicians should ensure the rent itself protected for disadvantaged groups.
What do you think of the possibilities to introduce into our system in payment or cancellation of the mortgage called the return of keys
Now, to borrow, you can finance 80% of the appraised value, but if you say you just want the house as collateral, the bank will give you 50%. Then, if the consumer asks for more funding rate, the institution will ask you a personal guarantee and this is the current model. It is a ride to return to the site. Unless collateral, less financici?n. The bank will be protected from the falling value of the house, because he knows he has no recourse. We would have a more complex and more expensive, because two loans would be structured to have the same thing we have now.
Faster executions and evictions
What measures could be raised to encourage the rental market
What is needed is that the law be fulfilled urban leases and eviction and were faster execution than they are now. There are many free housing that could be put out for rent and not by legal uncertainty. That would be good for the housing market because it would push prices down. In Spain, 83% of the population, a high percentage, is home ownership. It is an important cushion for families, but slows geographical mobility. Renting makes moving from one place to another to get a job. Any measure that makes a more open market rent, free and homogeneous, better, and would be good for housing. Currently, the execution takes too long and therefore the professional societies that might put rental housing do not get into this.
How does the fact that there are 700,000 homes in stock
The citizen has to forget about the stock. The important thing is to analyze the market area where you want to buy. The stock is a problem that has it, consuming resources, maintenance, marketing efforts, but the buyer is an opportunity. The market does not affect those 700,000 homes, but what happens in different geographical locations. If during 2005 and 2006 also being built over what was being sold and did not affect each other why now? There is an accumulation of previous years, but the surplus stock also existed before. It is a fact that must regionalize, but is not an option pricing.
PROFILE
Aceytuno Juan Fernandez is the CEO of Evaluation Society, which operates in the field of valuations of all types of goods and especially real estate assets. Is mining engineer from the Polytechnic University of Madrid (1989), Master in Operations Management from IE-Madrid (1995) and PDG from IESE, Madrid (2004).
During the past eleven years has served as CEO, General Electric developed function and Appraisal Society. Founder of ?think tank? Know Square, formed by executives and independent professionals and author of ?Managing in times of crisis? (Deusto, 2009). Appraisal Society is licensed in the Register of Entities Taxation Bank of Spain, in charge of monitoring them.
Sources:
Jos? M ? L?pez Ag?ndez
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