Housing View – November 10, 2023

On cross-country:

  • What happened to Airbnb? Financially, the sharing economy darling is thriving, but guests, hosts, and cities have had enough. – Vox
  • ECB tells banks to factor in further drop in property prices – Reuters
  • Why US Property Retains Its Value Compared to Other Global Markets – CoreLogic

Working papers and conferences:

  • Tax Policy and the Heterogeneous Costs of Homeownership – NBER
  • Seller and Search Behavior in the Belgian Housing Market – SSRN
  • One Monetary Policy and Two Bank Lending Standards: A Tale of Two Europes – SSRN
  • In Search of the Matching Function in the Housing Market – SSRN

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

  • Lawler: Single-Family Rent Results. Invitation Homes, and AMH (American Homes 4 Rent) – Calculated Risk
  • Mortgage Rates Hurt the Housing Market. It’s Been a Different Story for Million-Dollar Homes. The number of people paying cash instead of financing has given the high-end home market a boost – Wall Street Journal
  • Housing Market Update: A Record Share of Home Sellers Drop Prices As High Rates Cut Into Buyers’ Budgets – Redfin 
  • Turning Empty Offices into Apartments Is Getting Even Harder. Slowing rent growth may make conversions less attractive to investors – Wall Street Journal
  • Mortgage-backed securities market waits for interest rate clouds to lift. Historically expensive home loans have hit issuance, while demand from key buyers has slumped – FT
  • US Home Price Insights – November 2023 – CoreLogic

On the US—other developments:    

  • The US Housing Market Has Become an Impossible Mess. Americans with cheap loans don’t want to sell. Those without homes can’t afford to buy. Will anything budge? – Bloomberg
  • 1st Look at Local Housing Markets in October. Early Reporting Markets suggest some month-to-month increase in Sales in October, SAAR – Calculated Risk
  • Housing Affordability Hits a 39-Year Low. ‘It’s Fair To Expect Prices To Weaken,’ Expert Says. – Realtor.com
  • Hidden Gems: Affordable Housing Hot Spots Within America’s Priciest Metros – Realtor.com
  • Inventory will Tell the Tale – Calculated Risk
  • Racial Disparities in Housing. While there has been some progress to close racial wealth and housing gaps, racial disparities still run deep in the housing market. This data highlights the current landscape of racial inequalities in housing. – Zillow

On China:

  • China’s Banks and Property Sector Threaten a Growing Economy. The International Monetary Fund warned of risks from overstretched lenders and developers even as it raised economic growth forecasts for this year and next. – New York Times
  • More Semiconductors, Less Housing: China’s New Economic Plan. Policymakers, wary of inciting reckless borrowing in real estate, are instead investing heavily in factories and trying to help indebted local governments. – New York Times
  • China hunts for new industrial ‘pillars’ to replace a wobbly property market. With the property sector, formerly a steady driver of GDP growth, no longer able to deliver, new industries will have to take its place. But there is no one sector which can be simply swapped into the role – multiple areas, now on the rise, must be combined to carry the same heft – South China Morning Post

On other countries:  

  • [Australia] Five things to know about migration and the housing market – CoreLogic
  • [Australia] Why Australia’s resilient housing market is in a precarious place. Australia’s housing market epitomises the three themes that have characterised property markets globally: resilience, stress and affordability. Rising house prices and rents are driving inflation and contributing to tighter financial conditions, which then exacerbates affordability issues – South China Morning Post
  • [Austria] How the Gemeindebau Made Vienna the Capital of Public Housing. With their huge scale and shared amenities, the municipal apartment complexes of the Austrian capital are a model that other cities struggle to copy. – Bloomberg
  • [Canada] Canada plans to convert public buildings into new 2,800 homes amid shortage – Reuters
  • [Canada] Housing shifts from NIMBY to nimble – The Globe and Mail
  • [Canada] Interest rates continue to take a toll on housing as sales and prices continue to soften – Canadian Mortgage Trends
  • [France] Crédit Agricole warns of slowdown in mortgage demand in France. Country’s biggest mortgage lender rejects criticism that banks are holding back – FT
  • [Germany] Wave of cancellations in German housing construction at new high – Ifo – Reuters
  • [Hong Kong] Tackle Hong Kong’s shortage of affordable housing with more subsidised sale flats. If the government wants to eradicate subdivided units, increasing public rental housing supply alone will not get the job done. Too many people are ineligible to rent government-subsidised flats, and maintaining these estates comes at a steep price – South China Morning Post
  • [Norway] Norway House Prices Rise, Defying Central Bank View – Bloomberg
  • [Switzerland] SNB’s Jordan Warns That House Prices in Switzerland May Drop. Central bank head says development of rents will be important. He adds regulators must assess banks’ ability to get capital – Bloomberg
  • [Switzerland] Swiss House Prices Hit Fresh Record Amid Overheating Worries. Residential property price index highest since data available. Central bank warned that prices may drop on overvaluations – Bloomberg
  • [United Kingdom] Can ‘gentle density’ help us solve the housing crisis? With up to 4mn new homes needed in Britain alone, urban planners are looking to the ideas behind the buzzwords – FT
  • [United Kingdom] Buy a Home, Get a Tesla: UK Builders Tempt Buyers With Freebies. Firms offering mortgage help, cash to buy Tesla to boost sales. High borrowing costs are hindering demand from would-be buyers – FT
  • [United Kingdom] UK house prices register first increase since March, says Halifax. Mortgage provider attributes slight rise to scarcity of supply – FT
  • [United Kingdom] UK housing market is past its ‘peak pain’, declares Savills. Upmarket estate agent says prices will start to bottom out in 2024 as interest rates fall and will return to growth in 2025 – The Guardian
  • [United Kingdom] Downturn in UK housing market bottoms out in October: RICS – Reuters

Posted by at 9:00 AM

Labels: Global Housing Watch


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