From Soc Gen today:
… asset price appreciation seems to be worryingly unstoppable. Especially, housing market indicators continued to show a brisk momentum in sales and prices, but a muted construction recovery. Even the officials at the central bank admitted that there is a bubble.
New starts growth weakened to 3% from 8%, but housing sales strengthened. Property sales volume growth rose to 20% from 19% and growth of sales revenues accelerated to 32% from 29%. Land sales also swung back, thanks partly to positive base effects. Land area sold narrowed its contraction from -28% to -13%, and in value terms, land sales growth turned positive to 12% after a 5% decline in July.
