The report, released quarterly, chronicled 39 markets around the world. Out of the countries surveyed, only 13 markets saw an increase.
Perhaps not surprisingly, the weakest performers hailed from Europe, where property values fell in 15 out of 22 countries. Ireland claimed the prize for the weakest market, with a 16.85% fall in housing prices. Spain, Greece and Portugal all saw significant decreases, with markets in Poland and Cyprus on the verge of collapse.
But the report was not all doom and gloom. Canada was among the housing markets that saw an increase, albeit a modest one of 4.6%. Even the United States saw a mild improvement, with housing markets in certain areas showing slow signs of recovery. According to Andrew Leventis, principal economist with the Federal Housing Finance Agency, several factors may have contributed to that American 1.8% increase from last quarter.
“Although some housing markets are still facing significant challenges, house prices were quite strong in most areas in the second quarter,” he says. “The strong appreciation may partially reflect fewer homes sold in distress, but declining mortgage rates and a modest supply of homes available for sale likely account for most of the price increase.”
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