These homes are in addition to the 3,000 apartments that were built from 2004 through Affordable Housing Program, aimed at young people between 18 and 35 and people over 65. Of this amount, say sources from La Caixa, has been awarded since 2777. Thus, the Social Work of the financial institution will have built a total of more than 4,000 homes in Spain until 2012.

Rent after a period of ten years, tenants have the option to purchase the property, by a lower selling price established in the housing market.

To access this promotion, applicants must meet the eligibility requirements for VPO housing.

The rental period is five years renewable, provided that the tenant continues to meet the requirements of the protection officer.

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In Spain it is difficult to predict what will happen in 2011, according to RICS survey on housing developments in Europe.

While some markets such as Belgium, France, Germany and the Nordic countries experienced significant price increases during 2010, other markets continue to trouble. Ireland, Hungary and Cyprus have suffered severe declines during the year, in Britain, Holland, Poland and Italy were relatively low prices.

On the other hand in Spain, Greece and Portugal last year falls were quite moderate, despite the economic difficulties that passed these countries, while in the Baltic countries the sector is recovering after suffering a deep crisis earlier.

Although it seems that most European countries away from the housing crisis, in RICS analysis reveals that the future of housing is still quite uncertain and that full recovery will depend on many factors, not just increases in house prices.

Unlike previous recoveries, this time the turnaround in this sector star increases in housing prices, while other indicators such as the supply of homes built and the number of sales does not seem to improve in Europe, except some exceptions. At the same time, in many countries there are significant restrictions on mortgage lending. While interest rates remained low during the past year, the European residential could be seriously affected for a possible rise in interest rates.

In Spain there were some improvements in housing demand in 2010 due to increased accessibility and financing costs, with interest rates at historic lows. Although RICS is cautious when discussing the prospects for this year, before the problems through the euro zone in general, high levels of debt in the private sector, excess supply and the slow pace of economic recovery in this country.

According to Michael Ball, Professor of University Reading in the UK and author of the study: "A full recovery will not occur until markets are fully operational again, with plenty of mortgage credit, a building restored and a high turnover in all sectors. At the moment this does not happen in all markets. Hot north, south, cold is the simple geographical description of the housing markets in Europe today. "

Calvo Arderiu Amadeo MRICS, RICS member comments on the housing market in Spain: "The housing prices, will slowly adjusting to a low demand that does not already enjoy tax incentives, and does not seem to know the ground of such a fall, before a really uncertain future. The number of stock  unsold homes should not worry because as soon as it can ensure that a large percentage of them will never be sold and will deteriorate due to lack of maintenance.

May now be time to take losses and start again, avoiding some of the mistakes of the past, if it were not for the balance of the balance of many banks and not allow the decline of value in their warranties. The housing sector is now caught in financial sector balance sheets. "

The construction and housing demand Galicia new fall accused held in 2010, while the flea market grew 27 percent and reached 43 percent of total sales. The Property Centre's new report, published by the Center for Economic and Financial Research (CIE) of Novacaixagalicia confirms the "sharp" sector construction and real estate in Galicia during the first nine months of 2010, with declines in construction and in rates above 5 percent.

This negative trend in new housing demand has reflected in a steady decline of employment with 8,700 occupied unless you fail the same period in 2009.

The study noted that all indicators of the sector Galicia construction show "the persistence of the crisis."

During the first half of 2010, the architects' associations 1783 endorsed them free housing and 220 new protected, which joint represents a drop of 41 percent over the same period of 2009 and a new low.

With the exception of Lugo, where visas rose 8 percent, the rest give provinces experienced declines, more intense in the case of A Coruña (55%) and Pontevedra (37%), while Ourense that the decline was 8 percent.

On the other hand, continues the "collapse" of advocacy tourism and second homes, with only 407 projects located.

With respect to housing demand, the report evidence the brakes on free fall suffered in the years Galicia earlier.

However, the increase in purchases recorded in the six first months of the year did not continue in the third quarter.

According to the calculations of attorney, between January and September 2010 Galicia were sold almost 17,700 properties, a figure do you suppose a slight 0.6 percent increase over the year above.

This increase is due to the buoyancy of the housing market used, over 7,600 purchases (43 percent of the total), representing a growth of 27 percent.

By contrast, demand for new residence maintained negative trend with a decline in sales of 13 percent.

Other indicators analyzed by the Estate of Novacaixagalicia highlight the "weakness of demand residential. "

Sales of new U.S. homes fell in February to its lowest level in nearly half a century, a bad omen for the housing market.

