Housing View – May 17, 2024

On cross-country:

Working papers and conferences:

  • Conference: CGFS- Banque de France Conference on macroprudential policies to mitigate housing market risks – Banque de France
  • Optimal Mortgage Refinancing with Inattention – NBER
  • Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian – Federal Housing Finance Agency

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

  • How rich homebuyers are avoiding high mortgage rates – Yahoo Finance
  • US Treasury’s Yellen says Congress should act on nonbank mortgage sector – Yahoo Finance 
  • 2nd Look at Local Housing Markets in April. Inventory Continues to Surge in Florida – Calculated Risk
  • Single-Family Permits Up in March 2024 – NAHB
  • Home Prices Come Into Focus as Key Issue in the 2024 Election – Realtor.com 
  • The 5 states with the most housing inventory — and the 5 states with the least. The market has been difficult for people looking to relocate — but there are some places where people may find more luck than others – Quartz
  • The Fed’s housing market dilemma, as told by one chart. According to Zillow, national single-family rents rose 5% from March 2023 to March 2024, while multifamily rents rose 2.7%. – Fast Company
  • Higher Mortgage Rates Hammer Builder Confidence in May – NAHB
  • Sky-High Housing Costs Propel Construction of Rental Homes. Last year developers completed 39% more new rental homes than in 2022 – Wall Street Journal 
  • Are home prices still rising? See how prices have changed in your area. – Washington Post
  • Housing Costs Continue to Drive Price Gains – NAHB
  • American renters are scared renting will cost them for a long time. While renters are staying put amid high mortgage rates and soaring housing prices, many are eyeing homeownership – Quartz
  • Florida and Texas Show Signs of Home Prices Falling. Inventory of homes for sale in April exceeded typical prepandemic levels for this time of year in some metro areas in the two states – Wall Street Journal
  • Inside the Rent Inflation Measure That Economics Nerds Love to Hate. The Consumer Price Index inflation measure accounts for housing costs in a complicated way. There are reasons for it. – New York Times 

On the US—other developments:    

  • Democrats demand action from Biden on affordable housing. Twenty-eight progressive Democrats want the administration to finalize a HUD rule they say is critical to ensuring access to affordable housing for people of color. – Politico
  • Affordability Pyramid Shows 64.8 Million Households Cannot Buy a $250,000 Home – NAHB
  • Mansion Taxes Won’t Improve Housing Affordability. The policy is gaining in popularity, but the most direct way to address the high cost of housing is just to allow more to be built. – Bloomberg
  • Priced Out of Housing, Communities Take Development Into Their Own Hands. Across the country, neighborhood groups are uniting to fund mixed-use developments that meet housing and business demands, giving locals a place to live, work and learn new skills. – New York Times 
  • Part 1: Current State of the Housing Market; Overview for mid-May 2024 – Calculated Risk
  • Top Compromises Buyers Will Make to Reach Homeownership – NAHB
  • 2024 Top Rental Markets for Recent College Graduates – Realtor.com
  • Home Depot Posts a Sixth Sales Drop Amid Housing Market Woes – Bloomberg
  • Cities need more housing. ADUs can help. – Bloomberg
  • 76 Secrets – U.S. Home Ownership – 3 Solutions – Real Estate Decoded
  • Can Housing Foreclosures Remain Low as Consumer Debt Rises? – CoreLogic

On China:

  • China’s Housing Mess Finally Comes for Xi’s Own. Beijing is opening the door to a real estate bazooka. But only a few developers will benefit. – Bloomberg
  • Even a State-Linked Giant Can’t Escape China’s Real-Estate Crisis. China Vanke is under pressure but so far has managed to avoid a default – Wall Street Journal
  • Beijing’s ‘Digest’ Plan Signals Shift in China’s Housing Crisis. Analysts stressed it marks the first time in a long-running real-estate downturn that top officials have publicly broached the subject of excess apartment supply.  – Wall Street Journal
  • More Chinese Cities Move to Buy Up Housing Inventories. The moves follow similar plans by a half dozen cities in recent weeks – Wall Street Journal

On other countries:  

  • [Australia] Housing Market Cycles and Fundamentals – Reserve Bank of Australia
  • [Australia] RBA says ‘no quick fix’ to house prices – Financial Review
  • [Australia] RBA’s Hunter Sees No ‘Quick Fix’ to Australia’s Housing Crisis. Australia is facing its worst housing crisis in living memory. Central bank sees several potential avenues to fix the problem – Bloomberg  
  • [Canada] Canada’s Trudeau Backs Away From Tax Threat on Apartment Owners – Bloomberg
  • [Canada] Canadian Homes for Sale Climb With Second-Biggest Jump on Record. Sales fell and new listings rose, loosening up the market. A measure of prices was flat in April from a month earlier – Bloomberg
  • [Egypt] Egypt’s real estate prices accelerating! Global Property Guide
  • [Hong Kong] Hong Kong’s housing market conditions continue to deteriorate – Global Property Guide
  • [Ireland] Ireland has a new group of voters: The homeless. In EU election, Dublin addresses a Continent-wide problem. – Politico
  • [Japan] The housing crisis in the U.S. is flipped upside down in Japan, where each home that’s occupied could be next to an empty one by 2033 – Yahoo Finance
  • [Netherlands] ‘What if we built our own?’: young Amsterdammers fight housing crisis with cooperative build. Group of university students awarded plot after city hall passes plan for 15 to 20 cooperative projects – The Guardian
  • [New Zealand] New Zealand Houses Take Longer to Sell as Buyers Bide Their Time. Median time to sell has risen after late-2023 decline. House prices fell a second straight month in April, REINZ says – Bloomberg
  • [Poland] Poland Forced to Rethink Cheap Mortgage Plan in a Housing Boom. Homebuyers worry that stimulus will push property out of reach. Government says its view is ‘evolving’ amid backlash – Bloomberg
  • [South Korea] South Korea tightens scrutiny to speed up real estate restructuring – Reuters  
  • [South Korea] Korea Unveils Steps to Quicken Project Finance Restructuring. FSC expects only 2-3% of project finance sites to be disposed. Sites late repaying debt by six months or more to be sold – Bloomberg
  • [Sweden] Swedes’ Housing Optimism Grows as Riksbank Cuts and Prices Rise – Bloomberg
  • [United Kingdom] Rise in ultra-long mortgages ‘poses risk to UK retirement prospects’. Former pensions minister says data shows buyers increasingly forced to accept terms that stretch into state pension age – The Guardian
  • [United Kingdom] ‘It will take two decades to fix the housing crisis’: The developer reshaping south London – The Guardian

Posted by at 5:00 AM

Labels: Global Housing Watch


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