The president of the Peruvian Chamber of Construction (Capeco), Lelio Balarezo reported that home sales in the country fell 20% in the first half of the year compared to the same period 2013.
He explained that this is due to the rules issued both the Central Bank and the Superintendency of Banking and Insurance (SBS) that tightened credit, so access to one is much harder.
However, expectations are optimistic for the second half in which it is expected that home sales resumes.
He said the growth of the sector for this year would be explained by a digit "red tape and permits" in the country which impacts the cessation of work in the sector.
He said last week Capeco submitted a proposal to the Executive to promote the construction of social housing by the private sector. It is proposed that the government provide an incentive to build at least 50,000 homes and increase subsidies.
Lunes, Hulyo 28, 2014
Miyerkules, Hulyo 23, 2014
He failed the dollarization of the property market
The housing market pesificación joined the increasingly long official announcements which never materialize list. According to a study Zonaprop.com specialized portal, currently only 9% of the properties offered for sale in the city of Buenos Aires are published prices in pesos.
Within that 9% also brand new properties represent the majority, and if taken only notices homes used, publications weights represent less than 3% of the total.
Pesificar the property values was one of the goals he had set the then Central Bank President Mercedes Marco del Pont when he had to publicly explain the reasons which led it to impose the stocks to buy dollars, a few days president Cristina Kirchner got his reelection.
Clearly, the official explanations seemed mostly an excuse for the real purpose of that measure, which was simply to reduce the demand for dollars in a time when the central bank reserves began to decline sharply. However, Marco del Pont itself did not hesitate to present at the time the ban on buying dollars as "a step in the de-dollarization of the housing market."
With the results in view, much of the ground they had gained on dollarization in the last two and half years and was lost.
According to the survey Zonaprop.com before the trap was implemented in pesos offers represented only 1% of the notices of sale were published in Buenos Aires. With the lack of access to dollars, the number of transactions fell, but there was also a proliferation of publications in pesos, as expected by the government.
In December 2012, a record was set, with one in five properties for sale in local currency. However, the spring pesificadora not last long and thereafter a steady decline that seems to have found his apartment began.
"One of the factors that ended up slowing the dollarization of the housing market were Cedines, as when he announced the possibility of having a tool for the seller to be made with dollars many decided to leave out the deals in pesos," Mariano said Nejamkis CEO Zonaprop.com.
The portal, which leads the supply of properties on sale, with over 250,000 assets- notices, expected in the coming months will continue to fall in pesos publications, but never again having 1% stake before the stocks through the decision of the real estate developers and builders of "de-dollarization" projects of new units.
"If there is something positive that had the trap was at least achieved a dollarization of notices of sale of new properties, which has a certain logic if you take into account that most of the inputs is a real estate developer are pesos, "said Nejamkis.
With percentages not so marked, the process in the Federal Capital is similar to that experienced in the Gran Buenos Aires. In late 2011, only 1% of the houses and apartments for sale in the suburbs offered in pesos. A year later, the percentage jumped to 24%, and from that time he began to fall, although a trend towards less pronounced. In fact, currently offers pesos properties remain a respectable 19 percent.
Another market is pesificado rents, although in this case it is not a consequence of stocks created in 2011, and in this business that historically the percentage of dollar deals never exceeded 5 percent.
Within that 9% also brand new properties represent the majority, and if taken only notices homes used, publications weights represent less than 3% of the total.
Pesificar the property values was one of the goals he had set the then Central Bank President Mercedes Marco del Pont when he had to publicly explain the reasons which led it to impose the stocks to buy dollars, a few days president Cristina Kirchner got his reelection.
Clearly, the official explanations seemed mostly an excuse for the real purpose of that measure, which was simply to reduce the demand for dollars in a time when the central bank reserves began to decline sharply. However, Marco del Pont itself did not hesitate to present at the time the ban on buying dollars as "a step in the de-dollarization of the housing market."
With the results in view, much of the ground they had gained on dollarization in the last two and half years and was lost.
According to the survey Zonaprop.com before the trap was implemented in pesos offers represented only 1% of the notices of sale were published in Buenos Aires. With the lack of access to dollars, the number of transactions fell, but there was also a proliferation of publications in pesos, as expected by the government.
