— Japan Aug Housing Starts -5.5% Y/Y; MNI Median Fcast -7.1%
— Japan Aug Housing Starts Post 3rd Straight Fall
TOKYO (MNI) – Housing starts in Japan fell 5.5% on the year to
77,500 units in August, a third straight fall, as effects of the
government’s economic stimulus measures have faded, data from the
Ministry of Land, Infrastructure, Transport and Tourism showed Friday.
The August figure was better than the median economist forecast for
a 7.1% drop in an MNI survey and followed a 9.6% decline in July.
The seasonally adjusted annualized rate of housing starts stood at
888,000 in August, up from 870,000 units in July.
Until recently housing construction was supported by the
government’s revived temporary reward program for buying energy-saving
houses.
But the land ministry has stopped receiving applications for reward
points, which are given to owners of environmentally-friendly homes
under construction or those being renovated to save energy consumption.
The program was terminated nearly four months earlier than the Oct. 31,
2012 end-date in the original plan.
The breakdown follows:
— Owner-occupied houses: -9.1% y/y at 28,208 units, a second
straight fall.
— Houses for rent: -2.7% y/y at 27,616 units, a second straight
fall.
— Condominiums and houses for sale: -2.5% at 21,228 units, the
first fall in two months.
tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-6860-4821 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
