For months we have witnessed a succession of positive data points pointing to victory for Abenomics with negative stories few and far between. However, the plight of the secondary residential housing market in Japan appears to be one that should be of great concern. The policies enacted thus far have essentially incentivized builders to build new homes, buyers to buy new homes, and all of the activity to be in urban areas. The result is an astounding decline in suburban and rural populations and an overhang of second-hand home supply, exacerbated by an aging population , that isnt seen in any other developed nation. Home vacancy in Japan, estimated at about 18 percent of housing nationwide, may reach 24 percent by 2028 In the U.K., just 2.3 percent of dwellings are vacant 11 percent of homes in the U.S. 2.6 percent of Japanese homes were vacant in 1963 With 57 million homes in Japan as of 2008, the last time the government counted them, at least 570,000 homes without occupants are accumulating every year About 20 percent of residential areas in Japan will become ghost towns devoid of population by 2050 Transactions of previously owned homes account for 14 percent of the total in Japan, according to the land ministry.
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Canada housing market has calmed down – finance minister
Inventories are gradually dropping and the average number of days a home stayed on the market declined to 70 in August. That’s down from 78 for the same month in 2012, and from 88 days in August 2011. Meanwhile, home sellers have less competition. On average, there were 5,452 homes on the market in the Lehigh Valley last month, compared with 5,697 in August 2012. The Lehigh Valley now has a 5.6-months’ supply of homes on the market, down from 7.7 months in August 2012, Patt said.
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Lehigh Valley housing market levels out after July spike
In an interview visit with BNN television, Flaherty said he met with bankers this week and is “comfortable” with the housing situation. “It’s calming, which is good, especially the condo market which was quite worrisome in Vancouver and Toronto, and a little bit in Montreal also,” he said. “I’m comfortable with where we are but we have to watch and if we see anything moving toward a bubble, we can intervene,” he said.
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