Brazil Housing to rise 25 per cent

Brazil Housing to rise 25 per cent
22/12/2016 , by , in INTERNATIONAL

Brazil‘s housing starts rose sharply in October in a sign that homebuilders believe the worst of Brazil’s recession may be coming to an end, a real estate research report said.

The widely followed Abrainc-Fipe index showed a 25.9 percent rise in the launch of new home construction projects in October from the same month in 2015. In September, housing starts had plummeted 25 percent against the year-earlier month.

Home sales fell 2.5 percent to 7,500 units for the month, university research center Fipe and industry group Abrainc said in a joint statement.

Sales cancellations, which have been weighing on homebuilders’ earnings this year, fell to 3,600 units in October, 17.3 percent lower than a year earlier, a positive sign for an industry hurt by low credit availability and high mortgage rates.

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