BOJ Rate Hike Expectations Rise Ahead of September Meeting 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
UK cities need greener new builds – and more of them 
Colorado takes a new – and likely more effective – approach to the housing crisis 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
UBS "이 미국 도시, 부동산 거품 위험 가장 높아" 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
US Stock Futures Rise as Markets Await July Payrolls Data 
Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Sales of existing homes plunged 10.5 m/m in November, to 4.76mn, well below forecast and consensus expectations for sales of about 5.30mn. The drop in sales was broad based across regions, with regional sales down between 6 and 15 percent on the month. The National Association of Realtors suggests that the Consumer Financial Protection Bureau's new "Know Before You Owe" rule, which went into effect on October 3 and requires new closing mortgage documentation, likely delayed sales past the end of the month.
The increase in the average closing time (41 days, November 2014: 36 days) and the November shift toward all-cash buyers (27%, previous: 24%) both support this conclusion.
"We expect delayed sales activity to be recouped in coming months as the real estate industry adjusts to these new regulations. Weaker-than-expected November sales suggest that a sizeable contraction in brokers' commissions will dampen otherwise solid residential investment growth in Q4", says Barclays.
