“Eurozone house prices rise at fastest pace since financial crisis”

Heute Morgen die gute Nachricht, dass Immobilien in Deutschland noch unterbewertet sind (wer es denn glaubt!) und nun die gute Nachricht zu Europa: die Immobilienpreise steigen weiter! Die EZB-Politik wirkt also doch (irgendwie):

  • “House prices across the eurozone are rising at their fastest since before the global financial crisis, (…) Eurostat reported on Tuesday that house prices in the 19-member currency area rose 4.5 per cent in the year to the first quarter of 2018 — a level last seen in early 2007. Five countries — Latvia, Slovenia, Ireland, Portugal and Slovakia — saw double-digit price rises.” – bto: Das ist doch mal super! Endlich geht es wieder aufwärts. Hat zwar wenig mit der Wirtschaft und mehr mit dem billigen Geld zu tun, aber was soll es!
  • “With the European Central Bank almost certain to keep its benchmark interest rate at a record low of zero for at least another year, authorities across the region have had to introduce other measures to tighten control on bank lending.” – bto: Weil wir Geld umsonst verteilen, muss nun auch noch die Verteilung der neuen Kaufkraft planwirtschaftlich organisiert werden. Klasse Idee.
  • “In Ireland, where prices have risen 12.3 per cent over the past year, the central bank at the beginning of 2018 imposed a stricter cap on the size of loans banks can make based on borrowers’ incomes. In Portugal, where prices are up 12.2 per cent, the central bank will from July introduce a series of caps based on people’s incomes and the value of a property in proportion to the borrower’s deposit.” – bto: Je höher die Preise steigen, desto mehr Kredit gibt es auch hier. Ist doch klar.
  • “In Latvia, Slovenia and Slovakia — which have seen house prices rise 13.7 per cent, 13.4 per cent and 11.7 per cent respectively — the authorities have already introduced constraints based on the value of the property.” – bto: was aber auch selbstreferenziell ist.
  • “The central bank for the eurozone has repeatedly denied that the boom in real estate prices presents a threat to financial stability of the entire region and believes the risks can be contained in certain areas within the currency area.” – bto: Das ist doch mal eine coole Aussage. Nach der Erfahrung von 2009 ff stellt sich die EZB hin und sagt, es kann nicht wieder passieren? Wow.
  • “In some member states, however, authorities have struggled to impose measures to limit mortgage lending due to a public backlash. The Dutch central bank wants to tighten the loan-to-value ratio further, requiring borrowers to put up higher deposits, but has encountered some political opposition. In the Netherlands, where prices have risen 9.3 per cent over the past year, the central bank is concerned about the financial stability risk associated with a wave of interest-only mortgages taken out over the past decade.” – bto: Es geht den Notenbankern wie Goethes Zauberlehrling. Und nun versuchen sie irgendwie die Besen am Fliegen zu hindern. Wird nicht klappen.

ft.com (Anmeldung erforderlich): “Eurozone house prices rise at fastest pace since financial crisis”, 11 Juli 2018