House prices
US policy having a larger impact on credit – BIS paper
Monetary policy’s effects on credit and housing markets have grown while the effects on inflation have weakened, paper finds
Authority needed to tackle housing problem – Malaysian deputy
Malaysian deputy discusses the affordable housing dilemma, concluding that greater co-ordination is needed on a national level
House prices could outstrip income for decades – David Miles
Former Bank of England policymaker says under “plausible” assumptions, real house prices can rise without limit, implying high prices are not necessarily a sign of bubbles
OECD urges RBNZ to adopt debt-to-income restrictions
The OECD said adding a debt-to-income limit to the RBNZ’s macro-prudential instruments could increase the resilience of bank balance sheets
Irish central bank renews Brexit warnings
Rapid house price rise fuelled by scarcity, Central Bank of Ireland says
Income is an important factor for housing demand in Turkey – paper
Profitability of housing investment in Turkey fell in 2003–14; Ceritoğlu suggests drop in home ownership is down to relative price changes
Bank of Canada wary of hotter housing market
The central bank lists household indebtedness and regional price increases as two of its top concerns; Poloz says it is too early to say if more macro-pru needs to be implemented
RBNZ consults on DTI limits with full macro-pru review scheduled for 2018
Central bank evaluates benefits of limit and how it would interact with current macro-pru policies; consultation offers reassurance to households about welfare costs
Growth in offshore funding is creating risks – RBNZ
Financial stability report notes growing reliance of banks on offshore funding sources could become a problem; housing market risks require new prudential tools
Household debt is ‘serious threat’ to Swedish economy - Riksbank
Banking system is also vulnerable, central bank says
Irish paper tracks monetary policy’s effects on mortgage default
Researchers use “quasi-natural experiment” based on data from two types of loan
HKMA tightens macro-prudential measures for second time in a week
Hong Kong authority imposes another round of mortgage tightening measures, targeting home buyers with multiple loans and those whose incomes are not derived from the territory
HKMA tightens restrictions on bank loans as risks rise
The city’s de facto central bank is trying to contain credit risk among banks as their exposure to housing developers is growing
LTV ratio more effective than DTS in Canada – BIS paper
Paper examines the effect of recent macro-prudential policies targeting the housing market, finding households will borrow more if they can
Gaps in real estate data could threaten financial stability – Buch
Bundesbank vice-president highlights importance of monitoring credit conditions in tandem with house prices; G20 looks to data collected and distributed to fill gaps
IMF urges new macro-pru tools for RBNZ to tackle housing market
Debt-to-income tools would complement existing macro-prudential toolkit and help rein in household credit, fund says; RBNZ in pursuit of such powers but decision must come from government
Macro-pru can offer ‘breathing space’ for Australian housing
Apra’s actions “will not address pressures”, but will provide “breathing space” as they should lessen the amplification of house prices, says RBA’s Lowe
Should more attention be paid to house prices?
The Czech National Bank’s experiences offer insights into using a broader inflation measure with a greater weight on housing to address both monetary and macro-prudential policy requirements
Denmark is ‘not yet’ in a housing bubble – Rohde
Governor says current housing taxes are “destabilising”, and have had to be countered with macro-prudential policy
ESRB warns on housing market in 11 European countries
UK and Netherlands among countries with “unaddressed vulnerabilities”
Volatile housing market puts RBA under pressure
Variations in housing growth and prices ramp up risk to financial stability, RBA minutes show; regulator to consider further measures “if needed”
RBNZ paper sets out new house price indexes
Improved dataset allows design of three new indexes, all of which produce “credible-looking” outcomes
RBA’s Ellis: cross-country and micro-factors matter for housing
The assistant governor sees country-specific and micro-factors as important to understanding the diversity of outcomes in the housing market
RBA to ‘pay close attention’ to housing market in 2017 – Lowe
Rent growth remains weak but vacancy rates are not high, RBA governor says; households and banks are currently taking the right approach to the environment