Sales of new homes and apartments are contracted by 16.9% last month, at an annual rate of 250,000 units, said Wednesday the Commerce Department. It was the third consecutive month of contraction and lower than the 700,000 that economists consider a healthy level.

New home sales now account for only 5% of all homes sold this year. In February there were only 186,000 new homes available, the lowest inventory in more than four decades.

The average price of a house or new apartment down almost 14% to $ 202,100, the lowest since December 2003. The average price is now 30% higher than the average price of existing homes, double the usual.

In response, manufacturers have reduced their selling prices while building cheaper houses. They also have to compete with those which reach the market through foreclosure, which reduced the prices of existing homes.

High unemployment, the credit crunch and uncertainty in prices to close its acquisition prevented many potential buyers.

"Falling house prices constrain demand for new homes and until that changes, the housing market remains in trouble, said Yelena Shulyatyeva analyst, firm BNP Paribas.

Last year was the fifth consecutive drop in new home construction. Economists believe it could take several years before sales recover substantially.

Lower sales of new homes get the workforce in the construction sector, which is usually one of the engines of economic recovery. Every new home creates an average of three jobs for a year and produce $ 90,000 in taxes, according to the National Association of Home Builders.

Wall Street today dispiriting disregarded data on the housing market in the U.S., one that most investors tend to worry New Yorkers, and the Dow Jones industrials managed to reverse the trend bass in the morning to finish in positive territory.The day on Wall Street, could have been overshadowed by these data and the growing instability in the Middle East, as well as the rejection of the Government savings scheme in Portugal, lived, however, a "rally" in the last hour of hiring and forgot the red numbers on the start of the session.

The Dow Jones industrials, the main reference of the New York Stock Exchange, which brings together the 30 largest listed companies in the country, ended the day with an increase of 0.56% on the added 67.39 points to close at 12086.02 units above the altitude of 12,000 points on Monday regained.

Something similar happened with the other two benchmarks for Wall Street, the selective S & P 500 and Nasdaq composite index, which declines after scoring for much of the day ended with increases of 0.29 and 0.54% , respectively.

Advances occurred Wednesday, according to some analysts, as part of a rebound that has been occurring in recent days, on Monday the Dow gained 1.5% - to regain lost ground by declines that continued to earthquake in Japan on June 11.

Thus, Wall Street managed to escape unscathed from a day that could have made it difficult after the U.S. Commerce Department to disseminate new home sales in this country dropped by 16.9% in February compared to January, the biggest monthly decline ever recorded.

The figure confirms the persisting weakness in the U.S. housing market whose collapse under the weight of subprime mortgages, among other factors led in 2008 to the financial crisis deeper and more prolonged in nearly eight decades.

This information is not hopeless however increased declines that had been occurring during the morning, if not that the main Wall Street indexes were changed to positive territory as the hours passed on the floor of New York.

You can also rebound alluding to some analysts is influenced in bullish mood today's 0.75% rise experienced by the price of Texas crude, to $ 105.75 a barrel, more moderate than the above developments point oil percentage lived in the past two days.

The rally that has seen three days of Texas oil has occurred as a result of the fighting in Libya, where the coalition continues to carry out air strikes since the weekend against forces loyal to Muammar Gaddafi, who besieged cities Ajdabiya, and Zauiya Misrata.

Indeed the instability in Libya and other countries of North Africa and the Middle East today that caused gold futures contracts reached again a record in the New York Mercantile Exchange, which closed at $ 1,438 an ounce.

Investors were also closely followed what happened today in Portugal, where finally the government conservation program has not achieved a parliamentary majority.

Following the closing of the Stock Exchange confirmed the fears of many on Wall Street as Prime Minister luso, José Socrates, announced his resignation.

From the business world seemed more encouraging news after the aircraft manufacturer Boeing climbed 1.21% after saying it has managed to find alternative sources of Japanese parts suppliers hit by the earthquake, so that its production of aircraft not has been affected.

For its part, the group Colgate-Palmolive fell 0.18% on a day which announced it would acquire for $ 940 million personal care brand Sanex from the European firm Unilever, which, in turn, purchase the American detergent business in Colombia for $ 215 million.

The U.S. Treasury Secretary Timothy Geithner said on 2 that the government hopes the reform of housing finance market, but the process should not be rushed.

"... Probably require five to seven years" to reduce the two giant government-backed mortgages, Fannie Mae and Freddie Mac, Geithner told lawmakers in testimony.

The two firms and two smaller agencies currently are insured or guaranteed 90 percent of all new housing loans.

