U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.
About 22 million Americans may lack enough home equity to move, keeping property listings tight and limiting sales as the housing market recovers, Zillow Inc. said.
Following are the minutes of the Federal Reserve’s Open Market Committee meeting that concluded on May 1.
Norges Bank is sticking to an interest rate outlook that signals the possibility of a cut next month, even after a weaker krone helped boost inflation in Europe’s second-richest nation per capita, Deputy Governor Jan F. Qvigstad said.
The pound strengthened from a six- week low against the dollar after an industry report showed U.K. home sellers raised asking prices to a record, adding to optimism Britain’s economy is improving.
U.K. home sellers raised asking prices for a fifth consecutive month, pushing values to a record and giving the market its best start to a year since 2004.
Bank of England Governor Mervyn King said the debate on fiscal policy has “really got overblown” and the government’s plan to aid home buyers shouldn’t become permanent.
Rising home prices will increase the pressure on the Reserve Bank of New Zealand to raise interest rates, Finance Minister Bill English said.
New Zealand’s rising house prices will increase the pressure on the central bank to raise interest rates, Finance Minister Bill English said.
Banks may have too much freedom to determine appropriate levels of risk weighted capital under international banking rules, said Stefan Ingves, governor of Sweden’s central bank.