In December 2012, a record was set, with one in five properties for sale in local currency. However, the spring pesificadora not last long and thereafter a steady decline that seems to have found his apartment began.
"One of the factors that ended up slowing the dollarization of the housing market were Cedines, as when he announced the possibility of having a tool for the seller to be made with dollars many decided to leave out the deals in pesos," Mariano said Nejamkis CEO Zonaprop.com.
The portal, which leads the supply of properties on sale, with over 250,000 assets- notices, expected in the coming months will continue to fall in pesos publications, but never again having 1% stake before the stocks through the decision of the real estate developers and builders of "de-dollarization" projects of new units.
"If there is something positive that had the trap was at least achieved a dollarization of notices of sale of new properties, which has a certain logic if you take into account that most of the inputs is a real estate developer are pesos, "said Nejamkis.
With percentages not so marked, the process in the Federal Capital is similar to that experienced in the Gran Buenos Aires. In late 2011, only 1% of the houses and apartments for sale in the suburbs offered in pesos. A year later, the percentage jumped to 24%, and from that time he began to fall, although a trend towards less pronounced. In fact, currently offers pesos properties remain a respectable 19 percent.
Another market is pesificado rents, although in this case it is not a consequence of stocks created in 2011, and in this business that historically the percentage of dollar deals never exceeded 5 percent.
Lunes, Hulyo 7, 2014
U.S. housing boom boosts imports from Asia
Thanks to a housing boom in the United States, Asian manufacturers are sending the highest level in seven years for furniture and building materials in containers.
U.S. imports of furniture and building materials from Asia, aimed at retailers such as Wal-Mart Stores Inc. and Target Corp., rose 6.3% in the first four months of this year compared with the same period last year to its highest level since 2007, according to figures from the Japan Maritime Center.
Asian suppliers as Li Fung Ltd., which exports some home accessories, tableware and crafts, are benefiting from a rebound in the U.S. economy as increases in jobs and funding costs at historically low levels build confidence Americans to purchase homes. That demand is helping to boost exports of chairs and beds to decorate houses and materials and plastics used in construction.
'If you are buying a new house needs a new decoration', said by telephone last week Rahul Kapoor, an analyst at Drewry Singapore Financial Services Ltd.
He added that 'the furniture and building materials will come from Asia. That is certainly positive for the demand. "
Total U.S. imports of furniture and plastic materials and construction from Asia rose to 971.678 standard containers, TEU in the first four months of this year, compared to 914.042 a year earlier, according to figures from the Japan Maritime Center .
Li Fung, who is also the provider for clothing and larger retailers like Wal-Mart toys, recorded an increase of 17% in net profit to a record $ 725 million in 2013 due to higher sales.
HOME SALES
The largest customer of the company based in Hong Kong is Wal-Mart, which accounts for 15.4% of sales, according to data compiled by Bloomberg, followed by Target, the second-largest U.S. discount retailer, with 5.8% of revenue.
The increase in imports can be a boost for the two discount stores, which have struggled to increase revenues in the United States.
In the first quarter Wal-Mart, which closed on April 30, sales advanced 0.8% to 114,200 million while revenue at stores of competitors in the same industry in the United States suffered little change.
At Target, revenue increased 2.1% to 17,100 million in the first quarter. Sales at department stores fell for the house to the extent that U.S. comparable store levels plummeted 0.3% in a second consecutive fall.
United States recorded the largest increase in new home sales in 22 years in May as sales advanced 18.6% in the month, the largest increase for a month around the country since January 1992, according to figures from the Commerce Department.
However, charges for the transport of containers from Asia to the United States fell this year to the extent that an increase in new capacity is outpacing the increase in transported drawers.
U.S. imports of furniture and building materials from Asia, aimed at retailers such as Wal-Mart Stores Inc. and Target Corp., rose 6.3% in the first four months of this year compared with the same period last year to its highest level since 2007, according to figures from the Japan Maritime Center.
Asian suppliers as Li Fung Ltd., which exports some home accessories, tableware and crafts, are benefiting from a rebound in the U.S. economy as increases in jobs and funding costs at historically low levels build confidence Americans to purchase homes. That demand is helping to boost exports of chairs and beds to decorate houses and materials and plastics used in construction.
