Housing View – June 14, 2024

On cross-country:

  • Surging property prices: When will Europe’s cities become affordable again? – The Conversation
  • As homeownership falls, “generation rent” needs a policy leg up – The Economist

Working papers and conferences:

  • The euro, housing policies, and sports venues – Journal of Economic Perspectives
  • The Effects of Short-Term Rental Regulation: Insights from Chicago – NBER
  • Homeowners Insurance and Housing Prices – SSRN

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

  • House Price Appreciation by State and Metro Area: The First Quarter of 2024 – NAHB
  • Expert Panel Sees Home Price Growth Easing in 2024 and 2025 as Home Listings Trend Upward – Fannie Mae   
  • Homebuying Sentiment Hits New Survey Low. Citing Unaffordability, 86% of Consumers Say It’s a Bad Time to Buy a Home – Fannie Mae
  • Housing Costs Cool, but Remain a Source of Concern. Housing costs were up 5.4 percent in May from a year earlier, the smallest increase in more than two years. But monthly progress has slowed. – New York Times
  • Mortgage Rates Remained Elevated in May – NAHB
  • Mortgage Rates Fall Under 7% as Buyers Face a ‘Bittersweet Market’ – Realtor.com
  • 1st Look at Local Housing Markets in May. Early Reports Suggest NAR reported Sales might be up slightly Year-over-year Calculated Risk
  • 2nd Look at Local Housing Markets in May – Calculated Risk
  • Part 1: Current State of the Housing Market; Overview for mid-June 2024 – Calculated Risk
  • Housing market inventory in Texas is back above pre-pandemic levels. These states could be next. ResiClub analyzed the latest inventory data from Realtor.com. Here’s what it shows about shifts in the housing market. – Fast Company
  • Americans have never felt worse about the housing market. A whopping 86% of consumers said it’s a bad time to buy a home, according to a new Fannie Mae survey – Quartz
  • Q1 Update: Delinquencies, Foreclosures and REO. REO: lender Real Estate Owned – Calculated Risk
  • Pandemic Boomtown Housing Prices Slow but Retain Most of Their Gains – CoreLogic
  • Housing Markets on Florida’s West Coast Are Cooling Faster Than Anywhere Else in the U.S., With Supply Rising and Demand Falling – Redfin 
  • New York City Might Finally Curb Broker Fees for Renters. A majority of the City Council supports a bill that would transfer the cost of most broker fees from renters to landlords. – New York Times
  • Here’s How Many Home Sales Were ‘Lost’ by the Mortgage Rate Lock-In Effect – Realtor.com
  • Higher Risk of Housing Market Slowdown Continues in California, New Jersey, and Illinois – ATTOM

On the US—other developments:    

  • Hidden Costs of Homeownership For a Typical Single-Family Home Total Over $18,000 Per Year. Average costs of owning and maintaining a home have risen 26% since 2020 – Bankrate  
  • Homeownership Costs in US Jumped 26% Since Pandemic Began. Bills for taxes, insurance, energy and maintenance soared. Typical buyers spending $300 a month more than in March 2020 – Bloomberg
  • High Housing Costs Are Consuming Household Incomes – Harvard Joint Center for Housing Studies
  • More than 900 Housing Professionals Urge Congress to Act on Affordability Crisis NAHB
  • How Will the Economy Impact Housing for the Rest of 2024? – NAHB
  • Best and Worst Metro Areas to Be a First-Time Homebuyer – AEI
  • Industrial Realignment. Prologis (PLD) on the Trends Shaping the Industrial Real Estate Market, Labor Issues, and “The Gundo Bros” – Lewis Enterprises
  • CRE in Trouble – Apollo
  • The Pain in Real Estate Continues – Apollo
  • Homes have popped up on the National Mall – showing they can be built fast and cheap – NPR
  • Week in Review. Week of June 3 — Payrolls pop, Sentiment sags – Home Economics
  • Secret #25 – The Black Home Ownership Rate is Higher Today in the South than in the North – Real Estate Decoded 
  • Secret #26 – The Black Home Ownership Rate Is NOT Getting Any Closer to the White Home Ownership Rate! – Real Estate Decoded
  • Secret #29 – For Mortgages, “Affordable” is Code for “Higher-Foreclosure” – Real Estate Decoded
  • The housing market crisis shows that the tool the Fed is using to lower inflation is doing the exact opposite, former White House adviser says – Yahoo Finance
  • Can Your Town Solve the Housing Crisis? In Cincinnati, planners, developers and designers connected to the New Urbanism and Strong Towns movements gathered to find bottom-up ways to build more homes. – Bloomberg
  • She Made an Offer on a Condo. Then the Seller Learned She Was Black. A Black woman claims a white homeowner tried to pull out of a sale because of her race. – New York Times