"While we are confident that the measures we have proposed are the right course, the rush would be counterproductive and could potentially destabilize the housing finance market, or even affect the overall recovery."

In a proposal presented to Congress on February 14, the Treasury Department outlined the government's plan to reform the housing finance system in the country, which is dominated by Fannie Mae and Freddie Mac

It is generally believed that the housing finance model dominated by the government was a major cause of this round of financial crisis. The two firms have already received more than 150,000 million dollars in ransom money from taxpayers.

Experts say American taxpayers can not afford to keep rescuing them.

However, Geithner stressed, companies should not be closed too quickly.

"Close the doors of Fannie Mae and Freddie Mac without taking into account the pace of economic recovery could shake an already fragile housing market," he said. "Finally, it is favorable to the interests of the country's economy and reduce Fannie Mae and Freddie Mac in a responsible and prudent."

"The administration is committed to a system in which the private market, under strong surveillance and a strong consumer protection and the investor, the primary source of mortgage credit."

Geithner said the Obama administration wants Congress to pass legislation to review Fannie Mae and Freddie Mac over a period of two years.

Trends Carlos Diaz Guell .- The progressive differences in the housing market has begun to observe between different provinces, both in demand and supply, has been the most important of the last few months and it allows analysts to point out that it will not be necessary to an absorption total market imbalances to start seeing a recovery in activity, as there are areas where the market will require new investment, compared to others who may remain depressed for a few years. Residential demand in 2010 was heavily distorted by the VAT increase and the elimination of the tax deduction for home purchase in January of this year, which caused an anticipation of purchases that led to an increase of 6% transactions. Still, the momentum was reflected mainly in the used housing segment which grew 18% year on year, while the new house came back to record a fall (-17.1%), reaching 199,000 in purchases.

This has made during the year only has reduced the stock of newly built houses for sale, because, although initiation has recorded a record low (91 662) during the year, 198,000 have left the housing market .

According to the latest official figures and estimates as to the provincial distribution is concerned, it is found that 32 provinces have recorded increases in the number of transactions compared to 4 in 2009 and none in 2010. In 15 provinces there have been increases in the price of private housing, while in 5 of them have begun to see an uptick in the number of new work visas.

Despite all this, no conditions exist for 2011 to be a year of reactivation of the market, mainly because:

• The evolution of the labor market will keep the expectations of depressed household incomes.
• The accessibility of home purchase is going to be significantly impaired by the tightening of monetary policy, it is envisioned that the Euribor will increase by 110 basis points over the year), the repricing of risk policy of the institutions and the elimination of the tax deduction, which in an environment of very modest income growth will mean a greater effort (6 points of family income) for those who want to buy a home.
• The anticipation effect that was experienced during 2010 was reflected in lower demand during the year.
• The provision of financial institutions to dispose of its land, pressed the house prices down in 2011. As a conclusion, it is expected that any reduction

about 10% of stock for sale on this year and that the negative contribution to economic growth is already marginal. However, it will be necessary to further economic impetus to revive the housing market.

TRENDS is an online publication of limited distribution-edited by Carlos Diaz Guell

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Due to the shortage of inventory and to high prices for new housing The homes for sale and used departments has increased rapidly in the last three years. In 2010, 33% of the shares of real estate sales in Mexico were in second use marketGrowth that, while less bulky, shared with the remodeling industry.



Onis Life, a company that manages the process of remodeling Infonavit all credits granted for this purpose, estimates that only for the DF remodeling business Home totaled 5.000 billion, and that in the next few years at least 20% of the loans made by the public sector and Fovissste Infonavit, will be allocated to this activity.



According to the company, although the maximum amount finance for redevelopment by the Infonavit is about 400,000 pesos, the average credits is 322.000 pesos, and relate to housing middle and residential segments.



"A house takes between 10 and 30% of its value in a remodeling depends on the value of property. For example, for a house of 3 million pesos, 10% is enough to make it fit, "according to Life Onis.

Although this firm has a large portfolio to face in the Infonavit, also provides service to the public, and with the same conditions as the public institution: the architect can not charge for their work over 15% of remodeling budget, And that percentage is 3% administration de Onis Life, and 1% of the bond which guarantees to all get what they wanted.



The money from credit or savings deposits in particular a trust operated by Onis Life and capable of being monitored online.

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Housing, so many meanings that good individual and family, who for much of the population is its most important assets, either because it has been produced with enormous sacrifices in poor neighborhoods on their own initiative, either because it is the result of access to loans by offering the private housing market or state, is challenged by the guidelines and enforceable official policy seems to ignore the dynamics governing its production and marketing, some of which are addressed further by the rental market.

