Shane Ray

26 May 19
Full Press Coverage

I’m not going to sugarcoat it at all; the Washington Nationals are not good. I thought they were, on the back of elite starting pitching and a dynamite lineup, going to be the team to beat in the NL East. I was wrong. Enough with the confessional, though. It means nothing what the expectations were […]

26 May 19
Arcynewsy

Here are 14 surprise thoughts after the 6-2 loss of the Indians at Tampa Bay on Saturday night. 1. The Indians have lost the fifth game in the last six and have scored three or less runs for the first consecutive day. The biggest problems with the crime have been widely treated this week and […]

26 May 19
News Archives Uk

May 27th 1904 – Dennis McGann of the New York Giants stole five bases in a game to set a Major League record. 1937 – Carl Hubbell, who worked for the New York Giants, won his 24th consecutive game in two seasons. Hubbell threw two innings and Mel Ott hit a ninth inning home run […]

26 May 19
Archy news nety

The Marvel Cinematic Universe is known for giving budding movie stars the blockbusters that catapult their careers. All three Chrises (Evans, Hemsworth and Pratt) became more well-known for their Marvel films. Scarlett Johansson became an action star. Tom Hiddleston splashed into the hearts of teenage Fangirls and began gaining American fame; and Anthony Mackie and […]

26 May 19
MagaOneNews
An earth mover prepares the foundation of new apartment block development in the waterfront suburb of Rushcutters Bay
An earth mover prepares the foundation of new apartment block development in the waterfront suburb of Rushcutters Bay, Australia, December 13, 2016. REUTERS/Jason Reed

May 26, 2019

By Swati Pandey

SYDNEY (Reuters) – Australia’s crumbling housing market looks set to stabilize over coming months as hopes of interest rate cuts and loosening of mortgage rules have boosted buyer inquiries, property and mortgage brokers say.

Home prices across Australia have fallen rapidly since late-2017, heightening worries among policymakers that a prolonged decline would deal a severe blow to the country’s already slowing economy.

While industry watchers say a return to boom times is unlikely anytime soon, they point to signs suggesting a bottoming-out for the sector is imminent.

Economists, including those at AMP and Citibank, last week re-jigged their forecasts to pencil in a less steeper decline in home prices than previously predicted. Several property and mortgage brokers who spoke to Reuters on Friday also said they have seen a noticeable jump in customer inquiries, including from those buying a home for investment.

“The sun is shining all over again now,” said mortgage broker Tony Bice at Sydney-based Finance Made Easy.

Bice cited the unexpected re-election of the country’s pro-business coalition government a little over a week ago and predictions of an Australia rate cut as soon as next month for the improvement in sentiment.

The Australian Prudential Regulation Authority’s (APRA) proposal to ease stress test on mortgages was the “most interesting” policy change, Bice said. Analysts expect the regulator’s move would boost customers’ borrowing capacity.

“My inquiries since the last week has risen dramatically. I have written 11 loans in the last 4 days. In the past, you’d be lucky to write 11 loans in two weeks.” Bice told Reuters.

“A lot of my clients are holding off until June to see what the Reserve Bank does. If they drop the cash rate, I expect banks to follow suit. That will finally revive the market.”

With growth sputtering and inflation at a low ebb, Philip Lowe, the governor of the Reserve Bank of Australia (RBA) last week gave the strongest signal yet that rates were about to move lower soon. And an overwhelming majority of economists are now predicting a cut in the cash rate to 1.25% from a record-low of 1.5% at the RBA’s June 4 policy meeting.

UNDER THE HAMMER

Auction activity – a closely-watched measure of demand in Australia – over the weekend provided the first major test for the market following the policy changes.

There were 1,933 capital city auctions on Saturday, double the amount from the previous week, and preliminary data showed a modest pick-up in demand. Clearance rates nudged above 60% for the two biggest cities of Sydney and Melbourne, compared to 50%-57% over the past year.

The promise of lower rates and easy credit led economists to predict a less steeper drop in home prices. Citi now sees a peak-to-trough fall of 7.5% by June 2019 from 10% previously. AMP’s Shane Oliver predicts a 12% top-to-bottom decline, from an earlier forecast of 15%.

Yet, few expect the boom days to return in a hurry.

“We see broadly flat house prices for 2020,” Oliver said.

“Given still high house prices and poor affordability, still very high debt levels, tighter lending standards and rising unemployment a quick return to boom time conditions is most unlikely.”

(Reporting by Swati Pandey; Editing by Shri Navaratnam)

Source: OANN

26 May 19
Sully Baseball

  Let’s see owned baseball on May 25, 2019 Earning Full WOBs: Kole Calhoun went 3 for 3 with a homer, a game tying 9th inning double, added a walk and scored the walk off run as the Angels stunned the Rangers, 3-2. Patrick Corbin threw a complete game 4 hit shutout, striking out 5 Marlins […]

26 May 19
49 County News.Net Obituaries

Virginia Childers Burgett, of Hamilton, Alabama Age:  85 Born:  June 17, 1933, in Marion County, Alabama. Died:  Thursday, May 23, 2019, at her residence. Visitation:  6:00 – 9:00 p.m., Friday, May 24, 2019, at the Hamilton Funeral Home, Hamilton, Alabama. Funeral Service:  4:00 p.m., Saturday, following visitation, at the funeral home chapel. Burial:  Shottsville Cemetery, […]

26 May 19
Entertaining WE

The center did not hold. Photo: Leon Neal/Getty Images If you were hoping that the recent wave of global right-wing populism might be declining, it has not been a very good couple of weeks. In India, the Hindu nationalist, Narendra Modi, was just reelected handily — with a hefty majority in the Parliament, despite expectations…

26 May 19
News Archives Uk

To celebrate the Blu-ray and DVD release of Wrestlemania 2019 (available to buy from 3rd June 2019) – we're giving away a Blu-ray to one lucky winner. It's the biggest sports entertainment spectacle of the year, a pop culture phenomenon, and the show of shows – WrestleMania! WrestleMania for the first time ever, with a […]