Jun/090
Prices for declining Italian homes
The number of transfers of real estates in our country is definitely down, and even now the prices are showing some downhill. The figure emerges from the Report on the property market in 2009 Nomisma, which stresses how the estate of the value of Italians, when compared with other countries, would still be substantial.
According to the source from the sun 24 hours, the prices are falling for the second consecutive semester. For homes declined in the first six months of the year by 2.5% (they had already reduced by 1% at the end of 2008), a decline that translates into a -3.5% on an annual basis whereas change in average prices in thirteen different areas ranging from -4.1% to -0.2% in Venice city of Cagliari. Even if the reduced value of property in Italy is lower than in the world market, it is remarkable when one considers the historical trend: it analyzes the housing segment, the decline in the last six months is as high as 25 semesters (that is from before 1997, when he ended the previous critical phase of the Italian market) and the third since 1994. This year, forecasts suggest that housing prices may be lower than the 6-8% over the previous year. In 2010, the end of which, according to the macroeconomic forecasts, GDP is expected to return to grow, prices could suffer further decline (-2-3%). Only in 2011 the housing market will again grow.
Last year, the Trading recorded a decline of 14.8% on an annual basis in the first quarter of 2009 in Italy the average reduction was 18.7% compared with the first three months of 2008. The difficulties in the placement of buildings of each type is found in the average selling time dilation (came to 6.1 months for homes to 7.6 months for offices and 6.8 for the stores) or any lease, but also in increasing the discount obtained during the negotiation. Among the developers, however, it can breathe a cautious optimism: they estimate the lowest point of the housing market, in terms of trading, there was everything else, and the operators reported a return to the acquisition, with the ability to pay lower prices and discounts than ever before. In 2009, therefore, the trading volume could settle at around 600 thousand households (there were 686mila in 2008), nearly 250 thousand homes in less than the value reached before the crisis in 2007 (with a trading volume in 2006 amounted to 845,000 households). In terms of revenue the property will generate in Italy with respect to the transactions, some 110 billion Euros, a decline of 30% compared to 2007 (154 billion), the year in which trading has reached its maximum value, to begin then to decline.
Source: IlSole24Ore
Jun/090
Consumption and savings habits vary the current and future
As the crisis has had on your behavior? ING Direct’s statistics speak for themselves: a lot!
In Italy the savings fall, but we are still the best among the 9 countries considered for the survey.
Some families (29%) also manage to put away more than they did until now, not due to increased earnings, but for fear of an uncertain future and possible emergencies.
But the savings do not come from nothing, but by the sacrifices. And what economic output is preferred to eliminate?
In Italy for 74% of people interviewed has cut unnecessary costs such as travel and unnecessary consumption of gasoline. However, this remains untouchable clothes, sport and entertainment.
Sicurametne postponed the purchase of house and car, which involve disproportionate efforts in times like these.
The most curious thing is that 16% of Italians believe that the crisis has led to the strengthening of the couple, while 50% of single preferred times more fat, since the fall of appointment due to “off budget”.
In essence, the crisis has not spared anyone; everyone is accustomed to its way to the economic phenomenon of recent years. We Italians but we stand still and we confirm fashion.
Reasoning about the good I also asked if the savings become a luxury and at the expense of those who fall for this reduction.
Consumption is eroding more and more money that was paid to the first savings and children. The two things seem related, but how much impact one another?
The question I try to give an answer, but help me too.
I believe that children Stano slowly becoming the object of consumption rather than savings.
A simple example is the communions and confirmations that we are witnessing in recent years.
Up to 10/20 years ago among the most popular gifts was the envelope with money inside, which was usually used in an investment for the future of the child.
It is from this aspect can understand the attitude of the Italian population.
Now (perhaps driven by the absence the investment cost) are increasingly inclined gifts such as mobile phones, video games, brand clothes, sunglasses and consumables that does not remain in time.
And then I wonder if it is the crisis that led to the decrease in savings or is it just an attitude different from the population due to non-economic externalities?
The main street now seems the most correct. The crisis “mixed” a socio cultural phenomenon has brought us to this economic system increasingly based on consumption than on savings.
May/090
Slightly decreases the consumer credit in Italy
According to a recent study by Confcommercio-Censis on “climate of trust and expectations of Italian families”:
“The economic downturn – it says – has shed light on the problem of the rapid growth of Italian households and dissemination of insolvencies, although the rate of debt in Italy remains among the lowest in the industrialized Weights”
Consumer credit seems to backtrack and start to decline.
This year 15.5% of households made use of consumer credit, while in January 2009 was 17.8%. The percentages are not high, but collection periods are quite close together.
Also about 50% of households claim to use consumer credit only by necessity and not as a customary purchase.
For Memory remaining 50%. That the consumer credit purchases allow quick, low monthly figures, but the interest rates drive up the purchase price at the expense of the buyer.
