¿Una recuperación inmobiliaria sostenible?

NEW HAVEN – La volatilidad en el mercado inmobiliario se conoce desde hace mucho tiempo, pero hasta ahora nunca ha sido visible en tantos lugares del mundo al mismo tiempo. De hecho, el año 2009 incluso podría representar un hito que marque una nueva era de volatilidad.

Desde 2000, hemos sido testigos de la evidencia más dramática hasta el momento de burbujas especulativas en mercados de viviendas ocupadas por sus dueños. Los precios de las viviendas explotaron después de 2000 en Norteamérica, Europa y Asia, y en muchos lugares aislados en otras partes del mundo. Los mercados alcanzaron un pico en 2007, y luego cayeron estrepitosamente en muchos de estos lugares con el estallido de la crisis financiera global. Curiosamente, los precios se recuperaron en algunos lugares en 2009. Parece la historia de nunca acabar.

En Estados Unidos, el Índice de Precios de Viviendas de 10 Ciudades de S&P/Case-Shiller registró la mayor recuperación desde que comenzó el índice en 1987, aumentando 5% (una tasa anual del 15%) de abril a agosto de 2009, después de haber caído 7% (una tasa anual del 21%) en los cuatro meses comprendidos entre diciembre de 2008 y marzo de 2009. También se han registrado incrementos recientes en los precios de las viviendas en Australia, el Reino Unido, Hong Kong, Corea, Singapur y Suecia, y se oyen comentarios optimistas en otros lugares más.

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