In recent years, the United States has maintained relatively low interest rates, many owners to revaluation induced by housing, real estate investor rich on huge profits made a fortune. But now as interest rates rise, prices through the roof, fear is gone. Real estate market will go from here?, the Wharton School of business experts in real estate market innovation and risk Conference debate on this issue. The Conference was organised by the Wharton financial institutions Center (Wharton Financial Institutions Center) and Mercer Oliver Wyman companies (the world's leading financial services strategy and risk management consulting company).
In the eyes of many United States, real estate market is one flock with the edicts of people getting rich quick. Over the past few years many owners do rely on a rich due to the appreciation of the housing, real estate investors rely on huge profits made a fortune. But now as interest rates rise, prices through the roof, fear is gone. Federal Reserve Chairman Ben Bernanke this · (Ben S. Bernanke) last month that hot real estate has emerged into the "chill". At the same time, the former Fed Chairman Alan Greenspan · (Alan Greenspan) on United States bonds market Association (The Bond Market Association) said the United States real estate market "bubble heyday" is about to end.
While few would doubt that such an argument, but the real estate market will go really difficult to predict. Wharton Business School, Professor of real estate and financial Zell/Lurie real estate Center Director Joseph • Chocó (Joseph Gyourko) said, "I think the United States market and not widely to produce foam." He admitted that the 2005 real estate market exists for the "bubble", apartment buildings, and other market segments also will decrease, but the entire real estate market has not seen "full crash" sign. Chocó that resulted in the United States and many cities, especially in the coastal city House prices rise to a variety of local economic factors, such as employment and residential housing stock is limited, and so on.
Was in the "irrational exuberance" (Irrational Exuberance) forecast 2000, stock market crash of Yale economics professor Robert · gierle (Robert Shiller) hold a different view. In his view, United States House recently an unprecedented surge that investment psychological this invisible hand of market manipulation. He pointed out that the price of a single-family residence caused a surge of factors "as the 1990s stock market psychology — can very unstable. ”
Chocó and gierle are at the beginning of this month on the real estate market innovation and risk management in meeting the above comment. The meeting was organized by Wharton Finance Center and Mercer Oliver Wyman companies. 2 people in a specialist forum on promoting the rising momentum factors discussed. Participate in the Forum are available for corporate real estate financing services of investment company W.P. Carey & Co. President and CEO Gordon · du Gan (Gordon DuGan), as well as investment in commercial real estate hedge fund United States Ke Ronnie capital group (Colony Capital) CEO Richard · cable Bozeman (Richard Saltzman). Du kan and cable Bozeman mainly concern United States commercial real estate market — at the beginning of the 1990s have experienced serious commercial real estate crisis, the crisis is now a recent downturn.
Chocó pointed out that "the promotion of housing market the price rise is local factors rather than national factors. "It is the local situation led to the rise in the United States market by the middle of prices and rates xianfang rise a divergence, which profit the most abundant of the coastal market. According to the Office of Federal Housing Enterprise Oversight (Office of Federal Housing Enterprise Oversight) data show that since 1980, Washington, d.c., California, New York, Massachusetts and Rhode Island's price has turned over more than five times. Recently some resorts of housing prices are soaring. To Florida as an example, last year alone, the region's housing prices have risen by 30%, including Naples, Cape Coral, Phoenix, Flagstaff, Arizona. At the same time, many large cities in the United States the prices of the rental income ratios and rates than have highs.
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