When possible I always recommend waiting in buying the product and put away each month the amount necessary to pay interest to the finance company.
Apr/090
Pre-contractual information and Factsheets
Only to ensure transparency of operations and financial services (ICRC on 4 March 2003, a discipline that pursues the goal of making known to the customer which are the essential elements of the contractual relationship, with the resulting movement and the maintenance of market competition financial), the banks also choose to bring the so-called customer information sheets, which provide detailed information about the financing.
This information sheet, are dated and timely updated, contain all the information necessary to ensure the customer and are structured as follows:
- Information intermediary. Are given identification of the intermediary, including header and legal form, registered office and administration, internet address, ABI code, registration number of the overall list, or in the special of Himalia, Register number Enterprise and for foreign intermediary, any relevant supervisory authorities;
- Characteristics and risks of the transaction or service. It gives a brief description of the structure and function economical transaction or service, and ancillary services provided as well as risks of generic or specific related such as: risks of interest rate, exchange rate, indexing etc …
- Economic conditions of the service or transaction. Shall indicate the price or any other fees, charges or expenses (postage, appraisal, etc. ..), or any criminal record;
- Contractual terms governing the operation or service. ATTENTION draws the customer on terms not economic challenges such as those on a possible withdrawal, time required for completion of the transactions (e.g. loan agreement, say the payment timing of sums), tacit renewals, waivers of liability in favor of the intermediary, of course, following the standard schemes recommended by the Community institutions.
Mar/090
Puglia and combating the crisis, here are the banks most virtuous
With the support of the Regione Puglia combating the crisis becomes easier and banks can more easily provide credit to small and medium enterprises.
The banks that facilitate the transaction will be published in two ways: the media will release those who are committed to provide loans through the ban “Aid to investment programs of Micro and Small Enterprises and individuals can make use of the list” of virtuous ” through the Website of Economic Development www.sistema.puglia.it.
Deputy Mayor for Economic Development Loredana Capone says:
“Today, we reinforce a way of working inspired by transparency. Publishing the data and making them accessible to all, we expect to improve the competitive capacity of banks. The crisis leads us to a struggle in which the actors involved must play by all players. The Region has done its part by publishing notices to 11 Euros 508milioni 770mila in a few months, companies are planning investments on their part with great vivacity. Banks a great responsibility not to close the taps of the credit. So we felt the need to transfer to citizens and businesses to exactly know how they work in the institutions with regional funds. Sometimes the reputation of financial operators tends to overshadow the results. We would rather that those who work hardest to emerge because the competition is not in words. If a bank is missing or not very active in our directory, you understand that hardly agree to help finance an investment with regional contributions. Today the situation is one that we are talking, but the site is dynamic then update, hopefully with the involvement of children absent.
“Over the last 15 days – added Loredana Capone – I have spent much time listening to unions and professional associations in each sector. All the social state in small banks gives business’s greatest crisis of our economy. I made a commitment to do everything in my power to help to untie this knot. Transparency and competition are key intervention today. I gave the Councilor sent technicians to check what is possible to predict improvement of temporary schemes “.
Here’s how to reach the elend banks and their work:
Access to data from the portal
now possible to monitor in real time the Bank’s work (for the granting of loans) and trusted (for security), is open to all via the Website of Economic Development www.sistema.puglia.it.
The route is simple: you must first register on the site and then open the news in the foreground, notice the section on “Aid for investment programs of Micro and Small Enterprises” (which is also called the portal “aid scheme — Title II “). From there, the link “Item in progress” leads to two pages: “The work of Banks” and “The work of Confidi.” So you can see in real time the position of the practices of grant, respectively, of the loans and guarantees. On the left are listed banks or Confidi, the center the number of practices, right to total investments. The page is dynamic then allows a continuous updating of the situation. At the same news also accessed through the “Active Calls”.
How does the following notice:
The notice
the notice “Title II” handles about 400 million investment fielding 100 million of public funds. This is an interest subsidy, which the Region pays a sum that corresponds to the interests that the Company shall pay to the bank to obtain a mortgage. With the difference contribution comes to companies in a single advance. So not only are slaughtered interests, but the support in a single solution works as a grant in the capital account. Have access to the companies concerned to submit their applications directly to the bank instructing the practice and forwards it to the Region. If the bank grants the loan, the Region provides the company with interest. Applications for relief must relate to investment projects initial minimum amount equal to 30 thousand Euros for the creation of a new production unit, expansion or modernization of existing production unit, diversification of production, and a change in the production process. The notice is to stop, so it is open (from 23 April) until exhaustion of resources.
The initiative of the Puglia region is truly commendable. Not only ensures greater competition between banks, but allows all citizens to understand how we are doing the operations, secure the feed-back.
At the same time it facilitates the small and medium enterprises with the necessary funding to operate in a time of crisis.
I hope that the initiative will expand to all the Italian regions and ports soon its benefits.