'If you are buying a new house needs a new decoration', said by telephone last week Rahul Kapoor, an analyst at Drewry Singapore Financial Services Ltd.
He added that 'the furniture and building materials will come from Asia. That is certainly positive for the demand. "
Total U.S. imports of furniture and plastic materials and construction from Asia rose to 971.678 standard containers, TEU in the first four months of this year, compared to 914.042 a year earlier, according to figures from the Japan Maritime Center .
Li Fung, who is also the provider for clothing and larger retailers like Wal-Mart toys, recorded an increase of 17% in net profit to a record $ 725 million in 2013 due to higher sales.
HOME SALES
The largest customer of the company based in Hong Kong is Wal-Mart, which accounts for 15.4% of sales, according to data compiled by Bloomberg, followed by Target, the second-largest U.S. discount retailer, with 5.8% of revenue.
The increase in imports can be a boost for the two discount stores, which have struggled to increase revenues in the United States.
In the first quarter Wal-Mart, which closed on April 30, sales advanced 0.8% to 114,200 million while revenue at stores of competitors in the same industry in the United States suffered little change.
At Target, revenue increased 2.1% to 17,100 million in the first quarter. Sales at department stores fell for the house to the extent that U.S. comparable store levels plummeted 0.3% in a second consecutive fall.
United States recorded the largest increase in new home sales in 22 years in May as sales advanced 18.6% in the month, the largest increase for a month around the country since January 1992, according to figures from the Commerce Department.
However, charges for the transport of containers from Asia to the United States fell this year to the extent that an increase in new capacity is outpacing the increase in transported drawers.
Martes, Hulyo 1, 2014
Foreign away from the Chinese real estate market
Foreign investment in China's real estate sector plummeted the past six months as growing competition from local investors and the worsening of the global economy has become more difficult to raise funds.
Jim Yip Kin-shing, one of the managers of investment to China DTZ, said the real estate private equity funds have struggled to global investors invest in new funds for acquisitions in China.
According to the latest research report of the company, foreign investment in the Chinese real estate market, which is dominated by commercial properties, totaling 2.800 billion yuan (U.S. $ 440 million) in the first six months. This represents only 22% of the value of total investment 12.100 billion yuan.
Foreign investment in the sector during the past year amounted to 17.100 billion yuan, representing 43.8% of total 39.000 billion yuan.
"The investment market in general in Shanghai has been weak compared to 2011," said Yip, who now expects the total investment reaches 20,000 million yuan this year. According to the expert, the situation you're seeing in Shanghai could be a reflection of market trends nationwide.
CBRE's research shows that the total foreign purchases in China fell nearly 40% in the first half of this year compared with the second half of 2011, which could be indicative of market sentiment in the country.
"However, foreign investors hold a strong appetite for well-located, high-quality commercial assets," said Greg Penn, executive director of CBRE Investment Properties Asia.
Local financial institutions dominate the acquisitions of properties in China.
Recent notable examples include buying Longyu International Commercial Plaza by the bank Baoshang by 1.950 billion yuan and an office building in the north of Shanghai China Jianyin Investment concretized by 2.310 billion yuan in rivera.
"Local buyers are not focusing on yields when making purchases, which is making it difficult for foreigners to compete in certain businesses," Penn said.
Jim Yip Kin-shing, one of the managers of investment to China DTZ, said the real estate private equity funds have struggled to global investors invest in new funds for acquisitions in China.
According to the latest research report of the company, foreign investment in the Chinese real estate market, which is dominated by commercial properties, totaling 2.800 billion yuan (U.S. $ 440 million) in the first six months. This represents only 22% of the value of total investment 12.100 billion yuan.
Foreign investment in the sector during the past year amounted to 17.100 billion yuan, representing 43.8% of total 39.000 billion yuan.
"The investment market in general in Shanghai has been weak compared to 2011," said Yip, who now expects the total investment reaches 20,000 million yuan this year. According to the expert, the situation you're seeing in Shanghai could be a reflection of market trends nationwide.
CBRE's research shows that the total foreign purchases in China fell nearly 40% in the first half of this year compared with the second half of 2011, which could be indicative of market sentiment in the country.
"However, foreign investors hold a strong appetite for well-located, high-quality commercial assets," said Greg Penn, executive director of CBRE Investment Properties Asia.