The housing market (supply and demand) is one of the areas where more openly calls reveal market imperfections, which requires all countries to state regulatory interventions on this activity.

These regulations can not ignore without costly consequences (economic and social) economic dynamics that govern them.

Housing needs are not just a place to live, not enough to build that shelter must be built city, the plot where the house is connected with the urban fabric (services and infrastructure) that could provide a response to habitat requirements and exercise citizenship of the inhabitants of the city.

Even when families make huge efforts to produce or purchase a home, this does not mean that this is the final season of his career housing.

It is known that after this huge effort that built heritage is not necessarily the end of the road. Changes occur frequently.

The family grows, some remain in the same location, others move, create new families, others move in the territory, the house itself fails to accommodate children who formed new homes and welcomes individuals and families who need shelter willing to lease and sublease.

Many who go to other urban centers have different reasons that housing wealth, which have built or purchased, they can sell it and have the resources to resettle in their new locations.

That is the importance of the disposition of the property, established in the Constitution, but denied only when there is a certificate of award that depends on state agencies rather than families, prevented from trading the property for housing.

This idea that the housing allocated by state programs should not be or can be sold, making its users the subjects of power.

When a family for different reasons like it or be forced to move in the territory is subject to the discretion of the branch officials, who may decide which home and at which location should be housed.

It's like a home soon, it depends on the decision to escape the family's decision, because in other areas of the halls of power decide what plays are the needs of people, even without asking.

ONE of the most difficult exercises of calculation in the housing market housing is available for sale, the stock of housing. The Ministry of Development provides information on completed houses (work certificates) rather late, in fact official figures available are for 2009, and there are estimated based on assumptions unsold homes on demand, drawn from the notarial records on purchases. We talked, in any case, unsold new homes.

In 2009 there were 114,147 homes in Andalusia who found no buyer, and estimates there are 1,000 more in late 2010. In other words, demand is less than the supply of unsold homes and had to be accumulated. And this in a context of extreme weakness of the promotion, which starts a minimum number of dwellings, as we noted in previous observatories.

The data must be interpreted in the aggregate, as in specific areas may be the same demand and the housing stock and bringing the stock to zero. Those 115,000 empty homes, also roughly 20% are distributed, each in Malaga and Almeria, 16% in Cadiz and Seville, 10% in Granada and 6% in Cordoba, Huelva and Jaen. Comparing Andalucia Spain, in the national total is 777,000 homes for sale, which Andalusia is 15% of total. But numbers are not exempt from discussion, as this amount does not include self-built housing or those made ​​under a cooperative. Another issue is the houses in the hands of financial institutions. According to latest figures provided at the request of the Bank of Spain, financial institutions have about 16,000 million euros (considering only the most significant entities on which data are available) awarded finished buildings, which average 160,000 euros per household would give about 100,000 homes. This is important because financial institutions favor the financing of their homes and have their own pricing policy, influencing the evolution of the sector.

Taking the official figures from the Ministry of 2009 and the most reliable of 2010, we estimate what the excess housing for this year and the next two, taking into account the number of houses completed each year and demand in the market. The table includes data from 2008 to 2010, and an estimate as promoter activity. For a weak activity, which incorporated virtually no new housing in 2013 could be even a housing shortage in Andalusia, but, of course, there are always promotional initiatives, thereby assuming that start between 10,000 and 20,000 homes , the stock would decline, to 80,000, 42,000 and 8,000 households for 2011, 2012 and 2013, respectively.

The readings can be made ​​from these data are different. First, and considering Andalucía as a whole, the slowness with which it reduces the stock of housing means that the promoter activity remain weak, and the contribution of the construction sector to the economy, with all that implies for dependent sectors of the same and employment. Consider that virtually no activity would take almost three years to exhaust the stock of homes currently available. Second, the time between initiating a project and end housing is a gap that may negatively affect the economy. A third aspect to the lack of adoption of numerous urban master plans, which in practice prevents initiate projects that could be feasible, also municipal taxes on the building are very high and are significant and difficult to pass now that promotion margins have been drastically reduced. Fourth, we must always bear in mind that housing markets are very specific, with the surplus in some areas may begin to appear deficits in others. Based on these ideas and information available, it is clear that the need for greater political involvement in the housing market. It is incomprehensible that after four years of falling almost no initiatives in this respect as seeking some foreign markets, which undoubtedly would reduce the stock and encourage the market, are too timid and limited scope.