| After some encouraging signs of revival last year, residential real estate markets in much of the developed world are losing momentum — or in some cases, even reversing course, according to the latest Global Real Estate Trends report released today by Scotia Economics.
"Increasing nervousness over global economic prospects alongside rising food and gas prices and persistently high unemployment are keeping potential buyers on the sidelines despite highly accommodative monetary policy," said Adrienne Warren, Senior Economist and Real Estate Specialist, Scotia Economics. "A lingering oversupply of housing and/or still tight credit conditions are reinforcing the downward pressure on sales and prices in a number of markets globally." (Press Release) |