Local financial institutions dominate the acquisitions of properties in China.
Recent notable examples include buying Longyu International Commercial Plaza by the bank Baoshang by 1.950 billion yuan and an office building in the north of Shanghai China Jianyin Investment concretized by 2.310 billion yuan in rivera.
"Local buyers are not focusing on yields when making purchases, which is making it difficult for foreigners to compete in certain businesses," Penn said.
Huwebes, Hunyo 26, 2014
Increase sales of existing homes in the United States
Home sales in May with owners recorded their biggest monthly increase in nearly three years in the U.S., providing hope that the sector is beginning to regain lost momentum last year.
houses statements unidosLa National Association of Realtors reported Monday that sales rose 4.9% last month to an annual rate of 4.89 million homes. The increase was the fastest since August 2011, but sales are still 5% below the May 2013 rate.
Sales have been inhibited by the increase last year interest rates on mortgages historically low levels and various other factors, including low supply and lending requirements.
The average price of a home sold in May was $ 213,400, up 5.1% from a year ago.
After reaching a recent peak of 5.33 million sales in mid-year annual rate, sales began to drop. Potential buyers have been dealing with a limited supply of housing, more expensive homes and tighter restrictions on lending, resulting in the property boom of the last decade that ended in millions of foreclosures.
Five years after the start of the recovery from a deep recession caused in part by the housing slump, home sales have not returned to their historical averages. Demand remains strong for the most expensive faces, but not for housing low and medium price.
houses statements unidosLa National Association of Realtors reported Monday that sales rose 4.9% last month to an annual rate of 4.89 million homes. The increase was the fastest since August 2011, but sales are still 5% below the May 2013 rate.
Sales have been inhibited by the increase last year interest rates on mortgages historically low levels and various other factors, including low supply and lending requirements.
The average price of a home sold in May was $ 213,400, up 5.1% from a year ago.
After reaching a recent peak of 5.33 million sales in mid-year annual rate, sales began to drop. Potential buyers have been dealing with a limited supply of housing, more expensive homes and tighter restrictions on lending, resulting in the property boom of the last decade that ended in millions of foreclosures.
Five years after the start of the recovery from a deep recession caused in part by the housing slump, home sales have not returned to their historical averages. Demand remains strong for the most expensive faces, but not for housing low and medium price.
Lunes, Hunyo 23, 2014
Real estate market in Miami-Dade advances its recovery
The tax basis of properties of the Miami-Dade County increased 6.5 percent compared to last year, the biggest gain since the historic collapse of the housing market that greatly damaged the economy of the region and forced the local governments to tighten their belts to survive.
"The center and oceanfront homes go ahead. These areas are stronger than the western suburbs and the south end of the county, "said Lazaro Solis, property appraiser of Miami-Dade. "Apparently we have a very strong market for real estate. We have taken a drastic turn up in poor areas, although there are still things to improve. "
For some municipalities, the largest growth than expected means at least a relief when balancing the budgets for fiscal years beginning on or after 1st. October. But for others, especially Miami-Dade County, which has a budget gap of about $ 200 million coming until next fiscal year, a larger taxable income will not solve the problems.
Among the municipalities that enjoy robust earnings are Miami Beach (9.4%), Surfside (17.6%) and Sunny Isles Beach (11%). Which had weaker results were Florida City (down 1.3%), Opa-locka (down 1.5%) and Medley (down 2.6%).
"For the most affluent neighborhoods are doing better than those who are not wealthy," Solis said. Liberty City and north-central area of the county, for example, are moving more work to recover from the sharp drop in values that took place between 2008 and 2011.
The growth in property values in Miami-Dade, a county that comprises more than one million properties, reached $ 209,937,000,000 until the 1st. January, a little less than $ 210,000 million.
In addition to the real estate sector, the growth reflects changes in tangible personal property. FPL's investments in Turkey Point nuclear facility, for example, they added about $ 500 million in taxable income, Solis said.
Preliminary values of property taxes are used by cities and counties to tax when making their budgets for 2014-15 and send rates property tax, the tax paid per $ 1,000 of taxable value.
"We look forward to the commissioners several options for them to enfrentrar some needs of the community," said Jimmy Morales, manager of Miami Beach. "It gives us some flexibility as we approach the new year."
