Sometimes we bring you news as it happens and sometimes, like now, we’re just a little bit late. With that apology, here are the findings of what’s billed as the “first truly global house price index.” It was released Apr. 29 (ahem) from a British firm called Knight Frank. Here’s a link to the press release.
Knight Frank concludes that average global prices were rising 11% a year in 2004 but just 6% a year as of the end of March. So, a slowdown in growth, but not a decline. The biggest reversal was felt by Hong Kong, which went from a 23% annual price increase through early 2005 to a 7% annual price decline through early 2006.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.