On China:

  • China accelerates policy support rollout amid mixed data. Key economic indicators are mixed in China and, in fact, were mostly weaker than expected last month. So, policymakers are now stepping up support for the property sector in particular – ING
  • China’s Homeowners and Banks Are Trapped in a Mortgage Mess. Lenders said to raise negative equity concerns with regulators. Homeowners mull defaulting on debt, selling or delaying plans – Bloomberg
  • China’s Call for ‘Open Mind’ Spurs Hope of New Housing Measures – Bloomberg
  • Can China Turn Its Property Glut Into Affordable Housing? A previous plan to build 36 million homes led to widespread corruption. – Foreign Policy
  • China central bank promotes relending to speed up sales of housing stock – Reuters  

On other countries:  

  • [Australia] Brisbane to introduce Airbnb permits for property owners amid housing crisis crackdown. Mayor Adrian Schrinner says property owners would now need appropriate planning approvals, body corporate support and a 24-7 property manager for short-term rentals – The Guardian
  • [Australia] Australian capital city rents have biggest monthly fall in over four years but crisis ‘far from over’. Sydney house rents still nation’s highest but an expected rise in vacancy rates this winter could provide some relief to tenants, expert says – The Guardian
  • [Greece] Greece’s Residential Property Market Analysis 2024 – Global Property Guide
  • [Hong Kong] Hong Kong’s Identity Crisis Fuels $270 Billion Property Wipeout. The five-year property downturn is emblematic of a steady loss of faith in the city’s status as Asia’s premier financial hub. – Bloomberg
  • [Mexico] Mexico’s Residential Property Market Analysis 2024 – Global Property Guide
  • [Netherlands] Home building, not rent cuts, holds the key to solving Netherlands’ housing shortages. The Dutch government plans to improve housing affordability for middle-income earners by expanding existing rent regulations and introducing a rule that two-thirds of housing construction must be affordable. However, these two policies are expected to slow down housing production, which will ultimately increase the housing shortage – ING
  • [Sweden] How an American Dream of Housing Became a Reality in Sweden. The U.S. once looked to modular construction as an efficient way to build lots of housing at scale, but Sweden picked up the idea and put it into practice – New York Times
  • [United Kingdom] UK Rents Rise at the Slowest Pace Since 2021 as Demand Eases. Average cost of renting still higher than before the pandemic. Low investment in new lets means supply shortage will persist – Bloomberg
  • [United Kingdom] UK house prices stabilise as rising wages and consumer confidence steady market. Average price of a home dipped by 0.1%, says Halifax, bringing cost of typical property down to £288,688 – The Guardian
  • [United Kingdom] Social rent homes in England fall by more than quarter of a million in decade. Charities have called on all political parties to address the ‘shameful record’ on social housing and build more homes – The Guardian
  • [United Kingdom] UK mortgages in arrears hit near 8-year high. Bank of England data points to continuing impact of high borrowing costs on households – FT
  • [United Kingdom] Sunak promises to relaunch Help to Buy scheme – BBC
  • [United Kingdom] Conservative manifesto puts home ownership up top – but ignores housing affordability – The Conversation
  • [United Kingdom] UK Housing Market Loses Momentum as Interest-Rate Cut Hopes Diminish. RICS says gauge of new buyer demand drops to six-month low. Housing market emerging as key battleground in July 4 election – Bloomberg
  • [United Kingdom] A House Price Boon for the Next UK Government. ‘Higher-for-longer’ interest rates plus rising wages mean the affordability problem may solve itself. – Bloomberg

Posted by at 5:00 AM

Labels: Global Housing Watch


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