Miami Beach could devote part of the increase to the ambitious projects undertaken to mitigate floods and problems regarding sea level rise, Morales said. In February, the city decided to use estimates of high tides at the time of building projects in the city to install new pumping out water from the streets, all at a cost of approximately $ 400 million. Moreover, growth could allow Miami Beach cutting taxes, building on increases during the worst of the economic crisis.
Elected officials, Morales said, can decide whether to "use the money to make some improvements or return it to the taxpayers.''
The preliminary report of the property appraiser, which will be adjusted and finished 1st. July also emphasizes the irregular has been the recovery of real estate industry in South Florida.
"The neighborhoods in the coastal area ... continue to show a strong real estate market with high growth. Some parts of the county that were hit hardest by the recession, Hialeah, Homestead and El Portal, have experienced the most substantial growth in 2014. However, Opa-locka, Florida City and Medley still not fully recovered and property values continue to fall, "Solis said in the statement.
For this year, the value of the properties of Hialeah recovered by 4.7%, which means a big change compared to 2013, when property values fell 3.5%.
For Miami-Dade, Friday's report was a pleasant surprise, but not something that will radically change the landscape. Economic experts forecast an increase of 4 percent rather than the 6.5 percent gain. The Budget Office of Miami-Dade said he has not yet determined how the new estimates could impact the earnings forecasts, although a quick glance at the numbers suggest that earnings could be around $ 20 million.
In a statement, Mayor Carlos Gimenez warned that healthy earnings outlook will not stop him demanding further concessions to the unions, including the proposed 10 percent reductions and benefits. The "net improvement is still not enough to avoid significant reductions in the operating budget of the county," Gimenez said. "Moreover, growth is not so great that it can overcome the increasingly high personal costs of collective agreements."
Alberto Carvalho, superintendent of Miami-Dade schools, said the increase in property values makes it highly unlikely that the school district's tax rate has to be increased, but warned that the growth of home values not fallen from heaven means money for the school system. By complicated formula of local / state funding for schools every year is the state that determines how much local taxpayers expected to contribute. In fact it is the state Floridian, who at first instance set tax rates to district property which then appear in the account property taxes.
Despite significant gains in property values in some areas, homeowners exemptions from property taxes will see their value increases up to 1.5% this year, based on the amendment to the Florida Save Our Homes (Saving our homes). The amendment increases the limit on the value of the exemption to the property to 3 percent or the consumer price index, either to be lower. For homes that do not have property exemption, increases in values are limited to 10 percent a year under the laws of Florida.
This makes it the third straight year in which the property values rise after four consecutive years of declines during the devastating housing crisis that plunged into a swamp to the economy of the region and forced governments to make controversial and painful cuts budget.
"The center and oceanfront homes go ahead. These areas are stronger than the western suburbs and the south end of the county, "said Lazaro Solis, property appraiser of Miami-Dade. "Apparently we have a very strong market for real estate. We have taken a drastic turn up in poor areas, although there are still things to improve. "
For some municipalities, the largest growth than expected means at least a relief when balancing the budgets for fiscal years beginning on or after 1st. October. But for others, especially Miami-Dade County, which has a budget gap of about $ 200 million coming until next fiscal year, a larger taxable income will not solve the problems.
Among the municipalities that enjoy robust earnings are Miami Beach (9.4%), Surfside (17.6%) and Sunny Isles Beach (11%). Which had weaker results were Florida City (down 1.3%), Opa-locka (down 1.5%) and Medley (down 2.6%).
"For the most affluent neighborhoods are doing better than those who are not wealthy," Solis said. Liberty City and north-central area of the county, for example, are moving more work to recover from the sharp drop in values that took place between 2008 and 2011.
The growth in property values in Miami-Dade, a county that comprises more than one million properties, reached $ 209,937,000,000 until the 1st. January, a little less than $ 210,000 million.
In addition to the real estate sector, the growth reflects changes in tangible personal property. FPL's investments in Turkey Point nuclear facility, for example, they added about $ 500 million in taxable income, Solis said.
Preliminary values of property taxes are used by cities and counties to tax when making their budgets for 2014-15 and send rates property tax, the tax paid per $ 1,000 of taxable value.
