Home Prices in South Korea Stalling at a High Point
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Over the past year, the once feverish housing market in South Korea has come to a near halt, as buyers and sellers have become scarce.
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Home prices have plunged by 10 percent or more in some parts of the United States and interest rates on mortgages are at enticing levels, but many potential buyers are waiting for prices to fall further.
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The combination of escalating real estate prices and largely stagnant incomes has contributed to the problem.
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Economic indicators pointed to a deepening slump in South Korea's economy, with shrinking domestic demand dashing hopes for an early recovery, government officials said.
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South Koreans wary about the economy have decided that money can't buy them love on Valentine's Day this year, a report said Thursday.
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Hereâs one way to deal with home prices that remain stubbornly high despite the recent downturn: Buy your second home first.
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Housing starts have been very high relative to the number of homes that builders are trying to sell.
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South Korea's central bank raises interest rates to a six-year high of 4.75% in an effort to tackle inflation.
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South Korea&#39;s economy may miss its 5 percent growth target for 2004 after expanding at its slowest pace in a year in the third quarter, the finance minister said.
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South KoreaÂs central bank ordered lenders to raise reserves held against foreign currency deposits, the second time in two weeks it has tried to curb borrowing. The reserve requirement ratio on short-term foreign currency deposits rose to 7 percent from 5 percent, the Bank of Korea said. The move brings the ratio into line with that for local currency demand deposits and reduces the incentive for banks to lend foreign currencies to home buyers. ÂThis is targeted at the property market,Â said Go You-sun, an economist at Daewoo Securities in Seoul. ÂItÂs a supplementary measure to the reserve requirement ratio increase they announced earlier. The results will take time to show, but this effectively reduces the amount of loans a bank can give.Â.
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Soaring U.S. home values in the first five years of this decade have left homeowners feeling flush, but housings costs also have risen sharply, cutting into stagnant incomes, Census Bureau data show.
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The torrid pace of home sales across the Bay Area and the state will cool next year, but prices will stay on an upward trajectory, according to a real estate trade group.
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Business & money: Investors continue to pile into property market in spite of rising interest rates.
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A spokesman from the National Bureau of Statistics (NBS) said here Friday that multi-fators have pushed up the housing price. Statistics show that the prices of housing and
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South Korea's unemployment rate rises to an eight-month high, raising further fears about the country's economic growth.
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There is no strong evidence that house prices will fall, the International Monetary Fund (IMF) has said. Higher interest rates might slow the growth of house prices, but the IMF does not see a fall in house prices, it said in its biannual report.
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A chunk of South Korea's leading auction site may be on the block, but no one seems to care.