Housing View – June 2, 2023

On cross-country:

  • How Falling Home Prices Could Strain Financial Markets as Interest Rates Rise. Countries with elevated housing prices and high household debt issued at floating rates are particularly vulnerable to monetary policy tightening – IMF
  • Statistical release: BIS residential property price statistics in Q4 2022 – BIS
  • Institutional investors and house price growth – European Central Bank

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

  • Is immigration raising rents in America? No, but in a few big cities it might be. – Noahpinion
  • US monthly home prices increase in March, surveys show – Reuters and Wall Street Journal
  • Case-Shiller: National House Price Index Increased 0.7% year-over-year in March. “FHFA’s seasonally adjusted monthly index for March was up 0.6 percent from February.” – Calculated Risk
  • US home prices to fall less than expected despite high borrowing costs, Reuters poll shows – Reuters
  • Freddie Mac House Price Index Increased Slightly in April; Up 0.3% Year-over-year. Boise leads Cities with 11.3% decline from Peak, Seasonally Adjusted – Calculated Risk
  • Inflation Adjusted House Prices 4.2% Below Peak. Price-to-rent index is 8.3% below recent peak – Calculated Risk
  • Marginal vs. Average Mortgage Rates – St. Louis Fed

On the US—other developments:    

  • The Housing Credit Crunch. How the US Housing Market is Surviving the Rapid Increase in Mortgage Rates Over the Last Year – Apricitas Economics
  • Total Housing Completions will Likely Decrease Slightly in 2023; The Mix will Change. Multi-family completions should increase sharply this year – Calculated Risk
  • Fannie and Freddie Serious Delinquencies in April: Single Family Declined, Multi-Family Increased – Calculated Risk
  • America Needs More Housing, But Not More Public Housing. Instead of building more units, governments should focus on making construction easier for the private sector. – Bloomberg
  • Lawler: Census Finally Releases 2020 Census Demographic Profile and Demographic and Housing Characteristics File – Calculated Risk

On other countries:  

  • [Australia] Australia Briefing: Housing Markets Diverge – Bloomberg
  • [Australia] Australia’s rental affordability drops to worst levels in nearly a decade. New report shows average households are spending a third of income on rent while lower income families pay more than half their earnings – The Guardian
  • [Australia] Why house prices are sending a false signal. The stunning turnaround in house prices hides some worrying issues in the housing sector and the broader economy. – Financial Review
  • [Denmark] Danish Housing Is Stable After ‘Quite a Fall,’ Governor Says. Prices rose for two months in a row, provider Boligsiden said. Central bank chief spoke in interview on Bloomberg Television – Bloomberg
  • [Germany] Germany home prices to fall modestly this year and next, Reuters poll shows – Reuters
  • [New Zealand] New Zealand House Prices to Rise Earlier Than Expected, ANZ Says – Bloomberg
  • [United Kingdom] Agreed house sales in UK at highest point this year, says Zoopla. But property website warns that rebound in activity could be hit by rising mortgage rates – The Guardian  
  • [United Kingdom] Fixing Britain’s broken housing market. To raise home ownership, blockages in the planning and tax system need to be removed – FT
  • [United Kingdom] UK house prices extend falls as mortgage repayments soar. Rising interest rates drive drop in prices in May and highest net repayment of loans outside pandemic – FT

Posted by at 5:00 AM

Labels: Global Housing Watch


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