"We look forward to the commissioners several options for them to enfrentrar some needs of the community," said Jimmy Morales, manager of Miami Beach. "It gives us some flexibility as we approach the new year."
Miami Beach could devote part of the increase to the ambitious projects undertaken to mitigate floods and problems regarding sea level rise, Morales said. In February, the city decided to use estimates of high tides at the time of building projects in the city to install new pumping out water from the streets, all at a cost of approximately $ 400 million. Moreover, growth could allow Miami Beach cutting taxes, building on increases during the worst of the economic crisis.
Elected officials, Morales said, can decide whether to "use the money to make some improvements or return it to the taxpayers.''
The preliminary report of the property appraiser, which will be adjusted and finished 1st. July also emphasizes the irregular has been the recovery of real estate industry in South Florida.
"The neighborhoods in the coastal area ... continue to show a strong real estate market with high growth. Some parts of the county that were hit hardest by the recession, Hialeah, Homestead and El Portal, have experienced the most substantial growth in 2014. However, Opa-locka, Florida City and Medley still not fully recovered and property values continue to fall, "Solis said in the statement.
For this year, the value of the properties of Hialeah recovered by 4.7%, which means a big change compared to 2013, when property values fell 3.5%.
For Miami-Dade, Friday's report was a pleasant surprise, but not something that will radically change the landscape. Economic experts forecast an increase of 4 percent rather than the 6.5 percent gain. The Budget Office of Miami-Dade said he has not yet determined how the new estimates could impact the earnings forecasts, although a quick glance at the numbers suggest that earnings could be around $ 20 million.
In a statement, Mayor Carlos Gimenez warned that healthy earnings outlook will not stop him demanding further concessions to the unions, including the proposed 10 percent reductions and benefits. The "net improvement is still not enough to avoid significant reductions in the operating budget of the county," Gimenez said. "Moreover, growth is not so great that it can overcome the increasingly high personal costs of collective agreements."
Alberto Carvalho, superintendent of Miami-Dade schools, said the increase in property values makes it highly unlikely that the school district's tax rate has to be increased, but warned that the growth of home values not fallen from heaven means money for the school system. By complicated formula of local / state funding for schools every year is the state that determines how much local taxpayers expected to contribute. In fact it is the state Floridian, who at first instance set tax rates to district property which then appear in the account property taxes.
Despite significant gains in property values in some areas, homeowners exemptions from property taxes will see their value increases up to 1.5% this year, based on the amendment to the Florida Save Our Homes (Saving our homes). The amendment increases the limit on the value of the exemption to the property to 3 percent or the consumer price index, either to be lower. For homes that do not have property exemption, increases in values are limited to 10 percent a year under the laws of Florida.
This makes it the third straight year in which the property values rise after four consecutive years of declines during the devastating housing crisis that plunged into a swamp to the economy of the region and forced governments to make controversial and painful cuts budget.
Biyernes, Hunyo 20, 2014
It will nurture growth in U.S. real estate: BBVA
The positive trends in the residential and non-residential property sector will continue to drive growth across the United States in the first half of the year, according to a study by BBVA Research.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports surpass much of the country in the first half of 2014, "said BBVA analysis area.
The analysis concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Financial Group also notes that low inventories and increased confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the U.S. and highly qualified support income growth, in real terms, have been stagnant since 2000.
"For the bank activity on the West Coast and in resource-rich areas will benefit from the remarkable recovery of activity in the areas of housing, construction and exports surpass much of the country in the first half of 2014, "said BBVA analysis area.
The analysis concludes that the prospects for most states remains stronger than one might infer from the lack of acceleration in activity in February.
First, while employment fell in most states, the construction activity continues its positive trend, contributing to improved outcomes in 27 of 50 states.
Financial Group also notes that low inventories and increased confidence will encourage the construction activity in most of the states of the American Union; recent indicators of private investment in residential and non-residential properties suggest a strong upside potential.
"Despite the historically low rates of household formation among young professionals, most trusted Millennials in the labor market will encourage the purchase of first homes and give boost to housing prices," said BBVA.
For the Spanish group, the increased demand for manufacturing labor force in the U.S. and highly qualified support income growth, in real terms, have been stagnant since 2000.
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