Housing View – April 7, 2023

On cross-country:

  • The rich world’s housing crunch is far from over. Markets can be split into three camps: early adjusters, bullet-dodgers and slow movers – The Economist
  • EU Q4 2022: rents rise, house prices fall – Eurostat
  • EU housing market boom ends with first quarterly price fall since 2015. Prices fall in 15 of the bloc’s 27 member states as rising borrowing costs and tighter lending standards hit demand – FT
  • The Global Housing Affordability Crisis: Policy Options and Strategies – MIT
  • Rent or Buy? Inflation Experiences and Homeownership Within and Across Countries – Journal of Finance

On the US—developments on house prices, rent, permits and mortgage:    

  • US mortgage refinancings hit 6-month high on rates drop, MBA says – Reuters
  • US 30-Year Fixed Mortgage Rate Eases to Six-Week Low of 6.45%. MBA data show decline helped boost home-purchase applications. Refinancing gauge rose last week to highest since September – Bloomberg
  • Freddie Mac House Price Index Declines for 8th Consecutive Month in February. Boise leads Cities with 13.1% declined from Peak, Seasonally Adjusted – Calculated Risk
  • Black Knight Mortgage Monitor: Home Prices Increased Slightly in February; Prices Up 1.9% YoY. Year-over-year “Price growth is expected to cross over into negative territory by April” – Calculated Risk
  • US Home Price Insights – April 2023 – CoreLogic
  • Mortgage Rate Update – Calculated Risk

On the US—other developments:    

  • US pending home sales rise for third straight month; loan demand increases – Reuters
  • March 2023 Monthly Housing Market Trends Report – Realtor.com
  • Moody’s: Multifamily Demand “Softened notably over the past few quarters”. Apartment Vacancy Rate Increased in Q1 – Calculated Risk
  • Update: Comparing the Current Housing Cycle to the 1980 Period – Calculated Risk
  • U.S. Has 3rd LOWEST Percentage Of Households That Own Homes Free and Clear, Without Mortgages – Real Estate Decoded
  • Housing Is Turning Out to Be a Lousy Shelter for Investors. Apartments have been the second-worst performing type of real estate in the U.S. after offices over the past year – Wall Street Journal
  • Fannie Mae Expands Equitable Housing Finance Plan – Fannie Mae

On China:

  • China’s Housing Market Has Plenty of Space but Not Enough Buyers. The country is dealing with its worst oversupply of unsold apartments in years – Wall Street Journal

On other countries:  

  • [Australia] Australian House Prices Snap Declines as Sydney Market Surges. Sydney prices rose 1.4% in March, after 0.3% gain in February. Supply shortfall, surge in immigration behind price rebound – Bloomberg
  • [Hong Kong] Hong Kong home prices rise for second straight month in Feb – Reuters
  • [New Zealand] Missed Mortgage Payments Swell in Housing Bellwether New Zealand. Proportion of mortgages in arrears rises to three-year high. ANZ Bank monitoring customers for signs of financial pressure – Bloomberg
  • [Spain] Why Spain’s housing market is set to cool this year – ING
  • [United Kingdom] UK mortgage approvals edge up but are down on last year’s levels. February’s figure of 43,500 is more than a third lower than a year earlier as interest rate rises bite – FT
  • [United Kingdom] Falling House Prices Are No Cause for Panic. Think of it as a healthy, much-needed correction. – Bloomberg
  • [United Kingdom] UK house prices post steepest fall since 2009. Annual decline of 3.1% in March is larger than drop forecast by economists – FT
  • [United Kingdom] More homes come on to the UK market as pressures ease. Mortgage market stability boosts buyer confidence in spite of falling house prices – FT

Posted by at 5:00 AM

Labels: Global Housing Watch


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